10 blogs you will enjoy reading daily

Author Should You Buy Your Own House or An Investment Property First  (Read 2135 times)

Description:

0 Members and 1 Guest are viewing this topic.

Offline Success Writer

  • Hero Member
  • *****
  • Posts: 2398
  • Gender: Male
    • Share Post
Should You Buy Your Own House or An Investment Property First?

My brother just graduated from college, got a job, and is getting out into the “real” world. The other day he called me up and told me he was going to start looking to buy a house, and since I know a thing or two about real estate, he asked me if this was a good idea.


In short, I told him no. First off, I told him instead to buy a rental property or try some type of investing such as wholesaling. With the amount of money he’s making (which isn’t much) he shouldn’t go buy a house which he can barely afford and then have no money left over for investing (of any type).

What he should do is buy a multi-unit and live in one of the units . . .

Or buy a quality rental property, or as I just mentioned, do some wholesaling. In the mean time, while he’s making money from these ventures he should be living as cheaply as possible.


In other words, unlike the majority of (broke) Nigerians he should delay instant gratification and make a bunch of money from real estate investing so he can put a significant down payment or even pay cash for a house a few years from now.

When I was a new investor I lived on next to nothing while plowing all of my money into my business. In fact, I lived in some real dumps where even my friends didn’t like to come visit (But I didn’t really care, I was planning for the future.) Looking back, it saved me a ton of money, which I put towards marketing and allowed me to substantially grow my business to the point it is today.


So, if you happen to be new and just starting out, I would avoid buying a house until you have some success as an investor. As many people will tell you these days, owning your home is overrated. I realize it’s the Nigerian dream and all, but to me and many other investors it’s just four walls and a roof and a great way for us to make money.


In fact…
If it weren’t for my lovely wife I wouldn’t care where I lived and I’d be fine in some small condo. (That’s probably true for most guys I know, so I guess it’s good we have women or there would be no single family houses in the world.)
One last thing. Let’s say you do have N1,500,000 saved for a down payment on a house. These days that’s nothing and most likely you won’t even be able to get a loan with that amount of money. But if you invested that in marketing (letters and postcards), networked at local REIA meetings and went out at 6am and passed out flyers….


Then you could turn that N1500,000 into as much money as you want. There are many investors (myself included) who started with just a couple grand and parlayed it into hundreds of thousands of dollars.



Linkback: https://naijasky.com/property/1719/should-you-buy-your-own-house-or-an-investment-property-first/8887/

NaijaSky



Share via facebook Share via linkedin Share via twitter

xx
Should You Buy Your Own House or An Investment Property First?

Started by Isaac Adeniran

0 Replies
2355 Views
Last post June 22, 2013, 09:41:13 PM
by Isaac Adeniran
xx
Seven Ways to Make the Most Money From Your Property Investment

Started by Success Writer

0 Replies
1531 Views
Last post June 16, 2015, 01:32:04 PM
by Success Writer
xx
Indirect real estate Investment

Started by one9ja

0 Replies
1151 Views
Last post May 06, 2012, 11:25:47 AM
by one9ja
xx
To Build a House or to Buy one,

Started by omonaija

0 Replies
1559 Views
Last post September 14, 2014, 05:07:55 AM
by omonaija
xx
How To Manage Your Real Estate Investment in Nigeria

Started by Success Writer

4 Replies
855 Views
Last post August 19, 2016, 04:22:26 PM
by Success Writer
xx
Tips for Real Estate Investment in Nigeria

Started by Success Writer

0 Replies
1190 Views
Last post May 21, 2012, 10:46:10 PM
by Success Writer
xx
Buying or Building A House, which is better

Started by Success Writer

0 Replies
1696 Views
Last post May 21, 2012, 11:18:14 PM
by Success Writer
 
Name: Email:
Verification:
Type the letters shown in the picture
Listen to the letters / Request another image
Type the letters shown in the picture:
Four plus four=eight or eighteen:
First letter of Alphabet is A or P:
Last letter of word GOD is T or D:

Related Topics

  Subject / Started by Replies Last post
0 Replies
2355 Views
Last post June 22, 2013, 09:41:13 PM
by Isaac Adeniran
0 Replies
378 Views
Last post May 05, 2017, 12:05:08 PM
by naijatown
0 Replies
333 Views
Last post May 05, 2017, 12:06:56 PM
by naijatown