Who doesn’t want to earn some extra cash on the side, especially in today’s volatile economy? In today’s competitive real estate market, you can use your home to secure a loan and start earning an extra income stream that will last well into the future.
The best part is that it won’t even require you to move out. Here are some tips on how to make money from real estate in Nigeria.
How to Make Money from Real Estate in Nigeria
Below are some of the best ways to make money from real estate in Nigeria with little to no investment.
1. Buy and sell houses
If you’re looking for a way to build cash flow, while also building equity over time, real estate investing is a good option. If you know what you’re doing (and buy at just the right times), it can be an excellent way to ensure your wealth and income increase steadily over time. However, there are risks involved; read up on them before making any investments.
Buying and selling houses is one of the fastest ways you can make money from real estate in Nigeria.
2. Start a real estate company
Starting a real estate company may sound complex, but it’s really not. The purpose of any business is to generate revenue; a successful and sustainable property business has been designed around meeting customer needs while maximizing profit.
As with any company, you need a solid plan, good design, and an exceptional team working together in order for your venture to succeed.
3. By Buying and Selling lands
This is one of the two most popular ways of making money with Real Estate. You can go ahead and buy land today, wait for it to appreciate, and sell it off at a higher price tomorrow.
As simple as that, however, remember that you need a significant sum of cash for such transactions. Otherwise, you would just be stuck with your land which isn’t really a great way to earn an income.
4. Lease your houses and lands
This can be a profitable investment strategy, but it’s less common and involves greater risks than investing in rental properties.
To do it right, you need a good deal of cash on hand for renovations and additional capital for emergencies. The best bets are houses that are located close to rent-controlled apartments or college campuses.
5. Become a building manager
Managing a rental property means you’re responsible for everything from collecting rent payments to making repairs and maintaining your unit. The upside?
It’s a side business that lets you keep your regular job while earning extra cash just be sure to maintain clear boundaries between personal and professional life, as well as between work time and playtime.
6. Become an estate developer
If you have a keen eye for potential profit and know how to navigate your way through business, real estate development is a great way to leverage your investment dollars into big returns.
Before starting out as an estate developer, though, be sure you know what you’re getting into; development work isn’t for everyone. Consider whether investing in properties that already exist or ones that will require new construction works best for your skillset and interest level. Ask yourself: How do I want my home to look?
If you live in a big city, you probably have friends who don’t. If so, rent out your extra space for a few days or weeks each month and earn some income. You can also advertise on Property 9ja and other online sites.
8. Become an estate agent
Becoming a realtor can be both profitable and enjoyable. To do so, it is important to ensure that you have taken all of your professional prerequisites such as coursework, practice hours, and exams. There are several steps you should take before attempting to become a Realtor.
Some states require that aspiring Realtors pass an exam before being able to become licensed; others will accept prospective agents who can demonstrate ten years of experience in residential sales as evidence of qualification for licensure.
Is there money in real estate in Nigeria?
Yes, there is a lot of money in real estate in Nigeria. The real estate market is currently growing, and many are making millions in it, despite the economic slump. It can be considered a legitimate source of income.
Is real estate a profitable business in Nigeria?
Apart from oil and gas, real estate is the most profitable business specialization in Nigeria. Because of Nigeria’s tremendous population expansion, the real estate market has remained very profitable, as people hunt for houses to rent or build their own homes on a daily basis.
How can I be successful in real estate in Nigeria?
The following are steps to become very successful in real estate in Nigeria;
- Be Proactive: Manage your time.
- Devise A Plan.
- Keep Learning.
- Respond to your Leads promptly.
- Advertise Online
What is the best way to make money with real estate?
The most typical way to profit in real estate is through appreciation, which is defined as a rise in the property’s value that is realized when it is sold.
In conclusion, in my opinion, and based on extensive research, there are no easy ways of making fast money and becoming rich overnight. Unless you win big in a lottery or scratch card, you will have to work hard for your wealth.
This is true for everyone even if they are lucky enough to win it big someday. Working hard should not be underestimated as a key ingredient for getting rich, many successful people will tell you that it is how they made their millions.
However, if you are doing the right thing with real estate, you can be making a reasonable amount of money from it, some people even earn a living from the real estate business.