Hi friends, thought of seeking your genuine advice on this important decision

I am an entrepreneur and my current line of business is having some challenges, so i have been working on setting up a printing press business in mushin with a sum of N8.5 million that i have been able to save up till date. However,its always been my desire to own a house,i currently have my eyes on a N7million plot of land in ojodu, Lagos though the funds i have now cannot even finish a house if i start one , my rent expires in 14 months time in the current house in which i am staying in akoka.

I am single to be married soon, i dont have any commitment yet apart from supporting my father and mum in abuja.

what do you advice i do?

there r great businesses that u can start with that sum and in 3 to 6 months make good returns that will buy u 3 times the worth of plot u want to buy now. alot of business available left for u to take them

oga pls use that money do business leave that stupid land ,if u invest the money well u can buy that land ten times

How did you get the 8.5m? You can always reinvest in the same source

tomidayspring:

Hi friends, thought of seeking your genuine advice on this important decision

I am an entrepreneur and my current line of business is having some challenges, so i have been working on setting up a printing press business in mushin with a sum of N8.5 million that i have been able to save up till date. However,its always been my desire to own a house,i currently have my eyes on a N7million plot of land in ojodu, Lagos though the funds i have now cannot even finish a house if i start one , my rent expires in 14 months time in the current house in which i am staying in akoka.

I am single to be married soon, i dont have any commitment yet apart from supporting my father and mum in abuja.

what do you advice i do?

Forget the land for now. Think of investing at most half of the N8.5m you have now, keep the rest as a cushion for any unforseen circumstances or further investment when you've seen the rewards of your initial investment. RUN FAR FAR AWAY from ANYBODY who is promising you a quick huge return on any investment, "if it sounds too good to be true, it usually is". Huge quick returns are usually associated with huge abnormal risks, and in most cases (especially in Nigeria) 419. Be careful, and Good luck!.

Coleslove:

How did you get the 8.5m? You can always reinvest in the same source

@Coleslove

If you read his original post you'll find out how he made the N8.5m and why he doesn't want to invest it in the same business. Atleast READ and COMPREHEND a post thoroughly b4 responding.

the fact is 8.5 million is a lot of money that if u wisely use will make u comfortable forever. u have to know one thing that real estate business is still one of the best businesses u can embark on. i'll advice you to do a very profitable business( might even be a small scale) and still buy the land. do you now how much you will resell say in a year's time? a huge lot of money. pls do a business and still go for the land, u have the future in ur hands.the sky is ur limit.

People lose 8.5M everyday, because of foolish decisions.

I doubt you made the money through a stream of business, cos if you did, then you will know for certainty that there's no successful business without strong business background and knowledge.

Your money will be a waste if you let your emotions take over you.

I wish u d very best.

O boy, so that your MAGA has finally paid you? im happy for you shal. Lol

invest the cash in agriculture (CASSAVA), there are huge profits dia

Re:Urgent Advice Needed:Start Business Or Buy Land

Properties investment like land is good because land do appreciate in value on daily basis,business that are not well planned is bound to fail but your survival depend on the kind of business you want to do i will implore you to do a business that will not have much overhead cost like information business and services.Dont buy land ank keep because of land speculators.Good luck

R.Biafra:

O boy,  so that your MAGA has finally paid you? im happy for you shal. Lol

invest the cash in agriculture (CASSAVA), there are huge profits dia

lmao, maga hasn't neccesary paid, he might be from the UK and pound weighs, 8m naira is £35 grand and thats just my  mums wage so he might be a doctor with NHS or sumfing

whiterose is that a monthly or annual wage cos if it is annual 35k is still a whole lot of money
@ poster you are soon to be married personally i think u should buy the land oh!
ojodu is a decent area land is getting harder and harder to come by especially in lagos proper not ouskirts like ikorodu and besides in future u can sell it if u wanted to or slowly build ur house as long as land is there it aint running away
people do loose 8.5mill now again its a huge amount but it can also be small
so be careful if you decide to invest it but personally i think you should buy the land

lmao, maga hasn't neccesary paid, he might be from the UK and pound weighs, 8m naira is £35 grand and thats just my mums wage so he might be a doctor with NHS or sumfing

Nawa oo

Mathewades:

Re:Urgent Advice Needed:Start Business Or Buy Land

Properties investment like land is good because land do appreciate in value on daily basis,business that are not well planned is bound to fail but your survival depend on the kind of business you want to do i will implore you to do a business that will not have much overhead cost like information business and services.Dont buy land ank keep because of land speculators.Good luck

idiot of you, if he invest the money on a land, what happen to surviving?? Is he gonna eat the land on a daily basis?

@poster, if you know more about the business your heart desires, go for it. Don't, I MEAN DO NOT invest your money in a business you wont run on a daily basis yourself cos your money will be wasted. As you know, pple dont really care when its not their own money. Having your own business is the way to go cos you dont want to keep responding to another master forever. Small business like the one you want to create helps the economy in ways u wont imagine. You will employ someone who might be the HEAD in another household. Your business will help the economy more than that, and before you know it, if you keep to your words with your clients, you will have the profit to get any property you want. Investment is the way to go if you manage the business very well, as you know buying land comes with lots of risk. e.g another person can take you to court for buying the land from 419, so so so. Pls think well cos the final decision is urs to make.

A word of Wisdom from the oldest and best selling book on the planet:

Proverbs 24 vs 27

First build your business before you build your house.

My advice would be to cut the money in half. 4 million to buy land and build a house then use some of the rest to expand your printing business but remember to keep a good portion for rainy days. Buying a land that cost 7 million seems a bit extreme if you don't have much money left to build on it and also maintain your business. Build something on a smaller scale if you really want to have a house. Good luck.

My broda u are in a very volatile situation as it is. 8.5m isnt small cash, U have 2b wise, think abt the long term rather dan d short-term.
Though buying a land in that area u mentioned isnt a waste of money, because Ojodu is fast becoming a place 2 reckon with in lagos.
What I mean is that you could buy and re-sell after a while, Dont be surprise that after buyin the land for 7m you could later re-sell 4 close to double the cost price, But ofcourse it might take time. Since u have your heart set towards a printing press business, I believe its your area of expertise, so it wouldnt be a strange venture 4u, But mind U, its not wise to say u have 8.5m and u intend 2 stash it all down into one business. Have a re-evaluation please.

computer importation business will be the best. visit www.carlosventures.com for details.

if u wont do business pls buy a land at a lucrative place wait for 6 months and then resell it. its a good business to do as well.

I never heard of such thing.  If you have that kind of funds, why don't you have a business consultant?  But do your homework on the consultant you want to work for you. You don't want to get scam

0l boy, bware , 9ja business enviroment is very very hostile, shine your eyes o, make uno come open another thread next week of how u can make back the 8.5millar u just lost!

bros,

i will suggest you get a very good business

to do that will yield good money and within sic months

you can buy a house worth N16M.

35k per month? Pls how degree is ur momma holding?

SHALOM

tomidayspring:

Hi friends, thought of seeking your genuine advice on this important decision
I am an entrepreneur and my current line of business is having some challenges, so i have been working on setting up a printing press business in mushin with a sum of N8.5 million that i have been able to save up till date.
what do you advice i do?

It is glaring that you may not be an entrepreneur. If you are, you should be used to the challenges.

My advise: Respond to the challenges, and slam them headlong. Do a proper market survey and establish your biz. Use proper strategies to break even and make profit. Expect challenges, and make them scared of you.
If you cannot do these, buy a land and look for a Job. Don't waste your money.

nbem2008:

If you don't have an [b]MBA with at least 2 yrs experience, .[/b]

That's very DUMB!

tomidayspring:

Hi friends, thought of seeking your genuine advice on this important decision

I am an entrepreneur and my current line of business is having some challenges, so i have been working on setting up a printing press business in mushin with a sum of N8.5 million that i have been able to save up till date. However,its always been my desire to own a house,i currently have my eyes on a N7million plot of land in ojodu, Lagos though the funds i have now cannot even finish a house if i start one , my rent expires in 14 months time in the current house in which i am staying in akoka.

I am single to be married soon, i dont have any commitment yet apart from supporting my father and mum in abuja.

what do you advice i do?

8.5 Million Naira is alot of money.

Here is what I have to say:

You just don't rush into business you don't know about. DO you have any knowledge about printing press? most people that set up printing business got ideas or are into it already.

Seriously if you jump in, you might crash on the long run cos you don't know how the system works.

7 million for a plot of land at Ojodu? Availability of funds to complete the kind of house you are eyeing is not available. Cut according to your cloth.

So why can't you contact legal estate agencies around you if you really want to own a house. I bet you can still get affordable houses for 5 Million Naira (Bungalow Estates).

Or you build your own house to your taste in another location at affordable rate.

Remember: Property is one of the best asset you can have.

The remaining fund - 3.5 Million:: keep them.

If you want to go into a business, do a research and think about what you are good at.

Don't put all your head in one basket - 8.5M into a business, that is too risky for you.

Alot of people are going through hell because of lack of management and no one to advice them.

Hope I am making a valid point here.

SeunAero:

i beg tell am again!

business first

Start a business and whatever business you want to do,make sure u know the nitty gritty of it.Don't just jump into any business

Business is not easy anywhere and worse still in Nigeria, better buy the land and manage the remaining cash.

@poster go with sir Faakay here

Its a very good idea to split that money (though not into equal portions)
1 part save for the future (approx 1.5m)
2nd part into your business (approx 4m)
3rd part into land/property. (3m)

These three things are assets that will help you in the future, try not to put all your money into one basket because you can never tell what will happen next and please dont go and buy rangerover and be driving around lagos like a bigsboy.

8.5 is a lot of money and to be honest with you I wouldnt mind having that right now.good luck my guy.

My brother one the best posts has been given by famkay.  Most people put personal feelings into it. However, my advice is this
Issue 1.
Business or Land. (Personally, I lean towards business but I need you to take the following into consideration)
1. Knowledge & Wisdom: This are the most important things in business. Do you know a business you can get into well or can you get someone that knows well and pay you? The more knowledge you have the better the probability for success. Wisdom only means you do based on what you know and not feelings for example. Everything is in fact a transaction. For example, using your alternative in land investment, I would say that since you plan to buy and sell later or buy in order to keep it, it will be a business. The thing here is that you have the  KNOWLEDGE that Ojodu is hot. It is when the rest of the world finds out that Ojodu is hot is when you'll be selling right? You always have to have the knowledge before the rest. In essence the land buying sef can also be a BUSINESS! only problem is that your feelings may already be in the way.

2. Type of Business: Some businesses require upfront money (and lots of it). I've gone to ikate to do printing before and I know they use big machines. I'm guessing yours is a business that needs u to have spent a lot before you have your first customer. This is a  similar model to telecomms companies, private schools and Fast food joints. Now if you notice, this businesses do make a lot of cash but it isn't usually the first business of the person involved nor does it unnecessary tie  cash down. If this is the only type of business that suits you or that you know, the way around it is HEAVY DEMAND for the product (e.g. food or when MTN came in) or a sort of agreement or pre-order (contract). This is because it will take a long while before you can recoup your cash. Food for thought, if there're many people already selling the stuff (which is what I thinking printing in Mushin is) then what's the point in upfront capital?


3. Demand: Someone said market research. In my own opinion, market research is RUBBISH. It is useful but only to a small degree. If I'm thirsty wont I get any available drink before you research me on what I would want. I would say its best use if for driving the competition out and nothing else and if you want to deal with a competitor that already has some cash and experience, then you'll need a lot of cash all the same. Demand in Nigeria is funny since most things are not considered necessities. Think about your demand. Truth be told, there will always be demand for land (hence a good argument for Land investment) and it isnt hard to convince someone (even a fool) to get the land so the demand will always remain.

4. Timiing.
Your timing: I'll say you a person have very good timing since you're not yet married.
Timing before the decision: How much time do you have because the factors affecting all the stakes in your business change? e.g. When will the price of the land change? when will the business you want to start change season (demand and supply)? that will determine how much time you have. This is because [pure] investment is more time sensitive than business (mainly because in business, you are the driver and you make things happen yourself). investments need the activity of others
Time horizon of your choices. If it is investment, how long do you want to keep the land. Does that work along the time you want to buy it?
For business (usually businesses are assumed to be perpertual, however), how long is the maximum amount of time do you have to do it before it MUST turn a profit or you'll have to call for business prayers. For example. if my business doesnt turn out a profit this year. Omo I dey go work!

I think that's all o.