So I saw JAGUN JAGUN this week, but more interesting are the recent interviews with the Producer, Femi Adebayo, typically the one covered by News Telegraph.
The key takeaway is the fact that he sold some of his properties to fund the movie and more lessons I’ll be touching here.
- Real Estate proceeds are a safer option than Loans: Without owning properties prior to this time, he’d have had to rely on finance houses to fund his project and don’t forget that his startup funds was the proceeds from his earlier movie, King of Thieves, and it wasn’t enough (a movie reported to have grossed N250 million in box office however, Jagun Jagun was worth over a billion, he said). By selling some (not all) of his properties, he was able to fund his dream project!
- Real estate is beyond residential use: As much as his plan to turn the warrior school to a sort of film village turned sour, it shows the possibilities of real estate. The property used for creating the warrior school would have become a site for other movies and who knows, his colleagues would have had to pay to use his site if the deal went through.
- Due diligence before any property acquisition is key: The deal aforementioned didn’t go through simply because he had the sale agreement with a part of the family, and when the second part of the family heard, they refused to sell and threatened to destroy the construction already on the site as they didn’t want to sell, the matter had to be reported to the Oba and the police 🫠. This is what we know as Omo onile wahala and every real estate “odogwu” knows that one person doesn’t sell land, obviously when we say one person, it could also signify a few people.
The Real Estate market especially in Nigeria has proven to be quite a volatile yet rewarding space; volatile if you don’t do your due diligence in ensuring that you are buying from the right people and have your documents in place. As a company, we go as far as meeting with the Baale and relevant family authorities before purchasing any property in our portfolio.
This is in fact why going through a certified real estate company is safer.
Just in case you don’t want to, ensure you get yourself an “Odogwu” real estate consultant.
What other real estate lessons do you think you can draw up from the movie?
