Is it possible to become homeless despite having properties?Oluwakemi Adeyemo
Yes, it is possible to have properties and still be homeless.
I heard you say that cannot be true.
It is hard to believe really. Let me tell you how it happened.
As of 1991, my family had two built properties and some parcels of land in Kaduna State, Nigeria. I was quite young but I was exposed to the economy of my family and I knew all that was going on. (It is important that you allow your children to know about the family’s economy and wealth aspirations).
One property was a four flat building. We lived in one flat and the other three flats generated rental income. (The ‘biggest’ property dream & aspiration of most people).
The other built property also generated income before it was foreclosed as a result of a loan that went bad. I shall tell you the story of how the property was used as collateral and why it was foreclosed in another email. When you begin to acquire properties, set healthy boundaries.
Then a religious crisis broke out in 1991 which never really ended. Houses were burnt, lives were lost. Survival was utmost on our minds, we left everything behind.
We were homeless for months despite all the real estate we had. We could not carry the house nor could we uproot the land. For a moment, I wished my Dad had another property in another state even though he had attempted once to ensure we had a modern house in our home town. (Another story and lesson for another email).
I understand the desire to want to have a home of your own and it is legit. If you have crossed that stage, congrats to you and a big bear e-hug. As much as you would want to invest for appreciation value or capital gains (buy land and keep), ensure to also invest in real estate that generates income at intervals.
Examples of such investments are;
1. Providing private funds to developers who are in the game for the long term and have an A game. Your capital is in a tangible asset but not tied down indefinitely.
2. Investment in countries where rental income is paid monthly. Yes, you can own assets in selected countries of the world that generates income while you live anywhere.
Another lesson our experience in Kaduna north taught me was to have real estate investment in different locations. Our two built properties at the time were in the same neighbourhood. If the plans of the rioters had worked, both houses would have been razed down in one night.
Now before you choose other locations, do some thinking and planning. In short, before you invest count the cost. It helps you see the viable options you have and make wise investment decisions. It also helps you be logical than emotional.
Send a reply to this email if you want to know more about;
1. Counting the cost before investing thereby saving yourself lots of headache, losses and using real estate for financial advantage.
2. Providing private funds as a loan to Developer with an A game here in Nigeria where you can earn up to 20% per annum on funds provided as a loan.
3. How to invest in the United States real estate with $65,000 and you earn up to 16% net return per annum which can be received monthly. (A private property acquisition and management platform. Does not confer US citizenship on the investor. Escrow account service).
I am deeply committed to your real estate investment success.