₦airaland Forum

I have done both. Molded in my first project and bought pre-made for the 2nd.

Pre-Made
Cost Slightly More Expensive
Speed Quick delivery
Quality Lower Quality
Supervision Minimal required to confirm delivery quantity


Self Molding
Cost Cheaper
Speed Takes weeks to mold
Quality Better Quality
Supervision Needs more supervision to avoid sharp practices

For anyone who has downloaded and installed the software, what are your opinions?

Property Yield is calculated as Annual Rent from a property divided by the value of the property.

The easiest property value to compute is the Acquisition cost of the property, which in most cases in Naija is the cost of land + legal cost+ construction cost + finishing cost .

You could also use the supposed market value of the property which is subjective and could be misleading.

So what property yield makes good investment for you?

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Tenant renewal history screen shot.

https://www.erasoftlabs.com/Images/oga_landlord_screenshot3.jpg

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I wonder why the original poster never came back to deny the allegations? hmmmm

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I am amazed at the responses i am reading here, this is why naija is not developing.

what you did by arresting him is the right thing. for one he is no longer your friend otherwise he would not have stolen your money. your best bet for getting your money is to let the police harrase him well eventually one of his family members would refund the money to you and only then should you let him off the hook. agreed police would chop some money but it is better than loosing everything.

i can bet you he would not want the case to go to court, so stand firm and insist on your money back, remember no sentiment. A real friend would not have done what he did. as for the tenant you cannot evict him as your agent was duly appointed by you.

Typical Property Analysis screen

https://www.erasoftlabs.com/Images/oga_landlord_screenshot2.jpg

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Below is a screen shot of Oga LandLord

https://www.erasoftlabs.com/Images/oga_landlord_screenshot.jpg

As a landlord/property owner you probably want to know how well your real estate investment is doing.

Questions such as:
• how long would it take to recoup my initial investment,
• what is the yield on my property,
•              what is the occupancy rate so far,
• how much rent has it generated,
• what is the tenant turn over on the property,
• whose tenancy has expired or about to expire,
• which are my vacant apartments and how long have they been vacant
readily comes to mind.

Oga LandLord, a rental property management system has been developed to not only answer these questions but also assist you in keeping an eye on your investment. It was developed by a Landlord to manage his real estate investment.

Click (www.erasoftlabs.com) to read more about the software and download it.

I saw a post yesterday on Nairaland about the planned demolition of about 3,000 homes built in unapproved estates around Abuja.

One needs to be very careful what you buy. Always get a copy of the survey plan before you pay and go to the lands department to have it plotted, they can tell you if the land is in an unauthorised location and what it is designated for.

Fully Rented Now.

Thread Closed

Reflector:
In order to encourage more people to go into farming government has designated certain large expanse of land as farmland eg outskirt of Abuja and sold/allocated Hectares to people who claimed they wanted to farm. these folks bought the land quite cheap some buying as much as 50 hectares. Trust Nigerians they have now cut up these land into standard plots and are now selling them at huge profits to unsuspecting folks who are building residential houses.

The danger here is an El-Rufai may wake up in future and revoke those land since they are not being used for the designated purpose.

Mind you those selling the land are quite smart or well advised by their agents. Some have advertised the land for sale as Farmland ( I saw one such advert on Nairaland last week), so if you buy now and use for other purposes you cannot claim in future when it is revoked that you didn't know you were buying a farmland. Meanwhile most of them would not share the details and limitations placed on the usage of the land as contained in the original government allocation paper.

I hear Caleb university has enough accommodation on campus for it's students. So what would the land be good for?

Fhemmmy:
Sorry to derail . . . . . .

can someone tell me what stops someone from building a house of a land termed as farmland?
What is the difference btw such land and others?

In order to encourage more people to go into farming govrnment has designated certain large expanse of land as farmland eg outskirt of Abuja and sold/allocated Hectares to people who claimed they wanted to farm. these folks bought the land quite cheap some buying as much as 50 hectares. Trust Nigerians they have now cut up these land into standard plots and are now selling them at huge profits to unsuspecting folks who are building residential houses.

The danger here is an El-Rufai may wake up in future and revoke those land since they are not being used for the designated purpose.

rastaman20:
@spyder880, is there any student hostel in that area?

Be carefull one of the sign boards says TEMPORARY SITE which means the school would relocate later to their permanent site and your hostel may no longer be in demand.

Fhemmmy:
That is not what i mean . . . .
I means if i wanna build an hostel, would it be advisable to build them in like 2 or 3 bedrooms flats instead of the face me and i slap you thing?
Cos when the students are no more renting, i can still rent it out to the professionals, i am saying that from what Chief Spyder said on the if the school moved and all that kinda stuff . . . hope you understands me now

I think it all depends on the town in which the university is sited. For instance Abraka town is known mainly for the Delta State University (DELSU) it host. Most students attending the university live off campus. A student hostel in Abraka is a good investment, however if the university relocates to say Warri, these hostels would no longer be needed.

There is no serious trade in the town to draw in professionals who can rent the hostel assuming it was built as a 2/3 bedroom apartment. My advice before setting up a student hostel is to try and ensure it is the university's permanent site this information you can obtain from government gazette or by the size of land acquired to site the university.

@spyder880. I tend to agree with you but which type of flats gives the biggest return on investment?

1 bedroom apartments (not face me I face you. but an apartment with seperate bedroom, palour, kitchen and bathroom/toilet)
2 Bedroom apartments
3 Bedroom apartments

Which of the following do you think gives the best return on investment and why?

1. Face me, I Face you
2. One Bedroom flat
3. Two Bedroom flat
4. Three Bedroom flat
5. Four bedroom duplex
6. Student Hostel

only 3 left. If you are interested call.

Few sill available.

If it is water then no wahala all you need is a small 2 or 3kva petrol generator to power the water pump.

3-4hrs generator for the hostel would still require 70 to 100k of diesel per month, unless you want to use one of those haigh maintenance cassava engine generators they couple locally. Those am told are very fuel efficient but breakdown very often. The caretaker may need to double as a handyman.

Mind you am also planning to establish a student hostel hence the reason why am doing all these research and analysis.

The economics on providing night time electricity in the hostel ain't looking too good. For instance a 20 room student hostel would require a 40Kva diesel generator which sells for between 1.5 to 2 million Naira. That in itself may not be a major problem but the running cost illustrated below is an issue:


Fuel Consumption (l/hr) at 50% load capacity is 5.3
Run time per day - 7pm to 6am (hrs) 11
Days per month 30
Total Diesel needed per month (l) 1,749

Price of a litre of Diesel (NGN) 150.00
Total cost of 1749 litres (NGN) 262,350

Cost of diesel per student 13,117.50


Asking the students to pay for diesel doesn't sound realistic as the amount would even exceed the cost of renting the room. I guess this is why hotels are so expensive in Nigeria.

It is best to allow the students run their "Pass my neighbour" generators, but then this increases the risk of fire in the hostel. Damn!!

@leaumas2009, how big is the land? Do you intend to provide generator and other services?

gtrust:
Reflector, have a look at this:

Thanks Gtrust but am looking for something in the South-South which is close to home for me. If you know of anything in Akwa Ibom/Cross River let me know.

hugooh42:
@Reflector ,Do you think that building a 20 bedroom(ensuite) hostel in a one storey building in form of "face me i face you "will be a better option on lets say 100 by 60 land?

I have done a proof of concept for you and it is feasible. Below is a 20 room student hostel (2 floors each with 10 rooms) with a restaurant, provision store and hairdressing saloon/barber shop while above this you can have the caretakers room and store to keep extra furnitures (beds, mattresses etc), with parking space for a few cars, all this on a 100 by 60 land. It might be nice to have a cybercafe too which may pay the internet subscription in the complex making it possible to give free wired internet service to the rooms.

Of course you need to get a good architect to do a proper design (as i always do) but this proves that it is possible.