I am a regular reader of nairaland.com ,especially the property section
I have learnt a lot from the property section of nairaland, though hardly post in this forum again
Am self employed and ventured into property business late 2007, got inspiration and gut from several posts i have read here on nairaland.
5 years down the lane i have course to be grateful to God, i have been able to develop 4units of 2bedroom apartments, that 4 units of 2bedroom has given birth to another 4 units of 1bedroom.
Referring back to question raised by Reflector in the post below:
https://www.nairaland.com/692451/building-student-hostel-profitability-challenges/2

I actually found out recently that building hostel accommodation is profitable than regular apartments
Take for example i reside in Lokoja , where you have the state polytechnic ,the sudden rise in porpulation of the school has given rise to serious housing pressure from the students.There is relatively shortage of undeveloped land around the polytechnic.
On a visit to a friend who lives around the school threw up my curiosity of getting a land around a new student community that has quietly been growing just behind the school.
A room self contained around this community goes for between 70k-85k per year depending on the finishing.The size of rooms are mostly 10 by 10, so on a good i think one can get about 20 room hostel from a 100 by 50 size of land.
The 100 by 50 land if at all you able to get ranging from between 850k-1.2m
After much pressure from my friend who lives around the area i was able to get one for 900k(imagine this land cost 80k some 4 years ago base on the receipt i saw )
I have since paid and started a little development on the said land, i intend to start with a 10 room self contained foundation for now, am currently down financially ,i intend to develop it gradually .
This is my findings, if am able to build a 20-24 room self contained apartment,it should be able to yield 24 times 70k=1.68m /year
Now my question and thought are as follows:
My first building experience of 8flats cost me about 15m to date
I can't afford to raise that kind of money now because business is realy bad now
But am hoping that for the first 10 room hostel about 1.5m-2m should get it ready for occupation
Mind you the hostel i have in mind is not a classy kind of thing, just some basic accommodation not a luxury one
So to the almighty question with about 4m you can actually complete a 20-24room hostel and be taking about 70k a year from each of the rooms as compared to 8flats (my first project) where i have spent about 15m.
The pay back time for the hostel accommodation is less than 5 years

Just wondering,have you completed this project?i am also interested in something like this.How much did you eventually spend?and how big are the rooms?

Did some little job at my site GETTING ready for roofing now

GETTING READY TO ROOF THE BUILDING

BUILDING1

BUILDING2

Good day sir whatalife
I saw in a thread where you said you have dabbled into cyber cafe business, Pls I need a business proposal or feasibility study on the business.
My mail: bolumattew@rocketmail.com

Hello Martin,
Cybercafe business is gone for good ,as a result of rapid development in the mobile industry providing faster internet links.But it actually gave me an edge to get some cash to go into property development.But if you have projects for setting up internet links for big offices i will be able to recommend to you

I intend to set up an hotspot provider for individuals and cooperations, so i need a run down cost and business proposal. How can you help me out sir. Thanks

Roofing and ceiling completed for just 6 rooms

Pics1

whatalife:
Pics1

About the hostel, how much did you end up spending for the project not including land cost. Am trying to do a cost benefit analysis for the eastern part of nigeria

@ KA24DETT,
I have completed the 10 rooms hostel, 6 are self contain, the remaining 4 are single room with kitchen, but the bathroom are built outside, the selfcontain was given out for 60k, the single room went for 45k, though i later sink a borehole there as there is a acute water shortage around their, as for the total cost icould not keep accurate record, but i think around 3M is gone into the project excluding cost of land and borehole

Building the remaining part of the land

OP please I need to talk to you. I don't have your number but please try contacting me on 08028764916. I intend to delve heavily into this project. Your knowledge is sought for

@kingralph, why dont you ask your question here so others can learn one or two things

Another completed student hostel ready for roofing

This is ready for roofing too

nice work OP. Im going to be developing a similar student accommodation in Ogun State starting Jan. Will be counting on your advise and guide at that time. Thanks

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@true2home, thanks, will keep you guys posted

Commencement of roofing

More pictures

Great job

@twinskenny,
Thank you sir.

Project 1

Project 1 and 2 roofing nearing completion

hi, any update for this project? Have a good day

The above project have been roofed already, what is left is plastering electrical piping and other stuff