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From flipping burgers to flipping multi-million assets: Meet the founder behind @Rehoboth Property. He was recently nominated as CEO of the month by acquisition international and currently up for a Black Business Award. How did he do it? http://blackbusinessblog.co.uk/2020/10/13/from-flipping-burgers-to-flipping-multi-assets/
I never imagined to be nominated for or winning any awards, I just wanted to have an impact on my community, says Sanmi Adegoke. His latest latest nomination comes from the Black British Business Award ( https://www.thebbbawards.com/2020-Finalists ), a prestigious award in the UK.
Growing up in Nigeria, he learnt the importance of faith as being the assurance of things hoped for, the conviction of things not seen. Fortunately, this conviction was reinforced in Sanmi by his parents at an early age.
His parents instilled the culture of faith, hard work and discipline, values that have shaped him from the early days working on the grill at McDonalds to the recent success in property investing.
His firm, Rehoboth Property International, has grown exponentially in deal size from its inception.
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Undoubtedly, the growth did not happen overnight. While studying, Sanmi worked the hot grills at McDonalds, a job that left a lasting impression on him. As a result, he started learning about how McDonalds was structured and how it made money.
To his surprise, he realized that the company was a lot more than the burgers he was flipping and that the company was, oddly to him, a real estate company.
Property, as a formidable investment vehicle, emerged again as Sanmi worked as a security guard watching over multi-million pounds worth of assets in Knightsbridge and with every chance he got to speak with the owners he will ask questions about how they started their journeys.
One of the owners was kind enough to recommend that Sanmi go read “Rich Dad Poor Dad”. Now, the Property Investing seed has been planted!
After finishing his Business and Management degree, Sanmi worked with a variety of start-ups in the UK as well as in Africa. One of Sanmi’s memorable experiences was working with a UK car racing startup trying to penetrate the African market.
During his time at the start-up, Sanmi learnt a lot about the importance of building business processes and systems, seeing around corners and carving a niche by either being first or doing what others cannot or don’t want to do.
With the words of Rich Dad Poor Dad still ruminating in Sanmi’s mind, armed with fundamental business principles and after months of research, Sanmi launched 2 September 18, 2020 into the property investing world. The main quote from the book that inspired this major move was:
“You are only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. You’ve done something” - Robert Kiyosaki
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- Have you met David Adjei? ( https://blackbusinessblog.co.uk/2020/09/16/have-you-met-david-adjei/)
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Woolwich Magistrate Court and shortly thereafter Bow County Court were two of many court buildings acquired by Rehoboth Property International ( https://rpinternational.co.uk/ ).
The firm was founded on a premise of creating a bespoke service, providing our clients with solutions unique to them.
Purchasing a court building and repurposing it into a place of worship was revolutionary and quite frankly frowned upon at the time. However, our clients, mainly religious leaders, felt that they were running out of options. So, we got creative for our clients!
Starting a property investment company in a competitive property industry was no doubt challenging. However, our success stems from understanding the power of a niche market from the very beginning.
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Historically, black church leaders did not have much choice but to seek out predominantly white commercial real estate agents to find these leaders new buildings for their growing church. On the surface, this approach seems ordinary.
Except, many of the brokers were unable to understand the needs of these churches and more importantly were struggling to relate to the cultural and spiritual aspects when dealing with pastors, a subtle yet important piece to the puzzle.
At Rehoboth, it was quickly realized that there is a niche in the market that can be filled not only by appreciating the perspective of these leaders but specifically catering to their unique needs while being able to relate to these leaders on a deeper level.
Sure, the approach did not work at first, but Sanmi persisted and over time the firm went from starting with no clients to growing their client base to over 3,000 clients in just 6 years.
After solidifying the firm's position in the marketplace, it was time to shift gears into development. Legacy that comes with ownership was at the forefront of Sanmi's overall vision. Not long after, Sanmi acquired Dartford Police Station and Magistrate Court.
The idea was to transform these structures into vibrant co-working and private office space that can accommodate over 120 businesses, first of its kind.
Taking a place from its historical chapter where many people were sentenced and locked up, their hopes and dreams cut short to building an ecosystem of creativity where entrepreneurs, businesses and communities can thrive together
Now, Sanmi was under no illusion that this multimillion-pound deal was going to be a walk in the park. That said, this adaptive reuse project is on target to open before the end of 2020.
More recently, Sanmi, and his team at Rehoboth, just acquired 392 Camden, another major development project, right in the heart of London.
[Read: Female restaurateur, from working in a bookshop to owning a restaurant and property portfolio ( https://blackbusinessblog.co.uk/2020/08/19/theresa-roberts/)]
[Read: Female restaurateur, from working in a bookshop to owning a restaurant and property portfolio ( https://blackbusinessblog.co.uk/2020/08/19/theresa-roberts/)]
Looking into the future, Sanmi plans to build a city with affordable homes in Africa for families who would not otherwise be able to own their homes. Here in the UK, Sanmi desires that every family understands the importance of owning a home.
To pursue these lofty goals, Sanmi understands that his unwavering faith in 4 September 18, 2020 God has been the key in his success and he truly embodies the philosophy that ''All things are possible to him that believe” and “You Can Do It Too”!
On a personal note, Sanmi is acutely aware that success comes from family and relationships built over the years with people who love us unconditionally.
So, coming home after a very interesting day and seeing the smiles on the faces of his kids brings him some much solace and joy in being a father, a loving husband, and a faithful servant to God.
The 2020 BBBAwards finalists will appeared in a digital campaign throughout UK Black History Month, from 6th of October with the winners revealed on the 30th October.
The BBBAwards will also give a tribute to Black frontline workers for their commitment and sacrifice during these difficult and uncertain times.
A spokeswoman for BBBA said the finalists have been picked as they “embody the Black British community’s ability to prevail, excel and lead through adversity”.
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