₦airaland Forum

K-024 by NextHome

EgunMogaji:
I plan on building my future Mai Guard house out of wood but on top of a poured concrete slab (American style, no concrete block). I think it's a perfect opportunity to finally put this allegation that Nigeria is not fit for wood structure to test.

Says who? Baba, whatever you can think of, you'll find them right here in abundance. Stop patronizing lazy men who cannot see beyond their nose. Their perceived notion is that everything is impossible or that some things are only achievable in the heavens.

There are coy that pressurize (ferment) woods around. Some are into big time export to China. Ai'rin jina lai ri abuke okere.

bebe2:
then u shud know more about lands there na,

i notice u dont like to get involved in lands attall, just building

at least first hand info from the bale or someone will help.

Sure I do know a few but I'll not or let's say cannot rely on their words as everyone is claiming superhero whereas they knew nothing.
So it's a lot of work to pick lands in that area because it's the hot cake now. Speculators and land grabbers are more serious in that zone now than before.

It's easy to get good plots but it'll require good work. Many estates are springing up fast and taking advantage of the beautiful plots by the coastal road. You may want to explore that option or buy in any of the developed towns, growing communities or beautiful landmarks at a little more for quick ROI.

The area won't be the same again next year. Mark my word.

bebe2:
Wats is dangote building?

How much do u think his staff will earn?

One needs that info to know if any investment will be worthwhile .

Dangote is building the world's largest single-train refinery. Interesting reads below:

http://www.bloomberg.com/news/articles/2016-01-14/dangote-set-to-meet-nigeria-s-fuel-needs-as-state-refineries-age

http://sunnewsonline.com/new/were-building-worlds-largest-refinery-dangote/

http://leadership.ng/business/470552/dangote-set-to-unveil-worlds-largest-single-refinery

https://www.naij.com/503558-us-will-train-dangote-oil-refinery-workers.html

Investment in such terrain is only for those who can see the light at the end of the tunnel. But what I can tell you is this project is on course. I do visit that area very often (at least twice a week) and it's moving so well.

bebe2:
Ehh,

The fear of boko boys is the beginning of wisdom. Lol

On a serious note, I don't know abuja, never been there. I left nigeria before all the abuja hype started.

Abuja don dey reach menopause. The fear of bubu is the beginning of wisdom.

A 4 unit terrace been put for sale since last year never got any good offer even at dirt cheap price.
Also, the senators are extremely cautious going by the political climate.

Better to watch for now.

Onuokwu:
Thanks Brabus. Its beginning to make more sense now @concrete in drum/paint bucket. Please clarify what you mean by tensions. Any visuals to facilitate understanding?

There's Aluminium wire which looks like binding wire but more stronger that they sell where you'll buy the fence wire. You'll run it through the top, middle and bottom to make it stand strong.

But if you're using galvanized poles for the braces, it's not necessary.

TLAX:
Brabus, Was the design concept of the Browne Mews yours?

It was a design from Phillipines but I put some fresh touches to it.

Onuokwu:
Thanks Baba Egun, i guess for a waterlogged area i need to do some casing to enable the cement set well. Is there any standard specification of distance in between posts?

3m interval. For waterlogged site, use small drum. Fill up with concrete and set your poles in it. If depth is not much you can use a paint bucket. And don't forget to use aluminum wire to tension it at the top, middle and bottom part.

Skybridge, Void section and more.

K-024 by NextHome | Rebar & Reinforcement

jaybee3:
Sent again

Seen. Responded.

jaybee3:
Thanks for looking out bro

My PA just gave you the details. The owner is just an erring client like some people here. Who builds two houses when you don't even have fund to complete one? MUMU, I guess.

Well, you'll talk to the banks when you're ready. Is it my house they're selling? No!

I'm not interested in the sales bro. You signify interest. That's the reason I'm linking you up directly with the bank.


Attack the message and not the messenger.

euromilion:
Bro Brabus,
Good points raised,but the same principles are are applied everywhere in the world,20 years ago my wife father bought house here for 88k punts then,today that house is selling for 1.4million euro,I have so many of such stories.

I know 1004 as at 20yrs ago how many people can afford it then?.Good for the old man but I don't think that he did well for 55m in 1004 after 20yrs.

Yes,am glad that you've been to my ikotun mansion,I know it's not worth it,it was purchased on my absent.Still I'll be very cautious investing in an unstable economy such Nigeria.

I thought as much. One of the things I mentioned when making good real estate decision is to check the location and ask yourself a simple question. Can I live here myself?

People will always pick the best house on the block before checking on the alternative offerings.

_________
There's someone who's building a massive block of flat (7 flats to be specific) with parking space that can barely contain my dog (just 2.8m) and he's calling people fraud. Well we are watching with interest.


Whoever will pay 500k for a rent in Nigeria wants all the comfort that comes with such.

jaybee3:
You have mail

Not yet seen.

jaybee3:
Please provide more details as i might be interested

We can take it off NL if you want

It's inside Lekki County Homes. I can link you up directly with mortgage house that will finalize the transaction.

No agency. The bank will even provide relevant assistance.

Call me for more information.

befto:
So how much are plots going for in that area now?

I honestly can't say much on land deals or transactions. I'm not a land agent or speculator.

The only thing I can talk about is the cost of building on that terrain which in most cases can survive without raft.

befto:
Interestiing. I was tempted to invest in the Lekki Free Trade Zone but some developer played me for over 4 years (with my money still with him) So I am very weary of this area. Been burnt once here so will take alot for me to go back there.

Now, Dangote is there. People with guts will swim with the Sharks. I believe you know that area will be built by people eventually.

That's where the calculated risks come.

_________
There's a Nairalander here who bought 28 plots there from another nairaland agent (a well know agent on Nairaland). The agent went back to sell some of the plots to another company. The guy (a diasporan) almost gave up but for timely intervention. We just did the needful and got our land back without conceding anything. It was non-appearance.

Oga agent, in case you're reading this. I'm the man behind your travail.

Many people are avoiding Lekki free trade zone now like plague. Meanwhile, the informed few knew what Dangote is doing will cater for more than 25,000 people which means condos, MTUs and other flats won't be a bad idea in such area.

Or do we think Dangote will start building staff residence first?

That makes more sense to me than the white elephant Badagry-Benin 10 lane expressway.

At the end of the day, the ROI is what matters.

My response in quote below.


@Brabus. you really make good points so the question is where should one invest and where and what can 30m get you?

You can invest anywhere in Nigeria so far it meets all the conditions we've been discussing above. Good location, good design, high ROI and free from all known encumbrances. You may want to ask how can I get this right? Research well. Forget the sales gimmicks "nearness to the proposed airport", "beside proposed University of XYZ", "located within area marked for urban renewal." Those are words they used to confuse you. You don't plan on what you can't control.

secondly you also mention people who made wrong investment decisions. I take it these are some of your enstranged clients? Did you not advice them when they ventured into this or were you just concerned with doing the job?

Of course yes. The success of The Reserve birth 2 other similar projects. First on the same area with the Reserve, the other is Browne Mews. Owners are in the same age group. However, one was upfront with me about what he has and what he can do and how he wants it while the other knew the Oba of Lagos, the whole builders and artisans I the whole world, the agents, the Omo oniles etc. Interestingly, the Reserve is owned by another retiree who's also a widow who wants something to fall back on since no one will be there to give help. So I designed a low maintenance house for her. The 3 builds mentioned here are all the same except for few changes made here and there but one was a bad decision because he know it all while the others came successsful.
If I had chance to build for people, I try as much as possible to chip my own advice. Atlantic View is another good example. Most people won't believe that build is a commercial/residential build because of the contemporary design. We decided to factor in mini-flats which rents for as much as 700k in the area into the build and we got 3 units. The client opened up and I gave him what can be used to maintain the luxurious edifice without change the face of the house. So it's all about been upfront and leaving speculations out of it.

I follow all your posts closely and must admit I am very impressed and will love to give you one of my projects but I tend to get conflicting messages from your posts.

In some posts you mention hot and upcoming areas for investment and in the same breath you knock these areas. Another time you advice in build to let and on the other hand you advice against that and instead talk about building to sell.

Different areas, Different uses. While the Reserve in Agungi could be let out so easily. The same can't be said of Browne Mews which is located in Lekki Scheme II. And they're both in Lekki. Even inside the same Lekki II, there are plots you dare not invest and there are plots that will give you triple your investment in a year. You get my drift now. It's not a "one size fits all"

I just think that for us learners you should try not to confuse us and stick and mentain your stance and advice as such.

Sticking and maintaining a stance is never going to work in real estate investment except you're just doing it as hobby. Everyone is building, I want to build is the mentality of most people in diaspora. I see a lot of this in the way people ask for floor plans and estimates online. And that's the reason we got so many things wrong. Worse still, some people are too lazy to do research. Do you know there's a guy who will give you a car for buying one of his flats? He's one of the trending guys now. I knew another one that will give you N1m for furnitures and lot more. Different approach, Different Result. That used to be my slogan when I was in the It sector.

Like I said above I am quite impressed with your posts and work and hope we can do business in 2017.

keep up the good work

Bro Euromilion, I don't know of any other properties you might have invested on in Nigeria but if it's the one I visited in Ikotun, I'm sorry to tell you that location doesn't worth it.

Road - 0. I'm sure you're aware big trucks can't go to that site except 5 tonnes truck.
Accessibility - fair
Space planning - below average
Neighbourhood - very unfriendly judging the way they handle issues.
Design - fair. Didn't give the neighbor any surprise. Just another 4 flat in the block.

So I really won't advice putting too much energy into this. I won't compare the location with Ibeju Lekki not to talk of UK.

I'm selling a structure built to decking level for 30m (distress sale) in Lekki. Pls tell me how that's a bad investment. Or you believe I would have spent up to 20m on land and the build?

________
The funny part some people got a good advice and decided not to make use of it. At the end they keep blaming policies, everyone and the whole world for their error.

The Reserve is another perfect case study. The reserve built btw (oct 2014 - June 2015) gave me 7.5m in rent in the first year. In few months, I'll be collecting my 2nd rent of 9m. However, there's another build like the reserve (same design but different terrain) on the same area where I built the reserve which may not generate good ROI as the reserve. You want to know the reason why? Oversabi cause am.

bebe2:
Bro, tnks for the post.

Read thru all with eyes wide open. Am beginning to realise having the cash to invest is only the beginning of the challenge.

Will slow down and take my time so as not to mistakes.

Ehhh but wetin oga brabus do you, u sure got his attention

Pls u guys shud sort things out biko,

Now you get it. Having the fund isn't the first thing but having a good plan.

Wouldn't you be happier if you can recoup your investment with good ROI within short term?

But buying land before planning the investment is like putting the cart before the horse.

euromilion:
Bros am not messing o,how many years do you think that we have left on earth?many of us don't have 50yrs left o.

Am in for real money and peace of mind too,not in Monopoly money.

We are all financial student here o,learning to make money from any legit way o.

Please guys try to convince me to invest in Nigeria with figures.I am open to learning o.

At a point in life, we will all reach menopause. The money-making skills and ability in us will reach the peak and head for a sharp decline. Not prophesying evil. It's a known fact! Whatever we do with our investment portfolio at that time is what's going to be left with us.
Big Q remains, are you investing in the future to inherit bigger problems (maintenance, litigation due to collection of rents, etc) or are you investing in the future to get a well deserved rest?

Real Life Scenario (from an ongoing build) | Browne Mews

20 years ago, a young man in his 40s decided it's time to invest in properties. He went ahead to buy into one of the 1004 flats with the hope of getting attractive rents from one of the hottest location in Nigeria as at that time. For the first decade of his investment, he was able to make some cool money from the investment until late when the property became a hideout for urchins and had to undergo renovation.

Our man is now in his 60s and out of paid employment decided to flip the 1004 flat for something better to take care of him in his old age. So, he approached me and told me, he Brabus I just sold my flat in 1004 and here's 55m what can we do with it. While our man was on point, he has diversified his investment portfolio into other sectors (oil/gas, hospitality, and even mining) and so he didn't want to gamble with the fund gotten from the sales.
Immediately, we sprung into critical thinking and ended up with a plan to build 4 unit terrace duplexes with the fund with the hope of selling at irresistible figure (N27m) per flat in a well planned and secured environment. Armed with these info, we went ahead to look for a land that do not only fit the budget but a cornered plot which is perfect for the investment. We also went ahead to explore all the cost-saving ideas to make this build successful. We are 25% gone into the build and we are getting offers already from buyers who are ready to pay 18m per unit just within 2 months of investment.

Now, isn't that a worthwhile investment? If I chose to sell at carcass, I'll be getting 100% ROI and that's about 40m profit just within 3 months. And trust me, it'll be a very easy sale.

God punish poverty! God bless critical thinking!



__________
Now, pitch this side by side with another investor who choose to build the same house in a wrong location where the foundation cost alone is over 10m, no good road, very unhealthy neighbourhood and 8 months down the line is just getting to completion of the carcass. No clear marketing plan.

OR

Another investor who choose to build 8 flats of 2 beds in a location with a view of collecting 4m rents per annum for 10 - 12 years to recoup his N55m investment. Bro, isn't that counting your eggs before they're laid? What are the assurance that the 8 flats will be fully occupied in the first 8 years. Property investment is not probability or permutation. It's a tough decision that must be taken.



Tell me who's wiser?

euromilion:
Why on earth would anyone with good financial training and opportunity to invest in USA,uk,Ireland and many other countries with massive potential want to invest in Nigeria?

I've made that mistake,but not anymore.
Check this out.
Let's say joe invested 40million in a duplex in Nigeria.
Joe was lucky enough to get a professional couple that agreed to rent off joe duplex for 500k per annum.joe felt happy,forgetting that 500k is less than $2000.

On the other hand Michael invested his 40million in uk,us or ireland in a house or apartment that could be rented for between €1000-1400per month.

Who is the intelligent investor among them?

None of them. But Michael did well. Spending 40m to get 500k is like performing a open-heart surgery without years of education and training.

However, there's more that you can achieve with 40m here bro. Ask if you don't know!

Interesting discussion ongoing here.

Bebe2, euromillion, real estate like any other endeavor, there's a right way and a wrong way to go about it.

Here's a simple recipe for disaster/failure:

Planning as you go - this is one and the biggest mistake of new investor. They buy properties because they think they got a good deal or cos it's cheap and then try to figure out what to do with it. "Should I build 10 units of mini flats or 3 units of monoplexes?" To me, that's working backward. First, you find the plan and then you find the house to fit the plan.

Don't find the strategy after you Close the deal. Have a working plan first.

____________
Thinking you'll Swim in Millions - World over, real estate is not for the faint-hearted but for the few who can see the light at the end of the tunnel. So many people are sweet-talked into making wrong investment decision by self-acclaimed real estate gurus.
These gurus don't talk about all that hard work. So you have to be smart while doing you Groundworks to factor in how to stay afloat while swimming in the ocean, you have to be willing to work, and you have to understand your risk tolerance so as to make an informed decision.

_____________
Playing Lone Ranger - Maybe this can work in a saner clime but definitely it's very unsafe in volatile environment especially one without stable policies.
You can't build a business as an investor if you're spending all your time fixing leaky faucets and putting up ceiling fans. Chances are there that you'll get too emotional along the way and end up with Point no. 4

There's a price to pay for every investment. Once you exceed the figure, you've got it all wrong.

____________
Paying too much - Just be ready for surprises. A dilapidated building in a right location will make a good investment than a nice-looking edifice in a wrong location. Many wannabe real estate investors don't think twice about taking their financial lives in their hands. Even when you choose to go for land flipping, as yourself how long do I want to do this? Are there better, cheaper or quicker ways to turn around this fund? Educate yourself before you put your family's financial security on the line.

Baba, the pics posted only form one part of the 4 way security lockset. Gbogbo aso ko la nsa loorun. One may be tempted to harm the innocent looking lock only to be shocked at the end.

Opening the door is even a major issue for we the inhabitant cos of ....

But the lockset you posted above though get as he be sha.

EgunMogaji:
Those are all puny interior door locks

Come on man, get something designed for that purpose.

How are you supposed to engage a slippery round handle in the rain?

Slippery round handle inside the house. Not outside.

The other lock is for the grille door. Think of it as a window burglar proof which can be opened and closed with 1st level security (entry barrier)

Anything more than the above, I'll rather go for laser security system. I won't put my family at higher risk while trying to protect them.

EgunMogaji:
Oga Brabus, you fall my hand.

Please change that toy lock asap unless your kitchen door is not an exterior door.

Baba carry your hand go up back.

That lock is for the grill part. I don't want welder bolt. I want something that can be locked from inside in case madam decides to open the main door as shown in the last pic above. However, the main exterior door only open from inside. I remove the handle outside.

The main exterior door has this lock in pic below. It's a double door with good locks.

peaceland:
@ Excuzeme : Thanks a lot sir, really appreciate the insight.
@ EgunMogaji : Thanks a lot sir. And thanks for the education!. You got me reading up on graphite lube which is quite good. Thanks.
@ rotecch77 : Thanks sir. Was actually referring to door locks, not padlocks. Already have padlock on the pedestrian side but I have to keep knocking for someone to open from inside the padlock/throwbolt anytime I am out, local options is to cut a small slot for the one outside to be able to unlock the padlock. That cutting is what I want to avoid by using a door lock type.
Thanks.

I guess this is what you're looking for. Had this installed in my kitchen exit door and something similar at the main gate (don't have its pics now). It doesn't have handle outside. Costs N4,500 or something when I bought it in 2013.

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