Every real-estate investor seems to conjure inspiration from a different source. Whether it's a relative telling a lucrative tale, a conference, a mentor, or a podcast, each successful investor can usually pinpoint their epiphany.
For me, that inspiration came in the form of a timeless best seller: Robert Kiyosaki's "Rich Dad, Poor Dad." This collection was part of my UK-based maternal uncle's library when I first set foot in the UK in 2001. This bestseller was my respite when I initially struggled to find a job during my student work abroad holidays from Kwame Nkrumah University of Science & Technology (KNUST), Ghana.
Doubt & Naysayers
Like many people who start new ventures, I suffered from a serious wave of self-doubt when I initially mulled over the decision to pursue an investment, amidst no experience or track record, limited knowledge, and, most of all limited funds. I 'consumed' the bestseller from cover to cover like air to build my confidence whilst I also fashioned out how to venture into the tangible investment sector.
I had many persons discourage me, and surprisingly all such naysayers came from people of my country of birth Ghana, both home and abroad whilst I had persons in the UK of both caucacian and african descent never belittle my ambitions.
When I decided to enter the real-estate investing fray, my plan was simple: buy land with income I can make from my hustle abroad on holidays and on-campus side-hustles when school resumed every year. The way I figured it, by the time I was done with school, I'd be able to retire in my 30s or 40s and live off the cash flow from properties investments generated, and not having to practise as a medical officer (if I chose not to) because it was one of the best approaches to building long-term sustainable wealth based on the extensive research I'd conducted.
My first real estate investments were lands in Dodowa, Kumasi, Koforidua. When I scooped up my first investment, I was still a medical student at KNUST. Thanks to frugality, hard work, and an emphasis on savings, I was able to stitch together purchase funds because I had multiple businesses even as a student back then - Speednet Cybercafe at Ayeduase, Ground Floor of Former Ford Hostel (circa 2007), a travel & tour business at Adum Kumasi (circa 2008 and in same building with Stanbic Bank), traded forex from my blackberry device back then (which I still do) and also jointly owned a cybercafe (Blue Water ICT) in Koforidua with some partners.
My burn-the-boats epiphany meant leaving behind a successful medical career that was guaranteed to provide an income in the upper class by Ghanaian standards.
Then I began to start developing the lands I had bought, and I was off to the races as those uncompleted buildings are almost always snatched up by interested buyers before I could even finish. The shell buildings were and are still very lucrative till today, as against bare land sales.
Property flipping has been part of my earlier foray into property investments, aside buy and hold -- both strategies evident in DCANS Properties' Build to Sell and Build to Rent Property Portfolios. Strategy employed by any experienced investor worth their salt are obviously dependent on current economic environment, prospective buyer profiles, etc -- reason why we still flip properties via The Property Portfolio Builder UK (The PPB UK) and Rent to Buy UK, and less of such strategy in Ghana.
My Advice to You
Let no one discourage you from pursuing your dreams. Funding should not be reason why you cannot buy or own a home. I was once homeless (albeit briefly) and it is my hope that every working Ghanaian is given the equal opportunity to become a homeowner, simple and easy!!
With income levels being extremely low in Ghana, it will be difficult to own a home stress-free - We encourage you to build multiple sources of income no matter which sector or area you currently work in. You could start a part-time business (could be a poultry farm, crop farm, etc) that you only work on at night or off-duty or weekends when not working on your normal day job or you can even start an online business -- the latter which can work 24/7 if you digitise and/or automate it properly.Those family and friends of yours working abroad with relatively better income levels who occasionally 'bounce' you some small cash transfers here and there don't even do just one job, so why should you in an impoverished economy like ours?
Cut down on all those useless chatter and time you waste on social media on unimportant and/or unproductive stuff and all other useless convo and use that time to 'print your own money'. Real Estate (incl Homeownership) is a globally-accepted credible wealth-builder par excellence and remember to stop spending your hard-earned money on 'things' that don't matter to impress people who also don't matter!! Let every cedi count time keeper!!