Victor E. Bomi is a Nigerian-born, Real Estate advisor with a company based in Atlanta, Georgia. His company ATLCO, provides real estate investment and advisory services to help investors make smarter, and more profitable, decisions in all areas of real estate. We had the opportunity to speak with Mr. Bomi about everything Real Estate Investing.
You have achieved a lot of success at a young age, where did your knowledge and passion for real estate come from?
My passion for real estate comes from wanting to help people change their financial situation and understanding that real estate investing is a great vehicle to create financial freedom. I believe that if we all had an opportunity to create financial freedom we would take it. So, I decided that by providing a platform that allows people to drastically improve their financial situation, I could help many people accomplish their financial goals. Another driving force for me getting into real estate is to be able to create a strong legacy for my family for future generations to come and pass down generational wealth that they can benefit from. My knowledge of real estate came from having a good mentor when I first started who was actively investing in real estate. I was able to close on many investment deals with my mentor and learn along the way how the real estate investing business works.
Why is Real Estate investing one of the best investments you can make?
Real Estate investing is a great investment for many reasons. Historically real estate has been the #1 wealth creator and has created the most millionaires out of any other asset class. Additionally, you have an opportunity to create generational wealth and pass down assets rather than liabilities to your future generations. While you are alive, real estate provides investors with an opportunity to create strong passive and residual income. Overtime if you buy the properties at the right price – you can accumulate what is called appreciation where the value of your property rises significantly as time goes by. Real Estate is also a great hedge against the volatile stock market as well as inflation. Other benefits of real estate include tax shelters, control of your investment, early retirement, wealth preservation and portfolio diversification. If creating financial security and wealth is important to you then real estate investing is something that you should strongly consider.
Being that you are from Nigeria, do you have real estate property over there? Would you recommend international real estate investing?
I haven’t personally started investing in Nigeria yet because my company primarily operates and does business here in the states. However, I would recommend to experienced investors who are already investing in the states to consider the international real estate market. There are quite a few Emerging Market real estate investment opportunities that are currently taking place all over the world and are ripe for investors to capitalize on and make strong returns. Cities like Lagos, Accra, London, Bangkok, Singapore, and Hong Kong are all great cities to learn more about and seek real estate investment opportunities. The world is shifting towards a more globalized system where everything is connected so today’s investors have better access to great investment opportunities globally. I recommend that before investors start investing globally they have a team of real estate advisors who can help guide them in the right direction for whatever country that they are investing in. Another tip I would recommend is to first get some experience by investing in the country you actually live in as well to start.
What are some mistakes first-time investors make?
First-time investors usually don’t really have a plan. They don’t know how to find good deals or systems in place that they can use as a roadmap towards accomplishing their real estate investing goals. First time investors also often make the mistake of thinking real estate investing is as straightforward as just buying a house, making repairs, then reselling it. There are many factors that must go right for an investor to make a profit when investing in real estate. A lot of first time investors over-pay for properties or just jump on the first opportunity they see instead of being patient and doing proper due diligence to ensure that they are buying the right property. I have also seen situations where instead of starting small and going for a small project – a first-time investor tries to hit a home run with a big project and gets burned out as a result. Lastly, making real estate investment decisions based off of emotions (such as getting attached to a project so much) that the investor spends a lot more money (and time) than needed and ends up losing money as a result.
Another mistake I see is first-time investors not taking the time to learn about the market that they are investing in. Certain factors such as location, school district, crime rating, employment data, the economy, interest rates, government policies and many other factors – are all important to consider when investing in real estate. Luckily, our firm ATLCO helps investors avoid many of these pitfalls by being a trusted partner in real estate and working with them from start to finish to create a strong real estate portfolio plan.
If someone wants to start investing tomorrow, where should they start?
The first step would be to decide what your overall financial needs are and figure what type of investment strategy would best serve those needs. If you are investing in order to create additional steady streams of income – passively – while increasing your overall long-term net-worth and wealth then it would be best to look into private lending, acquiring rental single family homes, duplexes or apartment complexes. If your goal is to create a large increase in your overall income in a relatively short amount of time then I would recommend getting into flipping/renovating properties. If you don’t have a lot of money or the best credit to get started in investing in real estate, you may want to consider real estate wholesaling as your entry into the real estate business. These are the different types of strategies to use to get started in real estate and the actual location one should start investing in should be anywhere that they have a team in place to help them find profitable opportunities and manage the entire process from start to finish.
What is the Legacy Investors Club?
The Legacy Investors Club is a Financial Literacy and Real Estate Investing Education firm. Our consultants specialize in the areas of real estate investment, financial planning, credit building, and retirement planning. This company started as a platform that provides all the educational resources that would allow our clients to master their finances. We are also going to launching an online E-Learning platform that will provide educational courses on financial planning and real estate investing topics. This, by far, is one of my most exciting projects because I know that the information that people will get from being a part of the Legacy Investors Club Community will change their lives forever for the better.
What can we look forward to from Victor Bomi?
I plan on continuing to use my platform as a platform of positivity and empowerment. I will continue to invest in people and their future by providing the most quality real estate investing and financial literacy educational resources I can. I plan to continue working with people all over the world who want to create a legacy for their loved ones and wealth in real estate. You can expect me to continue to build my real estate investment firm – and being a part of multi-million dollar development projects globally. At some point, we will be expanding out and investing in other states in the United States as well as in other countries globally. I am also in the beginning stages of starting a non-profit organization that focuses on entrepreneurship and youth empowerment. Additionally, I am also an aspiring author with a book project in the works – stay tuned for that. My personal mission is to be an inspiration to the world and to empower others to follow their dreams and passion.
Make sure to follow Victor Bomi on Instagram.