₦airaland Forum

I wonder what the viability of hostels in Port Harcourt will be like at the moment? The last time I visited UNIPORT was in 1995
and at that time students were struggling to find suitable accommodations.

Post pictures of the hectares of land.

Thank you!

What documents are required for the C of O and Consent? Please list them separately.
Is the 4 months a guarantee that the C of O or Consent will be available?

Patiently waiting for the hostel analysis. Please remember to chip in finishing standards!

Does anyone know the current processing time frame for C of O and Governor's consent or ways to expedite the process in Lagos State?

What is your time frame to process C of O or Gov.'s consent?

Post detailed pictures if you want serious enquries.

For new houses, 5% may suffice for maintenance cost from my experience if the renters are not horrible. Older houses may require 10%.
Though there is a variable, if damages, leakages or whatever are reported and responded to on time.
I contracted my house in the UK to a repair company for all repairs and that serves a lot of time and money. The renters just need to call the realtors and the problem will be fixed.
It works in Naija too if one gets reliable agents or companies.

@ All,

Interesting points from different perspectives. That was reinvigorating!

Just like some contributors have stated, I also want to emphasize that whatever business you get into never involve family members.
Very bad for business and relationships with family members. I am saying this from experience.
They will fleece you dry especially if you are based overseas.
For those that are doubting the real and very scary issue of "land grab" or "land double dealing," it happens very often in Lagos, at least that
was my experience. I purchased a land in Lagos some years ago, and before I could say Jack Robinson, people were scouting around to sell the
land. When I got the info from my contact, I moved swiftly by erecting a big sign and writing on the fence and gate, that the land was not for sale, put a security man there 24-7 and pushed fast for my building approval.

We also need to analyse every business venture with all possible positives and negatives. Though past results may not guarantee future successes.

Another issue I would like us to discuss is loans or credits from financial houses / banks in Nigeria. Why are people "too scared" to take business loans in Nigeria? High interest rates? fear of failure? cultural factors? other factors? Let us look at the various options available to people.


Someone mentioned that there are far better alternatives to investing in real estate. That he/she would commit funds to a real-world business which
should yield between 20- 40% annual return. I honestly would like to know those "real- world businesses" as I have been researching for a long time
good businesses to invest in. I believe it may benefit would-be Nairaland investors too.

Stocks suck at the moment. One needs to move funds to some reliable businesses.

Concerning partnership with someone, I have tried it before and I would not recommend it to anyone. Too many variables and unforseen scenarios
that may arise, no matter how well- intentioned.

Just my 2 cents.

@ Edo.girl,

Thanks for your detailed info. Though, some of the reasons against residential property investment are more or less on the extreme. I agreed with some of your points.
I have investment properties in the US and Europe but they have their own problems; like change of renters, swings in the market, interest rates, home insurance, life insurance (UK only, not US), and taxes. You hardly make profit after paying the mortgage and all associated expenses, including realtor management fees.
Investing in Nigeria is cheaper and has less risk compared to abroad. That's why I am focusing more in Nigeria.
There is no business without risk. Just analyse the risks and make informed decisions. Most businesses lose a lot of money in the two years as they are trying to establish themselves. You want to invest in the stock market anywhere in the world? The dow jones just plummeted over 500 points today.
I don't even bother to check during the market bloodbath. The mayhem has just begun!

I will encourage Natudu to think very hard and analyse all the issues before investing, but let him consider the potentials in Enugu for a start. I schooled @ UNEC (6-years) in Enugu and know Enugu very well. The city is likely to be on the upswing for a long time if you monitor events.

Natudu:
All,

I have a real question for y'all.
I need to make a decision on this situation. Tell me what you feel.

I have 2 plots. One in Abuja bought 8 months ago for N12.5m and one in Enugu bought some 2 years ago for N3.8m
The resale value for the plot in Enugu now should be btw N4m and N5m and that of abuja is now N15-18m. The rent for a 3BR flat around the Enugu and Abj plots are N200k and N700k respectively.

I am a salary earner and realistically, it will take >4yrs of serious starving for me to save up and build a block of 6 flats that can command such rent in Abj and about 2-3 yrs for the Enugu option.

I am mulling on these 3 options:

1. Sell off the Abj plot and build the Enugu plot and start getting some rent back, no matter how small.

2. Leave the Abj plot for now. Use my monthly earning and start on the Enugu plot- step by step. And i don't really like building in small steps, i think it costs a lot more!

3. Leave both plots and do nothing yet. Keep saving and watch how things go.


I have a strong urge to actually start putting some blocks in the ground. My interest is in providing future securities for the family by investing in the best yield option.

What do you feel?

Obrigado

@ Natudu,

Consider option 4.

I have carefully analysed the three options. If you modify option 2 and if possible make it option 4 since you don't like building "small by small step."
Don't sell any of the plots, they will be more valuable in the future. Since the Enugu plot will cost less to build, why not take a loan and add the money you have saved and develop the Enugu plot. You will complete the building in a shorter time. In the future, you can raise more money and develop the more lucrative Abuja land.
You can commission Spyer880 for the Enugu project. I am not pitching for Spyder880, but with his kind of experience, transparency and the knack to save every "kobo" and get a good bargain, he will help you stretch your dollar or naira further.

GEJ should wake up from this self-induced heavy slumber! There is no difference that Nigeria has a Presiddent. He is just sitting on the "throne" as a figure head. I wonder how he spends his typical day? He should roll up his sleeves and get into the trenches for real world solutions to Nigeria's problems, and stop day dreaming and wishing the problems will just go away.

@ Smlafolabi,
Please send information on private hostel investment, analysis of cost
and projected profits and all other estimates for Enugu- around UNEC, ESUT, and IMT to: sagewood@yahoo.com

Post your sample designs.

Good plan!!!
Just the cost, it appears exorbitant!

Send details including prices to: sagewood@yahoo.com

Do you have land for sale @ Aiyeteju, Ibeju Lekki?

@ Brabus,
Well done! Very professional work you are doing here. The soil sampling and analysis was very informative. I hope more building contractors / managers will visit this website / thread and step up to the plate.

@Ihebrooke, I was refering to the cost of the architectural drawings.

ihebrooke:
6 Bedroom Duplex.
All en suite, cross ventilated
anteroom, Lounge, visitor's wc, study, chapel, etc

@ Ihebrooke, This is what I just need with some modifications I have in mind. Please send email to: sagewood@yahoo.com concerning the estimate for the architectural design.

OK, I am waiting!

Post details here or to my email: sagewood@yahoo.com, on how to subscribe to the project or the requirements for the process. I need detailed overview of what options are available.

Why not post original pictures of the completed Estate or is the Estate not completed?I am interested in some units. Send details to: sagewood@yahoo.com

niapay:
We manufacture juice production line, and soft drink production lines, bottle water lines etc from 1T/h capacity and above, send email to sales@primatronics.eu for quotation

I am planning to open factories in Nigeria. Please send quotations for the manufacture of the production lines to: sagewood@yahoo.com

Thanks

Send pictures to sagewood@yahoo.com

I am really interesting in this thread. I am planning of opening a Group Health company in Nigeria very soon, and would need highly driven and motivated Healthcare Managers, Consultants and Administrators.
Let's discuss more!

Lagos and other costal cities need a comprehensive plan for drainage, It will be expensive, it will be worth it for many years to come.

Congrats to the Spyder and his family. May the arrival of the new baby usher in ground breaking opportunities for your family!