Land Banking- The Key to Wealth
FIVE (5) STEPS TO MAKE WEALTH THROUGH LAND BANKING.
In the first part of this article, I explained what land banking is and gave a practical example to help understand its concept. I further stated that there are certain steps to take to make wealth in land banking.
Below, I have listed five (5) steps to make wealth through land banking
- RESEARCH: Investing in land banking is like investing in any other business. Many successful businesses enjoy sustainability because their owners conduct regular market research to understand their target market and identify the business short comings. This same method should be applied when investing in land banking. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy and establish a stable growth.
- DEVELOPMENT: Development in land banking investment requires focus, planning and tenacity. Doing it right may pay big bonuses; doing it wrong can be demoralizing. The first step to development is to learn as much as you can from those who know and do better than you. This is very important when investing in land banking. To develop, you need to surround yourself with people that have succeeded in the land banking business.
- DISCIPLINE TO STAY ON TRACK: Investing in land banking demands discipline, perseverance and determination. For example, in the first part of this article, I explained land banking as buying vast expanse of land in an undeveloped area for a cheap sum, keeping the land for a couple of years, then putting it up for sale when development has gotten to such area for twice the price it was bought. To keep such land till it get to a stage where it will yield profit takes discipline and perseverance.
- ASK QUESTIONS: Questions can be very powerful in getting what we want and can make the difference between a failed project and a successful one. The first step to success is the realization that no one knows it all. How accurate and successful your business is, is directly related to the quality of questions you ask. I have seen instances where huge investment crumbled all because the investor failed to ask the right question. Questions you should ask when investing in land banking are: where is the right place to invest, the right time to sell, how do I get a legitimate land to invest in, how do I avoid legal complications and consequences etc. For all these questions to be answered, you need the help of an expert, which brings me to the last point for this article.
- SEEK THE ASSISTANCE OF AN EXPERT: In land banking investment, you will need to consult experts in the real estate business to give you valuable advice, and find solutions to complications that may arise. Experts in land banking investment carry valuable information, organization skills and professional knowledge that might be unknow to the investor. They understand the market structure, they know the business shortcomings and can help an investor avoid such, they can help reduce the risk of loss and increase the reward and most of all, connect an investor to the best market.
The points I have listed above were gleaned from my practical involvement as a solicitor and consultant to investors in land banking transactions.
For further assistance, explanation, or consultation on land banking investment or any other related issues, do not hesitate to contact me via email@example.com Call or whatsapp o8034869295.
Click here to read the first part of this article.
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