OMOLOLA GANZALO : Real Estate Consultant

 5 MURDERING MISTAKES YOU SHOULD NEVER EVER MAKE WHEN VENTURING INTO REAL ESTATE INVESTMENT

OMOLOLA GANZALLO

Real Estate Expert, Lawyer & Property Consultant

Real estate is a tough terrain to navigate in especially if you're a novice in the industry.

It's not as simple as buying a house, filling it up with tenants and raking in the cash for your retirement fund.

After flipping over 450 homes and 200 apartment units, I've had my fair share in the real estate investment challenges.

As for the first timers, there are several pitfalls that can make you loose money really fast.

1. PLANNING ON THE FLY:

 Investment in real estate requires a concrete plan. Buying a house on a whim is not a good plan of action no matter how juicy the deal might seem to be. Without proper planning, you might end up paying more than you anticipated for.

For example: Maintenance and upkeep of the property including all the hidden costs that comes with buying a property.

2. NOT CARRYING OUT A PROPER RESEARCH : 

There are several nuances to selling and owning properties. You may need to be aware of the zone laws or the required permit for any changes to the landscape.

The real estate property could be located in an area that's prone to natural disasters or flooding which will determine how much you spend for maintenance and upkeep.

3. HIRING THE WRONG PEOPLE: 

If you're investing in real estate, it means you're preparing for your retirement fund. It also means that you might not be allowed to have access to all the properties especially when it is directly connected to you. IRS prohibits this and you might end up losing the properties. 

Hiring the wrong people to do the development work for you can cost you a great deal. The reason is simple, you might not be there to monitor their works. You might end up spending more than you bargained for, especially if your apartments are built with inferior materials.

4. GET RICH QUICK MENTALITY: 

A lot of people think that venturing into real estate business will culminate into instant wealth. But that's not true.

Real estate is a long term investment that takes time and money. Of course, you can make your money quite alright especially if you play your cards well, but it takes a lot of patience.

5. SPENDING TOO MUCH AND NOT PLANNING FOR EXPENSES:

One of the worst mistakes you can ever make is to spend too much on your investment. You don't want to spend all your money on a property forgetting other expenses.

Jumping into real estate without an expense plan can end up hurting you.

MEET OMOLOLA... 

Omolola Ganzallo is the CEO of Wisebrain Consult. A real estate consulting company that is based in Lagos, Nigeria.

Wisebrain consult has assisted hundreds of clients on property consulting and acquisition.

They offer smart investors the best deals on lands, houses and apartments in Lagos. 

They carry out a proper independent search on every property they sell. They educate their prospects on what to buy, when to buy, and where to buy. 

Wisebrain Consult gives out FREE legal advisory services to prospects who sign up with them. 

They partner with reputable companies and leaders in the real estate industry, so you can be sure to get good deals. 

WISEBRAIN CONSULT

Plot 1-3, Herbert Fountain School, Yellow and Grey upstairs by Kajola Phase estate gate, off Kajola road, Kajola bus stop, Ibeju Lekki, Lagos.

Phone number/ Whatsapp: +234 8033622888

Email: Omololaganzallo@gmail.com

Website: http://www.wisebrainconsultng.com

Instagram link: http://www.instagram.com/wisebrainconsult_realtors