Article 5

Don’t “FOLO” (Fear of Losing Out)

Gbemisola Ojerinde

It is important to make smart and proactive real estate investments. When you see a good offer don’t snooze on it, because you may not get it again. Real estate investment is time sensitive. When you buy determines the magnitude of your return. A lot of people have become wealthy overnight through real estate investment.

However, while it is smart to be proactive in making real estate investments when you see a good offer. It is smarter to take out time to be sure you are not rushing into a pit that will swallow your investment just for the fear of losing out. Don’t FOLO, it is easier to enter into an investment than to come out of it. It is better you lose out in the so-called opportunity with your hard-earned money still in your pocket than to lose all for making an impulsive decision. There will always be room for another investment opportunity but you may lose your money forever if you FOLO.

Cross all your Ts and Dot all your Is. Do your due diligence by engaging experts and experienced people in real estate in the area you want to buy the property. No question should be left unasked when your finances are on the line. If the answers you get does not change the red flags to white, be happy to back out. Follow your instincts and don’t act under undue pressure. Allow for a cooling off period before buying.

Of course, there is no perfect property. You shouldn’t turn down every offer for the slightest discomfort. It is only important that you ensure you understand the quantum of the risk and all possible eventual consequences and your tolerance for same. You must understand the entirety of what you are going into including the associated risks before buying.

As a legal practitioner and the CEO of Leadroitt Realty Limited, a fast-growing real estate development company in Lagos. I get very excited when we have a client says he needs to do his due diligence before buying from us. Because we know the importance, the peace of mind and confidence it affords the client after buying. Due to my background and over a decade of property law experience, I ensure our legal team conducts every possible due diligence on the property we want to develop and be sure it is clear from every risk and encumbrances before selling. We value our clients’ investments and we will not venture into any development that will put their investments at risk.
A real estate investment or any form of investment should afford you peace of mind aside from the Return on Investment. You must be able to sleep with your two eyes closed after parting with your money.
Don’t invest out of fear of losing out and lose your money and your sleep.
Happy investing!!! ?

Gbemisola Ojerinde

Gbemisola Ojerinde

A reliable corporate commercial lawyer with quality management and organizational skills. Meticulous and experienced at Legal drafting, Contract review & negotiation, Compliance monitoring/auditing & advising, Dispute resolution and Client management.