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It is a very lucrative business if you have the knowledge about real estate, finance management and building engineering dynamics. You will be on your toes everyday and be ready to stand in the rain and sun most afternoons.

I have a successful building business and most of my works are here online.

real estate and property is gud biz alwayz but hv to hv connection socially, very shrewd, put ur ears to the ground, be intelligent+information, itz like forex/stocks. the next big ting in abj is Kubwa, karshi, kuje. oya start taking steps

Aggrippa: real estate and property is gud biz alwayz but hv to hv connection socially, very shrewd, put ur ears to the ground, be intelligent+information, itz like forex/stocks. the next big ting in abj is Kubwa, karshi, kuje. oya start taking steps

While I agree with most of your points, I disagree that real estate is like stock business because I have played both markets on the highest levels. I lost more than xx million in the 2007 market crash so I know what am saying.

Real estate is real estate and it retains its value much more than stocks which you can wake up one morning and your company has packed up.

spyder880:

While I agree with most of your points, I disagree that real estate is like stock business because I have played both markets on the highest levels. I lost more than xx million in the 2007 market crash so I know what am saying.

Real estate is real estate and it retains its value much more than stocks which you can wake up one morning and your company has packed up.

if you are very observant you will observe that these sectors have one thing in common which is information and information is power. if today you hear that FG wants to build living quarters, barracks staff quarters for officers and civil servant in a less developed place like Gwagalada, one will be quick to monopolise the real estate sector there and in no time become a confirmed chairman. back to stock and forex, i have seen where people keep calling to get info to enable them make relevant and useful decisions regarding trade for the day. bro education/ information is power, it is just unfortunate that we as a people tend to devalue education- a very clear case is book bokoharam.

Aggrippa: if you are very observant you will observe that these sectors have one thing in common which is information and information is power. if today you hear that FG wants to build living quarters, barracks staff quarters for officers and civil servant in a less developed place like Gwagalada, one will be quick to monopolise the real estate sector there and in no time become a confirmed chairman. back to stock and forex, i have seen where people keep calling to get info to enable them make relevant and useful decisions regarding trade for the day. bro education/ information is power, it is just unfortunate that we as a people tend to devalue education- a very clear case is book bokoharam.

Hmmmmm.. Well, yes information is power in business generally but information affects the two sectors differently. In the stock market information is key but be rest assured that by the time the average Joe on the streets gets stock market information, its already late and you will be knocked out by a disease we know as the "late to the party syndrom"

In properties information dont move the market quickly, infact most time the real estate market is "deaf to information" . A typical example is the news of a new road that is rumored will pass in front of one of my properties for sale. Buyers has refused to factor this news into the price they are offering and instead are asking for a price reduction.

The news that a new positive development will happen in an existing area may not even hike the value, and landlords may not be willing to sell even if prices of other properties around him has risen.

[b]Fine business....Just time and capital consuming...but soooo lovely!
I do this, but I didnt really get it until 2006...but here is how it is done:

in 2006, I bought an old property in a road that links Gbagada with Bariga (in most cases, I target rough areas in lagos, with promises of development and upgrades....areas I know the rich and elites are slowly migrating into and which would be transformed within atmost, 4-5 years). I took the first two years to raise a 5 bedroom duplex, and 2 bedroom bq on it, and gradually did the finishing on the third year based on the flow of cash....by 2009 ending, the property was ready and placed on the market for 40mil. It sold in 9 months, and I made over 65% profit as im an engineer and handled the project myself ....And since them, other strategic properties have been purchased, remodeled rebuilt from scratch, just that now, I work with my bank instead, and me and the manager of my branch are like partners....Hes brought some money bags into the bidness over the years, the sad thing is, we still keep making the mistakes we did in the past....house flipping isnt a wonderful business like "land flipping....call me so I can explain that".

Good slow investment business sha....Mind you, it is an investment and it yeilds excellent....it is not buying and selling like garri and beans [/b]

aasog1: [b]Fine business....Just time and capital consuming...but soooo lovely!
I do this, but I didnt really get it until 2006...but here is how it is done:

in 2006, I bought an old property in a road that links Gbagada with Bariga (in most cases, I target rough areas in lagos, with promises of development and upgrades....areas I know the rich and elites are slowly migrating into and which would be transformed within atmost, 4-5 years). I took the first two years to raise a 5 bedroom duplex, and 2 bedroom bq on it, and gradually did the finishing on the third year based on the flow of cash....by 2009 ending, the property was ready and placed on the market for 40mil. It sold in 9 months, and I made over 65% profit as im an engineer and handled the project myself ....And since them, other strategic properties have been purchased, remodeled rebuilt from scratch, just that now, I work with my bank instead, and me and the manager of my branch are like partners....Hes brought some money bags into the bidness over the years, the sad thing is, we still keep making the mistakes we did in the past....house flipping isnt a wonderful business like "land flipping....call me so I can explain that".

Good slow investment business sha....Mind you, it is an investment and it yeilds excellent....it is not buying and selling like garri and beans [/b]

DO you have a valid title to the property. If yes how long did it take you to get the valid title in your name.

A property that does not have a valid title in the name of the owner can not be used as a collateral.

manie:


DO you have a valid title to the property. If yes how long did it take you to get the valid title in your name.

A property that does not have a valid title in the name of the owner can not be used as a collateral.

A title in the name of the person who sold to you is not valid with most financial Institutions.

manie:


DO you have a valid title to the property. If yes how long did it take you to get the valid title in your name.

A property that does not have a valid title in the name of the owner can not be used as a collateral.

A property that does not have a valid title can not be maximally used to multiply wealth. My father just got a title to the house he built in 1977.

val_dubem: Its actually a great/cool investment, but how great it will be in Nigeria, I don't know. Anyone with the idea or whose business is house flipping should tell us how profitable it is (as some guys will want to start investing in it).

Note:House flipping as you may already know, is the practice of buying a piece of real estate at a discounted price, improving it in some way and then selling it for a financial gain.

This biz is already in vogue in Abuja....

maclatunji:

Bad idea, too many properties in the market without buyers. It is better to invest in a property long term like building a block of flats in the popular areas that most people want to live in like Yaba, Surulere, Anthony, Gbagada, Ilupeju and to lesser extent Palm Avenue, Isolo, Mafoluku, Onipanu etc.

You get decent rental income and if you can afford to build shops/warehouses on the ground floor, you diversify your revenue sources. It is all about proper structure and management.

My thoughts really

i think buyin a mud house and flipping it 'll be more profitable.

manie:


DO you have a valid title to the property. If yes how long did it take you to get the valid title in your name.

A property that does not have a valid title in the name of the owner can not be used as a collateral.

You definitely require a title. Undocumented properties spend longer time in the market than the documented ones. But financial institutions through their lawyers and at a service price that would be deducted as part of loan service interest can fix that for you. The problem with banks and loans is that no matter how good you are in mathematics, these guys will always surprise you with some confusing terms or the other eventually. Like I said, I'm in partnership with the bank....now we develop. They keep most of the flats for some period of years, I keep some as well. And 1979 is like forever. I thought conveyance was as cheap as 250 naira then. Maybe your old man wasn't just bothered about getting the documents.

NLG_woodey: Instead of house flipping, I will suggest that you build new and sell. Run down property in Nigeria may be
located in a bad neighborhood that you may not be able to offset the cost. If the property is in a good
neighborhood, you may not be able to afford it. Also, banks may not be willing to lend money to you and if they do,
the interest rate will be high.

Not saying that it is not doable though b/c it all boils down to money (tens of millions of naira). If you
have access to that kind of money, go for it.

Pls wats d meaning of run-down property and also can someone teach me how toh get feedback notification from ds site after av been replied cos d notifications usually show up late...tnx.

sounds interesting but capital intensive.
I naturally like the act of house restructuring.

the before and afters make it fun

that's what i do for living,but not in abj,hope to expand over there someday...if u're not an expert in this u can have ur self to blame oooo...as 19 full everywhere,fake contractors,omo oni ile wahala,self prior encumbrancy can lead u to where u would av ur self to blame (lawyer's side is important o)etc no time pls moving things

melojames: House flipping is, essentially, buying a house or property with the intent to sell it for a profit. But the logistics can get pretty complicated. There are a lot of decisions to make from the beginning. Where should you buy? If you purchase a house in an up-and-coming neighborhood, you're banking on the neighborhood increasing in value. If you decide to buy in a new development, you'll want to attract higher-end home buyers who want the luxury features and space offered in the suburbs. If all goes well, you could make a nice profit. But if something goes wrong -- faulty budgeting, timing issues, a crime spike in that up-and-coming neighborhood -- you could be stuck with a house you can't get rid of.
Wish you the best of luck as you venture into it.

Femi Okun & Co
Property consultant
E-mail: jamesokun9@gmail.com

Poor marketing .....

Not a good business for our environment. You must have lots of capital to do this.

maclatunji:

Bad idea, too many properties in the market without buyers. It is better to invest in a property long term like building a block of flats in the popular areas that most people want to live in like Yaba, Surulere, Anthony, Gbagada, Ilupeju and to lesser extent Palm Avenue, Isolo, Mafoluku, Onipanu etc.

You get decent rental income and if you can afford to build shops/warehouses on the ground floor, you diversify your revenue sources. It is all about proper structure and management.

Some points herein but you do have to realise that investors have different risk tolerances, investment horizons and liquidity needs. Thus, it is not totally bad. Some like the turnaround maintenance like they ate buying out a company - different strokes.

Mustay:

Some points herein but you do have to realise that investors have different risk tolerances, investment horizons and liquidity needs. Thus, it is not totally bad. Some like the turnaround maintenance like they ate buying out a company - different strokes.

I know what you mean but I am learning to avoid high stake games. I am a firm believer in cautious investment not the 'all or nothing' approach.

YoungSalute:


Poor marketing .....

Well, he did make some sense and it is a credit to his 'hustling' skills that he is ready to risk ridicule to gain customers.

lawizle:

Pls wats d meaning of run-down property and also can someone teach me how toh get feedback notification from ds site after av been replied cos d notifications usually show up late...tnx.

type ur username in the local search

A good biz though but you must be financially buoyant. You must have cool excess cash to flaunt around, if not dont try it.

What I do mainly is to go banks and other financial institution(loan and mortgage houses) and pay for foreclosed properties.
Most times I get good deals, but make sure to inspect property before paying

aasog1:



You definitely require a title. Undocumented properties spend longer time in the market than the documented ones. But financial institutions through their lawyers and at a service price that would be deducted as part of loan service interest can fix that for you. The problem with banks and loans is that no matter how good you are in mathematics, these guys will always surprise you with some confusing terms or the other eventually. Like I said, I'm in partnership with the bank....now we develop. They keep most of the flats for some period of years, I keep some as well. And 1979 is like forever. I thought conveyance was as cheap as 250 naira then. Maybe your old man wasn't just bothered about getting the documents.

He has conveyance, but banks do not recognise conveyance. He just got the certificate of Occupancy. I can tell you that more than 90% of the houses in Lagos do not have a certificate of occupancy.

aasog1: [b]Fine business....Just time and capital consuming...but soooo lovely!
I do this, but I didnt really get it until 2006...but here is how it is done:

in 2006, I bought an old property in a road that links Gbagada with Bariga (in most cases, I target rough areas in lagos, with promises of development and upgrades....areas I know the rich and elites are slowly migrating into and which would be transformed within atmost, 4-5 years). I took the first two years to raise a 5 bedroom duplex, and 2 bedroom bq on it, and gradually did the finishing on the third year based on the flow of cash....by 2009 ending, the property was ready and placed on the market for 40mil. It sold in 9 months, and I made over 65% profit as im an engineer and handled the project myself ....And since them, other strategic properties have been purchased, remodeled rebuilt from scratch, just that now, I work with my bank instead, and me and the manager of my branch are like partners....Hes brought some money bags into the bidness over the years, the sad thing is, we still keep making the mistakes we did in the past....house flipping isnt a wonderful business like "land flipping....call me so I can explain that".

Good slow investment business sha....Mind you, it is an investment and it yeilds excellent....it is not buying and selling like garri and beans [/b]

You bought the property in 2006 and sold in 2009, but you made a return of 65%. A return of 65% in 3 years will give an annualised return of 18%, not too bad but I think i can do better.

manie:



He has conveyance, but banks do not recognise conveyance. He just got the certificate of Occupancy. I can tell you that more than 90% of the houses in Lagos do not have a certificate of occupancy.

Government should make it easy for real estate investors to have valid titles to their property.

aasog1:



You definitely require a title. Undocumented properties spend longer time in the market than the documented ones. But financial institutions through their lawyers and at a service price that would be deducted as part of loan service interest can fix that for you. The problem with banks and loans is that no matter how good you are in mathematics, these guys will always surprise you with some confusing terms or the other eventually. Like I said, I'm in partnership with the bank....now we develop. They keep most of the flats for some period of years, I keep some as well. And 1979 is like forever. I thought conveyance was as cheap as 250 naira then. Maybe your old man wasn't just bothered about getting the documents.

I have not gotten certificate of occupancy to the property I bought at Ajah between 2001 and 2002. Fashola wants us to pay 4 million for the ratification of our property, it is after ratification that we can now process c of o.