Ladies and Gentlemen,

We at I have packaged a property investment partnership that will aim to make money for all of us. I think I will start by introducing myself for the benefit of those of us seeing my name for the first time. I have a building and property investment company which has built over 50 houses and bought bought land covering over 6 hectares. I have been involved in raising a team of competent professionals in the building construction industry.

We have in our portfolio of completed projects, a lot of single and multiple family dwelling units, most of our completed and ongoing work are here online. Our experience in handling tricky land and property negotiation is vast. We have a track record of ownership of lands, mostly in Enugu state.

On the business angle, we are very experienced. We have an excellent funds management approach to building and managing homes which will be very valuable to our supply chain process. We have the men, the knowledge and the expertise to handle this type of business to perfection. This is a step towards my major aim of one day taking my company public, and allowing investors to partake in our successes.

On the strength of the above, I will like to partner with members of the general public for the purposes of investment in buildings for rent or for sale in the event a contributor wants to put their money to other uses. The processes will be as transparent as my other ventures, the whole pictures of everything will be here on this pages while the bidding can also take place here. Expect every day updates.

BUT IS THIS A PROFITABLE BUSINESS?
I will say yes with good reasons, although the purchasing power of Nigerians has taken a hit of recent, I am optimistic that a seasoned investor has a good chance of squeezing out real profit from good property offering for rent. The value of buildings can only increase, if some factors are considered before building them.

HOW WILL IT BE DONE?
I intend to source for capital from interested members of the public to buy a land and start a residential building , with an intent to rent each unit and return the rent to each contributor each year. The construction cost will be pre agreed, and then divided among a pre determined number of investors. Each contributor will be paying the money that will represent a unit of this building. A flat.
Investors who has paid fully for their flats will be issued with an ownership receipt for their units only, with the rules which applies in the house.

EXPECTED PROFIT MARGINS?
I target a 7.% margin with reasons, and I have very good reasons that I can achieve more than this.

EXPECTED DURATION?
We are sure that this building could be concluded in less than a year, each contributor will have to take possession of their unit of flat immediately.

FLEXIBILITY AND OTHER OPTIONS
An investor can move into their unit of flat, they can allow family member(s) to live in the house, reserve the flat for future use, or sell the flats for higher value, such decision to sell will be regulated by my company. Investors can buy more than one unit of flat at once.

COST OF EACH UNIT OF FLAT
Each unit of flat will cost about N3,125,000.00 to own. This will mean that the owner can do whatever they want with their space, occupy it or rent it with our help.

PAYMENT OPTIONS
Investors to these units of flats can pay the full N3,125,000.00 at once, or pay N2,000,000.00 at first, and spread the rest of the payment for 10 months. The monthly instalments will now be N120,000.00, instead of N112,500.00.

IS THIS COST FIXED?
Yes, the cost is fixed and is not open for negotiations. However, the cost can rise if the cost of construction increases so much than we planned. This will mean that we might ask for a higher amount for NEW investors who may want to pay later, but for those who have already paid fully, there will be no rise in cost.

Thank you all.

THE TITLE OF THIS THREAD WAS MODIFIED ON 18TH OF MARCH 2021.

I planned for a block of 16 flats of 1 bedroom each.

Each unit of this house is planned to have;

1. 1 living room
2. 1 bedroom with inbuilt bathroom/WC and 2 wardrobe closets
3. 1 visitors WC
4. 1 kitchen
5. 1 central lobby
6. 1 veranda overlooking the front of the house

My plan is to pick 4 units of this residential house. I have paid my own contribution before others will start paying up, my own contribution is what I am using to build this house now. If I don't get this fully subscribed, I will keep building this house till completion and rent all of it myself or with those who are interested. I so much believe in the profitability of these types of houses.

I have also set the ball rolling already, just decided to throw it open for public participation.

I searched for lands in an area of Enugu where flats are always fully occupied because of the peaceful nature of the city. I landed in a part of Nike and bought a piece of land measuring about 558 square meters. This plot of land has a valid certificate of occupancy signed by Enugu state government. I have paid all the land agents that took me to this land. I also paid the lawyers that prepared the agreement of transfer.

I met the members of the community and paid them for other fees like community development levy, youths fees, and change of ownership.

I have approached the government and paid the statutory fees for the approval of a building development in Enugu. I have settled fees of ECTDA (capital territory), ESWAMA and the local government development levy in two places. I have original receipts for all of these payments, except for the land agents.

SUMMARY OF EXPENSES SO FAR.

1. Cost of land N6,500,000.00
2. Land agents N325,000
3. Lawyers N30,000
4. Notary public N10,000
5. Community development levy N50,000
6. Youths executives levy N50,000
7. Change of ownership N150,000
8. ESWAMA fees N30,000
9. Capital territory (ECTDA) N250,000
10. Local government, all other approvals N241,250
11. Fence works N576,000 so far.
12. 2 gates for each side of this house N170,000 each, total of N340,000

spyder880:
More pictures.

Oga i knw you to be one of the most honest and consistent builder over a 7yr now , But With all due respect spyder , 15% profit margin for investor in real estate , i av my doubt,

Witches:




Oga i knw you to be one of the most honest and consistent builder over a 7yr now , But With all due respect spyder , 15% profit margin for investor in real estate , i av my doubt,

Still typing and calculating the current numbers when you replied. That figure was lifted from the first partnership I planned in 2016 which I modified to make this current write up to save time. That one is for house sale, while this is for renting. 15% will be a hard sell in this current economy.

Thanks for the observation.

More updates

Brilliant idea. I wish is in Lagos.

We have already started work in this land, we have done some of the fence, paid for two gates because there will be two entrances into this compound, we have assembled workers to start work here.

richec74:
Brilliant idea. I wish is in Lagos.

I will certainly reach Lagos with this idea, I just want to set the idea in motion by starting somewhere, then expand outwards gradually. Thank you.

Current look of this foundation excavation we are doing here.......

Column bases for this new foundation has been excavated.........

Very good idea. We are following keenly sir.
Thanks for the notifications.

Hajji M.

Very innovative idea!

Fhemmmy:
Very innovative and you are tempting us oh . . .But what is the average rent for such unit in that hood?

Oga mi! Welcome Sir, happy new year.

This kind of flats are renting for N200,000 normally in this area now, but if we build this in the centre of the city, or with a higher quality finish materials, it could rent for as much as N250,000 to N300,000.

Spyder880,

I am sold on this initiative but the only problem is that my money is tied to other investments right now. But let me get your number. I have big plans in the future and I see you being part of it. Thank you.

Hopefully this time, next year, I will have more cash at hand because I would like to be a part of your next venture like this.

obowo69:
Spyder880,

I am sold on this initiative but the only problem is that my money is tied to other investments right now. But let me get your number. I have big plans in the future and I see you being part of it. Thank you.

Hopefully this time, next year, I will have more cash at hand because I would like to be a part of your next venture like this.

I will have more of these projects in many more parts at different costs in the next few years. I will notify you when I start another one. Thank you bro.

Well done oga spyder880

I think it will be good if you consider some major cities in south west as well e.g Akure. Land is much cheaper in high brow areas where rent of 300-350k is obtainable

pizapato:
Well done oga spyder880

I think it will be good if you consider some major cities in south west as well e.g Akure. Land is much cheaper in high brow areas where rent of 300-350k is obtainable

I have thought about this, Ibadan and Ogun are other places I have my sights, and ultimately, Lagos.

Offloading foundation reinforcement rods this morning......

Making arrangements for the transportation of the 2 gates we have paid for to the site today.

Foundation reinforcement rods ready to be used. Y12 and Y16 rods........

spyder880:
I searched for lands in an area of Enugu where flats are always fully occupied because of the peaceful nature of the city. I landed in a part of Nike and bought a piece of land measuring about 558 square meters. This plot of land has a valid certificate of occupancy signed by Enugu state government. I have paid all the land agents that took me to this land. I also paid the lawyers that prepared the agreement of transfer.

I met the members of the community and paid them for other fees like community development levy, youths fees, and change of ownership.

I have approached the government and paid the statutory fees for the approval of a building development in Enugu. I have settled fees of ECTDA (capital territory), ESWAMA and the local government development levy in two places. I have original receipts for all of these payments, except for the land agents.

SUMMARY OF EXPENSES SO FAR.

1. Cost of land N6,500,000.00
2. Land agents N325,000
3. Lawyers N30,000
4. Notary public N10,000
5. Community development levy N50,000
6. Youths executives levy N50,000
7. Change of ownership N150,000
8. ESWAMA fees N30,000
9. Capital territory (ECTDA) N250,000
10. Local government, all other approvals N241,250
11. Fence works N576,000 so far.
12. 2 gates for each side of this house N170,000 each, total of N340,000

This is highly commendable and encouraging but there are some legal nodes you still need to tidy up for a resounding success.

diordaves:


This is highly commendable and encouraging but there are some legal nodes you still need to tidy up for a resounding success.

I am aware. But while my lawyers are preparing the documents, I must be moving the project forward. I will try and close all legal gaps. Thanks.

Gate columns getting ready.......

Work on digging our well for water continues as water is gushing out already in the well, but we need to dig deeper still.

Blinded column bases, starter bars.......

Getting ready to fill with concrete

Start the concrete filling of all foundation trenches and column bases......

More work.......