₦airaland Forum

Thanks, i'm hoping to give a very captivating experience on afrispheric.com

In the first quarter of 2014, i visited the Sultanate of Oman. Its a breathtaking beautiful country and i got lots of of pictures to share.

See loads more of pictures on my photoblog www.afrispheric.com.

Follow us on twitter at @afrispheric

Enjoy!

@Getreal,

Thanks for the info, looking forward to more...

spyder880: @ Whitehorse, Fhemmmy, the cost of each of the lands is N2m, not N1m. That is why I am using a PE ratio of 8x as my calculation.

The beauty of this investment is not the property or the noise in the yard, but the future value of this same land in that location 8 years later. You can choose to;

1. Continue collecting free money as rent every month, since you have got all your initial investment back.

2. Renovate the house, remodel it and rent it as something else.

3. Demolish the whole house and use same for another project entirely, like a block of luxury flats in the now bustling neighborhood.

4. Sell the land as a fresh land after demolishion and take your capital somewhere else.

So much possibilities!

All the above makes sense.
8 years is not a bad lenght to recover your initial costs...

@Fhemmy,

Thanks for the clarification. I knew i was doing something seriously wrong I don dey panic on behalf of Oga Spyder sef....

spyder880: The cheapest room in Enugu goes for N3000 (even if there is no balcony or toilet in the yard). I intend to rent these for N3500 because;

1. It is a new virgin house
2. Has some facilities other cannot have
3. Security will be arranged for the occupants.

Thanks Oga Spyder.

So, lets do some maths here

Cost of land = N1,000,000 (approximately, since its two plots for N2Mill and you are using only one plot for this project)
Cost of building = N5,000,000 (approx)
Total Cost = N6,000,000

Rent per room = N3,500
Number of Rooms = 24
Annual Rental returns per year = N3,500 x 24 = N84,000

Number of years to recover cost = Total Cost / Annual Rental returns per year = N6,000,000 / N84,000 = 71.4 years

@ All,

Is my rough calculation accurate abi i no sabi maths again?

@ Spyder
Abeg what am i missing? I don't think you intend to recover just the cost in over 70years? I must be missing something obvious...

@Getreal,

Thanks for the info. I was in Enugu two years ago, but did not visit Nike area. I must confess Enugu of now is very different from the Enugu of the 90's... What is the rent like for a two bed in flat in Nike ? Also, any idea what students pay for 1 man rooms these days?

@ Spyder,
How much do you intend to rent this your rooms for? Or if you do not want to tell us now, please what is the going rate in Nike/Enugu?

If the figures add up, Enugu should be a good place to invest, property wise, no need putting all ones eggs in Lagos.

bebe2: at bolded, yes

its after agbara. the road is very bad, but my developer is a hot head, i still dnt know why he bought me dat land.

@Bebe2. Ok, i dont know that area very well, i do know Igbesa because i bought a plot of land in Royal Palms Estate, located in Igbesa

bebe2: how much does one cost in lagos or enugu where this propery is.

i think i jus found a use for my less than half plot in iyesi near agbara.

@Bebe2
Is Iyesi in Ogun state?

@ Alll
One other thing i think in such about types of land is asking yourself if its better to wait for a few years for the area to open up a bit and then build.

For example, the double plot i have by Checking bus stop, along Badagry expressway (like 10mins drive from Agbara), i got in 2009. There was ABSOLUTELY nothing in that particular section of land, just forest. I was the first person to buy there. I just fenced and left it. As of now (2013), the area looks like below (first pic). Second pic shows my property under development.

So, I'm sure Oga Spyder must have considered the pro's vs cons of building now (with this single room design) vs building later (with a more upscale design)... It's all about the ROI again...

By the way OgaSpyder, you've not answered my question about student hostels vs this type of investment in Enugu. No vex abeg o. I'm hear to learn

spyder880: This property is located in the Nike area of Enugu, in a fast developing area. We are still working out the costs.

Thanks for the answer Spyder. I schooled (Uni) in Enugu in the 90's so i know or knew the state fairly well. Nike is a high density area, is that what informed your choice of that area and the one room design?

Also, what about student hostel like accomodation in Enugu? What areas would be the best location considering cost of land, distance to ESUT, UNEC, IMT.

Sorry for so many qeustions and thanks again for your answers

Coming out of silent (Ninja) mode....

Spyder,
Where is this property located if you dont mind telling us? Location is very important i'm sure you know already...

As an example, i bought two back to back plots of land about 10 minutes drive after Agbara along badagry expressway in Lagos about 3+ years ago. Each plot cost me N600k then, but now its over N1m each. I'm currently building 4 units of 2 bedrooom flats on a plot, leaving the other plot empty. These flats will be something simple, fit for rentals in that area. Its all about ROI...

I'm curious to see the figures you've worked out for this your single bed project @ Spyder

I hardly log in or comment on Nairaland these days, seeing that the whole forum has gone to the dogs...

However, i cant help but comment on this thread. Most of the bashers here do not know how Spyder has painstaking built his reputation here. He has even done away with the invisibility of online blogging by revealing his true name and picture (thereby putting himself to some level of personal risk). Spyder has been tried and tested. I'm not saying he is not faultless, just that he is working hard on being honest and diligent; two traits sadly lacking in Nigeria.

@Oga Spyder, more grease to your elbow. Please be more deligent, thorough and honest in your dealings, i think some folks are waiting for you to fail so that they can jump up and say "ehe, i told you guys so..."

God's grace and safety as you embark on this PH project.

Moderators,

I'll strongly suggest you guys have a discussion with your boss about what is being posted on Nairaland about the on going activities in the states with SoE. The ways things are right now, you might have to self censor yourselves on certain posts or pictures.

Just play it safe, it would be very sad if Seun ends up with SSS or DMI or whatever those guys are called and Nairaland taken offline. Just be careful, things are very delicate right now. Even a blind man can see the government/military have taken down most of the internet/telecoms in the affected states...

@ Seun, Ikenna.

I totally support this move!!!

Ban any bigot or tribalist. If you cant be civil in your discuss, then get out.

Nairaland has been descending headlong into a cesspit of ethnic hatred and bashing, but i hope Ikenna can clean this place up. The Lord is your strenght.

Seun please also look at extending this type of rule to cover the Nigeria/SA/Kenya/Ghana/Cameroun bashing that takes place here too.

Nairaland is an African brand now, and frankly speaking, the politic section's current reputation does not bode well for the brand, but i hope its going to get better...

Seun: wtf is ethnic baiting anyway? We do not support ethnic or racial intolerance, but ethnic baiting is not recognised as a form of intolerance.

@ Seun,

Stop playing ostrich here!!!

I stopped commenting on Nairaland for a long time, simply because the Nairaland brand always leaves a sour taste in the mouth because of the hatred spewing from the politics section.

You and your MOD's are either explicitly or implicitly part of the problem too, since its all about the traffic.

In a civilised country, your website would have been taken down for the amount of hatred it generates. Hatred is hatred, weather online or face to face.

Anyway, its your website, you can do whatever you want with it.

@Ezeagu,

Dalu Nwanne, beautiful pictures. What sort of Camera did you use? I have Nikon D3000, but i'm thinking of upgrading to Nikon 800...

Enugu is a lovely place, had wonderful time when i was in country early this year

spyder880: I think it will be ready by 11pm this night, the oldman photographer is still 'washing' it you know I use a 1963 model photobox, the type that is mounted with legs, just be patient.

@Spyder880,
please do, i'm keen on seeing the airport, the last time i was in the country (Easter 2012), Enugu airport looked like a poor man's construction site with manual labourers and i was sorely disappointed.

I do hope its looking much better now.

For all those fighting about which city in the east is the best, its really a shame how childish you've all behaved, very juvenile, a show of the "pull him down" syndrome.

Why can't we rejoice with those that rejoice, without being petty? If you disgree with the title (note i said title) of the thread, kindly go open another one. Lets stop behaving like crabs in Nigeria, always trying to rise above somebody else by pulling him/her down. There is enough space at the top for everyone.

Dudu_Negro: What should the curriculum of this lesson look like if i may ask?

This suggestion for a national education will reveal a new set of bias and unfairness. This issue ties back to the call for SNC and the possibility for a dissolution.

Naturally inharmonious value systems were forced together and expected to walk away from their ethnic bonds and embrace a new national conscience. The values and moral ethos of the composing ethnics are significantly different that you cannot produce a single net value system from which to draft a curriculum that everyone will be satisfactorily happy with.

This discussion has opened a can of worms. We are different people with different ethos and philosophies and the gap between our different views are too wide ti be bridged without anyone falling off the edge. Continuing to massage and pray fir the gap to dissapear is a waste and only damages us collectively and ethnically the more.

Spot on!
Therein lies the crux of this discussion. Nigeria has been playing ostrich ever since 1960. The different ethnic nationalities in the Nigerian geographic space have too much of a cultural difference to peacefully live together the way the country is currently structured and supported via the constitution.

We have to discuss how and if we want to live together. Its either we do it peacefully or we do it via the india/pakistan/bangladesh method

vandarsar: Fashola is not incorrect, and i think Obi is absolutely brilliant too. Meanwhile if you take your time to read that article very well, you'll agree with me what caused the row is because Fashola is a technocrat, while obi is a Politician to the core, a nationalist for that matter. Better still we could say Fashola is an embodiment of Mandela-like believes while Obi is a Mugabe. Listen Igbos, in this war of word you directing to Yorubas, you will never win. I can tell this is far becoming something of word of war, and we will declare another civil war on you. Yoruba aint ya problem, you are!!!

^^^^
@Vandarsar.
With people like you in Nigeria, i really lose hope!
Here we are, having an intelligent discussion and all you can offer is the above?
I'm sick and tired of your sort in NL. People like you leave a sour taste in the mouth, talking like a \re\tar\ded\ 3 year old...

And yes, i'm Igbo, born and bred in Lagos, have inlaws in SE, SW and SS. I dont not take kindly to people like you. Now get off this thread and go join your fellow \re\tar\ds elsewhere!

ndu_chucks: ^^^^^+10000%

I think Nigeria needs a WELL-INTENTIONED dictator.

The truth is bitter.

Thats a cargo cult idea, no offense meant. How can you tell a well intentioned dictator from an evil intentioned one?

Omo_Tier1: I think this is where you get it all wrong! The creation of more state in a region would not amount to reduction in the Federal allocation in the other regions, again I use the creation of Edo and Delta States as an example. Instead what you would have is that the allocation for that region will be spread amongst the states especially when issue of derivation fund is involved. So drop the idea that Lagos or Kano would suddenly get less Federal allocation because Enugu is carved into two.

I am not bashing any region, since you have made mention of the issue of perceived financial injustice, I would like you to tell us the percentage of revenue generated in the South East, ( and by this I am not referring to Igbos- no ethnic bashing please).

I think you are wrong here @OmoTier. Resources are shared based on the number of local government each state has and the number of states. The revenue accruss to the federal govt and there is a sharing formula between the feds/states/local government, not feds/regions, or region/states. The only thing that is shared among states in a particular region is something like the onshore/offshore oil derivation that goes to the Oil producing states, and that is not the purview of this discussion.

As per the revenue generated by the SE states, thats also not in the purview of this discussion. What we are asking for is that how the funds the feds share be shared evenly across the regions, since thats the only criteria used (ie number of states/local government, apart from special funds for the oil states). Till the feds include other criteria in revenue sharing, it is still cheating to have some regions have more than the other.

Reminds me of animal farm and the pigs "All animals are equal, but some are more equal than others" comes to mind readily...

And yes, NO to ethnic bashing!

Omo_Tier1: How do you correct what you perceive as injustice when the other party sees it as fair share? Again, do you really think Nigerians will be so concerned about constitutional imbalance in terms of state creation if the very basic amenities were available to them to carry out their business day to day? The issue really is not the document, rather it is the mind set of the people and thats what need changing.

The other party sees it as fair because it benefits him. Lets not play ostrich here. If the East gets another state, that state will have to be funded from the federation, leading to less income for the other states. Its not rocket science.

Many Nigerians are concerned about constituional imbalance because they believe thats the only way they can get the basic amenities you talked about. Nigerians are not fools, we know resources are shared based on number of local governements and states.
People do not develop a parculiar mindest out of the blue, something must have made them think in a certain way.

If we have financial and resource autonomy for each and every state or region, i can guarantee you that the noise for more states will die.

The bottom line is people feel they are being cheated financially in this country, and that has to be addressed. Any other thing is secondary.

I cant believe people can be this civil on NL. I'd decided to reduce my visit and posting to this forum because of the vile and hatred people spew here.
That being said, the topic at hand is a catch 22 scenerio. Do we work on reforming attitudes when a segment of the society feels cheated, or do we work on correcting the percieved injustice first
If the thruth must be told, our present constitution is a fraud, commissioned by those that had instituted and cultivated the moral and ethical decline Fashola was postulating we correct. Nigerians have to sit down and dicuss how or if we want live as nation.
Fashola's social engineering postulation will take a decades to see the fruits. Do keep going as we are while waiting?
In conclusion, both govs are right, and i do not see why we cant have both suggestions running concurrently.

Why this topic someone might ask?
I have noticed a CONSISTENT flow of hate speach on Nairaland and the sometimes half hearted attempted by NairaLand MOD's and Seun Osawa to keep the forum clean.

As i said on my post on Chinua Achebe's Memoir, Seun Osawa, the buck stops at your table. Your MOD's are failing and you are failing in sanitizing this forum.

You have sacrified short term gain for long term viability of this forum. I am at a loss at what your business model is, perhapa traffic generation by creation or (implicit) encouragement of hate speech?

Someone said i could take the good and skip the bad.Sure i could, i have no financial stake in Nairaland. Would i run my business this way? No way.

Seun Osawa, clean up Nairaland,fire your mods or do whatever is required to sanitize it. Get rid of a bit of the anonymity on Nairaland, make users accountable and recordable for their posts.

Finally Seun, its your call. Do not be decieved that things can continue the way its running here, its either you fix it or someone knocks you off your high perch. Remember Myspace, remember Yahoo, don't think Nairaland can't die.