Expert Real Estate Broker: How Real Estate in Ghana Works and Becoming a Millionaire through Luxury Homes | Hanna Atiase

My odyssey to Ghana wasn't just a relocation; it was a transformation that demanded a deep dive into 'why.' I left the familiar hustle of the UK and US to embrace the vibrant yet patient pulse of life in Ghana. This episode peels back the layers of cultural adaptation and the seismic professional shift from salaried comfort to the unpredictable waves of commission-based earnings in Ghanaian real estate. Through tales of visualization and unwavering goal-setting, I'll take you into the heart of how my sales team turned aspirations into achievements, and how their success stories can ignite your own drive for excellence.

Venturing into the real estate realm of Ghana, we lay out the map for navigating a market rich with potential, particularly for those in the diaspora fueled by initiatives like Beyond the Return. I'll guide you through the essentials of assembling a reliable team—brokers, valuers, inspectors, and lawyers—to anchor your investments in value and security. This episode isn't just about finding property; it's about crafting a legacy, and the nuggets of wisdom shared here could be the compass that steers your own journey to lucrative shores.

As we pivot to the potent subject of women's empowerment in property investment, I reveal how we can shatter the glass ceilings of historically-rooted limitations. With only a fraction of Ghanaian land under female ownership, the pathway to equity is paved with strategies like starting small and smart partnerships. I open up about my personal foray into joint property investments and the critical importance of planting seeds for generational wealth. This narrative isn't just about buying land; it's about claiming your space and rewriting the script on what's possible. Join us as we explore these compelling stories, ready to inspire your next big move in the world of real estate.

Transcript

Speaker 1: 0:00

Why are people handing money to other people to buy land? We're not buying a bag of rice here. Do you just go and hand somebody money and say I want to buy that land? It's never made sense to me.

Speaker 2: 0:17

I know you've been to the UK and then you also came from the US and I'm sure you've done a lot of travel as well, being around. But why Ghana?

Speaker 1: 0:29

you know, initially it was a spiritual journey. You know, God led me to Ghana for ministry first, and then the marketplace, so that's how I ended up in Ghana. It was a calling to be here. So and it's one of the key things, you know that I tell people that. You know, we don't want to just travel, just to be traveling oh I'm running from this nation or that nation but there should be a why, there should be a purpose. You know what is the original intent for which you are moving to that nation and what are you hoping to accomplish? What is the purpose of that? So, if you have your why and you have a plan, I think you can make it anywhere.

Speaker 2: 1:12

Yes, it's true, you can definitely make it anywhere and I'm a strong believer of that. Yeah, because I had to come from the UK myself to test the waters here to do business. Yeah, and just like you, where you gave up a lot of things in S, I also had to put my properties on rental to come, so I bent the bridges.

Speaker 1: 1:26

Yeah.

Speaker 2: 1:27

I had no way of going back and then I came in and COVID yeah.

Speaker 1: 1:30

Oh, wow, yeah. So I'm like, yeah, it's meant to happen, yeah.

Speaker 2: 1:35

Now your transition into Ghana. I'm sure you've gone through a lot of challenges here accepting our cultural, the difference between Ghana and many parts of the West. Yeah, how was that like?

Speaker 1: 1:51

You know. So initially I grew up in Ethiopia and I went to school in Kenya, then I went to school in the UK, then I went to the US and then came to Ghana. So what I realized? That whenever you're transitioning to a new environment, you've got to become aware of the culture, of the mindsets, and you've got to quickly adapt or be flexible to the systems within that particular nation. So one of the challenging things for me because I never grew up in Ghana is I had to learn the culture and I didn't speak the language.

Speaker 1: 2:29

I actually learned Amharic, which is Ethiopian, when I was growing up in Ethiopia. So then you quickly have to try and learn the language you know, you have to assimilate into that environment. And then what was very interesting for me was I had to learn the mindsets and try to understand and be patient with people in terms of why are they doing it this way and why are they thinking that way? Slow people even walk slower if you actually study. Wait, yes, they do. You know people walk much faster in the uk, in the states, than they do in ghana.

Speaker 2: 3:10

Yeah, you know, I, I met one of my lebanese friends and then we're talking about well, this was one topic, and then I, I just said ghanaise are different, aren't they? Then he goes yeah, don't bring your British way of thinking here, otherwise you're going to be packing your bags and go back really quickly. You know, you felt like that, didn't you?

Speaker 1: 3:33

You have to adapt or you'll be frustrated. You know you have a decision to make. You know, and my dad always says when in Rome, do as the Romans do, whatever nation you go to, you've got to quickly adapt to that culture, their way of thinking and their way of how they do things. You know the way the systems and processes are structured. Learn it, you know and adapt to it, but don't just come in trying to change everything to what you were used to where you were before. I mean, it's not going to work.

Speaker 2: 4:03

It's definitely not going to work. It's not going to work. I mean, it's interesting.

Speaker 1: 4:10

The first thing you said was patience A lot of it Plenty.

Speaker 2: 4:14

Yeah, I think that's the first thing that you tell anyone.

Speaker 1: 4:17

Yeah.

Speaker 2: 4:23

Who wants to spend time in any part of Africa is to be very patient with us. But then, at what point do we then begin to demand the change that we want or instigate the changes that we want?

Speaker 1: 4:34

You know, first of all, I think one of the key things is we have to understand why people are doing things the way they do it. So I'll just give you an example. Like in the real estate environment, commissions is huge. You know, overseas any sales position is commissions. People don't focus so much on salary because salary has a limitation, but commissions you can demand how much money you want to make a year based on your sales.

Speaker 1: 5:02

So what I realized is that you know a lot of times in Africa right, or we'll talk about in Ghana the way we're raised. We are raised to go to school, do well and get a good job with a good salary. Nobody says go to school, do well, get a good job with good commissions. It's salary-based. So then you have people who are focused on just getting salary and they are satisfied with that until you begin to change the mindset and begin to show them the possibility of earning what they want to earn. So at the beginning of the year I talk to my sales team and I say have a figure in mind how much do you want to earn this year based on commissions? What goals do you have in life? Do you want to build a house. Do you want to travel? What are the costs for that? How much do you need? And now you're projecting your future earnings. So you begin to start with the mindset, because the school system didn't teach that, the home didn't teach them that. So now you have to begin to do that.

Speaker 2: 6:07

that's serious visualization. That's.

Speaker 1: 6:10

That's very and it's been working, because now what's so interesting is that they come to me saying I want to make this amount of money because this is what I'm trying to do, and I'm like, yeah, you can do it you go for it.

Speaker 2: 6:24

Go for it, that's it that's it. Wow, I I was involved in a conversation with someone who purchased a land okay, yeah, and when he got it it was at a set price. He paid for it, took whatever document they gave him, did the search, everything was fine. He came back a year after and that spot had been given to somebody else, and then the people told him that they're going to give him another space elsewhere, but he needs to pay a little bit extra.

Speaker 2: 7:05

This is someone who lives abroad. Now how do we navigate those sort of problems?

Speaker 1: 7:14

You know, one of the things I'll say is that when I talk to at least 90% of people, they don't do their thorough due diligence, and I think it's because they just don't know. You know, and that's why I host first-time homebuyer seminars so that people can learn the homebuying process in Ghana and you can avoid becoming victims of fraud. Okay, so that particular situation. First of all, you need to do your due diligence in five places which people don't know that Everybody does their due diligence, or most people do their due diligence at lands commission. Let me make sure and check the validity of the owner and that they truly are the title holders. After they've done that, that checks out right. Woohoo, they're happy and then they move forward with the purchase.

Speaker 1: 8:00

You haven't even gone to high courts. Are there any litigations? Just because they are the owners does not mean that there's no litigation on the land, right? So there could be a litigation on the land. For example, what kind of litigation? They could be the valid owners, but maybe they're going through a divorce and now there's a battle about ownership, or maybe it was an inherited land, or whatever the case may be.

Speaker 1: 8:23

You need to check with that. You need to check zoning. You need to check and make sure it's not a stool lands or anything like that. And then you need to check ground rent, make sure there are no back property taxes and that sort of thing. These are all things that you need to check.

Speaker 1: 8:38

And then what we do is we have an escrow service in place. We're the only real estate company in Ghana that provide this right. So escrow service means that you engage the services of a legal entity and funds are kept in an escrow account until all the due diligence is done and all the legal documentation is done, and then you pay the salad out of the escrow account and that lawyer will then go and register the land for you. So because a lawyer is involved, I guarantee you people will not be doing half these things that they're doing. If a lawyer was involved, he would not have sold you the land and then said oh, I've given it to somebody else and so now you have to get something else and pay more. They wouldn't do that if a lawyer was involved and there was a legal entity about. And my question to people is in the UK, in the US, do you just go and hand somebody money and say I want to buy that land? You don't.

Speaker 1: 9:40

You go through a solicitor. You go through a title company in the States, or you go through a lawyeritor. You go through a title company in the states or you go through a lawyer. We're not buying a bag of rice here. Why are people handing money to other people to buy land? It's never made sense to me. Why don't we go through a legal entity?

Speaker 2: 10:00

well, I get somebody who said that paying cash existed before the legal system, so that's what they're still used to right. We're over that.

Speaker 1: 10:09

We're over that.

Speaker 2: 10:10

That's what they're still used to.

Speaker 1: 10:13

No, it's what is causing a lot of issues these cash transactions. You know, and my whole thing is we've introduced these escrow services and people want to avoid the small upfront fee. You have to pay for a lawyer or legal service, but you end up paying in court for 20 years, 30 years, and you end up paying more than you would have with that small upfront fee. Do you know that today, 70% of court cases in Ghana are land related 70%, 70% and I believe it's because people just pay with cash. You don't go through the legal route and that's why people fall victims of fraud.

Speaker 2: 10:59

I understand. I think hopefully some of the things you've said would enlighten some of us and, you know, make a different approach. Like, take things differently I had to pay areas of ground rent? Yeah, I had to, I didn't know. In fact, the first day I got the invoice I was like really, we pay all of that in Ghana. I didn't know, we pay taxes too, property taxes.

Speaker 1: 11:30

See, I didn't know all of that 0.5 to 3%, depending on where the location is. So if you don't have a lawyer that checks, you're going to end up paying Kodjo's back taxes that he hasn't paid in like 20 years, because they're not going to look for Kodjo, they're going to look for you.

Speaker 2: 11:48

All right. So let's go through the process. Right going to look for Codjoe. They're going to look for you, all right. So, let's go through the process.

Speaker 1: 11:57

Right, someone wants to buy a land. What should they do? First of all, you should have four members as part of your team in any real estate transaction. Number one these are professionals a real estate broker like myself. Number two you should have a valuer, because everybody thinks their home is worth a million dollars around here, but you need a valuer that can look at comps and can give you the true estimate of the home you're about to purchase, right? And then you need a home inspector, because not every builder follows the building code. And then you need a lawyer that can make sure there's the validity of the owner check, as we're talking about this, ground rent, check the property taxes, even utility bills.

Speaker 1: 12:41

If there's an ECG bill for 10,000 Ghana CDs and the previous owner has not paid it, you'll be paying it or your lights will be turned off, right. So you want to make sure that the legal entity, the escrow services that we provide, goes through everything utility bills, ground rent, property taxes and, at the closing table, will ensure that all those things are paid, so you don't inherit any of this bad debt. The valuer will make sure you're getting value for your money. The real estate broker will make sure you're getting value for your money. The real estate broker will make sure you're signing the necessary documents and the inspector will make sure that you're not going to end up with a roofing issue in two years. Or, you know, your house is not going to catch on fire because the electrical wiring has been done incorrectly. So you don't want to invest in a property which is capital intensive and then, two years down the road now you have to pay for uh, you know 20 000 cds for a new roof.

Speaker 2: 13:42

Yeah, wow yeah, that's very insightful, very key things, but what we see around here is that oh, I've, I've seen the house. I like it. You know, come, let's deal, that's it.

Speaker 1: 13:54

Yeah.

Speaker 2: 13:55

You know, and then, a few months down the line, like you said, the problems start. Yeah, and that's why people like yourself are in the position to provide the consultancy services, the brokerage services for clients. Absolutely.

Speaker 1: 14:08

Amazing the brokerage services for clients, absolutely, absolutely.

Speaker 2: 14:10

Now, in recent times there's been a lot of conversations around investing Ghana properties, investing this. Look, I've seen a lot of real estate companies go to the UK, to the US, to do fairs. You know, try to get people interested in buying into the property market in Ghana. Why is that?

Speaker 1: 14:31

Well, you know, derek, there are a lot of reasons for it. I mean, one of the key things that people don't realize is I mean, we're in a beautiful nation and there is a lot of attraction that is coming from the diaspora to this nation, especially after the Beyond the Return initiative was implemented in 2019. So we get about. Let me just look at just December. Okay, just for the month of December, with the Beyond the Return December in Ghana events, we got 1.2 million visitors to Ghana in just those 31 days. Now, out of those 1.2 million visitors, 41% of them that's over 410,000 people said that they would prefer to stay in an Airbnb, a furnished apartment or furnished house, as opposed to the traditional hotel, motel situation.

Speaker 1: 15:29

So you, as a landlord or property owner, you know that all these visitors who are coming to Ghana prefer to stay in your unit, an apartment or a townhouse or house. So that is attractive for an investor, first of all. And then also, ghana has the highest annual rental yields in Africa, not just West Africa, the entire continent. Ghana's number one and you know rule of thumb is you want to look at at least 7%. You're looking at 18 to 20% in some areas, particularly prime areas, so highest annual rental yields. You're looking at a lot of visitors that come that need accommodation. You're also looking at emerging markets is a great appreciation, um, because it's a developing nation, and you're looking at cash flow as well, and these are the reasons why it's such a great uh investment here, uh, in ghana wow, I mean I guess we need to put all that money in real estate.

Speaker 1: 16:27

But yeah, and there are no haircuts on real estate investments remember they were haircuts on government bonds? Yep, there are no haircuts on real estate investment. Okay, it's a dollar backed security, you know, and it's a hedge against inflation, right, so go for it yeah, yeah, definitely guys, we should.

Speaker 2: 16:44

Um, there's right. So someone wants to, someone that lives outside of the country wants to buy a property in Ghana, right, what would be the process for them?

Speaker 1: 16:58

so the first thing I'll say is make sure you get a professional real estate broker, okay, so GARAB Ghana Association of Real Estate Brokers. We have a website. You can visit the website depending on where you want to purchase. For example, you want to buy in East Ligon. You type East Ligon, it'll list all the real estate agents that specialize in the East Ligon area. Bear in mind that all these agents have been vetted. They have gone through the CID headquarters, got their fingerprinting. None of them have criminal background reports, which is very good, very professionals. We have code of ethics we have to follow. We have standardized forms sales and purchase agreement, tenancy agreement you could use, and we also make sure that we have standardized commissions. We cannot charge more than for a sale 5%. If you're going to just pick any real estate agent that's not a professional. They can charge you 15, 20% if they want, because the real estate agency market is not regulated in Ghana. So we have certain codes and standards we must follow.

Speaker 2: 18:06

You know, sometimes you get an agent do a deal for you and then they're like you know, I want to charge 5%, you know give me 5% of this deal and I'm not going to pay you 5%. That happens a lot. You know a lot of the agents. It's either they don't tell the clients that this is how much they're going to be charging, Then after they start talking about that, or some people also charge five days, five days.

Speaker 1: 18:31

Yeah.

Speaker 2: 18:32

On both sides.

Speaker 1: 18:34

Which is fine. If you're a dual agent, if you're representing both the seller and the buyer, you can charge as a dual agent. However, there must be transparency. You must let both the seller and the buyer know that you're representing both. Okay, you have to let them know. You have to disclose it that you're representing both. Okay, you have to let them know.

Speaker 2: 18:55

You have to disclose it.

Speaker 1: 19:03

This same individual says that they want a mortgage in Ghana. What's the process? Okay, so initially you talked about a diasporan coming or anybody outside. You want to use a real estate broker that could also help you with negotiations. We understand the market, the market trends and that sort of thing right Now. We also understand mortgages. So now a lot of banks are introducing what we call diaspora mortgages. So if you are a diasporan and you're a Ghanaian and you want to purchase, you can. If you're a foreigner, you can also purchase, not a problem. Typically you have to put anywhere from 20% to 30% down and then the rest is spread over a maximum of 20 years. If you're a Ghanaian, 15 years if you're a foreigner. However, there is a cutoff age right, and the cutoff age is 60. So if you're 55 years old, you can only get a five-year mortgage. It's not like other countries overseas where there's no age. You could be 85 and get a 30-year mortgage, but here there's a cutoff now, okay, and they will look at your credit report overseas.

Speaker 1: 20:10

So, if you're in the US, they're going to look at your Equifax, transunion and Experian. We're looking at credit history. You're looking at ability to pay back any lates, any delinquencies, any bankruptcy, and then you're looking at debt to income ratio to make sure that, typically, your debt to income ratio should not be more than 30, 35%. And then also we're looking at job history. Make sure you're at your job for at least two years and you want to make sure. Well, some banks two years, some banks six months, and they're looking at pay stubs and bank statements as well. Now, if you're self-employed, they'll be looking at three years financial audited statements.

Speaker 2: 20:51

To look at cash flows. That's very similar to the UK. Check your SA302.

Speaker 1: 20:55

Exactly.

Speaker 2: 20:56

And things like that from HMRC. Now we always talk about ridiculous rates.

Speaker 1: 21:04

I knew you were going there.

Speaker 2: 21:05

Oh, yeah, yeah, yeah, we always talk about that yeah. Because sometimes you're seeing these times. I think you're seeing about 38%.

Speaker 1: 21:12

Absolutely. Yeah, you're looking at anywhere. A base rate would be, yeah, about 32% to 36% base. Then, once they start adding the margins, you can go up to 38%. That's for a CD loan. So the dollar is anywhere from 11% to 13%. But to get a dollar loan you must be a dollar earner.

Speaker 2: 21:31

You can't be a pound earner, it could work.

Speaker 1: 21:35

Yeah, it could work if you're a pound earner, but I meant a dollar earner as opposed to a CD earner. Right, but if you earn both dollars and CDs, they'll go with whichever one you get more of. So if your salary is 60% dollars, 40% CDs, then you can get a dollar loan.

Speaker 2: 21:51

I think for the dollar mortgages it should be a lot less.

Speaker 1: 21:57

Than the 11% to 13%.

Speaker 2: 21:59

Yeah.

Speaker 1: 22:00

I think it should be a lot less all the way around.

Speaker 2: 22:01

I do agree with you.

Speaker 1: 22:03

Yeah, I think it should be a lot less yeah but it costs to borrow because they have to borrow to then lend, so cost to borrow.

Speaker 2: 22:10

Okay, okay, I'm sure over time they will work out better systems, it's actually gotten better.

Speaker 1: 22:16

It was before. It was at. 13.5 was the base for a dollar, you know. So now it's dropped at least to 11. So it's getting there.

Speaker 2: 22:25

Yeah, yeah, it is, it is, it is. And there was this conversation about the number of years of lease a foreigner can have. Now, even if you're Ghanaian and you're coming in with your British passport or your American passport, you'd be classed as a foreigner, wouldn't it? Yeah, so don't come with your British or Ghanaian passport. That solves the problem, yeah, so don't come with your British passport.

Speaker 1: 22:51

That solves the problem, so, yeah, so there was a land act, land agency act that came out in 2020 with all these new regulations, right. So if you are a Ghanaian, please show your Ghana card or your Ghanaian passport, right, and you can get up to 99 years, right, and you can get up to 99 years. If you are a foreigner, the maximum you can get, I believe, is 45 to 50 years maximum right now. The question really is what? If you are married to a ghanian, yeah, and you are a foreigner, yeah, they will go by the number of years for a foreigner, so you may not have to be on the title for this one yeah.

Speaker 2: 23:31

Right, right, right Now. I purchased a property as a foreigner. Right, I get 40 years on the lower side. Now what happens after 40 years?

Speaker 1: 23:41

Good question. So after 40 years, what I tell people? This is free information right here. Make sure that your lawyer okay, this is why it's good to use the escrow services Make sure that your lawyer adds a clause in the indenture that says that after the 40 years the land or the property still belongs to you and you will pay a sum you know a reasonable sum to whoever the original owner is or the family of the original owner. So there should be a clause in there so that it doesn't revert back to the original owner. But you want to keep it and you will pay whatever is necessary at that time.

Speaker 2: 24:24

I think that someone is thinking in their mind and I'm even thinking what's reasonable, like you know, know after 50 years and if my kids are taking over that land, or that property. What do you mean? Reasonable, like how is that going to work?

Speaker 1: 24:39

exactly because your definition of reasonable is different to my definition of reasonable. Um, but you know, when you you try to find out from lands commission, it's more like, well, 50 years is in the future. We don't know what it's going to be then. So you just need to have a clause in there covering you that you will still have interest in this property at the expiration of the lease and you will pay something towards it, is it?

Speaker 2: 25:06

possible if you don't have that clause because I'm sure there are people who have properties and they haven't done that. Is it possible for the land or the property owners to say, look, it's elapsed and we want to take it back?

Speaker 1: 25:20

I. I would say there is a possibility, because I mean, you signed the document saying that I have an interest in this for 90 years. Now they're 90 years up.

Speaker 2: 25:31

Yeah, I was involved in a conversation with one of my friends as well, and then he was saying that he owns a land somewhere, you know, far away from Accra. But he owns it as in freehold, he owns it and there's no issues with it. It's not 99 years like it is in Accra. Do you think that there are places in Ghana where people own the lands?

Speaker 1: 25:54

I'm sure, like years and years ago there was freehold, but now it's only leasehold. It's only only leasehold and it's rare to find anyone who has 99 years. Now Very rare, okay.

Speaker 2: 26:10

Very rare. Is there a reason?

Speaker 1: 26:11

why, with a lot of, let's say, builders or developers, when they purchase the property they may have 99 years, but they can decide to give it to you at 50 years or 70 years. Some of them will give you for whatever is remaining in the lease, so if they have 78 years, they'll give you the 78 years. Some of them will give you for whatever is remaining in the lease, so if they have 78 years, they'll give you the 78 years. Others will just give you 50 years. So it really depends, but it's rare to find. I haven't seen a 99-year lease in a long time in the UK we have freehold and leasehold.

Speaker 1: 26:47

Yes, so what you're saying is that right now, currently in Ghana.

Speaker 2: 26:51

You may not find that.

Speaker 1: 26:52

Yeah, it's leasehold. It's just leasehold. It's leasehold based on the Land Act 2020. Okay, and it's public information. So I would just encourage people to get the Land Act and read it and know your rights. It's public information.

Speaker 2: 27:05

Wow, that's interesting.

Speaker 1: 27:11

Yes, it is.

Speaker 2: 27:15

In one of your posts you said that 8.1% of women own lands in Ghana. And I think that's ridiculously low. It's very very low. Considering the amount of powerful women we have in Ghana who work so hard to feed their families. When you go down the markets, you see them all over importing and exporting. What's happening there?

Speaker 1: 27:42

Well, you know, I think we could sum it up in three reasons. If we look at it historically, we could sum it up in three reasons. If we look at it historically, it wasn't legal for women to own properties in the olden days, so there wasn't a law that allowed women to own properties. So, historically, legally, spiritually if you look at Numbers 27, whenever anybody died in the family, the land was passed on to the males in the land until the daughters of Zelifat stood up and said that why can't we inherit our father's land? And they were five girls. And so spiritually or biblically, you see that as well. And then you also see it as culturally.

Speaker 1: 28:27

You see, in the African home or in the Ghanaian home, a lot of times women are discouraged from buying properties before marriage.

Speaker 1: 28:43

They can get the property with their husbands, because if you, a lot of times they're told, if you buy a property before you may intimidate the man, it's not a good thing for women to own properties. You got to wait and let the man be the one to own the property in the marriage. So that's, you know, another one of the reasons. But I believe you know, in raising up a generation of millionaires through real estate. I mean, if you look at statistics in the US in the last 20 years and it's proven track record, millionaires started with a real estate portfolio, but we're not seeing it in the African continent and it's because of the lack of education. So if we can educate and empower people for financial freedom, building generational wealth through home ownership, one house at a time, we'll begin to see that change wow the average Ghanaian who earns 2,000 cities a month mm-hmm wants to own one of these 50-year lease or 70-year lease properties, Because right now, what's happening is that everything is in dollars when it comes to the property market, even though it's city equivalent.

Speaker 2: 30:01

Now this amount 2,000 cities may not be able to do anything. What would be your advice to such an individual? Should they buy off plan, buy a ready property or get a land?

Speaker 1: 30:14

okay. So, first of all, when it comes to land, land properties right, they're all in cds. Lands are mostly in cds, right? Um, it's usually properties and primaries that they quote in dollars, but mostly lands are in CDs. What I would encourage this individual that makes 2,000 CDs a month, you know everybody wants to buy encampments, buy an airport, right, start somewhere. Don't despise small beginnings. Start somewhere.

Speaker 1: 30:44

There are lands you can get for 5,000, 10,000, 15,000, 20,000, 25,000 CDs that are not in Accra. They may be further out, they may be in the outskirts, but you cannot buy land and not see appreciation. We are in a developing nation. I'll give you a perfect example. Look at Chi Hills, you know. Even look at East Ligon Hills. At one point, east Ligon Hills, you could buy land for 5,000, 10,000 Ghana cities. Today they're even quoting it in dollars $90,000, right. But if you had bought the lands and at that time people said, oh, the roads are very bad, we're not going there Now. Look at East Ligon Hills. It's one of the fastest emerging areas in Ghana, in Accra. So I would encourage that person making 2,000 CDs a month, you know, find land in a location that's in the outskirts and get a payment plan. There are a lot of landowners that are giving payment plans Three months, six months, nine months, 12-month payment plan and then just slowly begin to pay on that land. That's one option.

Speaker 1: 31:50

Another option people are not going to be happy about. This option is buy with people, increase your buying power. But then, whenever I bring this up, you can have an investment club or you can get together with friends and you can buy land together, have a contract, have an exit plan. Five years after appreciation we can sell it. Now you have seed capital to start a business or reinvest in real estate, right. But people say oh, I don't know if I could buy land with my friend, I don't trust my friend. Then you need to get new friends, if you can't trust your friends to buy land and build a real estate portfolio and build wealth together. So that's another option for a 2000 cd earner month I love the second part.

Speaker 2: 32:36

You know, we our portfolio in the uk. There's three of us right and when we saw the first project it was about 50 000 pounds and we didn't have the money to do it. So we all came together, put money together and did it and today we have more than three properties in that corporation. So I think it's very powerful. You know, partnership coming together to do things.

Speaker 1: 32:56

Increase your buying power.

Speaker 2: 32:57

It's such an ancient principle that today people are so much involved in ownership.

Speaker 1: 33:04

Soul ownership. I bought my first property in real estate at 23 with my brother, because I couldn't afford it by myself and he couldn't afford it by himself, and we came together and that's how we bought our first property. It's beautiful. I encourage people to do that. It's beautiful.

Speaker 2: 33:19

I would definitely say that's the option to go. Yes, because 2000 cities is quite low.

Speaker 1: 33:24

It's quite low, yeah, you know. So either start low in an area that's in the outskirts or come together with others.

Speaker 2: 33:32

Yeah, yeah, yeah what are your top five locations for investment?

Speaker 1: 33:42

yeah. So primaries are always good um for cash flow, and emerging markets are always good for appreciation. So I would say airport cantaments, they're the most sought after areas.

Speaker 2: 33:54

East lagoon, east lagoon hills is good, or yarifa is good, chado is good okay, yeah, so out of these ones you've mentioned, which ones are the emerging areas?

Speaker 1: 34:08

so emerging areas. You're looking at eastly gone hills. These are areas where you're seeing development. Oh, shy hills is also good, too. Shy hills is good. Shy hills is has been um on the top tourist attraction uh list. Um, since 2018, it has either been the fifth or the sixth tourist attraction area because of the wild animal reserve in that area. There's camping there, there's hiking there and that sort of thing, and a lot of celebrities that come to Ghana actually go to Shy Hills as well, so that is also another emerging area as well. So, shy Hills, chado, oyarifa, east Lake-on-Hills.

Speaker 2: 34:51

You heard that and you heard it here on Connected Minds. Once again, if you haven't subscribed, please do share this content because I'm loving the conversation. Now we have a few questions for you. Our previous guest thought that you'd do very well with this question, so they had a question for you, and the question is would you rather advise someone to get into the space of business, entrepreneurship or get a 9 to 5?

Speaker 1: 35:23

And my question is who's the previous guest? Who's asking me this question? Okay, so this is a tough one because you know, to be an entrepreneur you have got to have incredible mental fortitude, you've got to be able to maneuver, have the wisdom to maneuver, through challenges, situations and make the right decision, not just for yourself, but for all those households that are depending on the company right. So if you have the mental fortitude, you have the resilience and you have the ability to encourage yourself and the discipline and consistency and persistence and resilience, I would say being an entrepreneur is very rewarding so I love that.

Speaker 2: 36:22

I love that. I love that. Um then our next question from me is motivation or discipline?

Speaker 1: 36:31

Discipline, discipline, discipline, discipline. Because motivation, I believe, is only fueled temporarily. You can have a conference and motivate people and after the conference some will still have a little bit of motivation, some won't. But that motivation has to constantly be fueled. But discipline makes you be very consistent. There are consistent efforts from discipline and that's what brings the results is the consistency. Discipline is my final answer.

Speaker 2: 37:09

Well chosen, well, well, well chosen.

Speaker 1: 37:12

Final answer.

Speaker 2: 37:15

No, I mean. Final answer is discipline. That's right. What's the best advice you ever received? We want to have it too, don't we guys?

Speaker 1: 37:26

My best advice is be spirit-led led wow that is the best advice I've ever received be spirit led wow, because you heard that voice yep then you came to garner yeah, and you have to continue hearing that voice especially in business you know, do I go this way, do I go that way? And we know that god is the known and the unknown, so be spirit-led.

Speaker 2: 37:49

Guys, you heard it Be spirit-led.

Speaker 1: 37:52

Yes, Listen listen.

Speaker 2: 37:54

What's your favorite personal development book?

Speaker 1: 37:58

You know, what got me into real estate was Rich Dad, poor Dad.

Speaker 2: 38:01

Oh man, One of my favorites.

Speaker 1: 38:05

Really by Robert Kiyosaki Rich Dad, Poor Dad.

Speaker 2: 38:08

He's an awesome guy. I say it on this show anytime someone mentions that book. He has a game called Cashflow Quadrant.

Speaker 1: 38:15

It's at the back of the book.

Speaker 2: 38:17

You can get it on Amazon. I've got a copy of that game and I play it every now and then with my wife. It's amazing. Yeah, it's amazing. You learn how to invest. That's the book that teaches you assets, liabilities.

Speaker 1: 38:29

I've said this in segment one.

Speaker 2: 38:31

So if you, haven't heard segment one. Please go listen to segment one.

Speaker 1: 38:34

Yes.

Speaker 2: 38:35

Um, then your question for the next guest.

Speaker 1: 38:41

Okay, next guest is what is the craziest real estate story that you you have? I want it to be that they have experienced that they have encountered the craziest real estate story.

Speaker 2: 39:01

Wow that they have experience. That they have experience. Yeah, guys, you need to be very conscious and then pick someone who can answer this question properly because it has to be someone who has got a lot of experience in this field. We'll try. You heard it here connected minds now. Thank you so much for staying here with us and listening to us, and I love all the shares, all the comments that you leave on our videos. And hey, the Instagram was going crazy. Stay connected.