Let me start by appreciating Temi Ajibewa for being Vulnerable. She wrote about this subject on her wall. Although many will not retrace their steps to see where they miss it, they will rather engage in the blame game.
I am privileged to have many protege’s but my most respect goes to Temi and her husband. The beautiful, brilliant woman who reminds me of Evangelist Tope Alabi and her amazing husband.
This brings us to the actual story. Read below
So we went out today to check out a $5000 Investment we made in Dubai 2 years ago only to find out we had been scammed. They had moved the office to an unknown location and the security officers there said they had lots of scam complaints and they have taken the matter to court.
We were advised to go to the nearest police station to lodge a complaint.
A situation nobody wants to be in, right?
I remember how anxious I was then about owning a property abroad.
As stressful as the process was, I still followed up on the process.
First I did a $500 deposit and within 5 days of getting back home in Nigeria, I did the $4,500 balance. My husband was skeptical about it. He said the terms were not adding up, that the deal was too sweet, but I dismissed his fears as his ‘go-slowish’ nature. 🙈 After I made the payment, they sent the real terms and it was then I simmered a bit. I reached out to my real estate mentor @stephenakintayo about it and he went ‘Oh no Temi! When you have me here?’ The pain had started to reflect then.
My foolishness began to hit me.
The agent stopped picking our calls and somehow I hoped that we would meet and I would be cleared of all my doubts, but no, he wouldn’t tell us where to meet him. He said he’s stopped working with the company so we should visit the headquarters. As the realization of the N1.8m loss hit me, I looked at my husband to say ‘Honey, let’s go to the Police station to report’. And he said… no honey, I don’t have that mental bandwidth right now to pursue the case. These things take up to years. I’d rather consider it a price I have to pay for my mistake. It’s a dear price to pay but it could have been way higher”
He pulled me closer and said, ‘Sorry love’
It is now a fact that people fall Victims of property scam in Dubai, the UK, US and Nigeria and this is because of no good knowledge on Real estate management by a good mentor or in a situation where you have one and you do not consult them before making investment decisions or they give counsel you and you refuse to take it.
It was late that night when she called and said; 3 quick one, the last was this Dubai property, it was then I could sense her eagerness to obtain the property.
She went ahead to made initial investment not realizing that it was a fraudulent one
The most painful part of property scam is that people do not consult experienced Realtors Instead the go to family members or so-called trusted lawyers who do not have common initiatives on property investment
This brings us to the question of
Why do Africans love to take counsel from people that cannot help them?
Most of the reason is that we just want to fulfill an emotional satisfaction that doesn’t take us anywhere.
So how do you avoid this?
1) Get a Property Mentor now and listen to their advice.
Only get someone who has results in property acquisition and not blood ties without experience. This is an investment decision and it is not sentiments. My Joy is that Temi only lost 5000usd and not 5million USD.
2) Do the flexible payment. The total investment was about 200,000usd if she had paid all at once, one chance is that.
3) Do not be deceived by the visual by the property. Make sure you research the owners and know they have a name and reputation to protect.
Most property developers globally build a low profile so that it is easy to disappear.
Make sure those you deal with have a personally visible brand and not just the company is visible. I will gladly pay for a property without seeing it than pay for the one I can see but the owners do not have a public image.
I hope this has served as a lesson to people out there with the hope of buying a property you have learned something from this information.
God bless you!
Note that building a standard reputation is more valuable than an investment
Africa’s Most Sought after Investment Coach.