Hello nairaland.
I have been at a crossroad as to which investment opportunity I can venture into in lagos.i work a 9-5 job and would love to invest and have the money work for me instead of me having to work for it.
I am thinking of getting a korope or buying a small tokunbo Corolla for Uber and letting it out on hire purchase,but am so scared of naija people.i do not know how hire purchase works that is,how much I lease out on hire purchase and for how many months and all.
Please I need sincere advice if it's a good business and how to make sure I don't get super by the person I lease out to on hire purchase.

Sir why not learning cry-to-cu-rrency trading and make cool passive income

Most drivers that accept vehicles or motorcycles for transportation intend cheating the owners of such vehicle or motorcycles. Their daily operations, activities and stories are geared towards achieving their ulterior motive: cheating the owner.

To reduce incidents of this happening,
1. Favour hire purchase over rentals.
2. Let the hirer pay some deposit (10%) which forms part of the hire purchase sum before you hand over the vehicle to begin work.
3. Let the hirer provide 2 guarantors, one of which must be a Civil servant.
4. Make sure you don't buy what you can't track. Install a tracker but don't tell the driver. This is hard in keke and bikes.
5. Ensure comprehensive insurance but don't tell the driver.
6. Hire only to young guys without family obligations.
7. Never ever give a family member even if he/she meets all the requirements.

If you can get someone who can fulfil the above obligations, at least your headache would reduce.

If you can't ensure you satisfy the above, use your money and buy local chicken to eat. At least, it's better you eat your money than someone else eating it.

If you're in Lagos. I'm in epe I'm looking for a car on hire purchase. Guarantor and initial deposit available.

I am available for a higher purchase, if you decide to venture into transportation, I stay around festac town. Have a great week bro.

erubati:
Hello nairaland.
I have been at a crossroad as to which investment opportunity I can venture into in lagos.i work a 9-5 job and would love to invest and have the money work for me instead of me having to work for it.
I am thinking of getting a korope or buying a small tokunbo Corolla for Uber and letting it out on hire purchase,but am so scared of naija people.i do not know how hire purchase works that is,how much I lease out on hire purchase and for how many months and all.
Please I need sincere advice if it's a good business and how to make sure I don't get super by the person I lease out to on hire purchase.

Take the advise on MrMcJay.

My addition to his advise is that you should not accept a deposit of less than 30%.

No matter what do not give the vehicle to a person who is related to you!

You can rent a car from NAIRAXI. Check them out https://nairaxi.ng/car-hire-in-abuja/ or https://nairaxi.ng/car-hire-in-lagos/