Real estate is a powerful tool for building wealth, but it requires a specific mindset and approach. Here are some key traits and practices you must develop to succeed in real estate:
- Insightfulness: Always stay informed and aware of the market trends. Research thoroughly and understand the areas you are investing in.
- Foresight: Look beyond the present. Consider the future potential of the location and the property. Areas that may seem undeveloped now can become prime real estate in the future.
- Speculative Nature: Be willing to take calculated risks. Real estate often involves speculation, and you need to be comfortable with uncertainty.
- Adventurous Spirit: Don’t be afraid to explore new opportunities and venture into uncharted territories. Sometimes, the best investments are found off the beaten path.
- Patience: Real estate investment is not a get-rich-quick scheme. It requires patience and a long-term perspective. The value of properties appreciates over time, and you must be willing to wait for the right moment to reap the benefits.
- Resilience to Criticism: Shut your ears to critics who lack foresight. Many people may not understand your vision, but trust your research and instincts.
A Personal Story of Patience and Insight:
I am currently staying near AR Bishop Benson’s residence and Benson Idahosa University. I recall, about 20 years ago, being invited to speak at St. James’s Anglican Church at Evbuotubu. Back then, the area was mostly undeveloped bushland. Today, it’s a thriving, built-up area. The hotel I’m staying in is located in that once-desolate area, which has now transformed beyond belief.
The Importance of Patience in Real Estate:
One crucial piece of advice “Do not rely on real estate as your primary business“. You must have other streams of income to support yourself while your properties appreciate in value. Our people have a saying that monkey meat is sweeter when it is dried, but what will you eat before the monkey meat gets dried? Similarly, while waiting for your real estate investments to mature, you need another source of income.
Start Young, Reap Later:
The best time to get involved in real estate is when you are young. However, it is never too late to start. I know individuals in their 70s still actively buying properties. As you age, your investments will grow stronger, providing you with financial security and peace of mind.
I am able to afford my current lifestyle and support my mission trips because of the multiple streams of income I have built, including real estate. Tomorrow, I will be preaching comfortably, knowing that my investments are working for me.
Final Thoughts
Investing in real estate requires a unique mindset. Cultivate patience, insightfulness, and resilience, and you will find success in this field.
God bless you.
amazing work thanks