Slab on Grade done. Lots of Light! i like a well lite room, so i make sure my units are well equipped with many windows. That drives the cost up a little, but i do not mind.

true2home:
Slab on Grade done. Lots of Light! i like a well lite room, so i make sure my units are well equipped with many windows. That drives the cost up a little, but i do not mind.

Very good. You will thank yourself later for allowing more light into the house... so is the cooling air will flow with many windows.

Hajji M.

Hi Fellows,

Windows are going into the structure. I'm feeling it! Pics:

Aw yeah... This is really looking nice. I'm really going to copy this design because it's so compact, yet stylish. Keep it going!

@Nextstep

Thank you.

update from weekend. Plaster will commence tomorrow by His grace.

true2home:
Hi Fellows,

Windows are going into the structure. I'm feeling it! Pics:

Plz share cost of these windows in single units ta

@erico, the total some for all windows; 5 casement so and 13 sliding equal #400k

plastering first day:

Front door and Back door are in as well

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Two down, the third unit to go...

Wow, this is cool

The Exterior is completed and the Interior is scaring me...I want a picture perfect interior, but mustn't spend beyond the economic value for the rental market.

Building a common man's house is relatively affordable, but when one level of exposure and taste is factored into the equation, then houses become an expensive endeavor. God has been so good thus far and the experience of building a house is beyond expression.

Having NL property section and its expertise has be very encouraging and motivating as well. At this junction, i want to say a BIG thank you to NL Property section participants.

true2home:
The Exterior is completed and the Interior is scaring me...I want a picture perfect interior, but mustn't spend beyond the economic value for the rental market.

Building a common man's house is relatively affordable, but when one level of exposure and taste is factored into the equation, then houses become an expensive endeavor. God has been so good thus far and the experience of building a house is beyond expression.

Having NL property section and its expertise has be very encouraging and motivating as well. At this junction, i want to say a BIG thank you to NL Property section participants.

Pleas keep that point in mind.the rent value.dont overdo the interior.i learnt my lessons the hard way.i overbuilt and over furnished. Most property don't pay back d value until 12-14yrs.
Next tenant again.u need refurbish.the headache is endless.
All the best sir

Experience supersede emotion...Thanks for the reality check.

shakyriri:

Pleas keep that point in mind.the rent value.dont overdo the interior.i learnt my lessons the hard way.i overbuilt and over furnished. Most property don't pay back d value until 12-14yrs.
Next tenant again.u need refurbish.the headache is endless.
All the best sir

true2home:
Experience supersede emotion...Thanks for the reality check.

You wel

You welcome

NL, We are inching towards the end. The front door and back door are in and the interior has been plastered. we will either continue with fence or borehole system next.

true2home:
NL, We are inching towards the end. The front door and back door are in and the interior has been plastered. we will either continue with fence or borehole system next.

Nice one, do consult us for your geophysical investigations and borehole drilling...

true2home:
Experience supersede emotion...Thanks for the reality check.

Finish your house to liveable standards or to your specifications. I am not saying you should buy gold faucets but make it liveable. The misconception property developers have in Nigeria is wanting to recoupe their capital as early as possible. There are 3 investment vehicles and their functions. They are

1.Business owner/sole proprietorship-this is where you make your daily and everyday cash. As a smart person the excess from here is converted into the other 2 vehicles to preserve wealth.

2.Paper assets(shares, stock, bond, option, debenture, tenured deposits)- this is the second investment vehicle that brings in money reasonably fast also but comes with high risk and this leads us to the third vehicle that will almost always pay you, pay your children and grandchildren.

3.Real estate-this comes in many varieties too, now take note that while people buy or build properties for capital appreciation, the really smart buy it for security of funds and constant cash flow. No matter what your property will always pay. That is what you should look at, not how long you will recover your capital but the duration for which it will continue paying you.

See property as a business with monthly income and expenditure, if your income is more than the expenses from the property, it means your property is self sustaining already. Now you can go further by amassing them until it is bringing income more than your monthly expense. Now you are a truly rich man-a wealthy man. You so not have to work to sustain your life style because your property brings in rent that covers your bill.

Excellent. Those that said, we are always learning are correct. I just added to my knowledge via this your write. like one of my manage will say, " Noted Sir"

Jethrolite:
Finish your house to liveable standards or to your specifications. I am not saying you should buy gold faucets but make it liveable. The misconception property developers have in Nigeria is wanting to recoupe their capital as early as possible. There are 3 investment vehicles and their functions. They are

1.Business owner/sole proprietorship-this is where you make your daily and everyday cash. As a smart person the excess from here is converted into the other 2 vehicles to preserve wealth.

2.Paper assets(shares, stock, bond, option, debenture, tenured deposits)- this is the second investment vehicle that brings in money reasonably fast also but comes with high risk and this leads us to the third vehicle that will almost always pay you, pay your children and grandchildren.

3.Real estate-this comes in many varieties too, now take note that while people buy or build properties for capital appreciation, the really smart buy it for security of funds and constant cash flow. No matter what your property will always pay. That is what you should look at, not how long you will recover your capital but the duration for which it will continue paying you.

See property as a business with monthly income and expenditure, if your income is more than the expenses from the property, it means your property is self sustaining already. Now you can go further by amassing them until it is bringing income more than your monthly expense. Now you are a truly rich man-a wealthy man. You so not have to work to sustain your life style because your property brings in rent that covers your bill.

Jethrolite:
Finish your house to liveable standards or to your specifications. I am not saying you should buy gold faucets but make it liveable. The misconception property developers have in Nigeria is wanting to recoupe their capital as early as possible. There are 3 investment vehicles and their functions. They are

1.Business owner/sole proprietorship-this is where you make your daily and everyday cash. As a smart person the excess from here is converted into the other 2 vehicles to preserve wealth.

2.Paper assets(shares, stock, bond, option, debenture, tenured deposits)- this is the second investment vehicle that brings in money reasonably fast also but comes with high risk and this leads us to the third vehicle that will almost always pay you, pay your children and grandchildren.

3.Real estate-this comes in many varieties too, now take note that while people buy or build properties for capital appreciation, the really smart buy it for security of funds and constant cash flow. No matter what your property will always pay. That is what you should look at, not how long you will recover your capital but the duration for which it will continue paying you.

See property as a business with monthly income and expenditure, if your income is more than the expenses from the property, it means your property is self sustaining already. Now you can go further by amassing them until it is bringing income more than your monthly expense. Now you are a truly rich man-a wealthy man. You so not have to work to sustain your life style because your property brings in rent that covers your bill.

How sir,can income be more than expenses? Is it an hotel?
Even serviced apartments in high browse either suffer empty flats and apartments or bad debt from defaulters.if property for commercial purpose is as sweet as u seem it to b.a property of 4flats all 2bed,ensuite. Costing abt 14m to build land inclusive.shld bring rent of just 1.3m annually.
Am of the opinion,property isn't a wise way to go as full time biz.mayb a second option after the main biz

shakyriri:

How sir,can income be more than expenses? Is it an hotel?
Even serviced apartments in high browse either suffer empty flats and apartments or bad debt from defaulters.if property for commercial purpose is as sweet as u seem it to b.a property of 4flats all 2bed,ensuite. Costing abt 14m to build land inclusive.shld bring rent of just 1.3m annually.
Am of the opinion,property isn't a wise way to go as full time biz.mayb a second option after the main biz

Read what i wrote again. You didn't understand it.

Jethrolite:
Read what i wrote again. You didn't understand it.

Really? Esp the last paragraph is what I took time to digest well sir.
But thanks anyways.

shakyriri:

Really? Esp the last paragraph is what I took time to digest well sir.
But thanks anyways.

OK let me make it clear for you, this is the secret why wealthy people acquire stupendous amount of property in the eye of the layman.

Acquiring property is the best thing you can do for yourself and your generation. Let's take your example for instance, a property that brings 1.3m monthly after expenses like paying levies and maintenance staff. Imagine you have 12 of those properties. That's 15.6 million naira without you lifting a finger. If you are conservative and have expenses of 600k monthly, calculate the surplus income for yourself.

I know you're saying but it's not easy to have 12 properties of that size, it is very possible. I know too many people that are in the business of property development, all you need is to purchase the land in good area in Lagos, they will build 2 properties or more in it and share them with you. Your penny does not go into development.

In life there's something called leverage, people who know how to use their industry relevant leverage always dominate the pack.

Jethrolite:
I know too many people that are in the business of property development, all you need is to purchase the land in good area in Lagos, they will build 2 properties or more in it and share them with you. Your penny does not go into development.

In life there's something called leverage, people who know how to use their industry relevant leverage always dominate the pack.

I think there are four ways of understanding the issue of capital vs income vs ongoing expenses:

1. you use your own money - this is why you'd need to recoup sunk capital (which takes 7-12 years), then you have real income
2. you use the banks - you still need to repay with interest (and fund a down payment), but your tenants repay your loan
3. you leverage a developer's capital, and you get rental income from the first year
4. you invest in real estate companies, and get dividends from that

All but the first involve leverage.
In the first two, ultimately, you also have an asset that you can sell, in addition to getting rent
In the last two, you get rental income, but at the end of the day, the properties are not "yours"

Ideally, you'd want to pursue all four options, to minimize risk, gain assets, as well as leverage other people's money
For most of us to get into the game, we need at least one or two properties built with option 1, because that it what you can later use as collateral as you pursue options 2-4

But these studios are looking nice... I really like the way the roof is hidden on the front and sides.

Something I'm not too clear on: what did you use to protect the bare walls that stick above the roof? Did you use roofing sheet, or pure cement or what? Is it possible to get a picture of the complete roof from the top?

The hollow block are covered by Coping. A slab of reinforced concrete that prevents water from entering. AND on the highest side, it was covery using aluminum sheet coping.
I don't have a good picture from the top area. I will request for it on your behalf.

Door Handle being fixed on the doors. I got a glimpse of the interior for the first time in this pictures

What is the Cost of the Front Door and Back Door? I was thinking of buying the Fabricated Doors....

The front door is #52k each and the Rear is #35k or so. The inflation already factored in. I Heard the fabricated doors are stronger but my experience thus far has not proving this fact. Im yet to see a china door like my broken into in robbery attempts. And non have i heard that the Fabricated one has given way at robbery attempt.

The only deciding factor for me is the NOISE from the fabricated door. SO annoying!!! and secondly, the finishing isn't that great and finally, its just as expensive, if not even more expensive than the china.

Most are force to use fabricated door due to customization; their door ways are non standard measurement.

B3sty:
What is the Cost of the Front Door and Back Door? I was thinking of buying the Fabricated Doors....

Hi Boss, lets talk soon. i tried emailing your via this forum, but wasn't successful. Peace

Tequilah:
I know some post-graduate students in Babcock (i.e. MPhil & Ph.D students) that would certainly be interested in these apartments.