₦airaland Forum

I am single and living in my personally built house (4 bedroom bungalow) somewhere in Ogun State at the moment.

As part of my investment drive, I currently have an on-going housing project somewhere in Kware State. The housing project is a-10 self-contained rooms with a big shop and a security post at the front. The plan is to rent out the house/rooms entirely to students as HOSTEL (as it is situated in a relatively densely populated town that is behind a popular tertiary institution), while I intend running a mini-mart with the big shop at the front.

I just resigned from my job with the plan of running my own audit firm (I'm a Fellow of the Institute of Chartered Accountants of Nigeria)

The issue now is that the housing project in Kwara State is about 70% work done, and obviously need more money for completion, which I presently don't have.

I am now thinking of selling my house (residential building) in Ogun State and then use the proceed to complete the project in Kwara State (commercial building).

Please note the following:

- If I sell the house in Ogun State, I have a room at our family house in Lagos State that I am presently staying as well anytime am in Lagos. Also, I can also stay at a room at my mom's personal house somewhere in Ogun State;

- Right besides the housing project in Kwara State lies another plot of land that I am yet to develop as well.

- believe If am able to sell the house in Ogun State, I would easily complete the commercial housing project in Kwara State and even develop the other plot of land besides it for either another commercial or residential house from it's future rent.

- I have the plan of relocating/settling down in that part of Kwara State from my present states of residence - Lagos/Ogun.

What's your advice for me please 🙏🏻?

ImpactBooks:
I am single and living in my personally built house (4 bedroom bungalow) somewhere in Ogun State at the moment.

As part of my investment drive, I currently have an on-going housing project somewhere in Kware State. The housing project is a-10 self-contained rooms with a big shop and a security post at the front. The plan is to rent out the house/rooms entirely to students as HOSTEL (as it is situated in a relatively densely populated town that is behind a popular tertiary institution), while I intend running a mini-mart with the big shop at the front.

I just resigned from my job with the plan of running my own audit firm (I'm a Fellow of the Institute of Chartered Accountants of Nigeria)

The issue now is that the housing project in Kwara State is about 70% work done, and obviously need more money for completion, which I presently don't have.

I am now thinking of selling my house (residential building) in Ogun State and then use the proceed to complete the project in Kwara State (commercial building).

Please note the following:

- If I sell the house in Ogun State, I have a room at our family house in Lagos State that I am presently staying as well anytime am in Lagos. Also, I can also stay at a room at my mom's personal house somewhere in Ogun State;

- Right besides the housing project in Kwara State lies another plot of land that I am yet to develop as well.

- believe If am able to sell the house in Ogun State, I would easily complete the commercial housing project in Kwara State and even develop the other plot of land besides it for either another commercial or residential house from it's future rent.

- I have the plan of relocating/settling down in that part of Kwara State from my present states of residence - Lagos/Ogun.

What's your advice for me please 🙏🏻?

Neo your house in Ogun. Rent it pity if you have to... Sell the empty land on kwara and use the process to complete the building project at hand.
Ayam tayad of typing...

Have you thought about the insecurities in Kwara? As long as ApC is in power don't relocate to Kwara for now. Your plan is very good sha don't settle in Kwara for your own good.

ImpactBooks:
I am single and living in my personally built house (4 bedroom bungalow) somewhere in Ogun State at the moment.

As part of my investment drive, I currently have an on-going housing project somewhere in Kware State. The housing project is a-10 self-contained rooms with a big shop and a security post at the front. The plan is to rent out the house/rooms entirely to students as HOSTEL (as it is situated in a relatively densely populated town that is behind a popular tertiary institution), while I intend running a mini-mart with the big shop at the front.

I just resigned from my job with the plan of running my own audit firm (I'm a Fellow of the Institute of Chartered Accountants of Nigeria)

The issue now is that the housing project in Kwara State is about 70% work done, and obviously need more money for completion, which I presently don't have.

I am now thinking of selling my house (residential building) in Ogun State and then use the proceed to complete the project in Kwara State (commercial building).

Please note the following:

- If I sell the house in Ogun State, I have a room at our family house in Lagos State that I am presently staying as well anytime am in Lagos. Also, I can also stay at a room at my mom's personal house somewhere in Ogun State;

- Right besides the housing project in Kwara State lies another plot of land that I am yet to develop as well.

- believe If am able to sell the house in Ogun State, I would easily complete the commercial housing project in Kwara State and even develop the other plot of land besides it for either another commercial or residential house from it's future rent.

- I have the plan of relocating/settling down in that part of Kwara State from my present states of residence - Lagos/Ogun.

What's your advice for me please 🙏🏻?

I AM based in Kwara chat me up on 08089456258 may be we can do something together. Meanwhile if you are relocating to Kwara its not bad you sell your house but don't make it a top priority, ensure you sell it at a good rate. Also I won't advise you to use all the fund you earn to complete the house, if not that you have gone so far in the rental development I won't advise it, but it's okay since it's for students. Your priority should be completed 50 to 60% and rent out then use part of the rent to complete another 10 to 20% . You know housing for rental is a long term thing that might take you 7 to 10 years to recoup your money except you sell it. Since you said you are a chartered accountant, I will suggest you take consultancy as a business seriously with it you will generate good funds for completing the house in Ilorin, so even if you sell the house in Ogun State, just push 50% into the Ilorin project and ensure you buy another land no matter how cheap it is as a replacement for the selling of the Ogun house, ensure you stay liquid and plan out something that can pull in traction of income. just my opinion

If I were in your shoes, I would use the Ogun state house as collateral to get a loan to complete the Kwara project. The proceeds from the project when completed can go into paying back the loan, and also developing the empty plot in Kwara.

Kwara where bandits are already visiting

That's where you want to go and concentrate and leave Ogun State

Ogbeni better think twice

sell both houses and use proceeds start a firm

thesicilian:
If I were in your shoes, I would use the Ogun state house as collateral to get a loan to complete the Kwara project. The proceeds from the project when completed can go into paying back the loan, and also developing the empty plot in Kwara.

Great advice