Alagba in Ogbomosho is about 330 years, if you wonder how it's age was known, it might interest you that it was brought to the palace by Soun Ikumoyede Ajao, the third Soun of Ogbomoso. Soun Ikumoyede Ajao was reportedly born in the late 16th century and reigned since 1770 to 1791. But since there was no organized system of keeping records, it escaped the attention of Google and Guinness book of record.

Do you know that the most expensive item in building a house of One's dream is the cost of land, once you've crossed that hurdle, you know you're already a landlord and bit by bit you can complete that home in a matter of time.
Do you also know that with as low as #600,000 yes you heard me *six hundred thousand Naira* you can acquire a plot of land in the most developing place in the city of Lagos Ibeju Lekki, the home to developmental projects like;
Dangote refinery, Deep sea port,
The new international airport,
LA campaigne Tropicana beach resort,
Lekki free trade zone, Power oil,
Kellogg's etc. Just to mention a few, and guess what these plots are free from any government encumbrances which gives you the investor the peace of mind. Hurry take that step today and starve your doubts to death.
Remember the opportunity won't be available forever.
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1. *It’s as Safe as Houses*
Property value tends to increase without the volatility of the share market which makes it an all-round safer investment.

2. *It Doesn’t Need Specialist Knowledge*
It is easier to research than stock and shares. Understanding the stock market requires a lot of education as well as research brokers and fund managers to help.

3. *Technology Has Made Things Much Easier*
There’s so much technology readily available to real estate investors, that you can easily manage a portfolio of properties without really needing to leave your home all the time.

4. *It’s a Remarkably Flexible Investment*
With property, regardless of your financial aims you are mostly able to find an investment strategy that works for you. There’s the long-term capital growth strategy where in the long-term the property purchased delivers capital gain (provided the right area with correct supply/demand ratio and demographics is selected).

5 *Full Control*
For property investments, once you’re done paying for the property and settling legal requirements, you directly own the asset and have virtually complete control over it. You can directly influence the asset worth (by adding value to it) and cash flow (e.g. by raising rent).

6. *There’s an Investment for Every Budget*
The only thing required is for your income flow to be stable enough to support payments in installments till you fully own the property. If you buy smartly, you can even expect equivalent or better growth on these affordable assets than more expensive assets.

7. *A Few Years from Now You’ll Wish You Did*
This is why if you start today and invest smartly, you’ll be patting yourself on the back a couple of years from now for a job well done.
So, as you begin a new phase, choose Real Estate investment.

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*Advantages of buying from Real estate companies instead of Omo-onile*

* Real estate developers give you the advantage of paying on installment. Up to 6 months or even more in some cases. You can't try that with Omonile. They take their money outright.

* Real estate companies gives you the advantage of buying while you wait. i.e you can buy now and develop in ten years in as much as you clear the area regularly.

* Real estate companies perfect titles. Wetin concern Omonile with title...OYO

* Land may be cheap when you buy from omo Onile but the trouble you face after full payment of the land is *unquantifiable*

* You don't pay developmental levy when you buy from omo Onile, but the type of trouble they cause when you want to start building is not small and as a matter of fact you might even spend double the price you bought the land

Honestly I won't advice my enemies to buy from Omo Onile, let alone my friends!

To get lovely affordable lands within gated and nice estates plots you can reach out to me on +2348036152592

Forget fancy-pants calculus.
The most important math is the stuff you learned in fourth grade.
How do you know if an income property (rental property) is a good investment?
In this article, I’m going to share three formulas I use when I’m analyzing rental properties.
Formula #1: The One Percent Rule
Start with The One Percent Rule​: Does the monthly rent equal one percent of the purchase
price​ or more?
■ A $100,000 property should rent for at least $1,000 per month
■ A $200,000 property should rent for at least $2,000 per month
■ A $300,000 property should rent for at least $3,000 per month
If the property meets (or almost meets) the One Percent Rule, it merits further consideration.
Otherwise, ignore the property and move on.
Note:​ When I say “purchase price,” I’m referring to total acquisition cost, which includes upfront
repairs ​to make it rent-ready.
You might buy a $245,000 home that needs $100,000 in immediate repairs, which is why it
doesn’t make sense to only count the sales price of the home.
Should All Properties Get Measured by the Same Yardstick?
Some investors believe that One Percent is too lenient. These investors shoot for the “Two
Percent Rule,” which means they collect $2,000 per month in gross rent for every $100,000 of
house.
Those types of properties tend to exist in high-risk neighborhoods. There’s a tradeoff between
risk and reward.
Properties are classified as Class A, B, C, or “War Zone”:
■ Class A:​ High-quality-tenants; safe neighborhoods; low turnover and vacancy.
■ Class B: ​Mid-quality-tenants; moderate neighborhoods; some turnover and
vacancy.
■ Class C:​ Low-quality-tenants; crime-plagued neighborhoods; high turnover and
vacancy.
■ War Zone:​ Terrifying.
Class A properties should meet the one percent rule. Class C properties should meet the Two
Percent Rule. Avoid War Zones unless you’re a seasoned professional.
Example:
Excellentville is a stable neighborhood with high rental demand. Most tenants have high
incomes, stables jobs and perfect credit. Many are saving for their own home, or choose to rent
so their career/romance opportunities can remain flexible.
The tenant risk is lower, so your returns will also be lower. Look for the One Percent Rule here.
CrapTown, in contrast, holds a high crime rate. Most tenants have bad credit and bankruptcies;
many bounce from job-to-job every few months. Many houses are vandalized and robbed.
The tenant risk is higher, so your returns should also be higher. Demand at least the Two
Percent Rule in these areas.
Why Use the One Percent Rule?
Where did the One Percent Rule come from? Why do we use it?
■ If​ a property grosses 1 percent of its value per month,
■ And​ if there are 12 months per year,
■ Then​ the property grosses 12 percent of its value per year.
(I hope you follow me so far.)
Now, let’s introduce another concept called the 50% Rule-of-Thumb. This concept says that
50% of your gross revenue will get consumed by operating overhead, such as taxes, insurance,
utilities, management, maintenance, repairs, vacancies, turnover costs, pest control,
administration, etc. This is a generalized rule, intended for a back-of-the-envelope calculation.
You won’t literally pay 50% every calendar year; you’ll enjoy years in which your repair bills are
$0. But you’ll also experience years in which you spend $50,000 replacing the roof, windows, gutters, siding, appliances, deck and flooring. As a long-term annualized average, the 50%
rule-of-thumb is the typical standard among investors.
So:
■ If​ a property grosses 12 percent of its value per year,
■ And​ approximately half of this consumed by operating overhead,
■ Then​ the property nets 6 percent of its value per year.
Still with me? Good. Okay, final step:
There are two ways that investments create returns:
■ Appreciation
■ Cash flow
Stocks, for example, create returns by rising in value (appreciation) and paying a dividend to its
shareholders (cash flow).
Real estate follows the same lead: it creates returns by rising in value (appreciation) and
creating an income stream (cash flow).
We’ve established that if the house meets the One Percent Rule, the net operating income will
be approximately 6 percent. We also know, historically, that real estate typically rises at the
level of inflation, around 3 percent.
So:
■ If​ we generate 6 percent returns via cash flow,
■ And​ we create 3 percent returns via appreciation,
■ Then​ we enjoy total return of 9 percent.
There’s one more piece of data you must consider.
The U.S. stock market historically returns 9 percent over a long-term average (1871 – 2015).
Over the past 30 years (1985 – 2015), the market returned 11 percent. Keeping this in mind:
■ If a property meets the One Percent Rule, it holds a strong chance of matching or
beating an investment in a broad market index fund.
■ If a property doesn’t meet the One Percent Rule, ask yourself: why wouldn’t you just
put that money into an index fund, instead?
A few disclaimers:
■ This is a quick back-of-the-envelope calculation. If you want to drill down into the
real meat of an investment, calculate the Cap Rate (which I explain below).
■ There are other reasons why you’d invest in real estate over an index fund; even if
total returns are comparable, real estate cash flow might be stronger than stock
dividend yield, which matters if your goal is passive income. Real estate also offers
tax benefits. Real estate also gives you the opportunity to use leverage, which may
introduce additional benefits (as well as additional risk); we discuss that in more
detail below.
■ The One Percent Rule’s strongest intention is to force you to consider whether or
not a property is worth your time. Index funds are easier and more liquid; don’t
stray from those unless you find a property that gives you a good reason to invest
your money elsewhere.
Formula #2: The Cap Rate
If a house passes the One Percent Test, I look at a measure called the capitalization rate, or “cap rate.”The cap rate measures your cash flow, relative to property value. Cap rate equals annual net
operating income divided by the acquisition price.
“Uh, what?” – Don’t worry, that sounds like gibberish to me, too (and I wrote it!) Let’s walk
through an example.
Let’s say that you’re looking at an investment property that you could rent for $1,200 per
month. First, let’s calculate the potential rent at full occupancy. This is the best-case-scenario.
Then we subtract a reasonable vacancy estimate. This gives us our “Effective Gross Rent.”
■ Potential Gross Rent:​ $1,200 per month, or $14,400 per year
■ Less Vacancies:​ ($720 per year) at a 5 percent vacancy rate
■ Effective Gross Rent:​ $13,680 per year
Next, we’ll add any other income sources that are associated with the property, such as pet fees
or coin-operated laundry income. Let’s say that this comes to $500 per year. We’ll add this to
the Effective Gross Rent, and we now have a new yardstick: the Gross Operating Income.
■ Effective Gross Rent:​ $13,680 per year
■ Plus Other Income:​ $500 per year
■ Gross Operating Income:​ $14,180
Next, we’ll subtract the operating overhead. These are the expenses associated with running the
property, such as utilities, water, trash, repairs, management and maintenance. It doesn’t
include the principal and interest on your mortgage (I’ll explain why below), but it does include
insurance and property taxes.
For the sake of example, let’s say these expenses come to $6,180 per year.
■ Gross Operating Income:​ $14,180
■ Less operating overhead:​ ($6,180 per year)
■ Net operating income (NOI): ​$8,000 per year
Congrats, you know your net operating income, also known as “NOI.”
To find the cap rate, divide $8,000 (your NOI) by the total acquisition price of the house. Let’s
assume your house cost $200,000, including closing costs and upfront repairs.
$8,000 / $200,000 = 0.04
Multiply your answer by 100 to convert it into a percentage. The $8,000 in cash flow you’re
receiving translates to a 4 percent cash flow return on your property value.
Meh. Yawn.
I’m not excited about that.
Let’s change one variable: Let’s assume you bought the house for only $100,000.
$8,000/$100,000 = 0.08, or 8 percent​.
Much better! At that rate, you’re getting cash flow that exceeds most high-dividend stocks.
Assuming the property value keeps pace with inflation (around 3 percent annually), your total
return is around 11 percent per year​, two-thirds of which come in the form of cash flow.
Properties with an excellent cap rate also meet the One Percent Rule.
Take another look at the example above:
If you buy a house for $200,000 and collect $1,200 monthly rent, you won’t meet the One
Percent Rule. But if you buy it for $100,000 and collect $1,200 monthly rent, you exceed the
One Percent Rule. Winner!
If It’s Not Worth Owning in Cash, It’s Not Worth Owning
Notice that we’re calculating “net operating income,” not “net revenue.” This sounds like an inconsequential distinction, but it carries a crucial implication: We subtract operating expenses, but not debt servicing or equity-building expenses.
That last sentence is so important that I’ll repeat it again:
Operating Overhead​ is the cost of running and maintaining the property. It’s NOT the cost of
financing the property.
Net Operating Income​ is the money leftover after you’ve paid operating overhead​. Don’t
confuse this with your cash flow (after paying the mortgage); these are not the same.
“You mean, I should exclude the mortgage from this calculation?”
Not exactly.
Mortgages consist of four parts: Principal, Interest, Taxes and Insurance. These are collectively called PITI.
When you calculate NOI, you subtract the cost of T&I (taxes and insurance), because they’re
part of your operating overhead. This is a permanent cost associated with homeownership.
Death and taxes, right?
You don’t subtract the cost of P&I (principal and interest), because these build equity and service debt, respectively. These are not operating expenses; these are temporary financing and
equity-building expenses.
“Okay, I understand not subtracting for principal repayments. But why wouldn’t you subtract the interest?”
We’re trying to evaluate the asset itself — the property — not the attractiveness of the loan.
#1:​ Let’s use an extreme example, for the sake of illustration: All properties will look terrible with a 99% interest rate. Many properties will look awesome with a 0% interest rate. We want to judge the property itself, not the strength of the financing.
#2:​ The ultimate goal is to own the properties free-and-clear. (Even if you’re a debt-hungry,
no-money-down advocate, you’ll want to pass your properties to your children and
grandchildren free-and-clear). You’ll need to ask yourself: Is this property WORTH owning in cash?
If a property isn’t worth owning in cash, it’s not worth owning.​ If it doesn’t yield at least a 7-9 percent total return (which means it needs a Cap Rate of at least 5%), you’re better off searching for a different properties that does.
First evaluate the property, then find good financing. Don’t conflate the two.
Quick Cap Rate Hack
Here’s another quick, back-of-the-envelope way to eliminate properties based on cap rate:
Multiply the cost of the property by 0.05. This is your yardstick. [You can create a yardstick with any measure. If you only want 7% Cap Rate properties, for example, multiply the cost of the house by .07.]
Then:
Step 1: ​Add the monthly operating costs.
Step 2:​ Subtract that figure from the monthly rent.
Step 3:​ Multiply the result by 11.5, which assumes two weeks per year of vacancy. (Multiply by 11, or even 10, if the property is in a high-vacancy area). Compare this to your yardstick.
If Step 3’s number is bigger than the yardstick, pursue the property. If not, drop it.
Here’s a hypothetical example:
Property:​ $125,000
Yardstick:​ $6,250 (= $125,000 x 0.05)
Step 1:​ $100 insurance + $200 taxes + $50 maintenance + $100 management + $100
miscellaneous = $550
Step 2:​ $1000 monthly rent – $550 expenses = $450 monthly net income
Step 3: ​$450 x 11.5 = $5,175 per year NOI
The number in Step 3 doesn’t measure up to the yardstick; therefore this property might not be
the best use of time and money.
(Notice also that a $125,000 house, renting for $1,000 per month, doesn’t meet the One
Percent Rule
Formula #3: The Cash-on-Cash Return
There’s one more formula that you’ll need to know, but I want you to be ultra-cautious about the
way in which you use this. This is one type of return in which you may want to limit your upside.
The formula is called cash-on-cash return​. It’s calculated as your cash flow divided by
cash-out-of-pocket.
Let’s look at an example:
I buy a house with a $20,000 downpayment. After paying all the bills (including financing), I’m
left with $3,000 per year.
$3,000 / $20,000 = 0.15, or 15 percent! Holy moly!
That’s … almost too good to be true!
This formula illustrates why real estate is so powerful: it’s one of the safest ways to leverage
your dollars. A minor investment can yield 15% – 25+% cash-on-cash returns (or more). And,
admittedly, leveraging into real estate (which is a relatively stable asset) is safer than leveraging
into stocks or small businesses.
These are also the reasons why real estate attracts a bunch of debt-loving weirdos.
No other type of investment gives the average Mom and Pop Investor access to this much
leverage. As as result, real estate attracts people who espouse a more-is-better attitude towards debt.
… “If my downpayment is zero, my returns are infinity!!!!!! Wheeee!”
Don’t be a debt-loving weirdo
Take the cash-on-cash formula with a gigantic grain of salt. (Heck, take it with a whole damn salt
shaker.) When used indiscriminately, cash-on-cash-return is a dangerous equation. It rewards
people who take out the biggest possible mortgage, without contextualizing its results relative
to risk. You don’t want to fool yourself into ignoring the inherent risks that come from six-figure
debt.
“Yeah, I have zero equity and $872,490 in debt. One vacancy, coupled with a large repair bill,
could wipe me out. I’d destroy my credit, lose my life savings and move into Cousin Joe’s
basement.
“But I’ve been an investor for four months and I haven’t hit rock-bottom yet!
“And my cash-on-cash returns are quadruple-digit!!”
There are experienced investors. And there are over-leveraged investors. But there are no
experienced, over-leveraged investors.
Eventually, the debt-loving, over-leveraged weirdos get wiped out of the game.
If you use the cash-on-cash-return formula, decide on an optimal range. You don’t want your
returns to be too high.
****
I occasionally hang out at real estate investor meetups. One afternoon, a new guy walked into
the room. He was in his mid-20’s, and he had just bought his first investment property.
“I only put down $600 of my own money!,” he boasted.
“Why’d you put down that much?,” another guy replied.
Ughhh. *Forehead slap.*
Don’t start a pissing contest about who made the smallest downpayment. “Mine issmaller than
yours!”
Nobody wants to see that.
Don’t drink the cash-on-cash Kool-Aid.
If you use the cash-on-cash-return formula, set strict parameters. Pick an optimal range, and
recognize that some returns are waaayy too high. The higher your leverage, the higher your risk
of default. This is one formula in which you can have too much of a good thing.
The Bottom Line
Of all these formulas, the One Percent Rule is the easiest and most intuitive.
Cap rate is the most comprehensive.
Cash-on-cash is great if it’s used wisely.
​ Use them all. Your success (or failure) as a real estate investor happens before you buy.

For more information about your preferred estate investment decisions, click on this link

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In the course of brokering land sale, question have often been asked by clients why they should buy from a real estate company when they could have bought cheaper from omoniles.
Well, buying Land from Omonile is like tossing your net into the ocean with blindfolds across your eyes, of course I don't say this to them but that's what it is. Now, let me explain why.
Before 1978, land owners had freehold on all their land, that means, land owners had control over their ancestral land and could sell to any buyer without the government’s consent. But theNigeria's Land Use Act of 1978 abolished all existing freehold systems.
The Land Use Act, was meant to standardize land administration systems across the country. It vested all urban land within a state in the state governor, and all non-urban land in the local governments in which they are found. Therefore, government own all land but in consideration to the ancestral owners, a system was devised where the government can excise portions of the land to the ancestral owners through a process called excision.
It is worthy to note that Lagos in particular, has a land resource management and administrative office (land bureau) in Alausa that keeps records of their land, control the municipal planning of the state and are also, the custodian of the town planning blueprints of the state.
RISKS OF BUYING LAND FROM OMONILE AND NOT FROM A REAL ESTATE COMPANY.
Invalid land ownership

Before any land is valid for sale, it should be registered with the land bureau and ascertained as not within government committed land. This is the major risk of buying from Omoniles. Most of them don’t know or bother to find out if their land falls within government committed land. If you buy such land, your investment will be forfeited and you would have lost more if you have commenced development of the land. Believe me,it's not worth the risk!
Continuous Extortion

Omoniles have a way of extorting money from people who buy land from them. They have different tactics used to forcefully get money from the people who buy land from them. Even after full payment of the land you bought, they demand for more money from you in order for you to enter your own land, they demand money for you to clear your land, money for you to start your foundation, money for house opening, money for this, money for that and you find yourself paying more than you bargained for and wondering when it will end. This will ultimately increase the cost of developing your land until it is finished and increase costs beyond your original budget. The worst part is, you do not know when they will come or how much they will request and this may disrupt your project plans, cost and timelines. I have a family friend who had to pay double for his land for no logical reason.
Disruption

When you decide to start developing your land, Omonile start making their shocking demands. Suddenly, you are no longer their friend, they become violent when you cannot fulfill their demands and disrupt or even stop you from accessing the land that you have paid for. This will not only cause delay to your building project, but cause low morale on the people working on your land or supplying you building materials. Omonile go as far as harming your vendors and the workers on site or damaging your property. With the stress, cost and erratic nature of dealing with them, how would you have peace of mind?
At risk of losing some of part of your land

Once you buy land from Omoniles, you are at their mercy. They can resell your land without apologies and you will have to beg or fight for a resolution. If they are kind enough they may reallocate to you another piece of land which is usually of lesser value than the one you paid for or less desirable and you cannot do anything about it. Even if you decide to take them to court, you will be spending a lot of your resources and time not to talk about when they go diabolic on you.
Risks of being swindled

Countless stories abound of people who bought land and later found out that those lands were not bought from the original owners. They painfully find out when they take possession of the land only to discover that they have been swindled by miscreants. What is the point of buying cheaper land when you lose all your investments and get nothing in return for all your trouble? It is better to go through a legitimate company with valid land and be certain of the source.
*Tedious to undertake alone*

While there are risks involved in buying land from Omoniles, it is not entirely impossible to buy legitimate land from them. There are still some people that have successfully purchased land from Omoniles without trouble but it is a very long and tedious process. It requires your time, money and excellent detective work to find the authentic owners of the land. First, you have to get the land documents, which can be almost impossible to see, from the custodians of the land. Many times these lands don’t have land documents which makes it an even heftier task. Also, you have to conduct a search on the land documents to authenticate the land and ascertain the validity of the land and the authentic landowners and so forth and in the course of doing this; spending so much money and time you may find out that it was not legitimate after all. Believe me, when I say, it’s not worth it! It is safer and more convenient to buy from a legitimate company. Save yourself the trouble.
No duty of care and responsibility

Duty of care can be defined as “an obligation, recognized by law, to avoid conduct fraught with unreasonable risk of danger to others” but the Omonile do not care what happens if the land becomes uninhabitable or overtaken by the government. They feel they do not owe it to you to check if the land is within government committed land or not. They do not protect your interest or care if it will favour you not, they are all about the money. If the land is in treat of an earthquake, they will sell it to you without remorse. In the local parlance, it has become, ‘ saahrah’. Do not fall victim to this, its not worth it and going to court will involve more costs, time wasted, stress, ill-will and even going diabolical.

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