Africa’s Real Estate Boom Is Just Getting Started | How to Invest Safely-MP3

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2:41Heroes now. Real heroes. I heard Rashad and Troy talk about the tax letter. We talk about finance, But we talk in a language that is common to the people that's from the community that we grew up in. You all are the bright spot of real estate. Thank you. And entrepreneurship for black Americans. This is the knowledge that actually matters. I applaud both of you for this. Thank you. Literacy isn't a country issue. It's not an American issue. It's a world issue. He came to earn our leisure.

3:17So how did you like get started specifically in Africa like doing this like well the relationship when I was doing hospitality and running a hotel in south of France I told myself either I go to Canada to work at the Sofitel at Montreal or they offered me to come to Dakar to work at the the Novotel Hotel here in Dakar. And I wanted to feel like home. I wanted to feel like I had an impact because when you go work in big cities, you just add some small percentage over small percentage and you're just a number, they replace you. When you come here, you become a player quickly. So it's a bigger playground, more interesting, and then you can actually become a Carnegie of your area.

4:03You can become a big investor, whereas it's not impossible in big countries, but the the struggle you have to go through the difficulties whatever you go through is too much headaches compared to the rewards and here you feel home and where are you originally from have you uh new york yeah both yeah that's beautiful beautiful country definitely you know you see there's a lot that still has to be done but that's opportunity yeah lots of opportunity and the purchasing power when you're an American and you can put a hundred ground in an apartment and looking at ROI around 10 % is not crazy it's interesting so like a hundred thousand and get you an apartment here yeah it can get you a one-bedroom apartment and now it's more running around 110 120 20 it keeps growing the two i have uh one bedroom apartment i bought them 80 000 each five years ago now they go around 80 uh 100 110 something but the return is very high because it's 23 percent how much is the rent uh it's uh in us two thousand approximately two thousand dollars so 24 year so around in this area he in this area is gonna be more like 1.5 1.6 so people buy cash or they get mortgages in Africa they like cash they don't trust banks that much and they don't want to be in the system to show their earnings to show traceability so that they can leverage funds and bank system here is very tough like in US mortgage is like nothing you work a little and then you get it here you have to kill somebody to get to get the mortgage yeah it's very tough interest rate let's say it's eight seven eight but for for African market when you get the 24 % ROI you borrow money at 8 makes sense makes sense but we need to be careful and resist the urge to be in the formal kind of mentality and be rushing to buy lands to buy apartment without thinking ahead that's the issue some people like they see the excitement and instead of taking the time they go into formal modes and then you hear stories oh he came he brought 50k down payment and now he's never heard about his 50k more again you have to be careful well talk talk about that because that's something that a lot of people are kind of nervous of like how do you avoid that yeah you have to go through the proper channels it cannot be you know a guy who knows a guy and he's going to help you out that's over forget about this anybody selling you that kind of let's say i know a guy who knows a guy half the time it's yeah you don't need to know a guy if you have money you go through the official channels everything's going to be fine with you official channels would be like a real estate agent yeah real estate agent a notary agent for example we sold this penthouse here to an american guy in texas uh top one uh 700k and he insisted to go through the notary we went through the process we put the money in escrow accounts and no problem you know and he was insisting in procedures which was good how big how big is that it was about uh 250 square meter with a big balcony and you have a beautiful sea view from there to the ocean yeah Is this building sold out?

8:0250 % sold out. But the company I run, because we are family investment funds, and we don't depend on the sale to finish the property. So we don't rush out to sell because we want to finish it and to sell at the highest price expected. Whereas when you need money, you sell quickly, early stage of the project to make sure you have the cash. and then you build with the cash you've been given by the clients. How's the, like, is it like the land lease? Is it a land lease? Good question. You have, like, three types of contracts. One that is called, I don't know in English, deliberation, is like the mayor of the city says, if you have a project, I will give you this land.

8:48Once you build the project, we can make the paperwork so that you can get the official documents. then you have the the lease this is maybe 50 years 99 years once you have a real project then you can ask for a permanent a title and then you have the permanent title which is something that you should always ask if you are foreign you come from outside Africa ask for the official title what's the what's the permanent title is like titres foncier and it's like it's registered in the african constitution that it's yours forever regardless of the president regardless of the law it's um it's impossible for anybody to get that uh um land from you except if he gives you money in exchange is that only in this country or no a lot of countries in every notary whenever there is a notary he has the power because he's a subsidiary of the state's power so he can say okay we signed together it's yours no matter what that's why always go through even the money you give never give it hand to hand to anybody even if i sell you an apartment don't give it to me find a notary because legally speaking he has the required uh he's required to do the due due diligence if he doesn't do it it's on him earners what's up look if you're building a business today, your website isn't just a digital business card.

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13:31For Massachusetts, 1-800-327-5050. For Iowa, 1-800-BETS-OFF. For Puerto Rico, 1-800-981-0023. In partnership with Kansas Crossing Casino and Hotel. If your best finance people are doing expense reports, chasing receipts, or spending time on month-end clothes, it's time to get Brex AF, a gentic finance that eliminates that work before it starts. Learn more at brex.com slash AF. How competitive is this market, like this area? I figure with all this coastal property and the appreciation for the land alone has to be going up, you know? Well, yeah. Dakar is like an almost island. Yeah. Contrary to Ivory Coast Abidjan, which is a land city.

14:19abijon is growing like this exponentially without limits that car is constrained to the top of the ocean so that everything on this coast is like miami style let's say the coast right then it's going high high high high because it's impossible to go to like in dubai you cannot go in the water so yeah prices are going high however rented rent are being stable that's why you have to be careful and start thinking ahead in a world where competition is high, lots of supply, lots of apartments, which are the ones that your tenants will pick the first. And this is where you have to invest. Are most people more likely to go closer to the water or is it just something that's walking distance?

15:07Let's say they're going to look at schools and business districts. in in senegal water is not something that deep right because they are used to it in cabo verde water is not that deep so but for expats.com water is a small factor but they will not compromise distance work distance for water so how far are we from the business district here uh something to know dakar is split into two areas you're where you are in numen as a line it's the the middle that you're in the middle you can go both ways here you're in almadie area the other side is business district area so there is its own life here business district etc and there is its own life over there it's very rare that you have somebody that lives here and go in the morning works over there it's like one one one hour and a half they're not going to do it they're going to find a way to live here and work here live there and work there unless you really have to so like for people what's the biggest opportunity you think just in africa period right now for like the average the average person that that wants to invest in africa good question well because of the operation risks.

16:28I cannot recommend let's say agriculture, industry, manufacturing, those are opportunities but the operational risks are too high so your money is too much at risk. So for me I will focus on real estate because of let's say the stability and the predictability of it. You invest in farming if and you don't live here you have no idea whatever the guy is doing with your money how serious he is is he selling at the right price he's he producing at the right price his employees are they being legally contracted etc etc so I would say for this confederation it's realistic then if you let's say come from the US and then you want to come and start to live here then I would be open to any kind of business you can go into hospitality there is an american woman here she's not american but she studied in the u.s a long a lot of time she has two hotels here they're working um let's say services also i think we just met with swadu i i had lunch today and yesterday at her restaurant in fun she she's great so i do um so hospitality is okay um let's say financial service also is okay raising money if you have the ability to raise u.s money and bring it to africa then you can make a lot of money but again you have to find a way to make this money safe as well so it's a headache also uh people say oil and gas but can the common person going oil and gas so for me when you have a 50k to 200k real estate so for entrepreneurs that are here senegal obviously you studied you studied in paris you came here what does it look like for young entrepreneurs are there people like yourself that are talking to young people here to educate them on the process of real estate um well i have for instance i will take my example i have my platform with my podcast and the reason why i wanted to create that podcast is because one of the thing in the black community is that there is a shortage of information it's not that we don't have the resources it's not that we don't have the opportunity or the skills there is a shortage of accessing information succession how to build your real estate uh LLC what you should do when you get your first money what do you do with it do you spend it on let's say expendable goods or do you invest in land in properties etc and accessing information in Africa is definitely key definitely key so more and more platform are doing this let's say in ivory costs in senegal also it's starting some of them in france also are starting but we still need more we need more and more content creator to bring awareness and awareness bring level of expectations brings a level of performance when people know then you cannot easily get around their knowledge and let's say light to them sounds like another opportunity absolutely information what you guys are doing there is a void in in what you guys are doing the bridge between africa and america let's say north america at large has to still be fulfilled yeah 100 um what do you what do you think this country will be like in 10 years in the whole continent like in 10 years what do you how do you think this is gonna look at 10 years let's say first thing that I want to to mention is that the African continent is a very young continent so anything that has to do with the youth and the next generation whether it's communication whether it's technology whether it's education whether it's housing everything that has to do with the young people getting older it's a big let's say matter and topic also the the the growing of the middle class we've we've known a gap between let's say the the the lesser revenues kind of population and the high high high revenues there is a big discrepancy between the two and now if we take the example of ivory cost this gap is getting smaller and smaller you have a middle class that is now starting to require services requiring quality experience restaurant clothes and they don't they no longer want to only look at the west to say okay i have a little money i will spend it in paris i will spend it in new york what can i do if i'm a senegalese and travel to ivory cost I'm an ivory cost and travel to Senegal what can I have as a product so the middle class and every service you can do for the middle class is very important and also what I want to mention is that when you want to invest in Africa most people let's say we'll focus on luxury goods luxury service and only a high level which is a niche and it's getting crowded in that niche what can we do for the middle class?

21:40What are the mass market products that I can create for that middle class? When you travel to different countries, you said Benin, Cote d 'Ivoire, Morocco, as obviously real estate developer, but also as a consultant. What are the things that you were advising based on the countries? Well, if we focus on real estate, the first thing I would tell my big investors or the state I advise is to run away from ego investment. Let's say real estate and hospitality are huge platform for ego assets. I'm the biggest player in town. I want the biggest building. I'm the biggest player in town. I want the biggest tower, even though it doesn't respond to a need.

22:29So the first thing I say is make sure you do your due diligence in the market you're going to tackle. I know it's a basic, it seems basic, but you have no idea how much ego investment is big here. So if you want to invest in, let's say, residential real estate, where are the schools? Where are the work centers? Where are the shops? What time does it take to go from this point to the other point? Is it safe? What are the rents? How much did you have to invest to produce that rent? And when you sort out all those questions already, that's a big, big, big investment. and also I advise them to focus on people.

23:10Again, it seems like a basic, but school and education and professionalism is a very paramount stake for Africa. If you want to build your factory, your hotel, your project, an engineering company, construction company, you're going to spend most of your time creating skill, um automatization reporting process you will spend all your time in the basics not in the fancy stuff of the branding the naming the the innovation that's that's an easy so the last thing i would say is that in africa um innovation and new ideas let's say it's okay but the most important is the quality of your execution can you execute can you go from point A to point B?

24:02Can you gather around you the good guys to work with you? Can you report? Can you follow process? Can you help other people follow process? Execution is key. The middle class, like how much do you... AI is changing everything right now and website creation is officially part of the wave. Wix just introduced Wix Harmony and honestly, it's one of the smartest tools we've seen for entrepreneurs, creators, and business owners. Here's how it works. You simply type what you want your website to look like and Wix Harmony builds it for you. Complete with forms, payment options, security, and everything you need to actually run a business online.

24:37But what makes it different is that you're not just stuck letting AI control everything. You can still manually edit your site however you want or you can use their AI assistant ARIA to make updates for you instantly. That's important because anybody who's used AI knows how frustrating it could be repeating prompts over and over just to make one small change. Wix Harmony removes that headache and makes the process simple. If you've got a business idea, a personal brand, or a company that needs a real online presence, this is definitely something worth checking out. Try it for free at wix.com slash harmony.

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26:28To learn more and find a local physical therapist, visit ChoosePT.com. How much does the middle class make? Good question. It's hard to have numbers, let's say. but what I've observed based on my previous occupations is that in let's say in ivory costs you can have middle class start winning from 1 ,000 US to even 1.5 ,000, 2 ,000 and for ivory costs then it's a nice kind of living you cannot have access to the best real estate property with that kind of money but you can have a very good living for rent for rent for rent and for everything i even questioned that a guy that makes 1.5 here live significantly better than a guy that makes 1.5 in france significantly better 5 u.s or euros thousand thousand thousand five hundred dollars uh yeah one one point five thousand uh dollars a month a month that's how how much money they make.

27:37Yeah, you can have that. And you can live off of that. Yeah, definitely. Yeah, yeah, definitely. Yeah, yeah. Imagine that, let's say the common salaries that you find in restaurants, in the hotels, in construction work is around roughly 200 and 250 euros US a month. Yes. For construction? For construction, entry level, I mean, for waiting tables, entry level jobs, those are numbers. $250 a month. Yeah. So when you reach$1 ,000. So if you make$1 ,000 a month, you're in the middle class. It's hard to define, let's say, because we don't have the right stats. The numbers, yeah. But you're good enough that you can start to invest, to save.

28:27Yeah. And that's why you have to be smart, because most people who have salary gap, positive salary gap instead of keeping the same lifestyle and the extra is for saving or investing all of a sudden they change lifestyles how much money do you need to be rich here monthly or just or just in yeah somebody it's like so because i'm asking because yeah people think a lot some people are thinking about moving to africa okay and in america they might be middle class yeah but here they might they might be rich right what is the the middle class let's say salary first no new york is crazy but let's say just america yeah america i would say a hundred thousand dollars with that kind of money you're you're well off here really yeah yeah single person or family i mean you're saying like in middle america even if you got like even if you have two household and you make that kind of money you have a business that can be operated from distance and then you work from here and you make that kind of money yeah you can invest you can so if you make let's say five thousand dollars a month yeah then you're you're doing good yeah you're doing really good you're wealthy no you're not wealthy but you're doing good yeah you're doing good because you have a wealthy class here that I believe is in the same level of as the wealthy class wherever you yeah you in France or in the US it's not like let's say common but you can find some of them so you said you started in hospitality so now i'm going to reverse engineer it there's somebody right now that's working in hospitality maybe at the noon what were you taking notes on what were you learning that you're implementing now okay um in hospitality i learned um the execution if you have a group of 20 that comes to your hotel in 20 minutes they want their rooms they don't want to talk to you they don't want excuses they're tired they're hot you need to deliver there is there is a ending time and that is something that helped me a lot to help my team reach that level of demanding expectation that no excuses and when you work in hospitality no excuse is possible there is a human being that will come to you shout at you be mad at you right now you cannot invent something so execution is the first thing anticipation like i don't believe my that's my philosophy that you can have bad employees but you can have negligent leadership for example if you as a leader you make sure you prepare your team to anticipate to ask the right question to to to implement the right moves and as well you make sure you accept the demand that you can respond to because some business owner just for the appetite of the revenue then they will say okay yes come in i can accept you i can welcome you but you can't it's better you say okay look i can welcome only 50 of you not 100 of you and do it well then say okay come the 100 and then be shouting at your team because they're unable to perform at the 100 people you wanted to welcome so leadership and smart and anticipating leadership is key and lastly something that is very important is to adapt to many cultures.

31:45I think it's overrated to talk about Africa now. You have North Africa and you have many North Africa. You have West Africa and you have many West Africa and in Central Africa and South Africa, East Africa. When you work in hospitality, then you see all of those cultures combining and working together and you know how to adapt to each and every one of them. So one thing that we should do is to limit our reference, and I do it myself also all the time, as Africa and start being more precise and, like we say, we say New York, we say Miami, then we need to get in that point where we say Dakar, Abidjan, Niamh, Nairobi, etc.

32:28Point taken. But I'm the first one who's still also doing it. I think that it has power both ways like it has power as a collective Africa yeah but it also has power like you said of just not looking at it as a as one either for people when something happens in one place then it's just like something happens in Congo then it happens like that's how people are thinking like that's what's like they don't understand it's like could be an eight-hour flight it'll be the same thing I guess not to happen in Mexico you wouldn't be looking at New York City that's a very key point let me emphasize on something let's say 20 years ago in hospitality in Africa let's say Ivory Coast Senegal Guinea 65 % to 70 % of your travelers were European or North American 65 to 70 % the drawback of that is that they are very sensitive to changes in reputation, changes in landscape, changes in political landscape etc.

33:42You hear about COVID, everybody leaves. Ebola, everybody leaves. Political issue, everybody leaves. Africa now, there is a shift where now about 60 % of your travelers come from Africa. North Africa, Ivory Coast, Senegal, Mali, the Gambia, Ghana, Nigeria. Which means that exactly what you said. When a guy from Nigeria hears about the conflict in let's say Lome is not going to be scared to go to Abidjan. He knows the landscape which is something that is very good for us to have our own autonomous local market. That is very very important and it's growing now. That's why I'm saying let's not only focus on luxury goods let's also learn how to manufacture let's say mid-scale ranch products or even mass market products which which markets do you like outside of the car obviously you brought up ivy coast i think abijan is definitely one um concrete we were just there in guinea what markets in west africa are there some in east africa as well you mentioned nairobi with Bena?

34:57Let's say from a very subjective standpoint Bena because also I'm from Haiti both my parents although I've never been and Bena has been doing a really great work for the last 10 years the president has officially announced that he will leave democratically and which is a big step for African countries. The African countries are so much in the appetite to develop that when you give them stability, it skyrocks. So the first gift we should wish for Africa is political stability, regime stability. And Benin has shown that and Bena is doing a crazy great work with the new Sofitel hotel with the events they do at the end of the year every end of December which is very very very high demand and great events if you love music they have also WIDA where they do the Vodun days also is a great work the city is very clean and let's say also I look at Gaineya right now I know you've been there recently and also there is a huge appetite to build to develop and and and they are very very ambitious we you have talked to tion i think recently and is an example of effication of that um let's say i've been impressed with morocco i've been impressed with morocco i was in morocco 20 years ago 15 years ago 10 years ago every five years i go there and i say what's going on how how are they able to execute that quick their vision I'm impressed with that the malls the hotels how clean it is it's not perfect as you can hear recently there are some protests and nothing is perfect but when you look from an outside point of view I can see from a subjective point of view the progress let's say those are the countries I'm looking at right now well thank you man thank you for taking it I appreciate you.

37:03Thank you for taking it, Tom. Really got a lot of great insight from us, man. I appreciate it. My pleasure. And I'm very happy because I have my cousins in the US, East Torrance, New Jersey, in New York, in Boston, in Miami. And I'm always happy when they ask about Africa and they want to discover their roots. Because let's say 20 years ago, it was not something that was obvious for a black American to say I'm from Africa. And now I don't know if it's thanks to the Afro, it's thanks to the marketing, thanks to Wakanda, thanks to I don't know, but it's becoming more and more trendy to say I'm from Africa.

37:42I don't mind the reason. The key is that we're getting together and the ability for black African and black American and black French to come together as a whole and to collaborate as a high scale without unhealthy competition, that's the main asset that we can wish for us. 100 % It's important Appreciate it man Thank you Ernest what's up Look building wealth isn't just about making money It's about knowing where your money is working for you That's why we partnered with Empower Empower is all about helping you invest well So you can go out and live a little Their free Empower personal dashboard Gives you a complete view of your financial life In one place Track your net worth Monitor your budget analyze your investments, set retirement goals, and more.

38:32You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. If your best finance people are doing expense reports, chasing receipts, or spending time on month-end close, it's time to get Brex AF, a gentic finance that eliminates that work before it starts. Learn more at brex.com slash AF. Ernest, what's up? Look, let's face it. Most guys just power through pain and strains, but the smart move is taking action early before it turns into something bigger. That's where a physical therapist comes in.

39:12They can assess what's really going on and create a plan tailor specifically for you. And physical therapy isn't just for recovering after an injury. It's about staying ahead of them, building strength, improving movement, and supporting longevity so you can live life on your own terms. To learn more and find a local physical therapist, visit ChoosePT.com. I'm U.S. Transportation Secretary Sean Duffy. We all seem to be in a rush these days, but when you're behind the wheel, please do not speed. So follow the speed limit. A few minutes saved by going faster is never worth the risk. Paid for by NHTSA.

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