Lush100:
.
Been Carson story in the US.
Might need modification.when applied in Nigeria.
I am not saying the principle is wrong or faulty .
I am saying in applying it, u should adjust it with the factors in Nigeria so u have the desired output.
That principle what I did when I was working is
I buy cheap clothes and the really durable/costly one.
For example.
I needed 5 office shirts when I was in banking.
I bought 2 very good shirts at a high price and 4 cheap.
2 suits. One cheap one costly.
And I know which days of the week I wear them.
Days we have morning meeting when we all gather, I wear the good/costly item.
Other days I wear the cheap.
I eat very cheap food at mamaput Monday to Thursday.(total cost of 100 naira)
But on Friday only, back then in abeokuta, I buy fried rice chicken at sweet sensation.
I saved over 75% of my salary back then.
Started or tried my hands on many businesses.
Lots of them messed up. Few worked so well.
Gained experience and still saved a lot.
Helping me now

Hmm different strokes I guess.
Some clothes I bought where least 3k but guess what I hardly buy new clothes because when you have original clothes that don't wash easily, you will enjoy it, I have to dash out some because it is too old and maybe short. When I bought a jean at a store for about 6k since I was referred by a friend that is was original Us stock jean and another second hand london used 4k, it looked stupid, 10k for two jeans but bro I still rock those jean till today and their color seem to ve getting brighter. The lesson is not to live expensive life but to buy long lasting things, learn long lasting skills, it's all rounder.
Although cheap things come handy when it is just for use and dispose. I agree with that part.
Although there is no manual to live life, different situations and ideologies to pick from.
peace.

Hotfreezers:


Ask your friend to tell you the truth.

A room self con in Allen - Opebi stretch usually goes for 250k.

At adeniyi jones, how far is adeniyi jones from opebi

sunday0707:
the house I'm building is about 10minutes drive to my workplace, while the place I live now is about 8 to 10 minutes drive as well though not the same area but it's the state capital

Your case seem unique and I term you lucky even though I doubt the place is Lagos. Different areas with different challenges coupled with difference in work place and location. Nice move for you but don't expect everyone to be in the same shoe like you.

stanliwise:
Hmm different strokes I guess.
Some clothes I bought where least 3k but guess what I hardly buy new clothes because when you have original clothes that don't wash easily, you will enjoy it, I have to dash out some because it is too old and maybe short. When I bought a jean at a store for about 6k since I was referred by a friend that is was original Us stock jean and another second hand london used 4k, it looked stupid, 10k for two jeans but bro I still rock those jean till today and their color seem to ve getting brighter. The lesson is not to live expensive life but to buy long lasting things, learn long lasting skills, it's all rounder.
Although cheap things come handy when it is just for use and dispose. I agree with that part.
Although there is no manual to live life, different situations and ideologies to pick from.
peace.

.

I agree with your last sentence.
Meanwhile what's the interest rate for cash-backed loan or just loans as per your signature

Hotfreezers:


Which city? Benin city or Kaduna city?

When you come to Lagos, drop all these theories at Berger before you enter Lagos.

Those who followed advice like this built in slums surrounding the city. For them to get to work is a problem. To go back home is war.

Sorry bro, Aja in lagos is it slums. If you want me to refer you to where you will get qauter a plot of land with 400k in aja I will do that.

Lush100:
.

I agree with your last sentence.
Meanwhile what's the interest rate for cash-backed loan or just loans as per your signature

whatsapp or call the number for more info

Gentlewarrior1:
Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

Oga, that house is still an asset. Can you imagine if he lost his job while staying in a rented apartment, and he was left with no money to pay the rent?

At least, by selling his personal house he has just used his asset, to raise money which can be poured into setting up a business, as well as rent.

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

You are too correct! Your analysis is spot on!

maasoap:
@Gentlewarrior1
Thanks for the insight. That has always been my opinion on becoming a house owner.
I could see that @fireback post is getting a lot of positive appraisals which is good because, that's actually what many people would do too. I know a guy who completed his house more than two years ago and he's yet to move in. And at the time, he was still casual worker. At the time, I asked why couldn't he invest those money in something else not even knowing that he wasn't going to move in quickly despite the fact that the house was ready two years ago.
When I rented my current apartment at 140k a year, people were asking me why not start my own foundation since I have land already? I simply told them that paying 140k annually on a rent was a better option for me because, for the rest of the year, I would have extra money to invest. If I start a house project now, everything else would stop, most especially, investment. House doesn't bring in money. Why not paying house rent for like five years and focus on investing the rest of your salary for that five years instead of labouring to own your own house during that same period? Your investment over a period of five years plus your paid job (if you still have that job) can build you a house in one year to your taste without stress. That's what I'm gonna do.

I hope others get to read this.

Smart move

Imagine people talking about selling property in the event that you are broke.
As if selling your house property is funny. Funny enough they will sell it lesser than its actual worth

PrimadonnaO:
Please, stop saying what you don't know. Self-con apartments in Lekki Phase One go for 500 to 700k, how much more VI!

You cannot get self-con in V/I for anything less than 850k to 1.2 million. Even in Lekki, you will not get self-con for 500k to 700k in a place like Phase 1, (except you are related to the landlord) unless you go further down Lekki-Epe expressway, past Ilasan or Jakande Estate downwards towards Ajah.

laudate:

You cannot get self-con in V/I for anything less than 850k to 1.2 million. Even in Lekki, you will not get self-con for 500k to 700k in a place like Phase 1, (except you are related to the landlord) unless you go further down Lekki-Epe expressway, past Ilasan or Jakande Estate downwards towards Ajah.

Help me tell them, please. I'm pretty sure the OP's 200k rent isn't even on the island, else he's super lucky if it is a decent place.

fireback:

Sorry bro, Aja in lagos is it slums. If you want me to refer you to where you will get qauter a plot of land with 400k in aja I will do that.

In ajah? And its not slump area....hello I doubt this 100%

Skiilashi:
When I was earning around 80k per month some years back, I rented a self con for 100k per annum around ikosi ketu. I paid my rent conveniently annually. Anything above 100k on annual rent on an 80k salary will kill u .remember there are other expenses

Now i earn allitle above 500k monthly and pay 300k annually for a mini flat.

Developing my own property somewhere around.

The funny aspect is that,at my free time,I still drive uber to make more money with my car. (Some riders wey no reach anywhere treat me badly atimes ,I maintain my cool ,collect my money and move ahead.)

Guy hustle now oh!!!!

You need a side hustle to make it quickly.

Your kind of person na wetin make me no dey ever look down on any uber guy.

fireback:

Sorry bro, Aja in lagos is it slums. If you want me to refer you to where you will get qauter a plot of land with 400k in aja I will do that.

400k for a quarter plot in Ajah, inside which part of Lagos? Where exactly will you find that one??!

ugo4u:
The rules are simple.
1) Never spend more than 10% of your income on house rent.
2) Save atleast 10% of your salary.
3) The remaining percentage can be used at your discretion.
4) Rule 1 and 2 are extremely important.

Unrealistic rules which will be utterly thrown as trash when real life conditions set in. Besides, whoever brought up those rules did so for themselves alone.

Lush100:
.Sir, where I stay, 2 of the flats the rent is 100k yearly.

In fact with prepaid meter and water.

Please in which part of Lagos do you stay exactly?

Lush100:
.It's a room and palour -modified flat.

I stayed there before moving to the bigger flat.

It's an estate opposite Adura bustop when you are heading to Kola or ait road.
And they've been taken oh.

I am debunking the claim that u cannot get a flat of less than 200k.
If I am in a pay of 80k month, my rent will be between 100 to 130 max.
Even my dad's house in a well luxurious estate , there is a very well furnished self contained room with bathroom toilet water for 150k.
Even when I was working in a bank then with good money as a new entrant with salary of 178k , I took a room of 60k per year in abeokuta.
It depends on your goal, determination and discipline.
I saved above 5m by the time I left banking (despite loosing over 3m trying my hands on various business ).
Married with wife not working sef.
It depends on how ready to discipline ur body.

I am staying in a place out of my home with less than 50k rent per annum. Though I suffered to get it

Oga, this area you described is on the outskirts of Lagos. AIT road is at Alagbado on the border with Ogun State.

If you live there and work in V/I or any part of Lagos Island, you will suffer from high traffic jams and lots of stress. You will have to leave your area at 4:30a.m, to be able to get to work for 7-8a.m.

So your advice can only work for a person who works in Ikeja, or Sango Otta, and lives in your area.

fireback:

Sorry bro, Aja in lagos is it slums. If you want me to refer you to where you will get qauter a plot of land with 400k in aja I will do that.

Oga, I'm into real estate in Lagos. I'm not an agent o, I represent buyers in all parts of Lagos. Show me where in Ajah they sell a plot for 1.6M.

Is it Ado Road, Langbasa or Badore?
Even after Ajah to Eleko, you won't see legit plot for 1.6M that you're claiming to have a plot for 400K.

Besides sef, anybody building quarter plot has no business building a house. Do you know that even if your land has a C of O, anything less than 300sqm, the person can't get Governor's Consent in Lagos? That's why their applications spend donkey years in Alausa.

laudate:

Please in which part of Lagos do you stay exactly?

Most likely Epe deep inside, Ikorodu close to Sagamu, Ayobo after Deeper Life, Badagry on way to Seme border. You know those locations that it is faster to get to Ikoyi from Osun state than it is for them to get to Ikoyi.

Hotfreezers:
Most likely Epe deep inside, Ikorodu close to Sagamu, Ayobo after Deeper Life, Badagry on way to Seme border. You know those locations that it is faster to get to Ikoyi from Osun state than it is for them to get to Ikoyi.

You are being sarcastic, right? Going to Ikoyi from Epe or Badagry or Ayobo, will take over 5 hours spent on the road, each day.

The guy actually lives in Alagbado side, on the way to Sango Otta.

laudate:

Oga, this area you described is on the outskirts of Lagos. AIT road is at Alagbado on the border with Ogun State.

If you live there and work in V/I or any part of Lagos Island, you will suffer from high traffic jams and lots of stress. You will have to leave your are at 4:30a.m, to be able to get to work for 7-8a.m.

So your advice can only work for a person who works in Ikeja, or Sango Otta, and lives in your area.

Those living in Kola and Alagbado where that guy is living is not regarded as living in Lagos.

5 years ago, 50k could give him a good house in Abeokuta. Banks are in Sapon and One Ilewo and houses in Sapon are dirt cheap. Sapon to Oke ilewo is N70 bike. He's talking about renting a house of 60k in Abeokuta and making it sound as if he's being frugal.

Let him work in Victoria Island and be living in that same Kola or Alagbado. He would be spending his salary on fuel and stress reliving drugs.

laudate:

You are being sarcastic, right? Going to Ikoyi from Epe or Badagry or Ayobo, will take over 5 hours spent on the road, each day.

The guy actually lives in Alagbado side, on the way to Sango Otta.

Those areas I mentioned are where one can see flats of 100k that the poster said he is paying.

Sir, why should someone spend 5 hours on the road daily because he wants to live cheap? Why?

The stress on that road would shorten the lifespan of that person.

Hotfreezers:
Those living in Kola and Alagbado where that guy is living is not regarded as living in Lagos.

5 years ago, 50k could give him a good house in Abeokuta. Banks are in Sapon and One Ilewo and houses in Sapon are dirt cheap. Sapon to Oke ilewo is N70 bike. He's talking about renting a house of 60k in Abeokuta and making it sound as if he's being frugal.

Let him work in Victoria Island and be living in that same Kola or Alagbado. He would be spending his salary on fuel and stress reliving drugs.

Don't mind him. Comparing rent in Abeokuta to rent in Lagos, is like comparing apples to cocoyam.

He is making it sound so simple. In Abeokuta, you will not experience one-tenth of the traffic, you go through in Lagos. Food, transport and many other things in Abeokuta, are much cheaper than in Lagos. So he was able to save his salary in the bank, while working in Abeokuta.

If he had been working in Lagos Island like you said, while living in Alagbado, he would not have been able to save much on his salary, except if his office had a staff bus to ease his transportation problems.

Hotfreezers:
Those areas I mentioned are where one can see flats of 100k that the poster said he is paying.

Sir, why should someone spend 5 hours on the road daily because he wants to live cheap? Why?

The stress on that road would shorten the lifespan of that person.

Very true! Unfortunately, many of them don't see it that way. It is not just the distance, that is a problem, but the insecurity in most areas, on the outskirts of Lagos. If you know how many stolen cars are snatched along the Epe to Ijebu-Ode road daily, you go fear!

See people, this thing is simple, u know ur living conditions n expenses more than anyone. so, do whatever rocks ur boat. As a bachelor earning 83k/month, I was living in an 80k apartment, n now 150k+/month with family living in a 150k apartment. Where I reside is a key factor in all these, so we can't really say OP must do dis or dat. Put ur contributing factors together, u alone can ascertain what's workable for u. One day, all of us go become landlords. But b4 then, me dey rock car(luxurious liabilty abi? I like am like dat). Lol. All the best sir.

obinnawhyte:

Your case seem unique and I term you lucky even though I doubt the place is Lagos. Different areas with different challenges coupled with difference in work place and location. Nice move for you but don't expect everyone to be in the same shoe like you.

Not in Lagos. Thanks

What an interesting discussion! The topic is so ideal for a phone-in programme... So many sane and unrealistic comments��������

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

ur question might be very hard to answer considering ur little explanation of the situation.
1. are you married or not? if you're married already, I think is worth it with conditions.
a. if your wife is working
b. ur wife isnt too demanding
2. Are you working and looking for another Job? if yes, then there is no problem but if no, dont try it.
let me break down for you.. I got married 3months ago and I collected my apartment 220k including the agency fee whatever. I spent almost 100k trying to make the house look better base on say ba new wife I wan bring. my salary is like 50% of yours but I have my side hustle that's fetching me almost 50k a month plus my wife is a nurse her basic salary is even more than my basic salary.
here is my analysis
ur monthly salary is 80
rent = 20k monthly
feeding = 20k monthly (at least)
transport = may be 10k monthly
utility = 10k. (Nepa, water, Tv subscriptions and mobile data)
miscellaneous= 10k.
mayb, u will be able to save 10k monthly which is not enough.
in conclusion, if you're married and ur wife is working or you're dreaming for another job, then you can take your chances. otherwise look for a small place of 80-100k. I hope you find it easy

Chigirl042:
please what's booze?

Vodka, spirit, lager, rum et el.

fireback:

I live at ojodu berger and I work in alausa ikeja. I bought my land at opic estate.

It's a good thing you've set a target for yourself and so far, you've tried to achieve that. I personally won't be in a hurry to build a house because I'm still too young to live in a spot for the rest of my life.

You work in Alausa, meaning you're a civil servant with a stable job (as Lagos state is never going to relocate or shut down). Well, you have good reasons to build at Opic estate given your sense of security on your job.

Like shares or bond, land and properties are some form of investments in my view. I buy land because I want to generate considerable interests from savings, not necessarily because I want to become a landlord. Better to be a wealthy tenant than a broke landlord, in my view. Being a landlord does not help one in saving more money in many instances. I've paid rents with interest from investment, without necessarily touching my work earnings. There's more to this thing than the Baba landlord title. The only thing I see when I look at a building is "value". If I'm getting more value than I could get from other investment instruments, then I'll give it a shot.

I have nothing against your decisions especially now that you've given out the facts, which in my view again, are thoughtful.

People dabble into matters,  without being rational. Someone said , at least 100k. You better go to work from your village. Example,  in owerri, tell me where you can get 100k house, even hostels cost more than that. That's if you can manage to live with students. Location of your work place of the job is not even considered.  When a drop cost almost 100. We don't consider security, power supply. In a bid to save, you die without laying hand on your savings. You can't be working in a village and you are here telling someone working in a city that your rent must be 20% of year income. Pls make yourself comfortable,  your life before the savings.  That's not the way people get rich . It is God that gives riches.

celeiyke:
It is financially heathy to have ur rent hanging between 70-90% of ur two months salary

Maybe you work in one interior village like that, or you carry your house from your village to the place of work.

studentofTruth:


Please, which kind of investment. I'm looking for secure and reliable ways to invest. Thank you.

I'm into transport and red oil.