Boyhood:

If it's an apartment for residential purposes, it is residential and even if you rent it out, it is still residential and nothing commercial about it stop confusing people by trying to portray it as if when you rent a residential building it's considered commercial. Yes you are collecting rent but it's still residential.

Not really.
I hope my screenshot helps.
A residence can still be a commercial property.

StubbornGENIUS:
Gee,what makes us unique and different from the rest is our ability to ignore irrelevant matters and move on.The fact that the forum is faceless is not an avenue for childish banters.Kindly let it go,please.

I did not understand the bolded clearly.
What do you mean?

XiaoLi:
Chief what you are saying is correct but tone down a lil bit.
Let me try to breakdown what you are saying, person fit build a duplex and rent am out in a residential area, to the landlord it is now a commercial building but to the government na still private building because na duplex e be and na person dey live there no be some supermarket or eatery.

Exactly.
Why everyone dey tell me to tone down whereas na the other guy start throw words around?

9jatriot:
for about 2 weeks now, you have been having a decent conversation here with everybody and lots of people have benefited from your wealth of experience and the diversity you bring, why resort back to insults again today just because people disagreed with you?
Non be so. Just take a chill pill, no one man knows it all especially when our connection, experiences and perspectives are different.

You are a good guy but just learn to be a little more accommodating of other people's opinion.

He started throwing words and insults around first when he was clearly talking rubbish.
Check again.

ahiboilandgas:
no need for insults...i have tenants on my residential c/o

He started the insults first.
An idiot will come from nowhere to insult me?who born am?

ahiboilandgas:
No need for quarrels..c/o state if land is for residential or commercial or industrial...the all have differ lease aggrements with goverment ...all land belongs to govt so legally u can own it but lease it for 99 years for residential or 50 years for commercial or as low as 25 years in Abuja

What you should be asking the fool is if it is illegal to rent out a residential titled property,if it serves the purpose of a residence to a tenant.
Let him answer this and I will know whether to proceed with his stupid ass or not.

MrMcJay:


Whenever your logic fails you, you resort to adhiminen attacks. If you don't know something, you shut up and learn instead of making noise about.

Why am I even wasting my time on someone who has probably never seen a C of O in his life. They probably hand you papers which you have no idea of what they mean until the government demolishes your property and you start crying about.

I am putting down free info that people usually pay heavily for for and you're insulting me. I won't waste my time on you. You're beneath me me and not worth it.

I am beneath you in your little monopoly world or in your dreams.If only you knew
Now let me educate you on things you don't know instead.
A property can have a title of a residence on a C of O and still serve a commercial purpose to the landlord in the form of rent and it is perfectly legal,in so far as he does not go beyond the designation of the property.
That is why no one goes to demolish all those duplexes that serve as commercial property in lekki because it is legal to rent out a residence.
That is,if the property still serve the purpose of a residence as described,no one will come for it yet it is still commercial.
The nonsense you are saying will matter if someone use a residential property for another thing like a nightclub,beer parlour or poultry.
Educate yourself before you educate someone that might be clearly above you.

MrMcJay:


The purpose of a property is written on the CofO. Then you are issued with a C of O, the purpose is written on it. You have Residential, Mixed-Use, Commercial, Industrial, Agricultural, Utility, etc written on it. There is a reason why it is written on it.

Registered Titles particularly C of Os determine the use of a property.

Save this baseless talk for who cares to listen.
Go and hold all the people renting out their mini duplexes in lekki with this emptiness you just spew here.
I am talking money and capitalism,someone is talking english language and what's written on C of O.
How does that stop a person from renting out a property?
Do tenants now ask for C of O?
Please don't quote me again with irrelevance I beg you.

MrMcJay:


Check the CofO on the property, what purpose is written on it? Residential or Commercial?

Go and find out the meaning of commercial property,because it seems you are so clueless about it.
Unless of course,you are purposely being irrational for jest purposes.

emmanuelewumi:



Impossible to get a commercial property of N45 million at Lekki. Can't even get on Ikorodu road on the Mainland.

Commercial property will start from N200 million and above

Lol Funny you...
What stops me from putting a mini duplex I bought or 45m for rent like the one I posted yesterday?
Is that not a commercial property?
Or commercial property must be block of flats to you?

emmanuelewumi:



Most times the property will require renovation or conversion for another use, this will require the property to be vacant in order to add value to the property


Not that easy in Lagos, people selling property can share their experience. Selling a vacant property and a property with tenants

Well,we have different experiences.
Because in my time and sphere I find selling occupied properties easier.
People like to buy properties that are already generating income than new ones that they aren't sure.
Remember I'm talking about capitalists here and not some couple with a dream of owning a home.These set of people don't buy from independent landlords,they either build or buy from real estate developers.
A capitalist buying a property for commercial purposes will pick the ones with tenants a 100 times over than an empty one.
This is my sphere and target when selling a property.

emmanuelewumi:



We get different categories for Lekki and it affects pricing of property.

Again,not my business.
I was talking commercial and you are talking residential.
Who buys a 100m+ duplex for rent reasons?
How much you want rent am out and who want pay you the amount you are willing to rent it for?
I was talking 45m properties that can easily net 3-3.5m annual income.
So 100m+ properties are not good for this purpose.
Get the point and don't argue blindly.

emmanuelewumi:



To make your property move in time make sure the property is vacant, a friend bought a property and waited another 2 years before he could take physical possession because 4 tenants were living in the property when he bought

Why would he want it vacant whereas he is just to continue where the last landlord stopped and start collecting rents
All he needs to do Is go there with the former landlord and indicate that he has bought over the property and rent is to be paid to him,not the former landlord no more.
Unless of course he wants to live there himself.

emmanuelewumi:



You can't get a house of N100 million in Lekki Phase 1.

Most of the housing units of N60 million are in Estates where the Architect can get 3 duplexes on a 660 square meter plot of land

I never said lekki phase 1.
Doesn't matter if there are 100m people in a single room,all that matters is demand,supply and money to me and to most people that buy property for commercial reasons.
People care about location not for fancy reasons but to be sure if they will be able to find tenants willing to pay good money for its value.
So why should I care if it's in an estate that is even a selling point on it's own?

emmanuelewumi:



Quite a number of the property are vacant, a property which you want to sell that has a tenant living there will be in the market for a very long time. Unless if the property is offered at a 40% discount below the market price

Why do you say this?
Because most times,they are the best sellers

emmanuelewumi:



We it is crashing, because quite a number are over priced and have been in the market for 2 years and beyond.

You wanted to sell for N60 millon in 2018, someone offered N50 million which the owner refused and the property is still in the market and has spent about 500k in the last 2 years marketing the property and another 500k maintaining and paying land use tax on the property.


Mainwhile if he had sold at N50 million in 2018 and invested his fund at a return of 10%, he would have received interest of N10 million on the fund in the last 2 years.

Banks are also on the neck of some real estate enterpreneurs to pay up the loans they got to finance the projects. The longer the houses are in the market the more the interests compound and the bank will take over the Estate

What if there is a tenant in the property in that 2 years?win win for the landlord.
2 years rent at approximately 7m and property appreciation,that is if the house is actually worth the 60m
And no,houses in lekki are not overpriced like you put it.
People are actually paying for these things so I don't know where the whole vacancy thing is coming from.
If the person has a house in lekki for 60m for 2 years and didn't sell,it was because the house was never worth 60m in the first place,nothing else.
Like the person wanted to sell a corolla for range rover money.
Houses in lekki that are worth their money don't stay in the market for long,reason why people are building estates all over that place.

emmanuelewumi:



Nothing is impossible and anything is possible. People sell Investments for different reasons, we sell to book profit, we sell to be liquid, we sell in order to key in into other investment opportunities.
Properties are still being sold at Ikoyi and Banana Island where we have the real old money men, so properties will always be available at Lekki.

But they are not selling because of hunger ooo

I didn't say people don't sell properties in lekki.
I said they are not selling because of pandemic or hunger, so the theory of price of property crashing there due to this pandemic is false.
A person selling his property not because of desperation but some other reason is going to sell it for it's real price.
So anyone waiting for price of property to crash in Lekki because of coronavirus is on a long thing
That was my point.

rmx:


Only time will tell

More deals and Bargains will definitely be available later in the year , make we dey watch . Many people investing in properties also invest with clean funds .For even the people stealing there will be less funds to steal this year

Well,I am not a Lagosian though but in the context I was talking about,I wasn't talking about a price crash.
I just saw some new model,more affordable housing that one can key into commercially if he or she has the means.
No one in Lekki will sell their house for cheap because of pandemic
Absolutely no one!
If you want to buy houses that people are selling because of pandemic and lockdown,go to where poor people are concentrated.Okoko,makoko and the likes.
People in Lekki who own houses in Lekki can afford to stay indoors and eat and drink for two years without feeling the financial burden.
Also if it is about business and bank engagements,they don't need to sell their houses to do that.
Just write a letter to the organisation and declare a force majeure and you are good.
They will only lose reputation,not property.

sirrotex:
There are so many properties that are for sale in Lagos and Abuja. A lot of these sellers have reduced the prices of these properties several times to enable them get buyers faster to no avail.

As it relates to stubborn tenants, where they start defaulting in rent you issue a quit notice and get them out. Issuing of quit notices requires proper planning and calculation.

Right?
I see a lot of rentable properties in lekki at 30m and environs and I am wowed!
Really surprised and it makes men think and salivate much upon say na 80k I get for aza

uzoma213:
they are working on what? You even said it is almost completed.
I don't know if they have another Oyigbo in the north

I will be going there tomorrow and I will take a lot of pictures.
I don't say things I don't know

TPound:



DM me privately... Let's talk about this 3 months registered Benz E350 2011

This is not 2011.
Looks 2009
See the round rear exhaust tips and round fog lights..

Nicolala:
c350, 2012 model 2 door. very neat.
3.5m
call me on 08026357870

2 doors as in coupe?
And It looks like the Euro version too.
Correct me if I'm wrong.

XiaoLi:
Nice one tomati seller, at the bolded don't you think it will make the prices of goods to increase which will force CBN to intervene

The message should be clear to the masses.
Either buy Nigeria and grow the naira or buy imports and plunder your pockets,savings and pensions.
I think it's high time to ignore the masses and forget politics for once so as to build Nigeria and the naira.
Only an expensive fx can do that in our situation.

musa234:
Nice gesture but please wike help residence of oyigbo fix their roads, it can be an eyesore once it rains. How do people access the company from other parts of the states or the country when there is such a terrible road as that? Please help them governor wike.

They are working on it and I mean the federal government,as it is a federal road.
Sukuk funded and almost complete sef.

XiaoLi:
Now that countries are easing the lockdown,do you think crude price will remain thesame which will make Naira to remian in 400s?

No one can give an exact answer to this,sad truth.
But then,its like the CBN is bent on doing a controlled float of her currency.
Even if oil hits 100 dollars,if the CBN don't intervene in the fx markets,nothing will happen to currency pricing and a lot of things are pointing to the fact that Nigeria is getting tired of paying subsidy on its currency in the name of intervention.
Reasons why I think the CBN and Buhari is tired of interventions;

1)MPC held yesterday in a critical time as this for fx and no one talked about any intervention on it,all they did was reduce lending rate(naira power play).

2)CBN said some weeks back that it will supply fx to BDCs only for "strategic imports".This is a very big word and can mean a lot of things.

3)CBN called on manufacturers to beef up their activities and promised to supply fx for imports of raw material and machinery,meaning the days of subsidised dollars for the imports of just about anything is over.
If you want to import rubbish,be ready to pay the price of fx gotten via very hard means
And the importers of general merchandise won't stop business because CBN no give them dollar,so they will turn to black market and overheat it,keeping the price of fx in the 400s.
Well,let's see....

CsRockefeller:


Then, we had about 5 trucks no warehouse but we had a station where we parked our trucks.

We wrote a proposal to Honeywell foods and got the approval (Companies do not like handling Logistics so the outsource it)

We load at their factory at Ikeja to locations in the South-South and South-East. We had insurance cover (very important). The company (Honeywell) has a price list to all locations, they pay based on that and according to tonnes capacity of your truck.

We normally delivered, but returning the trucks back to Lagos was d problem, bad drivers frustrated us till we lost d contract.

I work presently with a top transport company here in Lagos and we move products from NB.

The benefit of having a warehouse is for better efficiency and movement. Instead of paying demurrage at the ports, we can help store these goods at our facility and move later to preferred destination.

Wow nice but seem your operations too big for my kind of limited ideas and investment.
However I now know you and be rest assured i will reach out when the opportunity presents itself or i make the opportunity.
Thanks once more.

CsRockefeller:


I don't have the kind of funds required. We were into it before (those days before tracking came). Honeywell foods were our clients but bad drivers drove us out of the biz.

I'm younger, and more enlightened than my Dad and I'm ready to succeed in this biz.

Enlighten me a little on your operations.
Who knows?
What kind of trucks do your business need and who is your market?

CsRockefeller:
Why sell it? I have a warehouse along Lagos Ibadan express way, let's come together and start a haulage company.

Why don't you buy the truck from him and start the haulage business then?
Also,do you have products or who you will be hauling for?
Cause sourcing your clients yourself is the best thing that can happen to that business.
You know just have your warehouse and your new truck where clients come to gather goods and then loading takes place there so that all the driver needs to do is just jump in and drive,with the truck riddled with high end trackers.
I saw one brand new HOWO truck and I was super tempted but I am clueless about haulage.
I even saw my favourite Actros 3340 very clean and foreign used for just a token but again,cluelessness made me jump ship

afroxyz:


Tomato seller that knows investment and shady deals. Only u sabi sure banker, round tripping of hard currency, principles of compounding, economics of dollar demand with only a capital of 72k. Abeg I wan visit your shop

My brother na so we see am oo.
No worry,I go invite you for shop when my capital base hit a whooping sum of 100k naira.
Then I will know I have fully made it

XiaoLi:
I just put a call to my Aboki, he said rate yesterday was 450 but they expect to get $ from CBN by next week or 2 weeks later so the rate will drop in few weeks to come, he advised anybody buying $ now should pause except if really necessary. Hope this thing goes down soon.

I doubt if this will happen though.
Rates dropped between yesterday and today because MPC held today so speculators and BDCs operators were not buying or were skeptical.
So till we know what was decided in the meeting today we won't know for sure.
CBN also said it will sell forex to BDCs only for "strategic imports".
Sounds like a very complicated way of saying we will only release very minimal amount of dollars that still will have very minimal effect on fx pricing.
It's like dollar in the 400s is the new reality,hard truth.
But its good as it will help Nigeria boost local productivity as imported goods will become too expensive for the masses.

Emotions everywhere.
Answer simple questions objectively,for where?
Women.