Inherited Property or New Investment: How Should I Grow My Family’s Assets?

I am the only son of my late father, who left our family a Lagos property with four flats and an attached piece of land. Three flats are rented out and bring in about ₦9 million yearly, while one remains available for family use. After part of the family land was sold to support a sibling’s relocation plans, I bought about an acre of verified land near our current area for ₦4.5 million. The land is secure, but developing it into rental units could require tens of millions of naira. Meanwhile, construction costs keep rising and part of the land is lying idle. My wife and sisters believe I should protect the Lagos rental income, save and invest cautiously. I am considering whether to build gradually, develop only a small section first, or invest part of the income in a business that may produce stronger cash flow. I want to grow my father’s legacy without becoming cash-poor. If you were in my position, would you save until you can build properly, construct in phases, develop a small portion first, or prioritise another investment?

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