As an investor in the real estate industry in Nigeria, I must say Lekki gardens has picked up itself from the ground after such a horrible event that went on for a very long time. I guess they have learnt their lessons but most especially to all the investors in the industry what lessons have you learnt.

Basically don't let your self get burnt by any real estate deal without doing what needs to be done.
There is a lot to offer from real estate investment so just visit my thread https://www.nairaland.com/3126173/garden-city-greater-port-harcourt and fill free to read and add any form of wisdom that we need to know in the real estate industry.

No one knows it all



A few current property analysis question that should be asked and researched before buying any investment property in the Garden City of Port Harcourt


Q 1: What documents does the property have currently in existence... C of O or Deed of Assignment? Very important!!!

Q 2: What are the companies, schools and firms that are within the location and what plans of development is in place for it?

Q 3: Is there a high or low demand for these kind of property that you intend to buy?

Q 4: Is the Property above or below current market price within that vicinity? based on properties currently sold and not just based on a quantity survey alone, which should only be considered as a guide not the true value.

To take away the emotional or hyped way of buying properties, firstly secure yourself from scams and error with the first question.
Then consider the geographical location and demography of the surrounding vicinity where the property is, these will give you an idea of the type of property that's in high demand (always rented out).

Pricing is also important so as to buy at a good market price (best if it's below the market price). But it shouldn't come first rather Its more of an attention grabber. But still get it at the right price if its a very good deal.

My 2 kobo opinion, please add yours

BEST PRICED INVESTMENT PROPERTY IN THE HEART OF PORT HACOURT CITY

Six one bedroom flats(6 flats fully accommodated)
Fenced with installed borehole.
Currently rented@ N 250,000 per apartment.
Available Documents : DEED OF CONVEYANCE.
Current rent can be transferred to new landlord if bought within this month.
Located at Ada George axis.

Plot size, 432m²

Now the price is .... N 12,000,000 only
Return on Investment.... N 1,500,000 (12.5%) considered to be a good return.
Area has a growing population with a growing property cost and rental rate between 15-25% annually

babestell:
I tried calling this number a couple of times. It never went through

Hello Babestell, I can be reached via (07012291228) not "080". Let me know how I can also reach you through this thread, so that we can discuss on it. I tried sending you a mail through this forum but don't know if you received it.

A few Guidelines

Realise your Dream of Investing in Property

It must be a daunting prospect for a young person nowadays to start investing in property. Nevertheless, one should not limit yourself to alternative investments if you cannot immediately afford a deposit on a property, or if you do not qualify for a loan. There are important “building blocks” to be followed in making this prospect achievable.

Someone once said "You can only create investment options if you are successful in saving money"... but I'll also add that you can do nothing in property investment, with all of your desire, all your knowledge, with your little or large paycheck if you already don't have a savings target to investments purpose. In this current situation pressing the country, many must have noticed that everyone is trying harder to get money from your pockets without asking you for it, from all your gsm operators down to your savings account. (currently to save money in the banks will cost you more than the usual) but the watchword to know is saving with a purpose.

"Be creative, make better use of available time, and look for opportunities to exercise your passions and skills"... Many of us must have heard of the term "job security" but from the large downsizing rate of staffs seen going on in the Oil Firms and Servicing companies worldwide since the drop of Oil price to $27 and how Nigerian banks are at it also. Your basic salary gotten from job security is nothing but a false security". One of the principles to follow as an investor is to try as much as possible to generate more income streams for yourself that can match and surpass your current income.

"Read Read Read"... As much as you can, its important that you keep yourself at the edge of real estate information locally and internationally. Even if your passion is just a dream away, make it a hobby, passion and habit. Whatever information you gather either in books, magazines or from other investors will one day be useful when you begin your journey in properties


This piece of information is vital for the young big thinking investors in the room. Dream big! and don't ever limit your capability but it is also good to know that "there is nothing wrong with starting small". This will make your goal much more achievable, it could reduce your risk, enlarge your potential tenant market, etc. Forget about higher priced properties at first. Do not make the mistake by thinking that you need millions of Naira to enter the property market. Do not feel bound to rather invest your available money in other investment products than property, only because your vision is limited to the large or expensive picture. only bear in mind that there is always a way around the problem you encounter, you just have to start looking for the solution.

babestell:
I tried calling this number a couple of times. It never went through

you can send me a text and I'll get back to you, I believe it must have been network issue. or send me a mail at 3ripple@gmail.com

Yes that's a question that has been on my mind for a long time, firstly the banks don't give out mortgage plans for more than 8 years, the last time I checked most were requesting for a maximum of 5years.
The areas where these can be made popular (as in over 5 years)is when there is a developer backing up the property that has partnered with the banks to build the property. I still stand corrected but I believe the banks aren't really there for our interest rather theirs.

A second factor would be the interest rate comparison with income or salary scale of an individual. We are in a country were banks charge an interest rate of over 20% annually, it will take as little as 5 years to give the banks over 100% profit of the initial housing cost, so, I don't believe they believe a mortgage plan of 10, 15 or 20 years will benefit them if they extend the years as we have a very very very very... low salary scheme in Nigeria. It only puts more pressure on people of low income. I could tell you more reasons but it solves nothing so let me just say we need great minds.

But I do know that the Federal Mortgage Bank of Nigeria (FMBN) issues out loans of over 20 years sometimes 30 depending on your current and retirement age at an interest rate of 6%. Yep! very true 6%. As of last year, It was 6% only but there is a catch to it because it was created to enable civil servants own properties. There are detailed procedures for individuals working for private establishments but its best to visit them to understand their terms but take note that it could take a while for your approvals.

But hopefully other solutions could arise as we keep thinking of ways to solve this problems

A few current property analysis question that should be asked and researched before buying any investment property in the Garden City of Port Harcourt


Q 1: What documents does the property have currently in existence... C of O or Deed of Assignment? Very important!!!

Q 2: What are the companies, schools and firms that are within the location and what plans of development is in place for it?

Q 3: Is there a high or low demand for these kind of property that you intend to buy?

Q 4: Is the Property above or below current market price within that vicinity? based on properties currently sold and not just based on a quantity survey alone, which should only be considered as a guide not the true value.

To take away the emotional or hyped way of buying properties, firstly secure yourself from scams and error with the first question.
Then consider the geographical location and demography of the surrounding vicinity where the property is, these will give you an idea of the type of property that's in high demand (always rented out).

Pricing is also important so as to buy at a good market price (best if it's below the market price). But it shouldn't come first rather Its more of an attention grabber. But still get it at the right price if its a very good deal.

My 2 kobo opinion

babestell:


Hi just logged in to see this. The first option interests me. Can we discuss on it

Hello, sure we can discuss further on these properties, so as not to mix up things on these thread... go to this link https://www.nairaland.com/3126173/garden-city-greater-port-harcourt

Property for sale in port harcourt city.

10 studio flats along Aka road off wimpy road port harcourt.
Fully rented out to tenants with rental of 2016 to be paid directly to new owner accounts when purchased.
land is over 600msq with certificate being a deed of assignment.

Road leads to Saipem Construction Coy, Eagle cement, Nigerian Navy quarters.

Price of the property is N 10,000,000 only. (Rent for this year will be over N 1,300,000)

Contact 07012291228

babestell:


Hi I live in Portharcourt too. what other investment properties are there

Hello babestell, there are a few good investment properties in Portharcourt, it only boils down to the question on 'what exactly are you looking for'? From the list I have been privileged to come across, I'll mention a few that should pick your interest if your looking for an investment property.

1: Property along Aka road by Saipem, near Master Energy. Its a 10 unit studio rooms (self contain) completely finished and rented out already (current rent for the year goes directly to buyers account.) Its on a two plot of land, ownership certificate is a deed of assignment. Entire property goes for N 10,000,000.00 Only

2: There is also private hostel for sale right beside the the university that's also available but the project is a Lagos project @N 2,500,000.00 per Unit.

Others are commercial properties but more on a larger scale investment.

Like I said earlier buying a property all depends on what your looking for, Short/Long term Investment, Commercial Investment, Land Banking etc..
It makes investing much safer, easier and profitable when you know what you want