One question I get asked a lot as a real estate professional is, “ is real estate investment a good investment for young people?” As a Nigerian real estate professional, I will like to let you know that the best investment you can start at a young age, is real estate. and here is why… Real estate investing is all about long-term wealth generation.
Real estate is not a get rich quick scheme and most success does not happen overnight. So if you want to be successful and enjoy all the benefits of real estate investment, there is no better time to start than when you are young. And also, it is important to know that investing in real estate is complex, So the younger you start investing, the longer you have to refine your skills and excel in the industry.
It’s so critical to start to develop your skill set as early as possible. Investing in real estate is typically not just something you start doing one day because you “feel” like it. It requires an education and calculated decisions to be made. These things take time to acquire and hone.
Real estate investment requires a lot of capital to start and you might be wondering how can you get enough capital to start investing acquiring properties at a young age? Hey, this is 21st century and you do not need to own a home/land to start your investment In this modern age where the world is connected together via internet.
How to invest in real estate at a young age
Get Educated About The Industry
The very first step towards investing in real estate is getting well educated and versed on the topic.
How could you possibly know that you even want to be a real estate investor without knowing what’s actually involved?
So many people look at the ultra-rich and think “I want to be that rich,” but what they don’t ask themselves is “Am I willing to put in the work that that person has in order to achieve what they have?”
Many people want the end result without putting in the work to get there.
Thus, first and foremost, go educate yourself.
House hacking refers to renting out a room in the property you are already living in. For example, if you have a second bedroom or converted garage space you could use those rooms to generate monthly rental income. This strategy is a great way to supplement your income without purchasing a property for yourself. House hacking can also be a great way to reduce your overall living costs, as you may be able to split living expenses other than rent with your tenant.
This is a very common strategy used by most young men who live in expensive parts of Lagos state.
Real estate Website
The internet has changed the way we live and carry out our daily activities including business transactions. Thanks to the internet, you can now show property listing to anyone in any part of the world from any where you are. And the amazing thing is, you don’t have to spend much money to do this. All you need is to design your site, host it and get pictures of the properties you are listing then upload them and BOOM, business has started. This is the easiest strategy for young people to start investing in Real estate because it does not require much capital to start up.
Wholesaling refers to finding properties, getting them under contract, and then assigning that contract to a buyer. Wholesalers will earn money through contract fees. This process does require a strong understanding of your market area, and an ability to network effectively. However, it is a great strategy to learn a lot about real estate, and fast.
This real estate exit strategy is actually where a lot of real estate investors get their starts. That is because while wholesaling revolves around buying and selling houses, the wholesaler never actually purchases the property.
There are various ways you can start investing in real estate at a young age without much capital, All you need is the right education on how the industry works. And that education must be from an expert in the field.
For expert counseling on how to invest in real estate at a young age, contact us @Bethel realtors & Mgt Limited on08131691155, 09024554979 or visit our head office Suites 201 & 202 Akord shopping mall Bogije, Ibeju-lekki LGA.