MY REAL ESTATE STORY
Shola Shobowale
Nollywood actress, Sola Sobowale popularly known as ‘Toyin Tomato’ was welcomed on board by the founder of Middlechase property Limited, Chudi Kalu in the popular series of “My Real Estate Story” held on Instagram. Their discussion was based on real estate investing and ways to utilize the opportunities which lie in the industry.
As an authority figure in the entertainment world, The genius actress talked about how and why celebrities are investing in real estate. She said “the majority of celebrities now invest in real estate owing to the fact that they know their current profession can not give them a long-lasting wealth like real estate will do. In the film industry, there is no pension and once you reach a certain age, there will be limitations as to what you can do.”
Having grown up in the midst of her parents who value real estate, She became interested in the profession, and even as a celebrity in the movie industry, she still sees real estate as her primary source of investment.
She said “when you invest in real estate, even if not for the purpose of rental income, be sure of lifetime security. The quickest, safe, and most secured way to invest money into is real estate.” The following conversation ensued between the two parties:
When is the right time to invest in real estate?
The right or best time to invest in real estate is now. Whenever you want to embark on a journey and you leave your house on time before the rush hour, there’s usually the tendency of you getting to your destination early at a cheaper fare price. The same illustration also applies to real estate. The earlier you buy real estate, the early you start enjoying the benefit of a high Return of Investments and appreciation.
Who do you think potential investors should buy from?
In order to avoid the problem of Omo Onile, it is advisable you buy from a trusted and well known real estate company that will professionally handle the process.
Do you need to have all the required capital to invest in real estate?
No, you can start with what you have, and balance up gradually. Using the Middlechase payment plan as a case study, an investor can make an initial deposit of 3.5m naira and spread the remaining balance within 12- 24 months. This method provides affordable housing to the public without having to break the bank.
What happens when you don’t have the capital to invest for the purpose of rental income?
If you don’t have enough capital to start your rental investment, it is advisable to secure an apartment you will first live in so as to avoid problems with the landlord. Once this is done, you can then plan on how to get an apartment that will generate rental income for you.
Should ladies wait until marriage before investing in real estate?
You don’t have to wait until marriage to invest in the real estate business. Do what you have with the money available at hand because money is like a person and how you treat it determines if it will stay or not.
If you decide not to invest until you are ready to get married, there is a tendency that the money would have depreciated in value and the location of the property could have appreciated. Thus, making the price of the property expensive. So, treat your money rightly by investing in tangible assets that will keep on multiplying.
Money is like a visitor, once it comes and is not well handles it goes and may never come back
Why is real estate the best investment to make?
To answer this question, I will use an illustration:
Mr. A and Mr. B were business partners. They made a profit worth of 10million in a recent business operation they carried out. While Mr. A bought an off-plan property with his money, Mr. B decided to buy a brand new SUV car. After 5 years, they encountered some difficulties in their business and it was on the verge of bankruptcy.
Mr. A decided to sell the property He bought for five million some years ago and having estimated the value, the price of the property had gone to 23 million naira. He sold the property and used the money to revive his business while the remaining cash was used to buy another property. On the other hand, Mr. B decided to sell his SUV car. It was then He realized that his car had depreciated in value and the worth of the car had gone far below the original price. Eventually, He couldn’t escape the bankruptcy.
Looking at the two scenarios, it could be said that real estate is like gold that doesn’t depreciate in value.
What is the benefit of multifamily investment?
The cash flow advantage is one of the main reasons why real estate investors should consider putting their eggs on multifamily properties. As mentioned above, multifamily properties are in high demand. You can expect a high occupancy rate on your property, especially when in a strategic location.
Eventually, this can translate to higher monthly revenue. One strategy to boost your monthly cash flow is to invest in this type of property in a variety of geographically diverse markets. This will enable you to gain multiple income streams from the same type of investment. In conclusion, real estate is the safest form of investment one could embark upon.
PROFILE OF ACTRESS SHOLA SHOBOWALE
Sola Sobowale also known as Toyin Tomato is a Nigerian actress, screenwriter, director, and producer who has been in the industry for decades. She started with the movie Sura the Tailor. Thereafter, she featured in Village Headmaster, Mirror in the Sun, and had her big break with Oh Father, Oh Daughter; a Super Story drama series.
