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Nairaland Forum / Nairaland / General / Properties / First Time Landlord : I Shunned A Family House To Build Mine (13052 Views)
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First Time Landlord : I Shunned A Family House To Build Mine by ShoProperties(m): 11:31am On Apr 03, 2017 |
Here we share true life stories of first time landlords to inspire others that it is possible and you can start now. Enjoy it but most importantly take action after reading this. Anybody that lives in Lagos and experiences the accommodation challenges vis-à-vis rent increase and landlords’ palaver will ultimately develop the urge to have his or her own house. In my own case, even though I was living in my mother’s house at Okota up until the time I got married, I always eyed personal house ownership as one achievement that would give me a sense of fulfillment as a man. Consequently, as soon as I got a better job as a sales/service engineer in a German company, I reminded myself that I must not allow the fantasy of having a free accommodation becloud my vision of personal house ownership and in order to remain focused, I decided to come out of my comfort zone, by quitting my mother’s house to rent an accommodation somewhere else. Like a fish out of water, I was exposed to the heat and discomfort of a rented apartment in a jiffy as my landlady kept increasing the house rent at her whim. However, I was unperturbed because, I knew I needed to be challenged and the more the challenges came, the stronger my passion for a personal house became. The opportunity came in 1999 when a certain friend of mine told me that there was an available plot somewhere at Ikorodu that was free from the dreaded Omo-Onile wahala. I went with him to the site and after the inspection I bought the plot at the cost of forty thousand Naira (N40,000). However, after concluding the documentation and securing the land, instead of going ahead to start developing, I relaxed. At that juncture, in 2002, I committed one blunder that lays credence to the popular Yoruba adage which says that “the first money a child makes is usually spent on akara (beans cake)”. Or how else could I explain a situation where I abandoned a plot of land I bought at a paltry N40,000 to buy a car at an exorbitant rate of N300,000, instead of using the money to start developing the plot? So the truth of that adage still caught up with me somehow. It was not until the value of the car started depreciating that I realized that I could have been better off investing the money in a more solid asset. So in the year 2002, I started developing the plot only to abandon it later until 2004. I would say that one distraction I had then was the boom in the stock market. Going by the kind of dividends the stock market was churning out, I felt that investing there was by far, more worthwhile than embarking on a building project – and join the landlords. Led by this conviction, I threw in virtually everything, believing that when my dividends came tumbling in I would simply buy a house. But alas, the stock market crisis came suddenly, like a holocaust and I got my fingers burnt! Thereafter, I decided it was high time I invested in this one solid asset – property, so I moved to site once again. Fortunately, I have a good job that involves traveling both within and outside the country and from such trips, I make extra money which helped me to expedite work on the project because given Nigerian situation today, one can hardly achieve much through savings from salary. Another point I would like to make is that it is good to have a good spouse and to that angle I want to say that my wife was quite supportive; financially, spiritually and otherwise. She was even the main motivator, such that each time I strayed she always drew my attention back to the project. However, the whole credit goes to God who provided the sources of income for me and my wife because without God, one can do absolutely nothing. So we kept working at the project through the years despite the challenges because challenges will always come and sometimes they could be so serious that you may end up abandoning the project on your hands. Another challenge we had was the disappointment of workers on site. The idea of not being able to deliver on target time was indeed a problem. As if that was not enough, the Omo-Oniles whom my friend said were out of the way still came and we had to part with some money to appease them. By the time the building got to the roofing stage, the roofing sheet I wanted to use was not available because there was crisis at the wharf. By the time we wanted to complete the roofing the Omo-Oniles resurfaced and we had to give them more money. However, despite all the challenges, we kept on working on the project until we completed it and moved in this year. As I am talking to you now, a plot of land that sold for forty thousand Naira and there about as at the time I bought mine in 1999 now goes for between N7, 000,000 and N8, 000,000. So on that note, I would like to advise anybody who wishes to have his or her own house should not look at a place as undeveloped because development spreads like a wild fire in Lagos. So as soon as they start work, they should start saving for their own house and when the opportunity comes, they should not be unnecessarily finicky.” Be inspired! Story shared by ENGINEER ADESINA http://nigeriarealestatehub.com/landlords.html/ 19 Likes |
Re: First Time Landlord : I Shunned A Family House To Build Mine by clickbnkgod: 7:16am On Apr 04, 2017 |
Real estate, the real money 1 Like |
Re: First Time Landlord : I Shunned A Family House To Build Mine by babyfaceafrica: 7:17am On Apr 04, 2017 |
And so |
Re: First Time Landlord : I Shunned A Family House To Build Mine by adioolayi(m): 7:17am On Apr 04, 2017 |
Some very key defining moment by the OP: "Consequently, as soon as I got a better job as a sales/service engineer in a German company," "Or how else could I explain a situation where I abandoned a plot of land I bought at a paltry N40,000 to buy a car at an exorbitant rate of N300,000, instead of using the money to start developing the plot?" "Fortunately, I have a good job that involves traveling both within and outside the country and from such trips, I make extra money which helped me to expedite work on the project" "Another point I would like to make is that it is good to have a good spouse and to that angle I want to say that my wife was quite supportive; financially, spiritually and otherwise." God please guide me and bless my efforts too...Amen 13 Likes |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Mcowubaba: 7:17am On Apr 04, 2017 |
Mehn, See War for this thread |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Bhadmus77(m): 7:18am On Apr 04, 2017 |
omo c people as dey book space early momo |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Tazdroid(m): 7:19am On Apr 04, 2017 |
Giant strides |
Re: First Time Landlord : I Shunned A Family House To Build Mine by sanerugwei: 7:19am On Apr 04, 2017 |
Nice one 1 Like |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Estellar: 7:20am On Apr 04, 2017 |
Congrats! God bless and prosper the works of the my hand 1 Like |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Talk2gentlenick: 7:20am On Apr 04, 2017 |
Nice one.... God bless you |
Re: First Time Landlord : I Shunned A Family House To Build Mine by helphelp: 7:21am On Apr 04, 2017 |
Nice |
Re: First Time Landlord : I Shunned A Family House To Build Mine by lovelyjay: 7:21am On Apr 04, 2017 |
Wow God will take you higher |
Re: First Time Landlord : I Shunned A Family House To Build Mine by QuietHammer(m): 7:21am On Apr 04, 2017 |
These are the sort of stuffs that should grace the front-page, not all these BBN stories that are of no commercial value to the readers and viewers. 11 Likes |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Blessedgurl(f): 7:22am On Apr 04, 2017 |
Congrats! |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Nobody: 7:22am On Apr 04, 2017 |
What part of ikorodu is your house ? |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Nobody: 7:24am On Apr 04, 2017 |
Need to secure property at ibeju lekki fast! |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Godswillnwaoma(m): 7:24am On Apr 04, 2017 |
real estate investment, the only investment that does not depreciate. If you have that idle money in the bank please withdraw it and buy a land today,i bet my dick you will never regret it . 2 Likes |
Re: First Time Landlord : I Shunned A Family House To Build Mine by shaydeenamz(m): 7:25am On Apr 04, 2017 |
good advice op bt I can feel some certified zombies would discredit dz thread |
Re: First Time Landlord : I Shunned A Family House To Build Mine by eightsin(m): 7:26am On Apr 04, 2017 |
What is happening here? |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Xzbit91: 7:26am On Apr 04, 2017 |
Congrats OP |
Re: First Time Landlord : I Shunned A Family House To Build Mine by Pavore9: 7:27am On Apr 04, 2017 |
Good. |
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