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Investing In Properties For Rent (a Case Study Of Single Rooms) - Properties (2) - Nairaland

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Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by mufutau55(m): 4:34am On Nov 24, 2013
Spyder, I will really love to this the floor plan of this building, if possible.
Thanks.

Hajji Mufutau
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by kopell: 11:29am On Nov 24, 2013
@Spyder when you said single room pls clarified, is going to be one of those age styles of Lagos face me and face you with I better pass my neighbor thing that was going on in naija now . Or modern self contain service apartment every room with it own toilet and kitchen. Can you post the plain for your students to see?
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 1:04pm On Nov 24, 2013
kopell: @Spyder when you said single room pls clarified, is going to be one of those age styles of Lagos face me and face you with I better pass my neighbor thing that was going on in naija now . Or modern self contain service apartment every room with it own toilet and kitchen. Can you post the plain for your students to see?


grin you are funny, yes its the face me I face you that has been in existence everywhere. Sadly there are the poor still living among us, those that might not be able to hire flats or self contained apartments. We cannnot leave them homeless because of our drive for modernity? As a businessman, if anything is in demand, I think more of how to provide same at a profit.

There is a reason the manufacturers of luxury cars like Mercedes still make smaller, simpler and cheaper cars for a segment of the market.

2 Likes

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by kopell: 1:24pm On Nov 24, 2013
My oga at top no vese now, am just thinking of the cost of building out there, as a business man. I just land here form naija yesterday I new how much it cost me just to run generator every day for the last 22days, I only had little relive when I left lagos for Abuja for 5days at Asokoro that was the only time I did not run generator. Abuja is not the same Naija as some part of Lagos with traffic an so many crazy drivers all over scratching people cars on daily basis. With such cost I cant imagine investing 7m or more on land and being thinking of rooms may be student hostel, my brother be honest it wont happen with me.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 1:48pm On Nov 24, 2013
kopell: My oga at top no vese now, am just thinking of the cost of building out there, as a business man. I just land here form naija yesterday I new how much it cost me just to run generator every day for that last 22days. With such cost I cant imagine investing 7m or more on land and being thinking of rooms may be student hostel, my brother be honest it wont happen with me.

My brother, that is why I always seek out cheap lands in developing areas for this type of investment. This land cost less than N2m and I plan to complete this house with about N5m till painting level. I am still calculating to reap the whole cost of land + building in 8 years or less.

We cannot stop investing in properties because we don't have N20m or more to buid a block of flats. And how many years can I wait to reap all my money from the block of flats? If it takes me longer to reap my money from the block of flats then the single rooms might be a better investment option, IMHO.

More contribution from more people is expected, let me have your criticisms about this option.

1 Like

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Whitehorse: 4:23pm On Nov 24, 2013
spyder880:

This property is located in the Nike area of Enugu, in a fast developing area. We are still working out the costs.

Thanks for the answer Spyder. I schooled (Uni) in Enugu in the 90's so i know or knew the state fairly well. Nike is a high density area, is that what informed your choice of that area and the one room design?

Also, what about student hostel like accomodation in Enugu? What areas would be the best location considering cost of land, distance to ESUT, UNEC, IMT.

Sorry for so many qeustions and thanks again for your answers
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 6:20pm On Nov 25, 2013
Spyder while I like the general business idea at a level. There is no reason why you cant look at designing them in such a way that it limits the tenancy issues as well.

Instead of having one long and usually dark hallway in the middle, could you look to having each tenant have an L shaped about 6-7ft cut out which serves as both entrance to each room and a little verander such that it becomes back me I back you instead. This also means you are able to get a better quality of tenants than the traditional face me I face you. The down side is that for this, the conveniences have to be out either seperately or attached at the end and its probably a better idea anyways.

This is especially relevant if you intend to keep everything at one level. If its more than one level, it will need more thinking through eg having a long verander for access before you get to each room.

The issues that I have with this is that you need a lot of flexibility in the rent collection and you tend to get into settling so many tenant issues. Its also a bit more difficult to screen tenants because most do not tend to have jobs that make for easy verification of income and the ability to pay.

I do however agree that if you can manage this it could give a better ROI and earlier payback.

I think its a wise idea to have a diversified property type even when you are investing in real estate. I have a land that I am not too comfortable with the title on it and am considering a back me I back you concept to hopefully get my money back and also stop someone encroaching on it.

2 Likes

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 6:26pm On Nov 25, 2013
^^^ Why not show a diagram of what you have in mind . . . Pix speaks volume
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 7:47pm On Nov 25, 2013
Fhemmmy: ^^^ Why not show a diagram of what you have in mind . . . Pix speaks volume

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 7:50pm On Nov 25, 2013
As attached by gabbytabby

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 7:52pm On Nov 25, 2013
Nice concept, but is there no way to better light up the "dark hallway" as you described it . . .Cos the wall inbetween, you dont think will be a waste of material ?
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 8:57pm On Nov 25, 2013
Fhemmmy: Nice concept, but is there no way to better light up the "dark hallway" as you described it . . .Cos the wall inbetween, you dont think will be a waste of material ?

It actually saves on material cos you save on 2 sides of the hall way and instead you have the one wall.

The plot I am thinking of doing this to is 2 plot so it will be across the back 120 ft. We are looking at about 16 to 18 units in all.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 8:58pm On Nov 25, 2013
gabbytabby:

It actually saves on material cos you save on 2 sides of the hall way and instead you have the one wall.

But the wall will consume more material and labor . .. I am sorry, but i am yet to understand the real reason behind the wall.
Also, how come the kitchen is always beside the Toilet . . .
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 9:26pm On Nov 25, 2013
Fhemmmy:

But the wall will consume more material and labor . .. I am sorry, but i am yet to understand the real reason behind the wall.
Also, how come the kitchen is always beside the Toilet . . .

A normal face me I face u is attached so you save on blocks in the hallway and have a minimal increase in the veranda of the back me I back you. On the whole I dont expect it to cost anymore but the tenant feels like they can come out and still have their private space to catch the breeze instead of the front of the whole house entrance. The area is close to eghin fire station so I know the clientele is there.

1 Like

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:31pm On Nov 25, 2013
Meanwhile, most of the block work in the foundation of this house is completed, I asked the boys to start filling the foundation with soil. Already buying some trips of sharp sand to be used to top the filling.

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:33pm On Nov 25, 2013
Filling continues

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:33pm On Nov 25, 2013
@Gabbytabby, now i see what you mean but the sound from one room might surely affect the other more but will leave it to the expert to comment, but not a bad idea
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:35pm On Nov 25, 2013
Foundation height before the DPC is done.

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:37pm On Nov 25, 2013
spyder880: Foundation height before the DPC is done.

Is this the Face me and face you apartment project?
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:37pm On Nov 25, 2013
Each of these rooms here will have balconies in front, demarcated with a block wall every two room to enhance more privacy.

Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:38pm On Nov 25, 2013
spyder880: Each of these rooms here will have balconies in front, demarcated with a block wall every two room to enhance more privacy.

Waoh
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:38pm On Nov 25, 2013
Fhemmmy:

Is this the Face me and face you apartment project?

Yes Sir.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:39pm On Nov 25, 2013
spyder880:

Yes Sir.

Awesome
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:46pm On Nov 25, 2013
Will this be a bungalow?
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 9:49pm On Nov 25, 2013
Fhemmmy: Will this be a bungalow?

Yes, only the ground floor will exist, we start roofing as soon as we complete ground floor block work.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 9:51pm On Nov 25, 2013
spyder880: Each of these rooms here will have balconies in front, demarcated with a block wall every two room to enhance more privacy.

Spyder - This is really good. So where is the kitchen and toilet located and are they side by side.

Fhemmy - Noise is the order of the day now.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:51pm On Nov 25, 2013
spyder880:

Yes, only the ground floor will exist, we start roofing as soon as we complete ground floor block work.

Awesome
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 9:52pm On Nov 25, 2013
gabbytabby:

Spyder - This is really good. So where is the kitchen and toilet located and are they side by side.

Fhemmy - Noise is the order of the day now.


I wont wanna be beside someone that just got married or a single guy if you are a married woman that no get husband with full action oh
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 9:56pm On Nov 25, 2013
Fhemmmy:

I wont wanna be beside someone that just got married or a single guy if you are a married woman that no get husband with full action oh

Part of the reason for the private varenda to limit easy slipping into rooms. Which one be my own she go borrow action now.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by spyder880(m): 10:01pm On Nov 25, 2013
gabbytabby:

Spyder - This is really good. So where is the kitchen and toilet located and are they side by side.

Fhemmy - Noise is the order of the day now.


Part of the balcony is meant to serve as the kitchen on each unit. These units don't come with in built toilets, you will see how I work around the toilet/bathroom issue later on.
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by Fhemmmy: 10:03pm On Nov 25, 2013
spyder880:

Part of the balcony is meant to serve as the kitchen on each unit. These units don't come with in built toilets, you will see how I work around the toilet/bathroom issue later on.

shocked shocked
Re: Investing In Properties For Rent (a Case Study Of Single Rooms) by gabbytabby: 3:21pm On Nov 26, 2013
Spyder, How many units and is it one or 2 plots.

It also looks bigger than a standard room so what is the measurement for lagos standard is about 12ft by 12ft.

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