₦airaland Forum

Vision101:
Just finished dealing with one tenant in my building. The guy came in unknown to me jobless. God blessed him and he got a good job. He has gotten two cars and finished his house in remote location. He confessed that God blessed him in pastor's compound. His head got swollen.

I went for the overkill. Got a lawyer. Signed power of attorney such that I will not appear in court. When he saw fire he started begging and asking neighbors to come and plead.

Long story short, the guy paid #595,000 refund of expenses to me. I decided to have mercy after all I'm a pastor by returning #100,000 to him. I'm handing over the management to the lawyer. I was a very good tenant when I was living in people's house. No tenant will mess with me.

I love the bolded. I fit beat my chest say I try when I was a tenant.

CommonSense1967:
Excellent. I have a house that has been empty for four years, and everyone tells me to rent it out. No way.
I have tenants in my other property who have not paid in years. All they do is beg and beg.
It's not worth renting in Nigeria.
I'm selling no matter how long it takes.

what state is your property?if in lagos or Abuja hit me up.

Anyone who is interested in anything land documentation should kindly hit me up ..for speedy processing of your CofO in Abuja and Lagos , conversion, building approval etc ..hit me up .

CoronaVirusPro:
The most unprofitable business is building a house for profit.

Why spend 300m on a house you will have to wait for years to get to profit while maintenance keeps going on.

At 15 years, the house itself is already depreciating and only the land it sits on is appreciating, that’s even when you build in the right location.

Just sit that 300m in a money market account and start reaping profit instantly.

I don’t know who sold false narratives to people that building a house for rent purposes is profitable.

I agree but there is a kind of money u make that u just must build even if na flats for rent For me it was more of tieing my money down while also benefitting (rentals)Land ALWAYS appreciates. It's even better wen u buy from a premium location.

For alot iz.not about making profit from d rentals. Not at all. The money is long u just gatz build. There is a kind of money u make u want to own building bro .

I'd rather build pen for piggery than building house for rent,money I will make in piggery within a year, tenants can pay in 3 years plus some Animals even behave well than some human beings.

Nelochukwu:
I agree but there is a kind of money u make that u just must build even if na flats for rent For me it was more of tieing my money down while also benefitting (rentals)Land ALWAYS appreciates. It's even better wen u buy from a premium location.

For alot iz.not about making profit from d rentals. Not at all. The money is long u just gatz build. There is a kind of money u make u want to own building bro .

Never been a fan of it. It’s like burying money. Land banking, Yes. I like that because it does not involve maintenance or tenant problem, and never get outdated or depreciates. Unlike house, it keeps losing value and only the land appreciates.

I feel it’s just about awareness. Their many ways I could tie money down than go dig up soil and start building rental properties.

missionmex:
People have built with 50 million collected rent for 5 years and sell for 100 million. Do the math.

State the time frame for that to happen.

stanvesco:
The truth is the rent is the gain.

The property would appreciate regardless of the rent you collect. Anytime you want to sell,you reap your balance brother!


It's like broiker vs layers. Building for rent is like the layer business! It's a long term saving plan where you recoup interest small small
The property keeps appreciating regardless of the rent collected.

My current landlord bought his land for probably less than 1 million naira 15years ago. The lands worth almost 150million naira now minus the house!


Dey play. You think people build to make short term profit abi

What is the time frame that the property will make tangible appreciation.

If i buy treasury bills of 100M for 5 years while you built a rental property with same. I would have double my cash in 5 years, while you are still recouping your money and waiting for your asset to appreciate.

If you familiar with the money ways, you will realize is not what the stress, money and time.

CoronaVirusPro:
Never been a fan of it. It’s like burying money. Land banking, Yes. I like that because it does not involve maintenance or tenant problem, and never get outdated or depreciates. Unlike house, it keeps losing value and only the land appreciates.

I feel it’s just about awareness. Their many ways I could tie money down than go dig up soil and start building rental properties.

;Dif u raise awareness house no go dey Lagos for tenants be dat ooo.

I get ur point tho

Nelochukwu:
;Dif u raise awareness house no go dey Lagos for tenants be dat ooo.

I get ur point tho

O make the world go round, we need people who will build.

The lion will die of starvation if all the antelopes become wise.

I actually would not say that I am very smart. I just think that you have to learn from the mistakes of others before you start anything. For example, I was told that my first building could not rent for N200k for Room and Parlor along Iwo Road during Covid...in less than 2 weeks, all the apartments were gone. Now some rent for N400k-N500k.

My first approach - Can I live in the house I am renovating or building for my tenant to stay? If the answer is No, you should not be renting. You need to value the tenants as much as you value yourself. Tenants treat your house the same way you treat it.

I am still not sure if I want to put all my business out there on YouTube, but I may be willing to do a WhatsApp Group with Weekly Mentoring if I can get 20 people that are interested...serious people though...landlords or potential landlords. Then if someone wants a one-on-one, we can discuss that privately. Email - idagbaempowermentfoundation@gmail.com

Dpsychologist:
💬 Let’s talk — Are you still building flats in this economy, or have you switched gears?

Drop your thoughts. Let’s learn from each other. 👇🏽

so maybe you live on tree since building a house is not profitable do you have space on that tree you hang on , maybe you can make everyone live on trees and visit their shops.how most of you reasons in this part of the world should be a case study

you speak what is bothering my mind now , pls what economic usage of a 2 bedroom inside odogunyan Ikorodu without renting it out to wicked tenants full of lies and deceptions I needs advice pls

Iamsane:
I plan to rear goats in mine once they have all packed out. It is more profitable and stress free.

thanks for giving me idea, I think I have to do something like that.

kingsavage:
you can convert it into a short time hotel.
It is very profitable

hahaha 🤣 you na bad guy, but I fit reason ur advice oo

airsaylongcome:
How many properly built houses do we have in Nigeria? Not up to 20% of new building are up to standard or code

If you're building to rent, then you should build it to standard and maintain it properly. It'd last decades

Smartcitizen:
If you are intelligent you will understand that houses are used as store of value and not for immediate profit.

The house I built in 2009 with just about 4m in a land of 2m is being priced at 35m today and I'm not selling because that is for my boys future when he finishes his academics.

People build to save money because shares in Nigeria is rubbish.

This got me thinking

In 2009, 1usd was about 120 Naira hence 6m naira would have been about 50,000 usd

That same 50k usd is today worth 84 million.

That means you'd have made more if you had just held usd than buy and build (even accounting for rents).
Now imagine if that 50k usd was invested in global assets in 2009. That would be worth over 200m. Inflation and devaluation has truly hit our economy.

P.s I'm not speaking against your investment

jedisco:
This got me thinking

In 2009, 1usd was about 120 Naira hence 6m naira would have been about 50,000 usd

That same 50k usd is today worth 84 million.

That means you'd have made more if you had just held usd than buy and build (even accounting for rents).
Now imagine if that 50k usd was invested in global assets in 2009. That would be worth over 200m. Inflation and devaluation has truly hit our economy.

P.s I'm not speaking against your investment

The money used in building that house was an income I earned through savings as a business man and it was coming in bits.

From what you are saying, it will only take you to be a politician in Nigeria to keep that kind of money in dollars over the years and without spending it to get that kind of profit you are talking about.

An average person will likely spend that money because of one challenge or the other in Nigeria, so I don't it is really viable thinking in that line.

Smartcitizen:
The money used in building that house was an income I earned through savings as a business man and it was coming in bits.

From what you are saying, it will only take you to be a politician in Nigeria to keep that kind of money in dollars over the years and without spending it to get that kind of profit you are talking about.

An average person will likely spend that money because of one challenge or the other in Nigeria, so I don't it is really viable thinking in that line.

Good point. Just butresses the headwinds local investors have to deal with in a fast-paced world.

CoronaVirusPro:
What is the time frame that the property will make tangible appreciation.

If i buy treasury bills of 100M for 5 years while you built a rental property with same. I would have double my cash in 5 years, while you are still recouping your money and waiting for your asset to appreciate.

If you familiar with the money ways, you will realize is not what the stress, money and time.

Assesst diversification bro. Remember some go for long term and others go short term.


Build a house. Use house to get a loan. Put loan into the Treasury bill while using rent from the house(yes rent are really really high now) to offset the interest on the loan. After that five years collect your money!

jedisco:
If you're building to rent, then you should build it to standard and maintain it properly. It'd last decades

If you are building, you should build to standard and to local building code. Simple. It does not mater what you will use the building for. Just build to standard and to code. Apart from terribly substandard foundation, my other biggest gripe is the woeful electrical and plumbing that most of these landlords use

Learn what it means to pay it forward.

You once lived as a tenant because someone was kind enough to build extra shelter to house you. And I know you have all damaged people's houses at one time or the other while living as tenants. Some even have very bad characters here.

Now, e don reach your turn, you say you no want tenants, it's not profitable, etc.

Black man is just damn selfish.

That's what I am currently doing in Port Harcourt.

Dpzeewonder:
I'd rather build pen for piggery than building house for rent,money I will make in piggery within a year, tenants can pay in 3 years plus some Animals even behave well than some human beings.

Dpsychologist:
Monthly will even be worst especially in Nigerian settings. Hwo did people finish with yearly. Unless in afluent areas though.

That just goes to show you so many workers are being under-paid in their various places of work. Let's say u break down a 300k rent to a mònth, can't the tenant afford 25k a month to pay?

jedisco:
This is the case in virtually every vibrant country in the world. Assests including houses and land appreciate.

Plus you can't use it to access financial facility from banks to develop other things

CoronaVirusPro:
The most unprofitable business is building a house for profit.

Why spend 300m on a house you will have to wait for years to get to profit while maintenance keeps going on.

At 15 years, the house itself is already depreciating and only the land it sits on is appreciating, that’s even when you build in the right location.

Just sit that 300m in a money market account and start reaping profit instantly.

I don’t know who sold false narratives to people that building a house for rent purposes is profitable.

Ehnn be making sense like this once in a awhile ..u v spoken well bro

What i know is dat if dey stop building rental apartments and use dia moni 4 another business dat earn dem more moni. Dia will short of apartment and rent will increase, den some people will start dey slip for street and dia cars. WILL IT BE BETTER DEN

Vision101:
Just finished dealing with one tenant in my building. The guy came in unknown to me jobless. God blessed him and he got a good job. He has gotten two cars and finished his house in remote location. He confessed that God blessed him in pastor's compound. His head got swollen.

I went for the overkill. Got a lawyer. Signed power of attorney such that I will not appear in court. When he saw fire he started begging and asking neighbors to come and plead.

Long story short, the guy paid #595,000 refund of expenses to me. I decided to have mercy after all I'm a pastor by returning #100,000 to him. I'm handing over the management to the lawyer. I was a very good tenant when I was living in people's house. No tenant will mess with me.

From what you wrote you didn't mention what he did wrong?
He failed to pay rent and you tolerated him? Or he damaged/abused your property?

CoronaVirusPro:
The most unprofitable business is building a house for profit.

Why spend 300m on a house you will have to wait for years to get to profit while maintenance keeps going on.

At 15 years, the house itself is already depreciating and only the land it sits on is appreciating, that’s even when you build in the right location.

Just sit that 300m in a money market account and start reaping profit instantly.

I don’t know who sold false narratives to people that building a house for rent purposes is profitable.

It's a long time investment. How does money market work?

bigcasava1:
hahaha 🤣 you na bad guy, but I fit reason ur advice oo

it is better than building houses for usèlēss tenants to destroy.
I can never build rental property

Goodmorning.

I actually don't understand your quote. Are you supporting the opinion to build for residential renting or for commercial purposes(shops, plazas)?

And something caught my attention in your quote too. So i want to ask.
What is the duration(the time range a house should last) of a house?

CoronaVirusPro:
The most unprofitable business is building a house for profit.

Why spend 300m on a house you will have to wait for years to get to profit while maintenance keeps going on.

At 15 years, the house itself is already depreciating and only the land it sits on is appreciating, that’s even when you build in the right location.

Just sit that 300m in a money market account and start reaping profit instantly.

I don’t know who sold false narratives to people that building a house for rent purposes is profitable.

What does your comment mean?
Am finding it hard to wrap my head around it!

Polaris1:
The patrons of the commercial property have to reside somewhere, and that somewhere sometimes need to be somewhere nearby.