No offence taken, besides your post wasn't even at me.

I know the context with which the word was used, but i disagree that a savvy investor is ignorant of the extra cost required to develop a property on a swampy land knowing fully well that the ROI is unmatched and the payback tenure is much more less.
The alternatives are known but again, its a matter of choices.

There is a reason property developers are making a kill flipping on those same swampy lands.

Dijita:


Sorry I don't mean to be disrespectful. I use ignorant in the sense that some people don't know there is better alternative

Dijita:


This man make me laugh out loud. If I have $60,000 to sell I will head back home straight out of this cold and won't return back until summer. I have your number I will text you in the morning, I am at work and personal phone don't work in this building

bleed to receive ur message...

Pls put your savings in Dollars. Naira is sinking

Pratically all old Lagos are swampy i reme,ber they use to call Surulere New lagos then and when we were kids when it rains in Surulere then we have crabs and Eja -aro coming out, this is why till today when it rains heavily in Lagos everywhere is water,

kopell:
You are correct, this area are for deep pocket people. Couple of years back I was offered a land at the beginning of sixth avenue extension for 10M. When I saw how deep the swan is I ran. Two years later, still searching towards the back of sixth avenue nothing was available for that amount anymore. To my surprise, the first choice I ran away from in that location a building has been developed on it. From experience, I believe whoever brought that will probably spend over 25M on piling. Today, those areas are new Festac town. It all depends on our induvial choice, I can tell you from history 1988 there is nowhere like Lekki but Maroko. Military Governor Raji Rasaki was the one that started the process demolishing those little villages that part way for what we call Lekki today. It was a lot of little swapped villages all around and people maintained their lifestyle transporting themselves with those little canoe like in Venice. We can go back in history, as a little boy I saw in 1974, when they started building Apapa oshodi expressway. It was the same deep swapped area too. Today people that don't know the history of that area, they will never believe it was reclaimed. It all depends on our choice and pocket. All those so called swapping areas today are future new Lagos. Lagos state government has to be serious and vigorously enforce their town planning plan if they have one.

And sadly Lagos state don’t have one. I’ll gladly jump at 100m plot in Iyaganku GRA or Alalubosa/Agodi in Ibadan or Ibara Housing Estate in Abeokuta than jump at 90m plot in Banana Island.

One looks like home while the other looks like something I can’t describe.

I really wish people know what a house is. How can I have a house without green areas and at least a space for BB/Lawn tennis and I’d call it a house?
Well, I wasn’t raised that way sha!

I was raised in a well planned city and schooled in a well designed environment so I know LAGOS is a beautiful nonsense.

#myopinion #notabibeli

theForth:
how much did you get the land then?

Plot 1 - 550k
Plot 2 - 650k


Today, they sell 2m - 5m+ (very good areas, no swamp). However I’m already considering some new areas to develop into mini estates.

Just seen your edit...

As per buying to build for self-occupancy, i think owners needs to use the same mindset and see their property as an investment. I look at it the same way for the sake of valuation down the line.

Again, different category/market.

Dijita:


Sorry I don't mean to be disrespectful. I use ignorant in the sense that some people don't know there is better alternative. Also, it appears that we are talking from different experience. You are talking from the perspective of an investor and am talking from owner occupy perspective.

What is time duration?

2m-5m is a wide range, can you be more specific if possible. how much will one buy same or similar land today if they walked in?

If i use the lower ends: 550k & 2m that's about 260% ROI. if we know the number of years in btw then it will help further.

Cheers

n3xt:


Plot 1 - 550k
Plot 2 - 650k


Today, they sell 2m - 5m
(very good areas, no swamp). However I’m already considering some new areas to develop into mini estates.

megacontrol:
Ignorance how?

I think the ignorant ones are those that don't differentiate the forecasted growth rate of the different locations thereby comparing apples with oranges. IF YOU CAN AFFORD IT and you buy swampy land in a fast developing or already developed island location, then your ROI and payback tenure are incomparable to what obtains on your mainland dry land.

I think majority knows this and it has been discussed here many times, yet folks still try to critisize those choices. It's a different market for different type of investors/people.

Valid.

I do help people build in those areas though if you’re looking higher return on investment.

The owner of The Reserve (3 unit terrace) at Agungi has recouped her investment within 4 years. She invested 80m.

My friend who invested in 18 unit 2 bed and mini flats in the same area has recouped his investment too. He invested 160m and made 180m in the first 5 years.

Different Market. Different Choice.

megacontrol:
What is time duration?

2m-5m is a wide range, can you be more specific if possible. how much will one buy same or similar land today if they walked in?

If i use the lower ends: 550k & 2m that's about 260% ROI. if we know the number of years in btw then it will help further.

Cheers

10 years.

Adron is making the biggest kill in those areas right now.

I think it went to 2m within the first 5 years.

n3xt:


Valid.

I do help people build in those areas though if you’re looking higher return on investment.

The owner of The Reserve (3 unit terrace) at Agungi has recouped her investment within 4 years. She invested 80m.

My friend who invested in 18 unit 2 bed and mini flats in the same area has recouped his investment too. He invested 160m and made 180m in the first 5 years.

Different Market. Different Choice.

I refused to believe this sir. House for rent isn't an investment and there is no how you will get your money back in 4-5yrs..... I won't believe that, especially in Nigeria where we have crack heads as tenants.

megacontrol:
Just seen your edit...

As per buying to build for self-occupancy, i think owners needs to use the same mindset and see their property as an investment. I look at it the same way for the sake of valuation down the line.

Again, different category/market.

I think we have different preference.
When I bought the land I am developing now I choose the area because of its proximity to the beach and its distance from the hustle and bustle of Lagos proper. Then Lekki trade zone came and Dangote came. My location is closer to Lagos than Dangote. I am now thinking of getting a land closer to Ogun state border after Dangote, seaport etc. because I am not going to like all the commercial activities these development will bring to the area. I like serenity and quietness. In the US I used to live in a city across Manhattan(NYC) but when people started moving from Manhattan to my city, I sell off and move to a suburban township that is about 40minutes away where it is quiet and serene

zuraking:
I refused to believe this sir. House for rent isn't an investment and there is no how you will get your money back in 4-5yrs..... I won't believe that, especially in Nigeria where we have crack heads as tenants.

Smiles.

I’m sure you don’t know there are parts of Lekki where people pay as much as 3.5m and even more for Terrace duplexes and up to 2 million for 2 beds (in 2016). Do the maths!

Crack heads don’t exist in some areas. Some people will pay anything to rent a flat in some areas in Lekki.

In the same area, you’ll still see people struggling to get tenants. Well, life no balance though.

n3xt:


Smiles.

I’m sure you don’t know there are parts of Lekki where people pay as much as 3.5m and even more for Terrace duplexes and up to 2 million for 2 beds (in 2016). Do the maths!

Crack heads don’t exist in some areas. Some people will pay anything to rent a flat in some areas in Lekki.

In the same area, you’ll still see people struggling to get tenants. Well, life no balance though.

the higher the value of the location and rent, the higher your investment in buying land and building the structure. I still won't accept one can get his investment back renting it out in 4-5years be it banana island or ikoyi.

My 4 bedroom wiring quotation. Everything has been done already (piping)

zuraking:
the higher the value of the location and rent, the higher your investment in buying land and building the structure. I still won't accept one can get his investment back renting it out in 4-5years be it banana island or ikoyi.

Well my client got her land 15m before Agungi price shoot up and we did the project with less than 65m.

When it comes to investing in properties, you must be smart and know what to push and the whatnots.

I see a lot of people investing because other people said a particular area is great.

One of the thing that helped these two people I mentioned is nearness to the Lekki/Epe express road and not just the name.
You can see the two buildings from the express. That makes it a perfect choice for those who want to beat the Chevron/VGC traffic.

I know man.
Infact, you're up there for consideration for the next project if we decide to develop as against the JV proposal at hand currently being considered.
This is because of experience on similar builds (like what we have planned) and your PM skills.
That being said, it has been difficult to get hold of you lately.

We have a solid building team on our ongoing project but the engr/builder lacks economic sense, hence not suitable for a commercial project.

I read up there where someone said those numbers below are not possible and i can only join to smile

n3xt:


Valid.

I do help people build in those areas though if you’re looking higher return on investment.

The owner of The Reserve (3 unit terrace) at Agungi has recouped her investment within 4 years. She invested 80m.

My friend who invested in 18 unit 2 bed and mini flats in the same area has recouped his investment too. He invested 160m and made 180m in the first 5 years.

Different Market. Different Choice.

Dijita:


Ignorant and people want proximity to their job in the island. If you are in diaspora and you want to buy land in Lagos, I am going to advise that you go to Ibeju/Lekki beach area. I will be posting some images soon to help people distinguish between swamp and dry land in the area

Please post the pictures soon. I think I need serious education because I'm just not getting it.

zuraking:
My 4 bedroom wiring quotation. Everything has been done already (piping)

Is there no AC and water heaters?

I can't see 4mm in the quote.

megacontrol:
No offence taken, besides your post wasn't even at me.

I know the context with which the word was used, but i disagree that a savvy investor is ignorant of the extra cost required to develop a property on a swampy land knowing fully well that the ROI is unmatched and the payback tenure is much more less.
The alternatives are known but again, its a matter of choices.

There is a reason property developers are making a kill flipping on those same swampy lands.

If you could use numbers and examples to explain how developers are making a kill flipping on those same swampy land, that would be most appreciated.

I'm really trying hard, but the numbers are not stacking up.

topsy23:


Is there no AC and water heaters?

I can't see 4mm in the quote.

there is both. There is 4mm there. I am just thinking the wires are too much.

n3xt:


Well my client got her land 15m before Agungi price shoot up and we did the project with less than 65m.

When it comes to investing in properties, you must be smart and know what to push and the whatnots.

I see a lot of people investing because other people said a particular area is great.

One of the thing that helped these two people I mentioned is nearness to the Lekki/Epe express road and not just the name.
You can see the two buildings from the express. That makes it a perfect choice for those who want to beat the Chevron/VGC traffic.

I won't argue further.

zuraking:
I refused to believe this sir. House for rent isn't an investment and there is no how you will get your money back in 4-5yrs..... I won't believe that, especially in Nigeria where we have crack heads as tenants.

I refuse to believe as well.

EgunMogaji2:


That lock I bought was N3,600 The one I really want is N9,500 but a man has to know his limitations

Know this and know peace.

zuraking:
I won't argue further.

Pls don’t.

The difference is I can crunch the numbers and I’ll give you links to the projects and address of the buildings. Go and ask the tenants how much they’re paying per annum.

Let me help you further bro.

I did a carcass of 5 units of 2 bedroom flats (on 3 floors) here in 2015 for N12m. The owner paid between 3.5 - 5m for the land and spent about 6m on finished.

Each flat is rented 700k which is about 3.5m/annum. How many would he recoup his investment?

I’m not just a builder or just another construction guy. I’m out to make money and help my clients to make monies too (especially those who are not smarter than me).

Often times, I do showcase projects on here and ask people to help my clients chose what to build. I do such because we want to understand what the people want.

Surveyors in the house, please what should I budget for surveying of a 60 by 40 land in inwards of ikorodu, Lagos

How soon can it be ready and how can I be sure the surveyor truly lodge the details at Alausa

n3xt:


Pls don’t.

The difference is I can crunch the numbers and I’ll give you links to the projects and address of the buildings. Go and ask the tenants how much they’re paying per annum.

Let me help you further bro.

I did a carcass of 5 units of 2 bedroom flats (on 3 floors) here in 2015 for N12m. The owner paid between 3.5 - 5m for the land and spent about 6m on finished.

Each flat is rented 700k which is about 3.5m/annum. How many would he recoup his investment?

I’m not just a builder or just another construction guy. I’m out to make money and help my clients to make monies too (especially those who are not smarter than me).

Often times, I do showcase projects on here and ask people to help my clients chose what to build. I do such because we want to understand what the people want.

are you telling me all the flats will be occupied same time hence your calculations? Are you telling me all the tenants will stay there for 4-5years and the house won't be vancant for some months if not years?

Everybody is wise now unless dumb people who do fraud and steal to rent houses worth 3-4m yearly or those who aren't pennywise and live fake life's just to "belong"

I was 24 when I had the plan to build my own house be it a room. https://www.nairaland.com/2816718/builders-house

2015 I was planning how to build a room and parlour self contain. But today I have built a 4 bedroom flat that has cost me over 6m (swamp land). I can go to lekki with money and rent house to form class but I am not stupid and that's what people think these days.

Who still think of using 1m to rent house when you can buy a land and start building. Wise people rent cheap house and build theirs. Na copy copy and fake life dey kill us for Nigeria

House renting is just for future thing and I can't count it as an investment that will give fast turn over.

zuraking:
there is both. There is 4mm there. I am just thinking the wires are too much.

I don't think the wire is much .. To me the 2,5mm and won't be enough. Although I don't know the number of AC and water heater you are planning to install . If it is a standard 4bedroom flat electrical installation with the following descriptions of items :

Living room
13A double socket 5nos
13A single 1
AC 1
Spotlight 6
Chandelier 1
Wall light 3
Rope light (optional )

Room
13A double 3
13A single 1
TV 1
Ceiling light 4
Wall light 2
AC. 1


Toilet
Light 2
Water heater 1

Kitchen
Light. 4
13Souble 5
15A socket
13A single 2
Cooker 1
Water heater 1

That's the stardard

diordaves:


I refuse to believe as well.

Those people building those upscale developments are doing it for a very good reason. My friend pulled his roof a year into his project to add 2 mini flats on the pent floor. E get why

To achieve a high occupancy rate and high ROI in any project, start off by studying the real estate market and focus on tenant retention.

Study the market

Don’t go and invest in free trade zone because Dangote is there. The tenants that’ll pay 4m per annum are not there. And because the land is cheap there, the occupancy rate will be lower as it’s easy for anyone to build a house in those areas. Moreso there are fewer amenities in Ibeju Lekki and life is not all about Dangote Refinery na

Focus on tenant retention

There are lots of factors that aid this. Ample parking space, nearness to major road/place of work, building design, facilities etc. And of course, the target market.
You don’t advertise such buildings on Nairaland or any of those naija funny property website.

I can remember some of my tenants are from Ford Foundation I don’t call those ones tenant

I forgot to add ‘Security’

Someone who built in Badore, Ikorodu or Bogije would attract a struggling tenant unlike someone who built in Ikate.

It might take a longer time to recoup investment but someone who bought land for 15m in an area where rent is over N4m would make his/her money in a very short time.

zuraking:
are you telling me all the flats will be occupied same time hence your calculations? Are you telling me all the tenants will stay there for 4-5years and the house won't be vancant for some months if not years?

Everybody is wise now unless dumb people who do fraud and steal to rent houses worth 3-4m yearly or those who aren't pennywise and live fake life's just to "belong"

I was 24 when I had the plan to build my own house be it a room. https://www.nairaland.com/2816718/builders-house

2015 I was planning how to build a room and parlour self contain. But today I have built a 4 bedroom flat that has cost me over 6m (swamp land). I can go to lekki with money and rent house to form class but I am not stupid and that's what people think these days.

Who still think of using 1m to rent house when you can buy a land and start building. Wise people rent cheap house and build theirs. Na copy copy and fake life dey kill us for Nigeria

House renting is just for future thing and I can't count it as an investment that will give fast turn over.

This is my field.

I’m sure you don’t know there are offtakers. Just 18 units.

When I read the bolded part, I can understand you clearly.

Let me off mic.

______
My rent on NextHome H52 is almost N1m for less than 18sqm room, let alone house.

topsy23:


I don't think the wire is much .. To me the 2,5mm and won't be enough. Although I don't know the number of AC and water heater you are planning to install . If it is a standard 4bedroom flat electrical installation with the following descriptions of items :

Living room
13A double socket 5nos
13A single 1
AC 1
Spotlight 6
Chandelier 1
Wall light 3
Rope light (optional )

Room
13A double 3
13A single 1
TV 1
Ceiling light 4
Wall light 2
AC. 1


Toilet
Light 2
Water heater 1

Kitchen
Light. 4
13Souble 5
15A socket
13A single 2
Cooker 1
Water heater 1

That's the stardard

1 water heater for master bedroom alone and 2 AC sitting room and master bedroom. Thanks for your contribution

n3xt:


This is my field.

I’m sure you don’t know there are offtakers. Just 18 units.

When I read the bolded part, I can understand you clearly.

Let me off mic.

______
My rent on NextHome H52 is almost N1m for less than 18sqm room, let alone house.

off your mic sir. I don hear you individual varies and it's not about being poor

yes. all of that area get flooded. if your property is not flooded access roads become impassable.

jeffdaniel:


Please what part of lagos/ibadan express is isheri North?

Also see the attached map. Is this area inclusive?