₦airaland Forum

aicon4s:
You have not heard of people taking loan to pay back another loan. See there are various business and investment strategies out there, you just need to be a smart thinker.

Lol. People who did that sunk into really bad debts.

You borrowed 200k and you're supposed to return 220k including the interest. You then borrow 220k from another provider and you're supposed to return 242k. Gradually you're building up your debt profile.

Many people have forfeited their properties due to loans they couldn't pay back.

OP is saying, do something else like business/investment first and only build for rent with your spare cash. Tenants sef nor dey gree pay rent.

I agree 💯 with him.

NothingDoMe:
Lol. People who did that sunk into really bad debts.

You borrowed 200k and you're supposed to return 220k including the interest. You then borrow 220k from another provider and you're supposed to return 242k. Gradually you're building up your debt profile.

Many people have forfeited their properties due to loans they couldn't pay back.

OP is saying, do something else like business/investment first and only build for rent with your spare cash. Tenants sef nor dey gree pay rent.

I agree 💯 with him.

You think they take those loans only to allow it sit in the bank and then be paying interest. People who understand the power of Time value of money (200k in my hand today is worth more than waiting to gather 250k in 12months time) and effective management of loan funds under normal circumstances will not go bankrupt. You took the loan for a profitable venture in the first place not for it to sit in the bank and then be paying back the loan + interest.

Okay.
Its only for travelers?
That means this thing is somehow like an hotel?

bmasz:
Airbnb is an online marketplace that connects property owners with travelers looking for short-term rentals:

How it works
Property owners can rent out their spaces, such as a spare room, apartment, or house. Travelers can find and book these rentals on the Airbnb website.

Source:AI

I thought it was just the land alone, without any building on it!

MrDoGood:
landed property is a property that includes land and a building on it. It can also refer to a parcel of land.

Love800:
Okay.
Its only for travelers?
That means this thing is somehow like an hotel?

Yeah. It a service that allows you turn your residence into a hotel for travelers

Love800:
I thought it was just the land alone, without any building on it!

No sir.

Thanks so much.

MrDoGood:
No sir.

Thank you so much.
But, can this be done in nigeria?

bmasz:
Yeah. It a service that allows you turn your residence into a hotel for travelers

aicon4s:
You think they take those loans only to allow it sit in the bank and then be paying interest. People who understand the power of Time value of money (200k in my hand today is worth more than waiting to gather 250k in 12months time) and effective management of loan funds under normal circumstances will not go bankrupt. You took the loan for a profitable venture in the first place not for it to sit in the bank and then be paying back the loan + interest.

OP is saying, instead of using 70m to build a house to qualify for 70m loan, why not use the 70m to invest until the point where you can build a house with your spare cash.

Not EVERY business relys on investors to run. Main reason why a lot of Businesses invite investors is to transfer the risk to them.

Again I agree with him 💯.

Love800:
Thank you so much.
But, can this be done in nigeria?

Yeah people are already making serious money from this in Nigeria.

It's one way to maximize the revenue you get from your investment as a real estate developer who owns an apartment.

SUPERPACK:
You forgot that the building still belongs to you plus the rents coming in. Add it to real estate appreciation and that building will be valued at minimum of 100 million naira in 10 to 15 years time. Add it up and total value from that house in that 35 years will be about #170,000,000.

You are right.... I recently bought a property with payment duration of 3 months, before i complete the 2nd payment someone priced the said property with an increament of 15%

Thanks so much.

bmasz:
Yeah people are already making serious money from this in Nigeria.

It's one way to maximize the revenue you get from your investment as a real estate developer who owns an apartment.

ZACHIE:
Hmm.

Don't listen to that nonsense o.

Build that house, bro.

In all you do, retain value for that 70m million. Don't save it in a bank. Be careful which business you do with it.

That house will retain the 70m come what may for ever.

And it is poor thinking saying 350k/annum is what the rent will be in 33 years. Who taught you business?
The house you are living now, how much did you rent it last year, how much is it today?

Build that house. Retain the value of that money. Stop listening to BS.

The hit the Naira took in 2 years should make you learn a big lesson

House rent in Nigeria does not increase relative to inflation trends, you also spend more when repair comes up, so the op is correct with what he said, Building house for rental income is a bad investment in Nigeria.

Goodnewsforlife:
between a fallow land and a building

Which of them have appreciable value more in 10 years to come?

i think this depends on the location

OkoAmarashy:
100M to build 30 flats.
Be like na stolen cement and free labour you go use.

I laugh that mugu