₦airaland Forum

I did not go in search of money first, I went in search of information and knowledge.

Remember the holy book says " Wisdom is a defence".

To be continued later tonight....


Feel free to drop your comments

My first major step was information gathering..


I went on a journey to gather as much information as possible.

Lesson number 1: Don't start a business you know nothing about. Know as much as possible before you invest 1 kobo.

How did I gather information?

On the internet and from people in the industry.

I will appreciate some form of response.

Kindly type hello or Hi

Then we proceed....

Remember I still have lots of stories and valuable information to share....

Nice

A quick guide into Short Let Industry



As the name implies, short-let describes furnished apartments, flats or houses that are rented for short periods, usually daily, weekly or monthly as opposed to annual rentals in the unfurnished apartment rental market.

Short let apartments are firing shots at hotels as the big-wigs in Nigeria’s hospitality industry are losing market share to the smaller short stay ventures.

Not many people predicted that an industry as acute as the apartment and hospitality would become as economically fruitful and profound as it is now. A niche which has been carved for people who are willing to take up the challenge in its stride and run with it; it’s produced results that industry leads never anticipated.

The COVID-19 pandemic which resulted to a long closure of many establishments across the world did not topple the solid foundation of the Short let World. Rather, it improved the short lets business in Nigeria.

Low cost of the home-like short let apartment, the fear of hotel crowd and high chances of virus exposure, ability to choose the apartment of choice are top reasons short-stay apartment saw a boom in 2020, and is projected to maintain the same momentum, as compiled from BusinessDay survey.

Estimated at hundreds of millions of naira, Nigeria’s short let market is having a slice of the hospitality business in terms of the volume and value of transactions it is taking from the conventional hotels.

While data from Statista put the average occupancy rate of Nigeria hotels at 47.5 percent in March 2021, a survey by BusinessDay across three Nigeria’s busiest cities shows the average occupancy rate for short let apartments increased to 76.3 percent in March from 54.6 percent reported three years ago.

Analysts believe short let holds investment opportunity for strategic investors.

Before the COVId-19 induced growth, short-let apartments in Nigeria were already gaining grounds as the owners of the hub for short let and the biggest in the world, Airbnb ranked Nigeria in 2019 as one of the fastest-growing markets globally for Airbnb.

Described as the most affordable option for long month stays. They are seen as an alternative to hotels. Some of the property operators permit pets, just like some people would ordinarily allow in their homes.

Hello,

I'm here to share my business story. I observed that real educative threads have practically vanished here on Nairaland. And trust me I have been here for several years

These days its all about Social media gossip, politics, insecurity, bla bla bla.

So I have decided to share my practical story and hope to make it educative and interactive.



I have been actively involved in Transportation business for a while and quite a number of people know me here on Nairaland.

However I decided to take a dive into the real estate sector.

Sincerely real estate is one of the most profitable businesses in Nigeria and the reason is simple. You provide a basic need.

People must live in a house irrespective of social status, tribe or religion.

Every human being sleeps in a house on a daily basis.

Its plain and simple.

However the industry is very big and as an investor you choose what aspect of real estate business you wish tp dabble into.

After series of researc I decided to venture into the short let rental business.

Basically provide fully furnished apartments for short let.

Let the journey begin.............


Kindly push to front page:

@FOD

@dominique

@puskin

@naijacutee

Fx problem is real. It's beyond abokifx

monogram:
This thread is created to help us all get instant information about our naira debit cards spending limits. You are welcome to add yours
Based on my findings.

Zenith bank - $100
Access bank -$100
Gtb bank-$100
Union bank -$100
First bank -$100
Ecobank bank -$20
Fidelity bank -$100
Uba bank -$100
Fcmb bank -$100
Sterling bank -Will update
Stanbic bank -Will update
Polaris bank-Will update

What are the current rates?

hisexcellency34:
Aregbe is now an Abuja politician..they deliberately made him Commissioner to take his eyes off Osun state

Don't be deceived. His political structure and foot soldiers are still on ground.

Oyetola has performed well with civil servants.

However he is not in firm control of the political structure within APC. The party is not in good shape at the moment.


He is perceived as being stingy and not charismatic. Unable to "carry people along" politically

Let's not forget the "beef" with Aregbesola.

Those are the key risk factors for Oyetola. Also don't forget he doesn't know how to play politics.

Okay

Okay

Awaiting the elders

Hello

Still need it?

Creative concept

Potential markets for co living business

Students
Working Class people
NYSC Corps members
Informal sector workers within a cluster

We all know about students life. Students are generally fine with staying in hostels.

Therefore a co living space ( also called hostels) for students will be a perfect fit.

Smart entrepreneurs can set up hostels where students share rooms ( 4- 6 in a room ). With this concept the occupants share common facilities.


A hostel arangement can also work for working class individuals in cities like Lagos, Abuja, Port Harcourt etc.

Good news

Bros, free your mind and move on.

Okay o

okay

Shelter is one of the basic needs of man.

It is clearly a daily need as well.

With the rising cost of rent in Lagos , this is the time to think outside the box.

Any creative and cost effective solution will surely work.

Options like monthly payment of rents couof also be introduced to reduce the financial burden.


Look forward to your ideas, comments and suggestions.

TheEffectiveNG:
It's happening already, we've been making such arrangements in Ajah where the rentals i pretty expensive. My dear, smart entrepreneurs need to setup a website and tap into this goldmine

CC

Lalasticlala

Mynd44

Dominique

Could you shed more light?

Hezzyluv:
Disadvantages may be more den advantages

Good. What are the advantages and disadvantages?

Then we take it up from there.

I see a potential business idea here. Especially in Lagos where rent is relatively high, demand is huge and income is not so great.


What do you think?

I will be back to shed more light on this potential untapped business idea

We all know about the rising cost of rent in Lagos and other majorcities in Nigeria.

In Isolo, Lagos for example, the cost of a room in a face me I face you ( ugly) type house is from 60 to 72k per annum. However agency is 40k and agreement 40k. That's 140k minimum.


The better the house the higher the price. It keeps going up.

In more developed parts of Lagos a room selfcontained apartment could go for as high as N500,000 per annum excluding charges.

How many young upcoming adults can afford this?

The solution is co living. An arrangement where two or more people stay in an apartment in order to share or reduce rental costs.

Co-living is a residential community living model that usually offers a private bedroom, with shared common areas.

Typically, co-living referred to an arrangement where three or more non-related individuals would share a private home, but it has evolved to where large property developers are now creating apartment blocks featuring residential sharing with short-term or flexible leases. Some of the included perks could be stylishly furnished communal areas, top-of-the-range amenities, as well as services such as cleaning and security.

Co-living spaces also make it easier to meet new people and make friends.

wish you luck

Data

Still in business?

True

Educative. Wish you luck

Corolla is more expensive. Go for Honda Civic. From 2002-2005 model

Cheaper to buy.

Better fuel economy than the Corolla

Cheaper spare parts and maintainance ( don't joke with this ).

Not prone to tyre pull out

Reduced risk of theft/ vandalism

Overall you recover your money faster with a civic compared to the Corolla.

Wish you luck