Hello Everyone, i opened a thread earlier and got some great advices but there was some misunderstanding with the previous thread cause i didn't specify that the building was for investment and not for residency. We are not actually paying rent in our current building also cause it is an inheritance from my hubby's dad.

Now our tenants building is almost at a finishing stage, we have done the roofing, the plastering, wiring, bought iron doors for the outside doors remaining the interior doors. We are now left with toilet soak away, toilet seats for the whole flats, doors, etc. 1M can finish the building completely and still remain. I am considering applying for a loan, finish off the building and pay back with interest immediately. Please i need all your advice.
It is a one room and palour flat for each. They are five in number. The rent for one is N180,000 per year here. How do i go about this, please don't insult me. I have passed through a lot. At least we can pay back the loan and start earning from the next year. Thank you all, remain blessed

Please i need some advice please

Getting a loan at this stage of the project can be sensible especially if you can start earning from the building in the near future.

The issue would be getting the loan at a good rate and knowing your ability to pay back. If your bank is willing to give you these 'quick credit' loans that usually come at a fair rate, that'd be good. But it's advisable you steer clear from most MFBs and smaller loan organisations so you don't loose your house in the process

Don't try it! If you must, reserve at least 200k (from N1m) to repay your loan beginning from the first or second month. When you take a loan from a bank say in December, repayment usually begins January or February. Question is, are you sure of getting a tenant a month after completion?

If truly the value is N180k, you guys should have gotten at least 2-3 interested tenants (passerby's). Most of the time, Landlords get tenants even before a building gets to that stage. Fact that you haven't seen anyone to pay 'advance' means you should slow down.

Yes, slow down. Talk to a trusted real estate agent to get you 5 tenants. Each of them can pay at least 100k to finish all 5 apartments. If you don't get a tenant in 1-2 months, that's a sign telling you to avoid that loan.

Loans do not come cheap. The cheapest are usually not meant for everyone. You need a salary account/fixed and steady income to obtain some of the cheapest loans in town. Others with about 7-8% interest rate can wreck you. They will chop your interest at a compounding rate, and won't hesitate to sell off your structure if you consistently default.

Put a To let sign in front of the house .
If you are able to get a tenant willing to pay half the rent in cash and the rest with a Post dated cheque for say three weeks later then use the cash to get the basic things (door, Windows and toilet) in the three weeks window, hand the tenant the keys , clear cheque and complete the rest of the work for the tenant.

If you stick to the timeframe, the first tenant will bring you more tenants..Rinse and repeat.

Run from loans, if you can