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The Business And Profitability Of Rental Properties - Properties (11) - Nairaland

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Re: The Business And Profitability Of Rental Properties by Jussi(m): 8:47pm On Aug 28, 2011
I concur with Oga Phemmmy, cost of the plot is one factor to consider in your feasibility study. Yes, it's a nice concept with quick return on investment. Depends also on the size of each room and whether your client is willing to lend his understanding considering market fluctuation in prices of materials. It seems to favor your client better, if the agreement is to provide funds (5M) in return for a completed project. I would advise that you factor in all unexpected costs, which is where mutual understanding counts. One would expect that every other thing is clearly spelt out including the kind of roofing material to be used, toilet/bathroom facilities (possibly pit toilet & not bush method smiley), standard of fencing and gate. It's possible that you've considered all these, yet it's alright to play safe and carry us all along while you finalize negotiations with your client. Good luck bros!
Re: The Business And Profitability Of Rental Properties by spyder880(m): 9:48pm On Aug 28, 2011
The type of land needed to build this type of house is not the expensive type. A land costing N1m will be nice for this type of house and with another 4m naira, the building will be ready for renting. This house will provide 24 rooms x 2500 per room x 12 months x 2 years = N1,440,000.00 for the initial intake for 2 years. I don't think this is a very bad investment as you still own a land which will continue to appreciate. But, is this not like rolling the nation backwards as we try to move our housing standards up to meet the foreign standards? This is my only worry, balancing profitability with modern trends.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 1:24am On Aug 29, 2011
Not too bad at all
Re: The Business And Profitability Of Rental Properties by Waterway: 1:30am On Aug 29, 2011
spyder880 I have been following this forum and will like to contact you. i have a plot in Asaba and will like to know if your work (building) is limited to enugu or do you handle projects elsewhere. I am looking at setting up 6flats.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:54am On Aug 29, 2011
Waterway:

spyder880 I have been following this forum and will like to contact you. i have a plot in Asaba and will like to know if your work (building) is limited to enugu or do you handle projects elsewhere. I am looking at setting up 6flats.

This will be so nice and more for us to learn with . . . .
Re: The Business And Profitability Of Rental Properties by spyder880(m): 4:46am On Aug 29, 2011
Waterway:

spyder880 I have been following this forum and will like to contact you. i have a plot in Asaba and will like to know if your work (building) is limited to enugu or do you handle projects elsewhere. I am looking at setting up 6flats.

Asaba is not that far from Enugu state, we can operate there, send me a mail and we will take it from there.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:02pm On Aug 29, 2011
spyder880:

Asaba is not that far from Enugu state, we can operate there, send me a mail and we will take it from there.

I pray that God will continue to add to your plate, great things and blessings . . . . .Keep up the good work
Re: The Business And Profitability Of Rental Properties by spyder880(m): 2:26pm On Aug 29, 2011
Fhemmmy:

I pray that God will continue to add to your plate, great things and blessings . . . . .Keep up the good work

Thank you sir, and may the GOOD LORD heap your blessing even higher than mine!
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:28pm On Aug 29, 2011
spyder880:

Thank you sir, and may the GOOD LORD heap your blessing even higher than mine!

We surely gonna get to sit and eat Isi ewu together soon oh . . . .but remember you still own me, cos no matter how long it takes before we meet, i will collect what you owe me oh . . . . .
Re: The Business And Profitability Of Rental Properties by spyder880(m): 2:34pm On Aug 29, 2011
Fhemmmy:

We surely gonna get to sit and eat Isi ewu together soon oh . . . .but remember you still own me, cos no matter how long it takes before we meet, i will collect what you owe me oh . . . . .

Dont worry, I will pay, is it the DHL package or the 'paper' stuff? you know what I mean na grin
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:35pm On Aug 29, 2011
spyder880:

Dont worry, I will pay, is it the DHL package or the 'paper' stuff? you know what I mean na grin

I hereby change my name to Oliver twist and will actually settle for both or any crime in taking both?
Re: The Business And Profitability Of Rental Properties by spyder880(m): 2:41pm On Aug 29, 2011
Fhemmmy:

I hereby change my name to Oliver twist and will actually settle for both or any crime in taking both?

Not a crime at all baba grin
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:43pm On Aug 29, 2011
spyder880:

Not a crime at all baba grin

So now, you double-owe me oh
Re: The Business And Profitability Of Rental Properties by spyder880(m): 2:45pm On Aug 29, 2011
Fhemmmy:

So now, you double-owe me oh

No wahala, you are my man cheesy
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 2:52pm On Aug 29, 2011
spyder880:

No wahala, you are my man cheesy

You just made my head swollen oh
Re: The Business And Profitability Of Rental Properties by spyder880(m): 6:41pm On Sep 13, 2011
I was shown 3 plots of lands good for building rentage apartments. Price per plot is N2.5m each. The land is near the Enugu- Abakaliki Express.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 8:07pm On Sep 13, 2011
spyder880:

I was shown 3 plots of lands good for building rentage apartments. Price per plot is N2.5m each. The land is near the Enugu- Abakaliki Express.

Where has this thread been hidden?
Re: The Business And Profitability Of Rental Properties by spyder880(m): 9:46am On Sep 17, 2011
And Shoprite opens in Enugu!!!, guess what, I was there ad did my Saturday morning shopping there, was the place bubbling? Chai! Pictures in a moment.
Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:09am On Sep 17, 2011
There we go grin Enugu is adding value, and see how many people invaded the place, buying up everything, and we deny there is money in this country grin grin grin

Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:11am On Sep 17, 2011
more shopping, I will bring my wife and kids here tomorrow and buy everybody toys, we gat to enjoy man, ;Dhopping from site to site without relaxing, man no be firewood o grin grin

Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:12am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:12am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:13am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:15am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:16am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:17am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by spyder880(m): 10:19am On Sep 17, 2011
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Re: The Business And Profitability Of Rental Properties by dmv110: 5:08pm On Sep 21, 2011
WOW!!!!!!!!!!!!! This thread is an encyclopedia of useful rental information. WELL DONE

I have a question please. I am thinking of building hostels near University of Ilorin in Kwara state. The university is located on its permanent site. It is ranked as the second top university in Nigeria (34th in Africa ) just behind University of Ibadan(1st in Nigeria, 32nd in Africa) according to 4icu website ( http://www.4icu.org/topAfrica/). The student population is about 25,000-29,999 (http://www.4icu.org/reviews/7222.htm). In other websites such as WeboMetrics, University of Ilorin is top university in Nigeria. Also website (http://liveofofo.com/general-news/the-university-of-ilorin-has-emerged-the-best-university-in-nigeria-5484th-in-the-world-and-55th-in-africa/) shares more information about the ranking for University of Ilorin.

I think University of Ilorin will be in high demand for years to come so building a hostel will be a great investment. I live in Ilorin so I know that the university has major housing problems so the demand for hostels is high.

What do you guys think? Do you think it’s a good investment? I have zero experience in real estate so I am nervous about jumping into the real estate business. However I have some millions of naira in the bank that I want to invest and I have been thinking of building hostel for a couple of years now but just to chicken to do it.

Thanks again for all the useful information on this thread. Keep up the good work.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 6:28pm On Sep 21, 2011
Nigeria is developing true true oh
Re: The Business And Profitability Of Rental Properties by spyder880(m): 6:31pm On Sep 21, 2011
^^^ Well, I don't know Ilorin very well but you have answered the question even before I asked it, the most important question is 'is there a strong demand?' And if the answer is yes, then proceed. It will be fine if you conduct a small survey to see how much profitable a hostel is as compared to other real estate options in Ilorin. Goodluck.
Re: The Business And Profitability Of Rental Properties by Fhemmmy: 6:46pm On Sep 21, 2011
spyder880:

^^^ Well, I don't know Ilorin very well but you have answered the question even before I asked it, the most important question is 'is there a strong demand?' And if the answer is yes, then proceed. It will be fine if you conduct a small survey to see how much profitable a hostel is as compared to other real estate options in Ilorin. Goodluck.

Oga Spyder, keep doing your thing . . . you are the man
Re: The Business And Profitability Of Rental Properties by spyder880(m): 7:31pm On Sep 21, 2011
Fhemmmy:

Oga Spyder, keep doing your thing . . . you are the man

Thank you sir, I am always encouraged when I see you around.

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