Nchabuomo:

Yea Nigerian banks are solid! So no fear. First Bank is good I know someone that runs a fixed D with them and the rates are great. They just drop his interest and roll the capital.

Thanks for your help my brother, I do appreciate.

SirJeffry:
Thanks for your help my brother, I do appreciate.

Not a problem.

noble71:


Go into hostel business, it pays more. I guess your land is located at Ifite.

I just checked your signature. If you are the same NOBLE in Enugu who deals in property management, then I've had terrible experience with you guys in the past.

You sound like someone in overseas....Building an hostel close where higher institutions of learning are isn't a guarantee as u'll always be at their mercy say for instance theres an unrest, long strike & vacation.

Hotel....me I hate business that u'll have to be there to run & u will hardly find employees that will have same goal as urs if they don't run it aground.

PLEASE, go and use your money in buying Treasury Bill, u'll get more profit upfront and security f ur principal... your bank will gladly assist u... Fix Deposit is for learners!

SirJeffry:
Please this is for serious minded people especially gentlemen and ladies of investment and business sections. A friend recently built a hotel in Awka, Anambra State and he's advising me to follow suit but I'm sceptical about hotel business so I'm considering two options.

One is to build some blocks of University hostel in a city with high concentration of undergraduates like Awka and Enugu since I already have acquired a reasonable number of lands in Awka, Asaba and recently Enugu.

The other option is since this is about having something at home, I can fix a reasonable deposit in a bank like first Bank or UBA which will be accruing interest every three months. I'm scared of going into business because of past experiences and besides that, I'm not good in business. All I have been doing is buying lands and keeping the rest of my money in bank, please I need some help.

aariwa:
Owerri hostel is good idea but any where that will fetch you good money will be in the heart of the town and not outskirts.I hope you know the price of land in aladimma estate

2 plots will be enough to erect an edifice

SirJeffry:
Thanks for your help my brother, I do appreciate.

You know what..... Rather than leave the land fallow you can lease it out . That way it's making money for you.
Depending on the size you could get a farmer to lease the land and if you are willing to do a mid term lease like 10-15years you could get serious investors.
In that time you might have decided what you want to do with land.

zuto4u:
Very helpful and matured advice. I can see that you are deeply rooted and conversant in business. Ladies like u are very hard to find these days especially in Nigeria where all that our ladies care and think about is SLAYING. I am highly impressed, and I implore you to continue with the way you are going. I always like to encourage people who are sensible and visionary.

Thanks brotherly!

Hostels in awka is springing up very fast that there is always vacant rooms.

Now the supply is increasing (hostels) but the demand us constant. How do I mean? Unizik isn't admitting more students, but more lodges are built monthly.


Also Hostels get degraded fast, students are young and so can misuse property. from paint to borehole to pump, student hostels gets worn out fast so maintenance is higher.


Lodges are getting too much in awka but admission isn't increasing, instead reducing. Can u recover your capital in 10years?

plus students don't turn up in rents o

I schooled at unizik, and I know whatsap.

They average 3 peeps per self con, making your soakaway fill up fast, or pumping machine pump regularly but when its time to pay rent. the lock their door and travel home claiming they are on holiday or exam.


For me, the best thing to build in awka is Flat for working class people. not self con. maintenance cost is damn too high.


its not that rosy like its painted here

chukzyfcbb:
Hostels in awka is springing up very fast that there is always vacant rooms.

Now the supply is increasing (hostels) but the demand us constant. How do I mean? Unizik isn't admitting more students, but more lodges are built monthly.


Also Hostels get degraded fast, students are young and so can misuse property. from paint to borehole to pump, student hostels gets worn out fast so maintenance is higher.


Lodges are getting too much in awka but admission isn't increasing, instead reducing. Can u recover your capital in 10years?

plus students don't turn up in rents o

I schooled at unizik, and I know whatsap.

They average 3 peeps per self con, making your soakaway fill up fast, or pumping machine pump regularly but when its time to pay rent. the lock their door and travel home claiming they are on holiday or exam.


For me, the best thing to build in awka is Flat for working class people. not self con. maintenance cost is damn too high.


its not that rosy like its painted here

u made a point. Here in esut the newly built lodge im living in, has about 7empty rums and many other lodges that are empty

macfranklin:
Bros... It depends on the location; building a hotel of high standard at a good location will yield steady income but hostel blocks depend on a fixed and annual income (so be prepared if you don't have other sources of income)
While Hotel will give you a steady income, also be prepared for steady maintenance... On the other hand, hostel blocks have little or no maintenance.. They are both profitable, it all boils down to your income frequency.

I am not writing to counter you but my experiences traveling to various places makes me wonder how people finds out about hotel locations.

I have been to remote areas where hotels are located but yet all rooms are fully occupied.Funny enough, I saw nothing special that is; it is not a 3 or 5 star hotel, but it gets visitors every blessed moments.. in fact, weekends are worse.. my experience travelling in remote areas ..

Go Hostel sir

chukzyfcbb:


I schooled at unizik, and I know whatsap.

They average 3 peeps per self con, making your soakaway fill up fast, or pumping machine pump regularly but when its time to pay rent. the lock their door and travel home claiming they are on holiday or exam.


For me, the best thing to build in awka is Flat for working class people. not self con. maintenance cost is damn too high.


its not that rosy like its painted here

I feel your statement but all this things can be solved.. strict rule needs to be imposed.. as you enter into the hostel, you are paying your semester fees.. as you go out of the hostel, take your belongings or else, at your own risk.

360command:
I feel your statement but all this things can be solved.. strict rule needs to be imposed.. as you enter into the hostel, you are paying your semester fees.. as you go out of the hostel, take your belongings or else, at your own risk.

You think so? its much easier to control working class peeps living in your house than it is to control Youths. Now besides human management, how do u manage the demand and supply situation?


Unizik no of students admitted isn't increasing, yet the supply of hostels is increasing.

I knew how awka was in 2007 and I know how it is 2016 last time I was there. There was a mad spike in hostels that students have a wide range of options to choose from. Lots of vacant rooms will spring up in time to come, only those landlord whose lodges have the cheapeast rent and the best facility to go with it will win.

Touch down awka and see things yourselves

Nchabuomo:

You know what..... Rather than leave the land fallow you can lease it out . That way it's making money for you.
Depending on the size you could get a farmer to lease the land and if you are willing to do a mid term lease like 10-15years you could get serious investors.
In that time you might have decided what you want to do with land.

I'm currently leasing some of them inside city. A distant relative also uses some in remote areas for her fish farm.

SirJeffry:
I just checked your signature. If you are the same NOBLE in Enugu who deals in property management, then I've had terrible experience with you guys in the past.

I base in Awka, I'm into design and building construction. I'm not the same Noble in Enugu, so sorry for the terrible experience. I wish you the best in your proposed project.

SirJeffry:
Please how much is land there? Also how about fraudulent activities related to land selling and youths wahala? You talked about oko previously, do you think it's better since it's close by, I'm from Anambra.

He is reliable,respected in his community and a senior civil servant in a federal government commission too.I am also from Anambra, Onitsha.You can send me a p.m for his contact as I don't know how appropriate it would be to post his number on a public forum like nairaland

SirJeffry:
I'm currently leasing some of them inside city. A distant relative also uses some in remote areas for her fish farm.

Good you got it covered then.

Nchabuomo:

Excluding cost of Land, I think its enough. no be open floor inside toilet call am bath room ?kitchen is basically a room with a sink.
That's assuming you didn't have to sand fill the site and all.

Just 2 comment from experience... that project will cost about 48-52 million with average finishing excluding land....

ezesj:
Just 2 comment from experience... that project will cost about 48-52 million with average finishing excluding land....

Well I can't say much on that but from my own experience, in my present location.... You can do it for less.

chukzyfcbb:

You think so? its much easier to control working class peeps living in your house than it is to control Youths. Now besides human management, how do u manage the demand and supply situation?


Unizik no of students admitted isn't increasing, yet the supply of hostels is increasing.

I knew how awka was in 2007 and I know how it is 2016 last time I was there. There was a mad spike in hostels that students have a wide range of options to choose from. Lots of vacant rooms will spring up in time to come, only those landlord whose lodges have the cheapeast rent and the best facility to go with it will win.

Touch down awka and see things yourselves

for demand and supply,there are several factors that affect it especially when it is a govt factor, it becomes hard to handle. I have schooled in Nigeria and outside, the way hostel management is controlled in Nigeria is at zero level. we do things upsidedown in the country that is why it is hard to control.

when you rent a hostel, note that it is for the purpose of studies only and when school is on vacation, hand over keys to the Potter. when hostel management says nobody should situate their belongings in the room during vacation, they mean it. This is what I learnt outside Nigeria.

set your rules straight, all would be well.