@manie

This is a fantastic project. Waoh! For a little over 3million naira, you've got a bargain. God will provide for you to complete the house as you want it. I really like it! God Bless.

payless:

@manie

This is a fantastic project. Waoh! For a little over 3million naira, you've got a bargain. God will provide for you to complete the house as you want it. I really like it! God Bless.

We thank God for His grace. We are both teachers, and the project started almost 3 years ago. With 1 million to 1.5 million, the house should be completed. This picture was taken in February 2011.
 
  My son and I.

More pictures.
This is the side view of the house. There is space in front of the house for future development of a block of 4 two bed room flats.

Front view of the house.

@ manie, beautiful house with very good space in front. Please stick around and contribute to thetopic, your experience can help somebody out.

@ Kuntash. . .  @ Spyder 2

First let me explain something to you. You see we humans are all different. We have our taste, desire and we all reason differently. And just like every other human like myself, I have my own phobia.

You may think I didn't do very well when I started the house but sorry to say, you may be wrong. Before I started my house, the price of blocks was 125 for 6" & 135 to 140 for 9" block! And the price of cement was 1750 at worst! Check my early post, I bought my blocks for 133  for 9" & 123(or so) for the 6" & the cement, I got it for 1730 per bag!!!! I bet you, it was very difficult even for me to get this price. And as a matter of fact, it took me up to two days go get that price. And they even supplied the cement to my site for that amount.

Everybody that bought cement during that period bought for 1750(even those that bought up to 135 bags for their deck!)
I have my own way of negotiating, and it has always worked for me.

Now my bricklayer I paid him 280,000 to build the house to that level it was. Now let me explain some other things to you. HERE IN LAGOS
No labour can serve two bricklayers cement and 9" blocks at a go! Considering the fact that 9" blocks unlike 6" is very heavy! And again here in LAGOS
the cost of labour is 1500 at worst and bricklayer 2500 at worst(even most professional once's collect 3000). And for a days job, a bricklayer will set 80 blocks
if it is 9" for a day's job and for 6", they can set 100 blocks. And If you put 80 blocks for them to set, they will not finish it because they
count per block set. As in, if they divide one block to two, and they set them one by one, they count them as 2 not 1 because it was divided and was set twice. So when they finish for a day's job, you may be surprise to see that you still have 10 blocks to 15 blocks left out of the 80 you left them with.

 Now mathematically, if you calculate 2 bricklayers to 2 labour, for 5000 blocks(I won't involve the above method even though it is cannot be neglected in the field).
Total cash is #250,000! Now not only that. You see the gutter roof casting The same bricklayer did it and it took a total of 6 labour and 1 bricklayer working from 9am to 6/6:30pm(which is a bit more than a day's job as the bricklayer has to give them some extra money). If I was to do it without giving it as a contract to the bricklayer, they would have taken up to 5 days to finish it. Now the total of this would have cost me: @ best 36,000(as it was done by the bricklayer) or at worst 48 (if it was to be done by me).
 Then again for the foundation, it took 6 workmen and 2 bricklayers(it was a ground work. So the supply of cement to the bricklayers was very high. So you need two bricklayers to move the job!) a total of 4 days to cast my foundation considering the casting to be up to nine inches high and  1ft6" wide. Considering the size of my house! So that will be a total of 60,000.
Net total : 358,000 and of course you will/may get some discount.

Now lets consider again the set of blocks that must have remained out of the 80 block that we exaggerated they will set for 80! and don't forget that they were still the once's that cast the bottom of my soak-away pit, plastered the inside, did all my 26 lintels, cast the my 12 pillars of about 14 feet tall and my big arch that has two extra pillars. Again let us not forget that they were the same person that cast the top of my soak-away pit that has 4 pillars and 2 cross beam!!! Now again consider the quality of the job done there!

And yes I forgot to tell you that the same bricklayer came to me and was begging that I add some extra money to it after they were almost through with the work. He even told some people that he don't know what came over him to collect the job for that amount.

for 280,000 in my area -- It is mind-blowing!!! !!! !!!!

Though nobody is perfect! And I have learnt alot as well from this thread
Thanks y'all!   

@ Manie!!!
My own is that I am really happy for you!

cool

My engineer brought a quotation to me for materials and labour payments for my deck and his list and qty are bigger than my own estimates, (which will cost more money.)

1x12x12 planks 142 x 750 = N106,500
12mm rods 120 x 1400 = N168,000
16mm rods 10 x 2300 = N23,000
10mm rods 10 x 1050 = N10,500
binding wire N4500
nails N4,800
cement 80 x 1900 = N152,000
washed gravel 3 trips x 15,000 = N45,000
sharp sand 4 trips x 5,000 = N20,000
bamboo 50 x N80 = N4000
poline 50 x 230 = N11,500
labour for pouring N40,000
labour for carpenter N60,000
labour for iron benders N30,000
engineer N15,000

bringing the total to N694, 800.00

I still doubt his quantities sha, seems too much, my previous estimate gave me a total of N603k but I will still go out and buy exactly his quantities, I will keep you guys posted as per the real quantities used when the job starts. I will be watching them throughout the time they are working and will paste pictures of the progress.

@ Spyder, I believe you too must have learnt a lot from this thread!
What is that with washed gravel!!!  I like your style!!!!
Also, I noticed some of your pillars!!!! Doesn't looks like something that was
mixed 1:12:12
We learn everyday!!!!    

Peace man!
And don't forget to post me some of those beautiful pics o!
Gudluck!

You know, when a man stops learning, he gradually starts to get dead! I better learn more everyday, that was why I created this thread so it could serve me as a documented practical education series, this is just the season 1.
I wish to create a company that builds magnifiscent edifices for prospective house owners and sell/ rent those units. This knowledge I get here will be invaluable. One day in the nearest future, I will register a business name and establish a small building company, employing engineers, architects and sundry workmen. I will manage the whole outfit and give people good houses for afordable prices. That is my dream.

spyder

I dey watch you closely with the figures you have there and the total amount spent so far, if we project that to the roof another 1.5m
well na him be say you go enter Guinness book of 9ja records. ok o o   

spyder

i pray your dream happen hastily quickly without warning, as yours will also fulfill another person's dream.

olubuffett:

spyder

I dey watch you closely with the figures you have there and the total amount spent so far, if we project that to the roof another 1.5m
well na him be say you go enter Guinness book of 9ja record. ok o o

Hehehehe, Guinness book of naija records!
But seriously, we can hit that target. If the ground floor took nearly a million, the deck 700k, then the first floor will take about 500k while the roof will take about 1m or thereabouts. Maybe N3.5m will go very far to completing this house, minus the fittings.
If I get a land in Enugu for N4.5m, do this house for N3.5m and furnish it with sweet fittings with N4m (all plumbings, toiletries, tiles, electricals and kitchen fittings, windows, doors and crazy POP designs.) The total will come to N12m, I can sell for N15 or less. An average old duplex costs from N18m in Enugu while a new one starts from N20m.
I can slash prices by 25%. This will be good business.

olubuffett:

spyder

i pray your dream happen hastily quickly without warning, as yours will also fulfill another person's dream.

Amen, I really love solving problems. I like the look on my tenants faces when they check out a property I want to rent. I wish I make home owners as happy as that.

spyder

That will be good, but what of other part of the country places like lagos and abuja where cost are high.

olubuffett:

spyder

That will be good, but what of other part of the country places like lagos and abuja where cost are high.

Lagos is still the business capital of Nigeria and the destination of choice for high-end transactions, Abuja on the other hand was built to be expensive, but the property market is still juicy. But one needs to build up from the ground, like to do a few good deals in Enugu before spreading out. I have only visited Lagos less than 20 times and cannot claim to know the area very well, but can hear most Yoruba words. I will need like 6 months to study the business there, especially govt regulations and the famous 'omo oniles' as it affect the area. I know I will fit in, my experience and warm attitude plus Gods guidance will help me through.
Building is like a hobby to me, there is nothing else that interests me like watching where cement is being turned or observing the growth of a house under construction. Its not about the money, I can afford to monitor my site from afar, but I cannot resist the urge to be on site, many times before my workers arrive.

@ Manie,

Keep up the good work. Many people will be inspired by your doggedness in the pursuit of your vision.

spyder880:

You know, when a man stops learning, he gradually starts to get dead! I better learn more everyday, that was why I created this thread so it could serve me as a documented practical education series, this is just the season 1.
I wish to create a company that builds magnifiscent edifices for prospective house owners and sell/ rent those units. This knowledge I get here will be invaluable. One day in the nearest future, I will register a business name and establish a small building company, employing engineers, architects and sundry workmen. I will manage the whole outfit and give people good houses for afordable prices. That is my dream.

@ Spyder880,  I believe you are already laying the foundation for your future Real Estate Empire. What do you think of the idea of student's hostels around UNEC/ ESUT/ IMT axis?

manie:

We thank God for His grace. We are both teachers

Teachers! Teachers!! Teachers!, Respect them!

you shall complete your house in no distant time,

My mom is/was a teacher, retired 1991, after 35yrs, who became a widow about 29yrs ago with 7 kids then and the last one now 31 yrs old,------ I still wonder how manage she was able to build her house then and finished the decking,.

just recently she has embarked on a borehole project I did half way for her 2yrs ago, I am sure she has spent over 250k cos she had to do the over-head tank and service the borehole (change marine rope etc), where d pay dey come from? I sometimes wonder! even with some 4 grand kids she takes care of 100%,

Teachers really know how to save money, not to talk of how they care for their kids, I salute them with nuff respect anywhere in the world,

^^^ you have to give it up to manie and his family, on teachers salary to build that, God bless him.
the problem with most Nigeria's is that most lack proper planning hence they don't see opportunities
around them, they don't want to start small, want to live in a mansion.

in all, its fair to deduce that an average decent 3 or 4 bedroom bungalow can be finished with 4M excluding cost of land purchase in Lagos as @ today,

am I right or right?

kuntash:

Teachers! Teachers!! Teachers!,  Respect them!

you shall complete your house in no distant time,

My mom is/was a teacher, retired 1991, after 35yrs, who became a widow about 29yrs ago with 7 kids then and the last one now 31 yrs old,------ I still wonder how manage she was able to build her house then and finished the decking,.

just recently she has embarked on a borehole project I did half way for her 2yrs ago, I am sure she has spent over 250k cos she had to do the over-head tank and service the borehole (change marine rope etc),  where d pay dey come from? I sometimes wonder! even with some 4 grand kids she takes care of 100%, 

Teachers really know how to save money, not to talk of how they care for their kids,  I salute them with nuff respect anywhere in the world, 

I agree with you that teachers are very frugal. I think behind every successful man there must be a woman. If your wife aligns her self to your dreams, one will surely go places. I actually met my wife at an investment seminar.
We both play the stock market. I have been investing in the capital market since 2000, while she started in 2003.
If not for the down turn in the market, the house would have been completed since.
From the results released by quoted companies which we have shares in, we should be expecting a dividend of close to 600k. The dividend and some of our savings will be used to complete the house, by His grace.

Sagewood:

@ Spyder880,  I believe you are already laying the foundation for your future Real Estate Empire. What do you think of the idea of student's hostels around UNEC/ ESUT/ IMT axis?

I nearly built a hostel around there. It is a lucretive business, but the cost of land around that area is very expensive. When I calculated the PE ratio (will teach us about this later) I found out that I will make more money in Agbani, so I built a hostel in Agbani. Now I have collected all my money back from the Agbani unit. Na profit me dey chop from that one now.

spyder880:

I nearly built a hostel around there. It is a lucretive business, but the cost of land around that area is very expensive. When I calculated the PE ratio (will teach us about this later) I found out that I will make more money in Agbani, so I built a hostel in Agbani. Now I have collected all my money back from the Agbani unit. Na profit me dey chop from that one now.

Understanding price/ earning ratio is very important in any investment. It will prevent one from over paying for an asset or investment. That was what happened to most people that lost money in the last bear market.

All,

Please does anyone have an idea of rent for a 2 bedroom flat in the Igbo Elerin (sorry i meant Ilogbo Eremi) Area of Badagry? I have two plots of land there that i bought in 2009, and i'm thinking of building 4 flats on one plot in a bungalow sort of design while leaving the other plot empty for now.

I understand a 4 flat bungalow design will cost less to build than a block of 4 flats (1 storey).

I'm trying to learn and utilize the PE our teachers have just taught us. 

manie:

I agree with you that teachers are very frugal. I think behind every successful man there must be a woman. If your wife aligns her self to your dreams, one will surely go places. I actually met my wife at an investment seminar.
We both play the stock market. I have been investing in the capital market since 2000, while she started in 2003.
If not for the down turn in the market, the house would have been completed since.
From the results released my quoted companies which we have shares in, we should be expecting a dividend of close to 600k. The dividend and some of our savings will be used to complete the house, by His grace.

My mother was also a teacher, retired two years ago after 35 years service. My dad was a headmaster also. They taught me a lot of lessons, but my old man died too early.
I also play the stock market, but dont have much holdings as before the crash. I will still enter when I get ready.

spyder880:

@ manie, beautiful house with very good space in front. Please stick around and contribute to thetopic, your experience can help somebody out.

I dey always come to the property section, but I am more frequent at the money and stock market section.

I no too get much experience where guru like you dey. All I know is that, i try to be moderate whenever i spend money. For now i dont think it makes sense for me to spent 6 million naira on a three bed room flat. May be when i hammer, i might change my mind, but i doubt it.
Another trick is that most of my workers come from outside Lagos, that made us to save money. I dont rush my project, i did my window in December 2010, but i have been getting quotations about a year before the project. This gave me the time to get better bargains. Can you believe that i did the aluminium windows for just N 170k, transportation inclusive. Delay in doing the window, saved me 130k.
Do not give your workers the impression that you have the money to spend, if you give them the impression they will help to spend it. Make sure you do not over spend so that one can have a reasonable Pay back period.

kuntash:

in all, its fair to deduce that an average decent 3 or 4 bedroom bungalow can be finished with 4M excluding cost of land purchase in Lagos as @ today,  

am I right or right?  

I will say 4m is possible including land you just have to go far you can still get land for 200k in Epe and some part of Ikorodun

spyder880:

I also play the stock market, but dont have much holdings as before the crash. I will still enter when I get ready.

Its Good we have people of like minds here. but I must say this is the best time to build your holdings.

olubuffett:

I will say 4m is possible including land you just have to go far you can still get land for 200k in Epe and some part of Ikorodun


Its Good we have people of like minds here. but I must say this is the best time to build your holdings.

As a matter of fact, I am always invested in the market. Just that i stopped margin trading in 2008. During the bear market i bought a lots of access bank for N3 and FBN for less than N8, Nigerian breweries for N38, Oando before the 1 for 2 bonus in 2010 for N40.

manie:

I dey always come to the property section, but I am more frequent at the money and stock market section.

I no too get much experience where guru like you dey. All I know is that, i try to be moderate whenever i spend money.  For now i dont think it makes sense for me to spent 6 million naira on a three bed room flat. May be when i hammer, i might change my mind, but i doubt it.
Another trick is that most of my workers come from outside Lagos, that made us to save money. I dont rush my project, i did my window in December 2010, but i have been getting quotations about a year before the project. This gave me the time to get better bargains. Can you believe that i did the aluminium windows for just N 170k, transportation inclusive. Delay in doing the window, saved me 130k.
Do not give your workers the impression that you have the money to spend, if you give them the impression they will help to spend it. Make sure you do not over spend so that one can have  a reasonable Pay back period.

You have good points there, but waiting could turn to be more costly, my research today shows that things like cement and rods may be cheaper in two months time, but sand, gravel and wood may rise, reasons are that the road to the bush (for timber) and the road to the streams for sand and gravel will become bad when it rains heavily.
Even my cement and iron seller friend told me to wait, that he also is waiting for the rains to start before starting his house. I will make a final decision next week, but one thing is that all my decking materials cannot be bought at once, I will buy the wood first, and when the carpenters are through, I will buy the rods, the sand and cement will come last. This deck will last till 4-5 weeks from the day we start, so we shall be in the rainy season proper by then. Only my carpentter is the delay now.