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A few years ago, Mr Ranti bought a piece of land somewhere in Lagos at the rate of 500 thousand Naira. He didn’t buy it to develop or construct anything on it. Rather, he intended to resell it. He waited for more years, hoping the land would have appreciated whenever he decided to sell it.
While waiting, the community where the land was located kept developing. People were building houses and establishing businesses. Each year, that community witnessed a development. And when the wait was over for Mr Ranti, he put up the land for sale and started getting bids as high as 2 million naira. He eventually sold the land at that amount.
What Mr Ranti did is an example of land flipping. Land flipping is a type of real estate investment that involves buying lands at a low price and selling them at higher prices to make huge profits.
As profitable as land flipping seems, it is advisable to inspect the community or environment and the type of land you are buying. For instance, buying a wetland in a community that is growing to become residential might be difficult to sell because a wetland is not suitable to build a house on. No one would buy it knowing fully well that they cannot build on it. But if you buy the appropriate land in a community, you can make up to 300% on your investment in a few years. Unlike cryptocurrency or stocks that fluctuate, land appreciates. Depending on the type of land you purchase and the location, its value increases rapidly.
Land flipping doesn’t require much maintenance. You can buy a piece of land and just leave it. Even when you intend to sell it, you don’t need to clear the bush regularly. What you might need is a carver to mark the margin of your land, and in places where there are land grabbers, you may want to put a fence around your piece of land. Nothing else is needed after this; you don’t even have to be troubled over property management. Also, a piece of land can be easily sold. Unlike building property sale that requires a lot of packaging before presenting it for sale, a piece of land does not need decoration.
Before you start investing in land flipping, there are a few things you should do. One is to conduct your detailed research. What kind of land should you buy? In what community? Is the community a growing community? Is the community attracting development? You have to put all of these into consideration.
Another is to obtain the complete documents for the land, ensure the seller is the owner under the law and is traceable. Don’t trust land with inconclusive titles. As a reseller, you don’t want to find yourself in the battles of titles with the land owners.
Land flipping is a real estate business that has the capacity of bringing fortune if you know your way around it. Be more focused on location and bear in mind that this determines if you would make your money in a few months or in years to come.
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The post Dennis Isong: How to Build Wealth With Land Flipping appeared first on BellaNaija – Showcasing Africa to the world. Read today!.
Source: BellaNaija
