3 REAL ESTATE OFFERS YOU MUST NOT MISS IN LAGOS
Buying Distressed Properties:
A distressed property is a home that can no longer be maintained by the current owner, in need of money for a better deal either physically or financially (or both). For the sake of real estate investing, distressed properties (otherwise known as pre-foreclosures) are homes in which the owner has been unable to keep up with mortgage obligations and are therefore at risk of falling into foreclosure. Distressed property usually fetches a price that is much below its market value.
Tips For Buying Distressed Real Estate
• Choose a target neighborhood: If you don’t already have a target market in mind, selecting a neighborhood will help focus your search. Location still matters, even when it comes to distressed properties. In order to maximize your profit margins, the property must be in a location that could potentially attract buyers. Start with a few specific areas, and if they do not yield satisfactory results gradually widen your search for more options.
• Work with an experienced agent: If you have been investing for a while, you likely have quite a few real estate agents in your network. Try to find someone who has experience working with motivated sellers, or who has been working in one market for a long time. They will likely have the inside scoop on who needs to get rid of a property fast. Again, remember that many sellers are not keen on the word “distressed” so frame your approach carefully even when talking to agents.
• Get an inspection: The visible signs of neglect often aren’t the only issues with a distressed property. In many cases, there are deeper (sometimes more costly) issues that can be going on. Always get an inspection on the house before agreeing to purchase, simply so you are aware of any needed repairs. This information will reveal the potential return on investment from a given deal, and will hopefully allow you to make a more informed decision.
• Make a cash offer: It’s no secret that motivated sellers are an investor's best friend. What that means for you, is that when it comes time to close a deal there could be a little competition. A cash offer can give you a leg up in these situations, as many motivated sellers just want to be done with the property and closing process as soon as possible. Further, in some cases, sellers will accept a slightly lower offer if it’s going to be in cash. Keep this in mind as you look for lenders and deals.
Lagos State Rent-To-Own:
The Rent-To-Own and Rental Housing policy is an initiative aimed at closing up on the yearnings of the ever-growing population who can’t meet the 30% equity contribution for the Mortgage Houses.
WHAT ARE THE ADVANTAGES OF BUYING FROM THE SCHEME:
• The number one advantage is that prospective buyers are enabled to live on the property even while they are still paying towards ownership at a fixed rent within a period of 10 years.
• Also buying into Lagos state housing scheme guarantees peace and security of title far above buying a house from private owners where a buyer could be at the risk of buying a property with ‘doctored title documents’
• The houses are usually constructed with quality facilities and the rooms/living rooms are quite spacious.
LANDS/PROPERTIES UNDER PAYMENT PLAN:
A payment plan comes with a number of advantages that you should take a thorough look at before you make that decision. Below are some of the great things about a mortgage.
• It Does Not Tie Up Your Cash: As opposed to buying a house with cash, a mortgage plan gives you the flexibility to spread your payment over a period of time.
• Leaves Room For Other Projects: Here’s a scenario – You have N180 million in cash and you want to buy a house (worth N120 million), 4 trucks (worth N5 million each) and invest N70 million into a particular project. If you decide to buy the house by paying cash for it, other projects will suffer.
• Reduced Tax Implications: Mortgage interest payments usually have a reduced tax obligation that may be a financially wise way to finance the house
• More People Can Own Their Own Homes: In a country where 80% of the urban populations live in rented apartments, more Nigerians will be able to own their own homes via a payment plan than making an outright payment of cash for the property.
• Cost-Effectiveness: The interest loan on mortgages are lower than other types of loans
• Easy to Repay: Mortgage is repaid on a monthly basis and is done little by little depending on the interest rate. What you pay back every month could end up being lower than what you would have had to pay as your monthly rent.
We are open to questions.
Contact Us:
1, Soji Adepegba Close,
Off Allen Avenue, Ikeja, Lagos Nigeria
Email: Enquiries@Rapidresultrealty.Com
Website: Www.Rapid Result Realty
Facebook: Rapidresults117
Twitter: Rapidresults117
Instagram: Rapidresultsrealty
Tel: 08034417191, 09026523021.
A distressed property is a home that can no longer be maintained by the current owner, in need of money for a better deal either physically or financially (or both). For the sake of real estate investing, distressed properties (otherwise known as pre-foreclosures) are homes in which the owner has been unable to keep up with mortgage obligations and are therefore at risk of falling into foreclosure. Distressed property usually fetches a price that is much below its market value.
Tips For Buying Distressed Real Estate
• Choose a target neighborhood: If you don’t already have a target market in mind, selecting a neighborhood will help focus your search. Location still matters, even when it comes to distressed properties. In order to maximize your profit margins, the property must be in a location that could potentially attract buyers. Start with a few specific areas, and if they do not yield satisfactory results gradually widen your search for more options.
• Work with an experienced agent: If you have been investing for a while, you likely have quite a few real estate agents in your network. Try to find someone who has experience working with motivated sellers, or who has been working in one market for a long time. They will likely have the inside scoop on who needs to get rid of a property fast. Again, remember that many sellers are not keen on the word “distressed” so frame your approach carefully even when talking to agents.
• Get an inspection: The visible signs of neglect often aren’t the only issues with a distressed property. In many cases, there are deeper (sometimes more costly) issues that can be going on. Always get an inspection on the house before agreeing to purchase, simply so you are aware of any needed repairs. This information will reveal the potential return on investment from a given deal, and will hopefully allow you to make a more informed decision.
• Make a cash offer: It’s no secret that motivated sellers are an investor's best friend. What that means for you, is that when it comes time to close a deal there could be a little competition. A cash offer can give you a leg up in these situations, as many motivated sellers just want to be done with the property and closing process as soon as possible. Further, in some cases, sellers will accept a slightly lower offer if it’s going to be in cash. Keep this in mind as you look for lenders and deals.
Lagos State Rent-To-Own:
The Rent-To-Own and Rental Housing policy is an initiative aimed at closing up on the yearnings of the ever-growing population who can’t meet the 30% equity contribution for the Mortgage Houses.
WHAT ARE THE ADVANTAGES OF BUYING FROM THE SCHEME:
• The number one advantage is that prospective buyers are enabled to live on the property even while they are still paying towards ownership at a fixed rent within a period of 10 years.
• Also buying into Lagos state housing scheme guarantees peace and security of title far above buying a house from private owners where a buyer could be at the risk of buying a property with ‘doctored title documents’
• The houses are usually constructed with quality facilities and the rooms/living rooms are quite spacious.
LANDS/PROPERTIES UNDER PAYMENT PLAN:
A payment plan comes with a number of advantages that you should take a thorough look at before you make that decision. Below are some of the great things about a mortgage.
• It Does Not Tie Up Your Cash: As opposed to buying a house with cash, a mortgage plan gives you the flexibility to spread your payment over a period of time.
• Leaves Room For Other Projects: Here’s a scenario – You have N180 million in cash and you want to buy a house (worth N120 million), 4 trucks (worth N5 million each) and invest N70 million into a particular project. If you decide to buy the house by paying cash for it, other projects will suffer.
• Reduced Tax Implications: Mortgage interest payments usually have a reduced tax obligation that may be a financially wise way to finance the house
• More People Can Own Their Own Homes: In a country where 80% of the urban populations live in rented apartments, more Nigerians will be able to own their own homes via a payment plan than making an outright payment of cash for the property.
• Cost-Effectiveness: The interest loan on mortgages are lower than other types of loans
• Easy to Repay: Mortgage is repaid on a monthly basis and is done little by little depending on the interest rate. What you pay back every month could end up being lower than what you would have had to pay as your monthly rent.
We are open to questions.
Contact Us:
1, Soji Adepegba Close,
Off Allen Avenue, Ikeja, Lagos Nigeria
Email: Enquiries@Rapidresultrealty.Com
Website: Www.Rapid Result Realty
Facebook: Rapidresults117
Twitter: Rapidresults117
Instagram: Rapidresultsrealty
Tel: 08034417191, 09026523021.
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