tobbyboy2011:
Below is the quotation my builder gave me. Please builders in the house help me look into it and advice

Block=4000(amount 800,000)
Sharp sand =90tonnes (amount 189,000)
Soft sand =30tonnes (amount 63,000)
Granite =60tonnes(amount160,000)
Cement =120bags (amount 312,000)
iron rod=100length (amount 190,000)
Gutter rod 30length (amount 51,000)
Larteraite 60tonnes (amount 90,000)
Binding wire (amount 5,000)
Total =1,860,00
Plus (+) workmanship =300,000
Ground TOTAL=2,160,000

Builders in the house please help me, location is ibadan, and its a 6 Flats Of Two Bedroom Flats A Storey Building

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Keep extra N600k on the side for long stories a.k.a unforseen circumstances.

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nextstep:


Trouble is he's got neither 'r' nor 'h', based on the picture.

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diordaves:


This is the true picture of estates; not so much as the hidden charges but the long term viability of the vending company. With true diligence probe, most of these estate schemes will take 10 to 15 years to come to fruition and given the whimsical nature of Nigerian businesses: here today, gone tomorrow; most people will never get allocated before the company go burst which encourages the owner communities to agitate for their land leading to court cases and messy situation for those who paid into the scheme. The golden rule is if the scheme is not OFFICIALLY backed by a bank or finance company; think twice. If you must promote a scheme running into billions of Naira, you MUST have your finance in place before hand and not from piecemeal selling of allocations and these "allocations" are in the air. What if there are limited takers or subscribers what next? Those who rushed to pay first will suffer.

So the first thing to investigate is to find out if the vendors have their finances in place and how credible are the vendors legal representation/chambers. If you must sell parcels of land somethings in the 5 million region; it is not unreasonable to ask for your legal team and your finances.

You should also be worried about a case like this:

http://saharareporters.com/2016/06/09/real-estate-developer-uses-mobile-police-abuse-tenants

You start with one developer and end up with another who starts demanding fresh payments. Sadly, I know all the main parties in this transaction. It was very complicated because everything pointed to Aso Rock but nobody wants to add that angle to the story.

The lawyers made the matter worse.

EgunMogaji:


$286,000

He’s smoking Chinese plastic weed.

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I don't know which is worse: The house at N100m or the thought that N100m is only $286k


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Spyder880:

Talking about estates, any status report on your Ugwuomu estate? What is the outlook in 2018?

I know Buhari's time is not easy but it would be nice if you go do little gragra there once in a while to keep the spirit up.

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InvertedHammer:

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I don't know which is worse: The house at N100m or the thought that N100m is only $286k


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That’s approximately what I got at an approximated N350 rate.

InvertedHammer:
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Spyder880:

Talking about estates, any status report on your Ugwuomu estate? What is the outlook in 2018?

I know Buhari's time is not easy but it would be nice if you go do little gragra there once in a while to keep the spirit up.

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gragra no go bring money out of pocket oh.

kopell:
gragra no go bring money out of pocket oh.

I understand.

If there is anything one can learn from oyibo business, it is that they push cost-cutting measures to the limit.

If it were to be an American builder, they will have a small nice office as big as a 40ft container with banners and flags leading to the site. This gives life to the property. But it seems that Spyder880 is building a 1-storey office instead.

If there is any semblance of activities, some people may be pushed to start building. Some folks may even assist in mobilizing logistics to the area. Real estate development is very capital intensive which is why some corporations go through banks. Or in this case, Spyder880 could find very cheap and effective ways to stretch his fund. I wanted to chime in initially but knowing Nigerian business people and pretense, Spyder880 could have atleast N10 billion stashed in his account for play but will still come online to wail with us. It is all in the act.

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InvertedHammer:


I understand.

If there is anything one can learn from oyibo business, it is that they push cost-cutting measures to the limit.

If it were to be an American builder, they will have a small nice office as big as a 40ft container with banners and flags leading to the site. This gives life to the property. But it seems that Spyder880 is building a 1-storey office instead.

If there is any semblance of activities, some people may be pushed to start building. Some folks may even assist in mobilizing logistics to the area. Real estate development is very capital intensive which is why some corporations go through banks. Or in this case, Spyder880 could find very cheap and effective ways to stretch his fund. I wanted to chime in initially but knowing Nigerian business people and pretense, Spyder880 could have atleast N10 billion stashed in his account for play but will still come online to wail with us. It is all in the act.

/

This reminds me of a 1.5 acre that I had in Texas. Back in 2006 I was still waiting for others to build. I guess we were all waiting for each other.

I did a map view and still no activity.

I think most people are land investors, holding land until it goes up in value.

This is why my ploy will be to do a very small estate, build and sell and then residual income is as property manager/homeowner association.

EgunMogaji:


This reminds me of a 1.5 acre that I had in Texas. Back in 2006 I was still waiting for others to build. I guess we were all waiting for each other.

I did a map view and still no activity.

I think most people are land investors, holding land until it goes up in value.

This is why my ploy will be to do a very small estate, build and sell and then residual income is as property manager/homeowner association.

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The bigger the estate, the bigger the problems.

You will be dealing with people.

The stories will be out of this world.

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Empiree:

Yeah,

EgunMogaji:


Yeah,

EgunMogaji:


Yeah,

you so quick to dig up back taxes

That's the way i bought mine thou back in 2013, the one i showed you 2yrs ago here. Back taxes was 3k and i paid it off and there was no major damage. Still has lots of potentials in it.

Empiree:
you so quick to dig up back taxes

That's the way i bought mine thou back in 2013, the one i showed you 2yrs ago here. Back taxes was 3k and i paid it off and there was no major damage. Still has lots of potentials in it.

I meant no disrespect, it is what it is.

https://www.youtube.com/watch?v=B5wcwy_njB4

EgunMogaji:


I meant no disrespect, it is what it is.

i know

GallantGalaxy:
Blinding, footings and short pillars

Thanks

InvertedHammer:
/
Spyder880:

Talking about estates, any status report on your Ugwuomu estate? What is the outlook in 2018?

I know Buhari's time is not easy but it would be nice if you go do little gragra there once in a while to keep the spirit up.

\

Funds has not been very easy for immediate development of the estate but I am still hoping to build something there within this dry season. I was in Ugwuomu yesterday to see the level of works on the new road approved for this town but some people has diverted the route to pass in front of the two universities in the town instead of passing directly from my estate entrance point. Caritas and Godfrey Okoye universities has done their magic on the governor. The good news is that the road is near to another entrance point to my estate, and I bought lands leading to that side of the estate. Work has started on the roads as many equipment are on ground already. Properties in Ugwuomu is appreciating so much because of this road and investors are looking for lands everywhere.

InvertedHammer:


I understand.

If there is anything one can learn from oyibo business, it is that they push cost-cutting measures to the limit.

If it were to be an American builder, they will have a small nice office as big as a 40ft container with banners and flags leading to the site. This gives life to the property. But it seems that Spyder880 is building a 1-storey office instead.

If there is any semblance of activities, some people may be pushed to start building. Some folks may even assist in mobilizing logistics to the area. Real estate development is very capital intensive which is why some corporations go through banks. Or in this case, Spyder880 could find very cheap and effective ways to stretch his fund. I wanted to chime in initially but knowing Nigerian business people and pretense, Spyder880 could have atleast N10 billion stashed in his account for play but will still come online to wail with us. It is all in the act.

/

This is a good suggestion Sir but a waste of funds in the long run. It will be better to deck a two/three room office with facilities and later build the top of the house than build a bungalow as you described since it might be removed by the time real development starts. I thought about it. About advertisement, we are working on that, but the roads are very vital to the push towards the area.

twinskenny:


had similar issue solved with help of white or yellow cement..

can u please expatiate on the above. You mean I should use just white/yellow cement and I should not mix white + normal cement?

“Italian town Ollolai sells $1 homes to lure new residents“

http://www.cnn.com/travel/article/ollolai-italy-one-euro-homes/index.html

Please Engineer and building in the house...
what is the likely estimate for the under listed for a 4 bed room bungalow and 2 single room and parlor and a gate house.

Location is awoyaya.

1. Pegging of the foundation
2.Digging and Blinding
3.Welding work for the raft and pillars
4.Bricklayer & casting of the raft
5.Carpenter to box the raft

EgunMogaji:


This is what I want to be doing in my retirement in a few years in Western states.

But first I hope Uncle Spyder880 can take me in as an apprentice.

How do apprentices get punished by Oga? Do they beat them with rolled up building plan or worse?

No with shovel,head pan and trowel

EgunMogaji:
“Italian town Ollolai sells $1 homes to lure new residents“

http://www.cnn.com/travel/article/ollolai-italy-one-euro-homes/index.html

chai, there got to be reason this is fast becoming a ghost town. Anyways, whatever the reason, I had take the offer and buy majority of the estate. With time when people are gonna get attracted to the town, man, I would be billionaire. It is good to have insight.

This happened in Detroit to Arab man. I went to buy stuff from him last December. I noticed he has moved across the street opposite where he was when I was there early last yr.

I asked why he moved and he said rich people bought the entire building. He said he had opened his shop in that building for 20yrs when the entire building was only 20k and he had been living in the area since 60s. I said he should have thought of buying the entire building back then and by now, he would be millionaire. Was it bcuz of money at that time?. He said he had money and he was even better off that time than now. But he never for once thought about buying the building. The entire building was purchased for USD 6m last yr.

I am smarter than that. With money available I would have used that opportunity to buy the entire building. By now I would rent out for supplement income. He feels so pained when I said that. Now white people took over and bought entire block (it is long building in the entire block for 20k in the 90s now 6million in 2017). The entire building was almost abandoned and partly boarded early last yr.

erico2k2:

No with shovel,head pan and trowel

But I no be Bricklayer apprentice now. I be apprentice to Oga Director

Empiree:
chai, there got to be reason this is fast becoming a ghost town. Anyways, whatever the reason, I had take the offer and buy majority of the estate. With time when people are gonna get attracted to the town, man, I would be billionaire. It is good to have insight.

This happened in Detroit to Arab man. I went to buy stuff from him last December. I noticed he has moved across the street opposite where he was when I was there early last yr.

I asked why he moved and he said rich people bought the entire building. He said he has opened his shop in that building for 20yrs when the entire building was only 20k and he has been living in the area since 60s. I said he should have thought of buying the entire building back then and but now, he would be millionaire. Was it bcuz of money at that time?. He said he had money and he was even better off that time than now. But he never for once thought about buying the building. The entire building was purchased for USD 6m last yr.

I am smarter than that. With money available I would have used that opportunity to buy the entire building. By now I would rent out for supplement income. He feels so pained when I said that. Now white people took over and bought entire block (it is long building in the entire block for 20k in the 90s now 6million in 2017). The entire building was almost abandoned and partly boarded early last yr.

Real estate is the way.

Empiree:
chai, there got to be reason this is fast becoming a ghost town. Anyways, whatever the reason, I had take the offer and buy majority of the estate. With time when people are gonna get attracted to the town, man, I would be billionaire. It is good to have insight.

This happened in Detroit to Arab man. I went to buy stuff from him last December. I noticed he has moved across the street opposite where he was when I was there early last yr.

I asked why he moved and he said rich people bought the entire building. He said he has opened his shop in that building for 20yrs when the entire building was only 20k and he has been living in the area since 60s. I said he should have thought of buying the entire building back then and but now, he would be millionaire. Was it bcuz of money at that time?. He said he had money and he was even better off that time than now. But he never for once thought about buying the building. The entire building was purchased for USD 6m last yr.

I am smarter than that. With money available I would have used that opportunity to buy the entire building. By now I would rent out for supplement income. He feels so pained when I said that. Now white people took over and bought entire block (it is long building in the entire block for 20k in the 90s now 6million in 2017). The entire building was almost abandoned and partly boarded early last yr.

What do you know about D town?
It is crazy but be careful
IF I have put all my money in D town, I was not willing to take high risk
I miss out on the new houses that was toward downtown on Woodward
Sad but blessed

EgunMogaji:


Real estate is the way.

I tell you man, it is. It is fun. Even during dull moment you still make money. and this building in question is in downtown. That's lots of potentials.

GoodFaith:


What do you know about D town?
It is crazy but be careful
IF I have put all my money in D town
I miss out on the new houses that was toward downtown on Woodward
Sad but blessed

the building in question is located in downtown on Woodward. It is not smart of you to put all your money in one basket. C'mon now, that's not a good business strategy. I don't do that. You gotta spread. But then, can you afford new houses?

Empiree:
I tell you man, it is. It is fun. Even during dull moment you still make money. and this building in question is in downtown. That's lots of potentials.

If you have invested $1m in estate in MI six year ago today ur $1m is about $5m

Empiree:
the building in question is located in downtown on Woodward. It is not smart of you to put all your money in one basket. C'mon now, that's not a good business strategy. I don't do that. You gotta spread. But then, can you afford new houses?

How do u know I put my money in one basket, U can't fail with estate?
With the prices year back

It was like ford motor stock was $1.75