PresidentBuhari:
On paper Nigeria is broke but the majority of cash held by Nigerian elites and crooks accounts far more than the reserves on paper.
Some Nigerians hold $2 Billion, $500m, $700m in cash with banks. Most of the funds are from embezzlement, the majority is poor which is what matters.
On the other hand lack of basic, social and infrastructural amenities is what makes Nigeria poor.
There are many countries in the world even the UK where everyone can survive with £5 per day on just food due to the basics is freely available. On no account can everyone survives on £5 a day in Nigeria, though people do but it's bottleneck survival.

Lazyyouth4u:


I think you may be confused. £5 a day in Nigeria is more valuable than £5 a day in the UK. In Naija, that’s close to 100k monthly na. Way higher than minimum wage. Many people are doing okay on that salary.

In the UK, you are dirt poor and probably a homeless guy if you live on £150 pounds a month.

Lazyyouth4u:


I think you may be confused. £5 a day in Nigeria is more valuable than £5 a day in the UK. In Naija, that’s close to 100k monthly na. Way higher than minimum wage. Many people are doing okay on that salary.

In the UK, you are dirt poor and probably a homeless guy if you live on £150 pounds a month.

PresidentBuhari:
£5 in the UK is more valuable than £5 in Nigeria, only someone who has spent reasonable amount of time or lives in the UK and have lived in Nigeria can confirm this, I can't go into more details so to leave room for your inquiry.

An ideal society is built to cater for all class of people and that is why countries like the UK always seem attractive.

Lazyyouth4u:


And you are assuming that I am not speaking from experience?

Oga if you are making £150 a month in the UK, you are royally fuked. You can’t even get anywhere to live on that pitiful amount. You will be living on the streets. Even if na only for food, what foods will you be eating with that money three times a day?

In Naija, people are raising families with 100k monthly salary which is the NGN equivalent.

NL1960:


Oga Emma, you can do whatever you like with your properties. It is your right. We are all humans . I think a tenant that pays promptly should not be given quit notice just because you want to make more money from a new tenant. You have said this same thing before coupled with saying that a prosoective tenant whose wife is not working cannot rent your property.

You are well respected here and i have been following you since SMN days. I think you should relax some of these your conditions.

Tenants on my street have invested so much into the street in terms of security, street lights, maintenance, generator for the street light. So imagine after 5 years, a tenant who has been prompt in rent payment is told by a landlord to vacate because he has 5 years principle on his properties. Is that capitalism or cult?.

PresidentBuhari:
If you are living in the UK there won't be need to argue about it. The UK grocery market caters for all class, food is basic and luxury at the same time. The foods purchased at Tesco has same quality control with the foods at Waitrose.

A 500ml bottle of water costs £3 at M&S while 1 litre bottle of water (double the size ) costs 0.25 at Asda.
Nobody and I mean nobody can survive on a £150 per month in the UK. Even if you eat £1 worth of meals a day. When there’s rent, electricity, transport and phone bills at the minimum to be paid. The UK is very expensive

PresidentBuhari:
If you are living in the UK there won't be need to argue about it. The UK grocery market caters for all class, food is basic and luxury at the same time. The foods purchased at Tesco has same quality control with the foods at Waitrose.

A 500ml bottle of water costs £3 at M&S while 1 litre bottle of water (double the size ) costs 0.25 at Asda.

Lazyyouth4u:


You are not making sense. Where will the person now live? How will he pay for heat, light and water bill? Transport fare nko? I won’t argue with you jare.

ositadima1:


People live in there vehicles if u have one lol, if you are down on ur luck you can manage train stations, use public gym for baths. Life goes on, if you know your way, u can get free food, dumpster diving. Free clothes too, some religious organizations like caritas give very good clothes and shoes. Lol, d shit some people go through to live abroad eh

Lazyyouth4u:


And you are assuming that I am not speaking from experience?

Oga if you are making £150 a month in the UK, you are royally fuked. You can’t even get anywhere to live on that pitiful amount. You will be living on the streets. Even if na only for food, what foods will you be eating with that money three times a day?

In Naija, people are raising families with 100k monthly salary which is the NGN equivalent.

ositadima1:


People live in there vehicles if u have one lol, if you are down on ur luck you can manage train stations, use public gym for baths. Life goes on, if you know your way, u can get free food, dumpster diving. Free clothes too, some religious organizations like caritas give very good clothes and shoes. Lol, d shit some people go through to live abroad eh

PresidentBuhari:


This was my initial post with emphasis in bold

ositadima1:


People live in thier vehicles if u have one lol, if you are down on ur luck you can manage train stations, use public gym for baths. Life goes on, if you know your way, u can get free food, dumpster diving. Free clothes too, some religious organizations like caritas give very good clothes and shoes. Lol, d shit some people go through to live abroad eh

maishai:


Oga Emma has dropped a Golden rule.......... Please digest before emotions................ The decision to be a good tenant is a personal decision, most at times its not even about the increment but the entitlement mentality................ personally, I have a beef with some of my co-tenant as they feel I have too much money cos i pay my rent as at when due............. There is always something that comes up when its time to pay the rent.............. I feel if one has taken time to erect a good structure in a prime location, one should take this approach, the typical tenant is a vicious animal ready to milk the last drop of his annual rent......................... I say this from experience living in rental property

I'm yet to have a rental property but when I have one I would follow this approach........... Personally one should take this approach even with the caretaker of the property, the average Nigerian has too many problems and would rather use your money to solve their problems except there is a threat of physical injury and humiliation

There are too many bad eggs spoiling it for principled persons like you and me

NL1960:


You are missing the point. Go back and read the exchanges. The issue is quitting those that pay promptly after 5 years and not quitting those that refuse to pay. If i many ask, if you are in a rentage, how many years have you spent there?.

maishai:


Oga Emma has dropped a Golden rule.......... Please digest before emotions................ The decision to be a good tenant is a personal decision, most at times its not even about the increment but the entitlement mentality................ personally, I have a beef with some of my co-tenant as they feel I have too much money cos i pay my rent as at when due............. There is always something that comes up when its time to pay the rent.............. I feel if one has taken time to erect a good structure in a prime location, one should take this approach, the typical tenant is a vicious animal ready to milk the last drop of his annual rent......................... I say this from experience living in rental property

I'm yet to have a rental property but when I have one I would follow this approach........... Personally one should take this approach even with the caretaker of the property, the average Nigerian has too many problems and would rather use your money to solve their problems except there is a threat of physical injury and humiliation

There are too many bad eggs spoiling it for principled persons like you and me

maishai:


Oga Emma has dropped a Golden rule.......... Please digest before emotions................ The decision to be a good tenant is a personal decision, most at times its not even about the increment but the entitlement mentality................ personally, I have a beef with some of my co-tenant as they feel I have too much money cos i pay my rent as at when due............. There is always something that comes up when its time to pay the rent.............. I feel if one has taken time to erect a good structure in a prime location, one should take this approach, the typical tenant is a vicious animal ready to milk the last drop of his annual rent......................... I say this from experience living in rental property

I'm yet to have a rental property but when I have one I would follow this approach........... Personally one should take this approach even with the caretaker of the property, the average Nigerian has too many problems and would rather use your money to solve their problems except there is a threat of physical injury and humiliation

There are too many bad eggs spoiling it for principled persons like you and me

ukay2:


Very Apt.

My old tennants resisted increase in my rental apartments with the new tennants.

More than 5years now, I have not increased rental fees despite bearing the maintenance of the building. I have decided not to increase the rentals, let the rental incomes keep coming and be diversifying into equities like updc-reit etc. The tennants seem to be happy to have nice landlord

The troubles of real estate investment in the country have made me not to build any other rental apartments; having discovered the easy way of doing investments in equities and fixed income Investments without headaches.

kalu61:
l'm a silent follower of this thread. I read where it all started.
We are saying the same thing. As long as the duration is stated clearly in tenancy agreement form, there is no cause for alarm. Except his lawyer wakes up every five years to issue quit notice to up to date paying tenants, then your argument is valid.
I'm not on rentage. I live in our property or house for 10 years now with other tenants.

ukay2:


Very Apt.

My old tennants resisted increase in my rental apartments with the new tennants.

More than 5years now, I have not increased rental fees despite bearing the maintenance of the building. I have decided not to increase the rentals, let the rental incomes keep coming and be diversifying into equities like updc-reit etc. The tennants seem to be happy to have nice landlord

The troubles of real estate investment in the country have made me not to build any other rental apartments; having discovered the easy way of doing investments in equities and fixed income Investments without headaches.

QuinModah:
How has the experience been like?

emmanuelewumi:



They are shareholders in your house na.

They will form Tenant Union.

Our entitlement mentality is appalling.

It is right when an employee leaves his employer, but wrong when your employer asks employees to leave his business and go and do great things for themselves

It is right when a tenant moves out of a house when his social status is elevated or can't cope with his rent, but it is wickedness when a landlord asks his tenant to quit even after giving six months notice and the landlord is ready to forego rent for another six months.



Just sell the house and use the proceeds to buy more REITs or build an investment property

QuinModah:
This popping up again, is it actually profitable? Would you advise I sell off my property and invest in it? Are there no challenges to the bolded, given the fact that, it the same real estate business.

maishai:


Oga Emma has dropped a Golden rule.......... Please digest before emotions................ The decision to be a good tenant is a personal decision, most at times its not even about the increment but the entitlement mentality................ personally, I have a beef with some of my co-tenant as they feel I have too much money cos i pay my rent as at when due............. There is always something that comes up when its time to pay the rent.............. I feel if one has taken time to erect a good structure in a prime location, one should take this approach, the typical tenant is a vicious animal ready to milk the last drop of his annual rent......................... I say this from experience living in rental property

I'm yet to have a rental property but when I have one I would follow this approach........... Personally one should take this approach even with the caretaker of the property, the average Nigerian has too many problems and would rather use your money to solve their problems except there is a threat of physical injury and humiliation

There are too many bad eggs spoiling it for principled persons like you and me

kalu61:
First, it really gave me first hand idea about state of Nigeria real estate. My brother is heavily investing in real estate and l can say, it is worth investing in if one is really.... really patient and wants to save or tie down cash.

Secondly, locating property in areas of potential value is a key factor because that's where the asset value reside. What's the city population size? Which areas are estate investors migrating to or the city expanding to?.

The property where l stay was build in 2010. I can't say about the cost of building materials then but l am very sure the 2 story buidling cost less than 25m plus land. During the lockdown before renovations was done, it was priced at 70M but was turned town.

The tenants now are capable. One flat is permanent for Winners Chapter deputy state pastor. One is a lecturer, the other Politician, another Pastor. The only issue is the Yahoo boys downstairs. Blasting music some part of the time and l can't tell how many there are in that flat. I keep seeing faces but they are cool. No problems. The Lecturer changed all the security lighs, said he loves light. the politician bought packlock for the big gate and wants security man but other tenants are not buying into that.
We have a WhatsApp group and it's all fun especially during birthdays. Good experience.

Only family people with children are given apartment. The Yahoo boys were exception, the lawyer wanted to use price to pursue them but niggars still paid

kalu61:
l'm a silent follower of this thread. I read where it all started.
We are saying the same thing. As long as the duration is stated clearly in tenancy agreement form, there is no cause for alarm. Except his lawyer wakes up every five years to issue quit notice to up to date paying tenants, then your argument is valid.
I'm not on rentage. I live in our property or house for 10 years now with other tenants.