Lazyyouth4u:


My Oga, most people in the country are struggling to survive. Some are lucky if they can save money for tomorrow. How can they have what you call solid assets?

Sometimes, one has to be a bit sympathetic to the plights of the common man when giving out financial advice. In my opinion, most of these tips are tailored to the less than 1% of the population that earn good salaries or run successful businesses and can afford to save or invest some disposable income. This does not apply to the average Nigerian that reads NL (though most of them go dey form billionaire dorobucci but that na story for another day ).

It may be helpful to give financial advice and tips that the common man can relate to

U dey mind my Oga Emma abi...?Na generational wealth o, Someone whose grandma has multiple rental apartments....He isn't starting from the scratch.

Infact investment ideas and what have u is a congenitally acquired thing.
Imagine how the man dey dish out business ideas flawlessly ,u think say na recently acquired knowledge?

Lazyyouth4u:


You cannot buy a good apartment in a prime location in Lagos with less than 20m. No matter what anyone says to you. It is impossible!

You can,
I got a 17m offer during beginning of lockdown last year for 17m and even to pay in installments.
It was on the island and I think was a 3 bedroom flat in a block of flats.
I think I mentioned it here self and funny enough the realtor never stopped calling and she was already serving me her pussy as a bonus if I had bought the property.

Lazyyouth4u:


You cannot buy a good apartment in a prime location in Lagos with less than 20m. No matter what anyone says to you. It is impossible!

Nothing is impossible ooooo. Just have your cash and pray for grace/favour.

A property a block of 4, 3 bedroom flat worth N40 million was sold for N25 million, because the owner was relocating to Canada and needed cash immediately. Very possible he spent less than N10 million when he built the house.

If you are liquid, you can always get opportunities.

UPDC is also selling their apartments around Festac for roughly N20 million

ahiboilandgas:
that should be the cost then ....it might be over price by 4m ....is it partly furnished or come with added attraction like estate swimming pool , gardens ,gated community ....i think around Ikejia G.r.a near that police college or Maryland it can get 750 to 1m to 1 bedroom...

Just partly furnished around Allen.

LagosInter:


Yes sir, it varies depending on the precise location or how neat the apartment is.

Some are as high as N1 million per annum

LagosInter:


I will be staying there like 10 months in a year

That means you are not married. A family man can't stay in a bedroom apartment

emmanuelewumi:



That means you are no married. A family man can't stay in a bedroom apartment

Yes, not yet.

I used to do tbills, but since rates reduced, I have no interest there anymore.

LagosInter:


Just partly furnished around Allen.

am not a fan of rental property sha especially the once that have been over priced or has slow growth potential...or the once built for profit already... I luv developing area with growth rate above fixed income rate....200 percent on 5 years type ...so if it was me i will fix the 17m on a fgn bond at 12 to generate 2m yearly and pay the rent of 600k to the Landlord...i will also keep 1m yearly to equate the potential increase in the value of the property so when am exiting Lagos in 2031 I will have 10m +17m=27m liquid the propety will not move to 27m by 2031....zero headaches

LagosInter:


That's why I was thinking about the one bedroom apartment in Ikeja, I saw some advertised at 17-19m.

Just be careful sha when buying apartments. There are usually monthly/annual fees charged by the building management for the upkeep of the building as well as security and maintenance. And these charges can be substantial.

Also, bear in mind that in Naija (currently), apartments are not as liquid as standalone houses when you decide to sell so they don’t appreciate that much in price compared to standalone houses. When people hammer, na house them wan buy o. Not flat

If you have a good source of income and just want to be living there, it may not be that bad. But do a quick math first. If you decided to rent a nice one bedroom apartment for yourself in that area instead, how much would it cost you annually? Probably much cheaper than 1m

If it is for rental income, can you find a tenant that will pay you up to 2m (for a one bedroom flat) plus the service charges of the building? Probably not. You may just be better off keeping that money in FGN bonds

ahiboilandgas:
am not a fan of rental property sha especially the once that have been over priced or has slow growth potential...or the once built for profit already... I luv developing area with growth rate above fixed income rate....200 percent on 5 years type ...so if it was me i will fix the 17m on a fgn bond at 12 to generate 2m yearly and pay the rent of 600k to the Landlord...i will also keep 1m yearly to equate the potential increase in the value of the property so when am exiting Lagos in 2031 I will have 10m +17m=27m liquid the propety will not move to 27m by 2031....zero headaches

You can't get FG bonds at 12% now, but you can get from 8% to 10%..

You will have more than N30 million in 2031. You didn't calculate the interest on the N1 million you are keeping by the side every year

The guy want to answer landlord ni, he go hear am soon.

If he must invest in that property, he must have a minimum of another N10 million left with him in liquid cash.

emmanuelewumi:



You can't get FG bonds at 12% now, but you can get from 8% to 10%.

The guy want to answer landlord ni, he go hear am soon.

If he must invest in that property, he must have a minimum of another N10 million left with him in liquid cash.

with rate on the upward swing...u can..

CircleOfWilis:
U dey mind my Oga Emma abi...?Na generational wealth o, Someone who his grandma has multiple rental apartments....He isn't starting from scratch.

Infact investment ideas and what have u is a congenitally acquired thing.
Imagine how the man dey dish business ideas flawlessly ,u think say na recently acquired knowledge?

amYou forgot to add the school business from the father.

emmanuelewumi:



That means you are not married. A family man can'tan't stay in a bedroom apartment

Says who? Those staying in Face-me-I-slap-you are what?

ahiboilandgas:
am not a fan of rental property sha especially the once that have been over priced or has slow growth potential...or the once built for profit already... I luv developing area with growth rate above fixed income rate....200 percent on 5 years type ...so if it was me i will fix the 17m on a fgn bond at 12 to generate 2m yearly and pay the rent of 600k to the Landlord...i will also keep 1m yearly to equate the potential increase in the value of the property so when am exiting Lagos in 2031 I will have 10m +17m=27m liquid the propety will not move to 27m by 2031....zero headaches

Badagry, Epe, Ijaniki

emmanuelewumi:



You can't get FG bonds at 12% now, but you can get from 8% to 10%..

You will have more than N30 million in 2031. You didn't calculate the interest on the N1 million you are keeping by the side every year

The guy want to answer landlord ni, he go hear am soon.
If he must invest in that property, he must have a minimum of another N10 million left with him in liquid cash.

How?
If you have paying tenants who work in banks, audit firms, or multinationals he would get his profit in less than 5 yrs

lavylilly:
How?
If you have paying tenants who work in banks, audit firms, or multinationals he would get his profit in less than 5 yrs

People are on 60% or lower pay for the past 10 months.

Real Estate might not be the best alternative for a cash flow Investor at this point in time. With my due diligence, I am currently operating at 70% capacity as per expected income. The income are even coming in arrears instead of advance, but better than others.

I am better off with cash flow from SFS REIT and UPDC REIT than from rental income.

Dear ositadima1,

Kindly be informed that the Central Bank of Nigeria (CBN) has directed all banks to close accounts of persons and/or entities transacting in or operating crypto currency exchanges with immediate effect. This follows an earlier circular issued by the CBN in January 12, 2017 which cautioned the public and financial/non-financial institutions on risks associated with transacting in crypto currencies.

In line with this directive, any FCMB account identified as transacting in or operating crypto currency exchanges will be closed accordingly.

For more information, please send an email to customerservice@fcmb.com.


Thank you for choosing FCMB.

lavylilly:
Badagry, Epe, Ijaniki

i no dey for omonile ...

ositadima1:
Dear ositadima1,

Kindly be informed that the Central Bank of Nigeria (CBN) has directed all banks to close accounts of persons and/or entities transacting in or operating crypto currency exchanges with immediate effect. This follows an earlier circular issued by the CBN in January 12, 2017 which cautioned the public and financial/non-financial institutions on risks associated with transacting in crypto currencies.

In line with this directive, any FCMB account identified as transacting in or operating crypto currency exchanges will be closed accordingly.

For more information, please send an email to customerservice@fcmb.com.


Thank you for choosing FCMB.

use P2P

ahiboilandgas:
i no dey for omonile ...

so where do you suggest?

lavylilly:
use P2P

They have facilitated scammers. If u use P2P without a solid escrow, u are on ur own.

lavylilly:
so where do you suggest?

out side where omonile operates in Nigeria ..if u have strength then it ok. I can't be paying some nusaince...development fees ,foundation fees ,beer fees as a investor...

ahiboilandgas:
out side where omonile operates in Nigeria ..if u have strength then it ok. I can't be paying some nusaince...development fees ,foundation fees ,beer fees as a investor...

Oga! E get where omoonile no dey for Nigeria, even when you buy a new property in Lagos, you go buy Baale drink, drop something for boys wey dey help you watch the place.

ositadima1:


They have facilitated scammers. If u use P2P without a solid escrow, u are on ur own.

This is not true, I have used P2P countless times since the ban.

yazga:
Oga! E get where omoonile no dey for Nigeria, even when you buy a new property in Lagos, you go buy Baale drink, drop something for boys wey dey help you watch the place.

That’s why some people pay more to buy in estates. Let the estate management deal with the omoonile wahala.

emmanuelewumi:



People are on 60% or lower pay for the past 10 months.

Real Estate might not be the best alternative for a cash flow Investor at this point in time. With my due diligence, I am currently operating at 70% capacity as per expected income. The income are even coming in arrears instead of advance, but better than others.

I am better off with cash flow from SFS REIT and UPDC REIT than from rental income.

Boss, maybe you are operating at 70% capacity because you dey find tenants wey husband and wife dey work

Relax this requirement to one spouse and you may just hit 100% in no time. Correct employers are still paying 100% pre-Covid salaries o

emmanuelewumi:



That means you are not married. A family man can't stay in a bedroom apartment

Why not sir? Husband and wife in the room then one or two kids for parlour. Kids even like it sef. Dem go watch tv and play game wella till momo

emmanuelewumi:



Nothing is impossible ooooo. Just have your cash and pray for grace/favour.

A property a block of 4, 3 bedroom flat worth N40 million was sold for N25 million, because the owner was relocating to Canada and needed cash immediately. Very possible he spent less than N10 million when he built the house.

If you are liquid, you can always get opportunities.

UPDC is also selling their apartments around Festac for roughly N20 million

You are right but in my opinion, Festac area is not a prime location. Are people paying for those UPDC apartments? Are they sold out?

emmanuelewumi:



People are on 60% or lower pay for the past 10 months.

Real Estate might not be the best alternative for a cash flow Investor at this point in time. With my due diligence, I am currently operating at 70% capacity as per expected income. The income are even coming in arrears instead of advance, but better than others.

I am better off with cash flow from SFS REIT and UPDC REIT than from rental income.

Pls how do u invest in the SFS REIT and UPDC REIT ?? and what are their advantages over rental property income ?? . Thanks

Donbrig:
You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

Are these amounts location specific?. What if i live in a city like Benin, Ibadan, Ilorin etc that is not that expensive?.

Donbrig:
You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

I need to go and show this post to my village people that has been classifying me among the rich and wealthy in the country and to all those that have been telling me that they are rich and wealthy.

emmanuelewumi:



Nothing is impossible ooooo. Just have your cash and pray for grace/favour.

A property a block of 4, 3 bedroom flat worth N40 million was sold for N25 million, because the owner was relocating to Canada and needed cash immediately. Very possible he spent less than N10 million when he built the house.

If you are liquid, you can always get opportunities.

UPDC is also selling their apartments around Festac for roughly N20 million

Do you have the details of how I can get the bolded, contact or Link