sonnie10:

Please where do you get a house of $60k in the US? Even condos are over $150k in most cities.

My word was "some cities"
MD---- Baltimore
MI------Detroit
Tennessee
Mississippi

$60k to $150K

So I reached out to an aluminum factory to inquire about casement windows and now I have to embark on another educational rabbit hole or get an aluminum fabricator/ specialist to decompose the jargon I got served.

Rather than approach a fabricator first, I have opted to go to school.

That way I can relate better with the fabricator and the factory.

It would seem the factory doesn't deliver finished products but CKDs which fabricators now put together.

My guess by the way.

.

Lol.. I have a number of clients over there.. Great estate no doubt.. The buildings there are just mind blowing! One of my motivations never to settle! All in or out!

Abudu2000:
did a design for a client there since 3months ago, till now i never chop the money finish

Abudu2000:
did a design for a client there since 3months ago, till now i never chop the money finish

That's a good client.

Abudu2000:
did a design for a client there since 3months ago, till now i never chop the money finish

Hehe!

You don enter the real place.

n3xt:


Hello!

Pls do you have anyone you can recommend for this?

Thanks and please kindly treat as urgent.

Project location?

GoodFaith:

My word was "some cities"
MD---- Baltimore
MI------Detroit
Tennessee
Mississippi

$60k to $150K

You'll even find a few for $40k but you will have to go to bed every night with bullet proof vest. Some parts of Baltimore, Detroit and Chicago will have such low cost houses due to shootings.

topsy23:


That's a good client.

BiigTee:
Lol.. I have a number of clients over there.. Great estate no doubt.. The buildings there are just mind blowing! One of my motivations never to settle! All in or out!

once one gets lucky to meet a client who understand quality jobs are expensive, na davido joliment

kopell:
My brother that is part of your money wey supposed to be your right na him you the chop so ooo. keep choping it jare, those people no mean well for our people.

abi O my og

Nero2424:


You'll even find a few for $40k but you will have to go to bed every night with bullet proof vest. Some parts of Baltimore, Detroit and Chicago will have such low cost houses due to shootings.

My brother don't believe all the stories you read
I have only done one deal in one of the cities you named
it's a good $1k a month
I stayed out of this city just to protect my investment
Today I am willing to take more risk
If I have taking high risk 10 year ago - I will not be working today
But I am thankful things still worked out

kopell:
My brother that is part of your money wey supposed to be your right na him you the chop so ooo. keep choping it jare, those people no mean well for our people.

GoodFaith:


My brother don't believe all the stories you read
I have only done one deal in one of the cities you named
it's a good $1k a month
I stayed out of this city just to protect my investment
Today I am willing to take more risk
If I have taking high risk 10 year ago - I will not be working today
But I am thankful things still worked out

I want to learn. How do you make $1k monthly from a $60k house?

This is what happens to the 12k from a $1k monthly rental income
You pay about 3% city tax on the value of the. Your example of $60k house that $1800
You pay about 22% income tax on the $12k rental income that is $2640 a year
Property maintenance (Lawn and misc ) $1000
Property manager 10% of the 12k ----------------------------------------------$1200
Home owners association --------------------------------------------------------$500
Total --------------------------------------------------------------------------------------$7140
Therefor $12k minus $7140 = $4860
$4860 is the maximum amount you would have left from that $12k.

Addendum
I forgot to add that you need and must have Property insurance of about $100 monthly ($1200 per year).

sonnie10:


I want to learn. How do you make $1k monthly from a $60k house?

This is what happens to the 12k from a $1k monthly rental income
You pay about 3% city tax on the value of the. Your example of $60k house that $1800
You pay about 22% income tax on the $12k rental income that is $2640 a year
Property maintenance (Lawn and misc ) $1000
Property manager 10% of the 12k ----------------------------------------------$1200
Home owners association --------------------------------------------------------$500
Total --------------------------------------------------------------------------------------$7140
Therefor $12k minus $7140 = $4860
$4860 is the maximum amount you would have left from that $12k.

Addendum
I forgot to add that you need and must have Property insurance of about $100 monthly ($1200 per year).

The investment was way less than 60k about three year ago

Rent 1K
Insurance $65 monthly
Property Tax 1K yearly
Let say repair 1K repairs can be less
My taxes can be 35%-but don't ??
You add lot of stuff I don't worry about
tenant do his\her lawn
No Home owners association
Manage all my stuff
All expense are write off

Abudu2000:




once one gets lucky to meet a client who understand quality jobs are expensive, na davido joliment

Na soo

GoodFaith:


The investment was way less than 60k about three year ago

Rent 1K
Insurance $65 monthly
Property Tax 1K yearly
Let say repair 1K repairs can be less
My taxes can be 35%-but don't ??
You add lot of stuff I don't worry about
tenant do his\her lawn
No Home owners association
Manage all my stuff
All expense are write off

A piece of undeveloped land anywhere in Lagos held over 3years would have given you more than 200% return.

sonnie10:


A piece of undeveloped land anywhere in Lagos held over 3years would have given you more than 200% return.

Please I don't have time playing the guessing game
Look at the value of Naira for really
Unstable Nigeria
Over Priced land and properties like properties in Ontario Canada
I have done my part in Nigeria
Like I said I am not taking big risk
I take low risk
Nigeria Hard oh
Your Analysis of own investment house was very interesting
You failed to make the same Analysis about Nigeria
You wrote all the negative of owing property here
Buy a Land in Nigeria before you came back somebody might build house there my brother

rotecch77:


It’s plastering only

OK. Thank you.

Good evening everyone.

We are always available for your order.

GoodFaith:


Please I don't have time playing the guessing game
Look at the value of Naira for really
Unstable Nigeria
Over Priced land and properties like properties in Ontario Canada
I have done my part in Nigeria
Like I said I am not taking big risk
I take low risk
Nigeria Hard oh
Your Analysis of own investment house was very interesting
You failed to make the same Analysis about Nigeria
You wrote all the negative of owing property here
Buy a Land in Nigeria before you came back somebody might build house there my brother

Why do you call those things I pointed out "negatives?" Those are things you must do as a house owner (Landlord). I didn't make them up.

When you factor issues like the scenario below, then it could be considered being pessimistic or negative .

Low value properties are mostly rented by chronic trouble makers. I don't have the energy to frequent court because of $500 monthly income. A day off regular day job for that alone is good money off ones pocket. Don't even start with months the property would be unoccupied because of unstable renter in such property.

GoodFaith:


Please I don't have time playing the guessing game
Look at the value of Naira for really
Unstable Nigeria
Over Priced land and properties like properties in Ontario Canada
I have done my part in Nigeria
Like I said I am not taking big risk
I take low risk
Nigeria Hard oh
Your Analysis of own investment house was very interesting
You failed to make the same Analysis about Nigeria
You wrote all the negative of owing property here
Buy a Land in Nigeria before you came back somebody might build house there my brother

True very true

shortgun:

Project location?

Abule Egba, Lagos

Thanks.

How much is fair enough to pay bricklayer and carpenter to fix a normal.gate

Nero2424:


You'll even find a few for $40k but you will have to go to bed every night with bullet proof vest. Some parts of Baltimore, Detroit and Chicago will have such low cost houses due to shootings.

True talk oooo

sonnie10:

Please where do you get a house of $60k in the US? Even condos are over $150k in most cities.
Lets for the seek of discussion even assume it is possible and you get $1k rent monthly from it which is $12k a year

This is what happens to the 12k
You pay about 3% city tax on the value of the. Your example of $60k house that $1800
You pay about 22% income tax on the $12k rental income that is $2640 a year
Property maintenance (Lawn and misc ) $1000
Property manager 10% of the 12k ----------------------------------------------$1200
Home owners association --------------------------------------------------------$500
Total --------------------------------------------------------------------------------------$7140
Therefor $12k minus $7140 = $4860
$4860 is the maximum amount you would have left from that $12k.

Addendum
I forgot to add that you need and must have Property insurance of about $100 monthly.

I dont know where in the US...but this guy on YouTube buys some cheap old houses and does renovation and rents them out for between 900 to 1000 a month

dongc:


I dont know where in the US...but this guy on YouTube buys some cheap old houses and does renovation and rents them out for between 900 to 1000 a month

He still must pay for almost all those things I listed there. They are not optional.
I know one man that had 12 good single family home rental properties in relatively stable neighborhoods, Tenant problems was too much . He sold everything. The only thing that is giving him money now are his hotels in Nigeria. Imagine if he had put all his eggs in one basket.

Hello I have gotten the attached estimate from my tiler. Please can some one guide me on cost of Labour and the quantity of tiles needed

mssiah:
Hello I have gotten the attached estimate from my tiler. Please can some one guide me on cost of Labour and the quantity of tiles needed

You have a total of 195 square meters
He is charging 145k for labor
Therefore, one square meter is #733 in labor cost.
Most people charge #400 -500

sonnie10:


He still must pay for almost all those things I listed there. They are not optional.
I know one man that had 12 good single family home rental properties in relatively stable neighborhoods, Tenant problems was too much . He sold everything. The only thing that is giving him money now are his hotels in Nigeria. Imagine if he had put all his eggs in one basket.

I have a full forty hours job in Technology
The only reason I was enable to respond to you today
I starting work today at 440AM till about 3pm
Bad day putting out fires all day
I have one tenant who told me it is all about my money-- she was right
she have rented from me for over 7 years
I have over 15 years rental business
I tell people to treat rental property as business
I have few things to get done- Thank God for the properties
The last two year was bad for landlord
It was good for me
The neighborhoods are good
after on the Third of the month You will get your seven days notice
After 7 days later it is court
I have followed tenant to bankruptcy Court
I will tell you I have collected all my rent for the last 15 year 98%
With forty hour job my kid mother, my brother and me
I was dealing with over 32 properties
My kid mother deal with her stuff now and my brother i guess use people to manage his properties
Today I deal with less than 15

sonnie10:


I want to learn. How do you make $1k monthly from a $60k house?

This is what happens to the 12k from a $1k monthly rental income
You pay about 3% city tax on the value of the. Your example of $60k house that $1800
You pay about 22% income tax on the $12k rental income that is $2640 a year
Property maintenance (Lawn and misc ) $1000
Property manager 10% of the 12k ----------------------------------------------$1200
Home owners association --------------------------------------------------------$500
Total --------------------------------------------------------------------------------------$7140
Therefor $12k minus $7140 = $4860
$4860 is the maximum amount you would have left from that $12k.

Addendum
I forgot to add that you need and must have Property insurance of about $100 monthly ($1200 per year).

@Sonnie10, it is not every property that have lawn and home association expenses. You will not pay 22% income tax on $12000 income unless you have other income. If you have other income your rental income tax will be marginal rate. Also you don't need property manager unless you have a lot of rental properties that you can't manage yourself.
You also appears to be double counting.
Income tax is not paid on gross income. The income tax in your scenario is paid after deduction of property tax and other expenses.
if you are paying home owner's association fees, why do you need a property manager and pay for the lawn maintenance?
If you have 60K to invest in rental income property. You probably will use it to buy about 4 apartments in combination with mortgage. You don't need property manager to manage up to 10 apartments. By the time you pay property tax, the return on your investment is not on the monthly rent when compare to other investment opportunities. But the appreciation on the property over time. I have some properties with annual rental profit of $300 to $600. However, 7 years return on investment is going to about 65% due to appreciation.
Some of you may say Nigeria return in Nigeria is higher but the peace of mind and security is Higher. The 65% is actually return on the total cost of purchase. The return on your own investment can be up to 300% or more. A friend bought property investment for $500k in 2014 and sold it for about $950000 in 2021. His actual down payment was 6.5%(32.500)

Dijita:

@Sonnie10, it is not every property that have lawn and home association expenses. You will not pay 22% income tax on $12000 income unless you have other income. If you have other income your rental income tax will be marginal rate. Also you don't need property manager unless you have a lot of rental properties that you can't manage yourself.
You also appears to be double counting.
Income tax is not paid on gross income. The income tax in your scenario is paid after deduction of property tax and other expenses.
if you are paying home owner's association fees, why do you need a property manager and pay for the lawn maintenance?
If you have 60K to invest in rental income property. You probably will use it to buy about 4 apartments in combination with mortgage. You don't need property manager to manage up to 10 apartments. By the time you pay property tax, the return on your investment is not on the monthly rent when compare to other investment opportunities. But the appreciation on the property over time. I have some properties with annual rental profit of $300 to $600. However, 7 years return on investment is going to about 65% due to appreciation.
Some of you may say Nigeria return in Nigeria is higher but the peace of mind and security is Higher. The 65% is actually return on the total cost of purchase. The return on your own investment can be up to 300% or more. A friend bought property investment for $500k in 2014 and sold it for about $950000 in 2021. His actual down payment was 6.5%(32.500)

Most of this things you outline are correct but buying a property in 2014 for 500k and selling in 2021 for 950k could be as a result of shortage of homes caused by covid. I was in the market to buy a new home and realized most homes in the market already have multiple offers way more than the listing price. I decided to stop looking and let others overpay for the houses.

My current home was also bought in 2014 but due to covid the value is currently on the high side but again development can also lead to the increase in prices for home but most of the increase we see now are artificial caused by the pandemic.