I am aware this is not a business for a starter, but as you will surely be in a position to do this in future, I want to let you in into a secret of wealth building that is sure to pay.
It is a secret of the wise old men. I know,because it has paid me handsomely and it still does.
Buy land and wait, do not wait to buy land. Some plots of land I bought for N9000 a piece in 1995 are now going for N1,000,000 apiece.
In places like Lagos or Abuja it could be more prosperous .
As long as you buy land genuinely, there is no way you can lose, unless the government takes over all land, even then you will be compensated.
There is no business that compounds money like land. Oh God, it will never depreciate or melt down as we had with the capital market now.
This is not to say the stock market does not have its own advantages. For one, it is much quicker to turn to cash.
Back to land. If you have any sizable amount of money and you do not have time to supervise a business buy land from a reputable agent and keep. Do not buy directly from land owners, they will swindle you.
Buy from registered land dealers with impeccable record. These people know the Landowners and their antics. Even among these people, there are many dubious ones, But still, there are some good ones. Search for them and you will get them. It may be more expensive but it is safer. Should there be any trouble, they will fight your fight.
On the other hand, if you are sure about the history of the land and you have a confidant who is strong in the family, you may buy from the owners.
I know Lagos and Abuja are hells on earth as land speculation is concerned, but then nobody stops you from buying and keeping land in your state capital. Abi, everything has to be Lagos ni?
Having bought the land, you will need to have people around to keep an eye on the land and these people you hand out something when you visit.
If you have the fund, you can fence it up.
When you are selling, it will increase the value.
- No big deal, when you want to sell, tell the people you bought from, they will help you to sell on a commission of course.
2. Advertise by word of mouth and if large enough go on air.
- As soon as you sign the papers, survey and start pursuing the C of O. It does not guarantee there will be no troubles, but it puts you in a safer position.
Otunba Jide Omiyale(MBA,FCIM)