₦airaland Forum

Lazyyouth4u:
‘It is his policy that the boss or employer of the potential tenant must sign as the witness for the tenancy agreement’

I thought you said boss or employer MUST sign...Colleague and guarantor is a different ball game na. Abi goalpost don dey shift?

Abeg no mind me o. Man know thyself

Oga Emma know say he has been cornered on this issue. Na those wen no follow the issue from the beginning dey jump in to support am. Very soon, we go resurrect the working wife issue of a tenant. Anyway, na him property. Make he do wetin he wan do with am. Life goes on.

kalu61:
Don't allow anybody guilty trick you. Those who has no idea about real estate business think you are heartless but without that, you will never recover your capital. My blood brother was in a mess some 3 years ago. He gave his house to one political chieftain children in Umuahia, do you know after paying the first years, those boys stay additional 3 years and left without payment. They even threaten his life. He let go. He had to do some maintainance before renting it out.

There was an old tenant in the same house who left before the lockdown that was owing 5 years rent after staying for 10 years too. Now, he is in EFCC net for theft in his office. This made may brother to get a lawyer. Yes, l admit the lawyer is not doing much when it comes to inspecting the facility and having meetings but l don't think owning will be a problem again.

However, l think your lawyer should clearly state in the tenancy agreement that no tenant is allowed to stay above 5 years irrespective. This will help incoming tenants make good decision.

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?.

emmanuelewumi:
The best set of tenants are portfolio investors they have everything planned out, they even make provision for expected rent increase.

Someone hear uses his dividends from UPDC REIT to pay his rent

I was using my TBs interest to pay rent. I pay promptly. You are trying to dodge the issue. You initially started with those that have stayed for 5 years in respective of whether they are prompt in paying or not. Now you have changed to those not paying. Stick to one so that we know what we are discussing. A tenant that owe rent should not even stay more than a year not to talk of 5 years. If we take you up now on the tenant whose wife is not working, you will become defensive and start twisting it.

emmanuelewumi:
I have asked him thrice, if hit a jackpot of N50 million what percentage would he invest in residential real estate he has refused to answer the question.

Most of them do worst things in their personal businesses.

And i have said that property is not my thing. It is your thing. So go on and do whatever you like. Some even do 3 years. So you are one of the generous ones.

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?.

Leezah:
Na you build house for am, asking him to relax his condition, build your own and come back and say same thing,the way you dey talk, you go be like thise tenant weu no dey like to pay on time.

Did you see where i said 'i think'?. Know the meaning first before you post. Moreover, i have said that it is his property and he is very free to do what he likes with it. Nobody here is forcing him. 5 years is even too long. He should do 3 years. Afterall, he does not rent to anybody whose wife is not working which is also his right to say. As i said, life goes on. For every Oga Emma and yourself that have 5 years, there are others that have more than 5 years. I have spent more than 5 years in where iam staying.

emmanuelewumi:
If you have N50 million free money now, what percentage will you Invest in residential real estate Investments in order to solve the accommodation problems of Nigerians.

My old man did not listen to us when we told him to avoid direct dealings with tenants. He is in his 80s.

The tenants giving him so much stress are those who have stayed 6 years and above in his houses, they are owing eventhough what they are paying is 50% of what tenants who moved in 2 years ago are paying.

They are the ones organising tenant Union in his houses and are negative influence on tenants who are compliant and responsible

Iam not into properties. As i said earlier, it is your property and it is your right to do whatever you want with it. You can even do 2 or 3 years. I have heard of a landlord that does 3 years. Life goes on.

XiaoLi:
See everybody calling Emma names and some calling him wicked, Africans always acting saint while their place remain a shith0le. Business should be strictly business..my stay in foreign land for many years thought me that. I don't support to give a paying tenant quit notice after 5years to get a higher paying tenant but someone who spent his hard earned money to build a house have one aim which is to make money from it, in Emma's case i think the best thing to do is to add in the tenant's contract that rents will be reviewed every 5years with an expected increment of...%. Any tenant to be which is not comfortable with that should not border to rent the house at the first place.

I go spend my hard earned money to build my house, do all the wahala including dealing with some dangerous omoniles which can endanger my life and some person go come dey tell me nonsense. Sorry!

You are missing the point and not following the discussion. Nobody here is saying that a landlord should not increase the rent. The bone of contention is quiting the tenant after 5 years just because you want to bring in a new tenant that will pay a new high rent and also collect agreement, caution fees even though the sitting tenant has never defaulted. My landlord increases my rent every 2 or 3 years.

You claimed to have stayed in a foreign land. Is that what obtains there?. Were you being given quit notice every 5 years because the landlord think you have over stayed and wants to bring in a new tenant?.

emmanuelewumi:
If you have a windfall of N50 million what percentage will you Invest in residential real estate investment?

A tenant paid 180k in 2008, it took serious efforts before his rent could be increased to 300k in 2020, whereas landlords whose tenants moved out in the last 4 years are charging 500k for similar apartments.

There is a limit to the percentage rent increase a landlord can give a sitting tenant, that is why majority don't mind losing rent for a year to get new tenants. After staying in a house or a job for many years, we have the tendency to perceive the job or apartment as our property or right.

Apart from constituency in rent payment, the tenant need to be realistic.

An investor who got a dividend of 180k from Zenith Bank in 2008 , 720k from the bank in 2020 .


Until government invests in social housing, government provides good policies, good mortgage finance and good laws that favours real estate investors, funds will always go to sectors that will give superior returns

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?.

Leezah:
As long as you are paying promptly

The argument is not about paying promptly. It is about instructions being codedly given to the property manager or lawyer to quit the tenant after staying for 5 years in the property. This means that such a person can also tell a company to quit his/her property after 5 years despite the company paying promptly.

emmanuelewumi:
He needs my approval, your tenancy is renewed annually. You have the option to renew the tenancy or not, provided you have given enough notice to the other party.


People leave jobs after few months, I see nothing bad if you have policy of maximum of 5 years for your tenants.

Used to have a boss that told us, that he doesn't want us to work for him for more than 7 years.

If you work for him for more than 7 years, you will be sacked or asked to resign.

And you think that boss was doing the right thing?. Anyway, i guess it is a one man business. Such a company will never really grow because after some time, it will only attract people desperate for employment.

Lazyyouth4u:
Generalizing here. Some tenants have stayed in properties for over 10 years with no wahala.

We Nigerians sha and all our rules. Man wey him wife no dey work go hustle to find house wey landlord go accept his wife to stay at home (and gossip with fellow housewife tenants).Then he must be ready to move and go through the process again after 5 years. Naija common man have suffered

I bow o. If na our leaders do this now, dem go begin dey abuse and swear for am.

Ordinarily, why should somebody move accommodation when he is comfortable where he is?.

With this mindset of 5 years, it means i cannot be their tenant because i do not like changing accommodation unnecessarily.

Leezah:
He knows his onions. Once tenants stay over 5yrs they become bone in the neck.

It is not true. Where iam staying, it is the new tenants that are giving the landlord and lawyer headache. Anytime, you see the lawyer very early in the morning, just know that he came for one of the new tenants. When the place was being managed by a caretaker, things were smooth as the experienced caretaker does a thorough screening of the prospective tenant to fit into the existing tenants. The landlord now handed it over to a lawyer and we have been seeing all sorts of characters. Once they pay the first rent which is usually high subsequent payments become war.

Donbrig:
Yeah, like a family friend, anybody working for you diligently in Nigeria automatically becomes a family friend.

My lawyer is in charge of screening and getting in new tenants into the house, writing of receipts, increment of house rents (almost every 2yrs), giving of quit notice.

Repairing of facilities in the compound, though I have all kinds of artisans who repairs facilities in my properties, my lawyer has all their contacts, he just have to contact them to fix things while I pay their bills.

My lawyer also organise meetings with my tenants, twice every year, this is one of the most important aspect of it all, they all discuss pressing issues and how to live together in peace.

Most of these lawyers looking after properties don't like you sharing their jobs with others, they like doing it all alone, they really like it as a part time job, and sometimes prefer it to going to court rooms to defend a criminal in a country where almost everybody is a criminal one way or the other.

For the rent increase which is almost after every 2 years, what percentage increase do you normally do?.

Grupo:
Oya, do give away.

Na re-invest now and now withdrawal. It was credited to the VGIF account as that was what i ticked.

Grupo:
Got a mail from them this morning that my VGIF interest has been added to my account.

I didn't know I selected the "reinvest" interest option during set up.

NL1960:
I did no get any mail. That is why i asked.

@emmasoft. Your explanation is needed.

I have checked my account online and seen the interest credited to my VGIF account.

Grupo:
Got a mail from them this morning that my VGIF interest has been added to my account.

I didn't know I selected the "reinvest" interest option during set up.

I did no get any mail. That is why i asked.

@emmasoft. Your explanation is needed.

emmasoft:
Come along with us at investment one.
Abacus money market fund is the name.
Open account for free with a click on the link on my signature complete the online form and your account will be opened max 48hrs. Minimum initial deposit is N1,000 and minimum holding period 30 days. You have option of reinvesting the interest.
All investors in Abacus got their interest reinvested yesterday as scheduled.
You can call or chat me up. Number is on my signature.

What of those on VGIF?.

Donbrig:
That's a good point though, having your own house does not in any way prevent you from living anywhere of your choice if you have the resources.

Sentimental attachment often comes in which prevents such a person from moving from the place.

bjtinz:
All these bond people, una dey try oo. Like how da f$$© will I tie my money down for 10, 15 or even 20 yrs??

Even this one yr TB is long enough, I just dey manage.

If you do not want to tie down your money for long, then go for the likes of MBA forex and other ponzi schemes. They have short tenors and high rewards. Note that high reward equates to high risk.

OgogoroFreak:
$1k every month at 5.5% would give total investment value of $918,799.28 in 30 years.

Not even upto a million! You come mention a whole billion

It is true. Na the original post confuse me.

Lazyyouth4u:
There is no way $1k monthly for 30 years at that rate will ever give you $1b. You won’t even get up to $1m.

It is true. It was the original post that confused me.

You self. Once you hear of Billion, na so your body go dey hot as in you don catch another Audio Billionaire.

ojesymsym:
I think I messed up completely.
I inputed wrong values

"If you use this rate to invest $1K every year at 5.5%PA"

It was this quote in your initial post that iam pointing out. $1k every month will give that amount of almost $1B but you said $1k every year in the initial post.

ojesymsym:
To whom it may concern

For the dollar investment. If you use this rate to invest $1K every year at 5.5%PA, you will have almost 1million USD around year 30. My only fear is, will the bank really have that amount of USD to give you?

ojesymsym:
My apologies. Close to $1million dollar.

You initial post said $1k every year. This breakdown is showing 12k every year.

decargne:
So I had to quit my ghost mode viewing just to be able to appreciate you openly for the good things you are doing by putting out your knowledge on this thread. Please don't stop sir, no matter whatever anybody may be doing.
I reached out to you sometime in 2019 asking you about purchase of bonds (an idea I got on this thread by the way) and you offered your fatherly advice I really appreciate you. so far I've gotten coupons of over 1.2 from the bonds which was reinvested into a building project ordinarily at the level of my income there's no way I would have thought of building a house (a twin two-bedroom apartment for that matter) but with all the knowledge I am getting from this place have been able to put money to good use instead of buying frivolities that will not last. Thank you sir and thank you alot great people. Please keep contributing, continue the good work, God bless you!

On a lighter note, nobody should use this post against me and call me audio when I finally blow ooo because I'd definitely blow with what I am getting here.

Iam the one collecting the 10% tithe for the forum.

Biafran4life:
Bros you they do magic...what

No be magic o.

Using this link:

https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

I got this:

Future investment value: N4,508,612,265.02

Total interest earned: N4,229,612,265.02

Biafran4life:
oga please show the workings, thanks

I did not do the workings. I just put the figures in the formula provided. Follow this link and try it out.

https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

emmanuelewumi:
Look at what Lagos State government did to the owner of Mobile filling Station at Maryland Lagos.


That used to be the station that generated the highest sale for Mobile Oil in Nigeria.


Govt just turned the property to a motor park. Doubt if they will give the owner of the property more than N100 million.

So many properties have been destroyed at mba street in Olodi-Apapa, Demurin road Ketu, Bariga for construction of a double lane road.

emmanuelewumi:
Can someone help the the value of N9 million invested every year for the next 30 years at 15%?

Future investment value: N1,069,291,080.11

Total interest earned: N880,291,080.11

Lazyyouth4u:
My point was that it’s not easy to choose a winner when comparing the two investments.

The bond investment may make more in coupons but the principal’s value will be worth little at the end of the investment period while the rental investment may be yielding less in rents but the value of the house should appreciate significantly at the end of the investment period.

There is no guarantee in this as the place can suddenly become abandoned and prices of houses will drop. Government might even come in and acquire the area and demolish all the houses in the area.

emmanuelewumi:
That is why we are where we are today as a country, a lot of poor and jobless men who didn't control their erection or didn't use sense with their erection.

They will have 3 or more wives, 10 and more children, they can't feed nor educate. Such children will become a liability to the society and contribute to our population explosion.

When they are doing that and you advised them, they will say that you are envious of them and that it is God that gives children. When they now see how you are living a quality life with your well planned family, they become jealous of you.

emmanuelewumi:
Anointing oil dey your head.

Most men will turn to simp when they are down...

Money only shows their true colours

No mind the 'Ogogoro Freak' of a guy. A broke guy like him then saw a working class lady earning 250k/month who was magnanimous enough to accommodate him and his broke a*s and he still wanted free p*ssy on a consistent basis. Iam sure he promised the olosho that took him in marriage initially.

OgogoroFreak:
Actually, you are very correct. But mine was based on my own experience.

I had no job. I dated a working class lady that was earning around 250k monthly. I lived in her house but sometimes, this babe starves me. Her money no dey drop. She doesn't come home sometimes and I dare not talk. She treated me like sh1t. Atimes, no pussy for me like a whole month. I knew it's only a matter of time before she throws me out so I had to leave.
The depression and humiliation I felt was the reason I visited brothel that year and met my olosho girlfriend.

The olosho treated me like her god. Despite she's the one providing the money, she still gives me that max respect like I never knew. She makes like 20k daily except days she didn't go out to hustle. Na me dey even keep her money for her. Babe was the definition of beauty with no brain for she to believe she found a husband.

I was not any of the people you mentioned. I was extremely broke and hungry then but I said you are correct because through her, I met the

1. Dons
2. Successful criminals
3. Master manipulators
4. Unrepentant simps with little or no experience in women matters

You could have been either 3 or 4 then now.