Real Estate get rich schemes in Cameroon

Trying to get rich through real estate investments is not naïve; after all, real estate is still considered one of the best ways to build wealth. However, what you should keep in mind is that it’s not the easiest nor the quickest way to make money. Here are some tips for a beginner real estate investor on how to get rich through real estate investment:

1. Educate and Evaluate Yourself

The first thing you want to understand before investing is your financial situation. How much do you spend on average per month? Try to reduce expenses before investing to maximize profits. Find out what of a loan you are eligible for.

Ask yourself, “am I interested in fixing up properties and selling them as you would do with a fix and flip or am I interested in buying ready-homes and renting them out as if  I could buy and hold the investment. Learn about the different strategies as much as you can beforehand; it helps you build confidence in yourself and in your investments.

Then, understand what you’re seeking exactly. What are your personal and financial goals for investing? Is there a certain amount of income you’re want to obtain every month? Finally, write down your goals; studies show those who write down their goals are more likely to achieve them.

2. Create a Business Plan

Real estate investing is just like starting any other career in which you can’t start on a whim without having a specific business plan in mind. A business plan is vital for any real estate investor, and one of the best advice you’ll get in the housing market is to start out small and plan, plan, plan! This step is especially important if you’re interested in becoming a real estate investor for the long term. In this case, you want to grow your real estate investment portfolio strategically, ensuring you buy the best investment properties, follow the right investment strategy, and reduce the risks that come your way. You can’t guarantee all of this without a plan! And we can definetly help you write that plan here at www.secpeinvestments.com.

3. Understand the Housing Market

The housing market is the factor that makes you or breaks you! Urgghhh I know that’s a tough one in Africa with little to no statistics. However, still ask yourself these questions: “Is this a good time to start investing?” “Are the current investing market’s conditions in your favor to be buying, selling, or renting out. “What is the right price you should pay for an investment property?” You can only answer these questions when you understand the housing market

real estate floor plan

The best way to understand the housing market is by conducting a real estate market analysis. This analysis will help a real estate investor to determine the right investment properties and forecast the profitability and value of each property before he/she even makes a purchase. In addition, a CMA or comparative market analysis is also key in comparing similar properties. Keep in mind the areas of investing, in Africa outside of large construction projects, CMA’s are hard to come by. Therefore in order to get your hands on one, locate an agent immobilier…or real estate agent.  You will need professional help if you are on the African continent… this is not an option.. unfortunately. #immobilieraucameroun

 4. Choose the Right Location

As a new real estate investor, one thing you would hear a lot is Location, Location, Location.. so true, in fact, Location is a factor that has a major influence on your investment. It determines supply and demand, rental income, occupancy and vacancy, potential appreciation and much more. Thus, when buying your first investment property, make sure you strategically choose the best location instead of focusing only on finding the cheapest investment property. Generally, a good location for real estate investing is one with reasonable property prices, high rental income, good insurance, and reasonable property taxes and running costs.

5. Establish the Appropriate Price for Rent

Since primary goal.. 😊 I assume is to make money, the price you charge for renting out your investment property is an important factor to think carefully about, as it will affect your return on investment. On the one hand, charging too much might lead to not finding tenants. On the other hand, charging too little would make it impossible to generate positive cash flow. To set up the rent, property investors take into account the property type, the features of the property, the location, and the average rent in the area.

6. Select Good Tenants

Good tenants are those who pay monthly rent on time, keep your rental property in a good condition, and follow the lease policies. The best way to filter out the bad tenants from the good ones is by going through a tenant screening process. Check out our tenant screening process at www.secpeinvestments.com. A typical tenant screening process includes a background and credit checks, checking references, and conducting interview with potential renters however, in Africa, credit checks are not possible, door to door interviews and huge upfront rental deposits are a good filter for tenant selection.

Source: Quora