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First Nairaland Property Investment Partnership by spyder880(m): 2:41pm On Feb 03, 2013 |
Let me start by expressing my heartfelt gratitude to all my friends here online. The support and encouragement you have shown me since I started my building business online is tremendous, I still dont know how to show you how I feel for your suggestions and ideas shared with me which has resulted in making me a better builder and businessman. Over the years, we have come to appreciate each other as we move from state to state, from building to building, pulling every obstacle that might stop us from realizing our objectives of building decent properties at the lowest prices possible. I have built houses in about 6 states of the country, including the assistance which I sometimes provide from a distance for sites I cannot move to physically. It has not always been a complete success story, but there is a greater percentage of success in the works we have done compared to the small problems we have encountered. Once again, I thank you for all your support. 2 Likes |
Re: First Nairaland Property Investment Partnership by Nobody: 2:56pm On Feb 03, 2013 |
The ministry is definitely expanding. Good one. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 2:57pm On Feb 03, 2013 |
The time have come for me to up my game, to grow from building for individuals to building with partners. We are still going to be building lots of individual houses and flats according to the plans I have for the year, more building will still go on but this investment option is what I want us to explore. I am always thinking business, dreaming up many ways of playing the property market and most importantly, making good profits. I have been exploring different property options, blocks of flats, bungalows, duplexes, face-me I face-you, twin structures in a single compound etc. This is the result of some of my research presented in the link below. www.nairaland.com/720053/business-profitability-rental-properties |
Re: First Nairaland Property Investment Partnership by spyder880(m): 3:09pm On Feb 03, 2013 |
In the last post, the link explored in detail the likely costs, expected income and likely profit forcast for the different types of houses most poular in Nigeria of today. But being as futuristic as I am, and with the benefit of experience I know there is also a goldmine in building private homes. These homes could be single family units like bungalows in its own compound or duplexes. There is a huge market for these types of homes, this demand is driven by the improvement in the standard of living for many Nigerians. As people get more educated, they are less likely to take their families and move into multi-family dwellings with their Masters degree, lol. We all know the sanitary situation in these multi-family houses like face-me I face-you. I expect that as more people travel and learn skills from good schools around the world, as they have worked with the western world their standards will improve and that is why I am thinking Duplexes and bungalows are the way to go. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 3:34pm On Feb 03, 2013 |
My experience in building houses started in the year 1997, when my mum was ejected from a house we grew up in. After I struggled to rent a house for them, I found out the incredible power that comes from being a landlord. I started learning the field and by 1998, I bought my first land with my salaries, where I started building a block of flats. I later bought another land in 2000 and has never looked back since then. I doubled as a land agent, finding lands and houses for people who wanted to buy or rent houses or lands. I believe the experiences I gathered all these while will be much needed in what I am planning to do here. Please, look at the thread below also https://www.nairaland.com/1072172/these-properties-available-sale-enugu 1 Like |
Re: First Nairaland Property Investment Partnership by spyder880(m): 4:07pm On Feb 03, 2013 |
I am planning to partner with some like minded investors to start building houses for sale, or for rent. I want us here to suggest the best ways we can make this dream a reality. I plan to raise a total sum of N10m for the first investment. The plan is to sell lots of N500k each, each investor can purchase as many lots as they can afford. We can decide the best ways to multiply this amount and share the profits in a transparent online arrangement. I will now leave the floor open for friends to contribute, suggest, ask questions and make recommendations on how we can make this dream a huge success. More posts later in the day. |
Re: First Nairaland Property Investment Partnership by kopell: 4:44pm On Feb 03, 2013 |
@spyder as I am about to ask you, how did you want go about it.You have open floor discussion kicking. My idea is for you to please set up or a link where every individual investor has to be identified with their real identity. Try to get a full detail legal binding documentation on how an investor can invest. After you have gathered interested investors I believe, it should be registered as a private building corporative. You have to present to the investors your plan in details on how the investors will rip their profits in pattern of graphs and years on geographic locations, and time duration to complete the project. I believe every investor will have its lawyers go through the legal binding. My idea is to have very strong professional investors that can invest at least 2million Naira to start in the form of share to the companies. I want you to look beyond the east coast, strategic locations like Lagos and Abuja where the property values are more appreciative. @spyder I have watched you over the years, you have proven beyond reasonable doubts that you are a very ambitious person that wants to make housing markets in our country affordable for common people. I will always use this opportunity to thank Nairaland lawyer in of Mr. Mathew that have opened up most of the legal matters and expose a lot of scam in the housing markets through this forum. Thank you. |
Re: First Nairaland Property Investment Partnership by Nobody: 5:27pm On Feb 03, 2013 |
spyder880: I am planning to partner with some like minded investors to start building houses for sale, or for rent. I want us here to suggest the best ways we can make this dream a reality. I plan to raise a total sum of N10m for the first investment.please ensure you get a lawyer to provide proper documentation. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 9:21pm On Feb 03, 2013 |
blink182: please ensure you get a lawyer to provide proper documentation. I will consult our dear moderator in this property section to look in and advice us on this. Mr. Lawyer, you are welcome to the thread, we hope to hear from you soon. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 9:31pm On Feb 03, 2013 |
kopell: @spyder as I am about to ask you, how did you want go about it.You have open floor discussion kicking. My idea is for you to please set up or a link where every individual investor has to be identified with their real identity. Try to get a full detail legal binding documentation on how an investor can invest. After you have gathered interested investors I believe, it should be registered as a private building corporative. You have to present to the investors your plan in details on how the investors will rip their profits in pattern of graphs and years on geographic locations, and time duration to complete the project. I believe every investor will have its lawyers go through the legal binding. My idea is to have very strong professional investors that can invest at least 2million Naira to start in the form of share to the companies. I want you to look beyond the east coast, strategic locations like Lagos and Abuja where the property values are more appreciative. @spyder I have watched you over the years, you have proven beyond reasonable doubts that you are a very ambitious person that wants to make housing markets in our country affordable for common people. I will always use this opportunity to thank Nairaland lawyer in of Mr. Mathew that have opened up most of the legal matters and expose a lot of scam in the housing markets through this forum. Thank you. Thank you for all your contributions in this thread and in the previous thread from which we came over here. I note your advice that I should look at Lagos and Abuja, yes I am thinking about this on a national scale, but where do we start first? We have to start from a city and work our way to other cities/states. I don't want to make any suggestions, lets keep the floor open for more comments. The sitting period (the period between when the house is built and when its sold) is very important to me. I know that properties tend to appreciate even when it is not sold immediately but my target is for quick sales. A quicker selling duration will ensure we keep the business viable, more locations will be explored and more building styles introduced. To this effect I am planning to hinge my sales plan on the reduction in the overall cost of the land, and the building itself. If we build cheaper, we can also sell cheaper beating the competition out there. Let us keep the suggestions coming. 1 Like |
Re: First Nairaland Property Investment Partnership by FLORIDACAR: 10:40pm On Feb 03, 2013 |
@Spider, Do u have a particular location in mind to start with? If yes, where and why that location? If your answer base on your accessibility to better market or investors are allow To suggest location? You know I grew to fall in love with your style on this tread after so much scrutiny . I can not be more happy with you that my predictions just last November are all Coming to reality . In spider building with trust 2013. |
Re: First Nairaland Property Investment Partnership by princeonx: 3:50am On Feb 04, 2013 |
spyder880:You almost lost me or rather I was kind of confused when I read something about face-me-I face-you and also when I read about rent! I was already shaking my head and saying no until I read the above post and I think I clicked on one of the other links. For sure renting is completely out of the way and an average fund recovery period for rental property is estimated between 15-18yrs according to price/location (don't ask me for prove or fact! I don't have one na them say them say). So having said that, your above/quoted plan sounds better especially in a partnership form of business. I also know that as individual, we can and have also invested in properties in our local, familiar, and affordable cities/states but as Kopell rightly said, this proposal has to extend to cities with more/high property value, appreciate/fast growing, and most importantly sales quick! But to face the fact without sounding negative, can we afford those cities and states? Yes Abuja is a fast growing state like we all know, I don't know if I can comfortably say the same about Lagos but we all also know what plots of land cost there. Having said that, I will like to know/ask the possibility of acquiring land through the government and at government price. @Spyder pls don't take my question the wrong way because I am also a Nigerian and know how things are in naija and the type/kind of government we have but have you explored that option before? Do you think it's doable/possible? If No, then the idea will be to start locally since that's the way one/we can get cheap/affordable family owned land but if you think it's possible going through the government, then a proposal need to be prepared and presented to them. Awaiting more ideas and contribution all the same. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 5:11am On Feb 04, 2013 |
prince_onx: I completely agree with you on the issue of funds recovery period through rent, although it cannot take as much as 15 years. ( I have a way of calculating the PE ratio of rental properties and if the property cannot return all my initial investment in 10 years, I am out.) But let us keep our line of thinking on outright sales. The reasons I do not want to be specific about state or city is for us to keep all options open and get the best of information, facts and conditions attached with some of our better known cities like Lagos or Abuja. I know the prices in Abuja might be tough for us as starters, but maybe somebody that knows Abuja better can come in and tell us how things work there. I know Lagos more than Abuja but our outlook must be national. I have a good friend who knows the intricacies of acquiring lands from government in Abuja. I will also ask Lawyer here to tell me about Lagos. I plan to visit the Enugu state Housing Development Authority today to feel their pulse and will report my findings later this evening. @ Prince onx, I know you always look at things holistically and that is why I am going to need you steady contributions in this. Knock me back into line if you think I am going off the line in my plans and suggestions. Thank you. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 5:16am On Feb 04, 2013 |
FLORIDACAR: @Spider, Do u have a particular location in mind to start with? If yes, where and why that location? If your answer base on your accessibility to better market or investors are allow Thank you for the questions, the investors will have to suggest the best locations which we shall all look at together with a view to choosing where our money can bear better fruits for us in the shortest possible time. That is the aim of keeping all options open till we decide. Thank you my man. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 1:12pm On Feb 04, 2013 |
I just came out from a short meetıng wıth the Director of marketıng, Enugu state housing development authorıty. The ınformatıon I could gather from hım suggests that there ıs no place ın the cıty center where we can buy lands directly from the government. The only options are from private sellers and communities. However they have completed buıldıngs for sale, I wıll show the pıctures and theır prıces later this evenıng. Still goıng to call my contact in Abuja.
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Re: First Nairaland Property Investment Partnership by Niiade(m): 5:02pm On Feb 04, 2013 |
hmmmm things are moving i like this i like this. More and more sir, keep the work going. please recall us low-income earners. thanks sir |
Re: First Nairaland Property Investment Partnership by Fhemmmy: 5:34pm On Feb 04, 2013 |
I have been a silent follower of this and i really like the idea . . . Nice questions and all that kinda stuff, but i will like to know the procedure of choosing a location - Voting or by Suggestion, Now if all partners are even in Number and the voting is tied, who breaks the tie? Anything run by Spyder, i just have to get madam approval and find a way to free some cash . . . But would like to know more |
Re: First Nairaland Property Investment Partnership by spyder880(m): 10:16pm On Feb 04, 2013 |
Fhemmmy: I have been a silent follower of this and i really like the idea . . . Nice questions and all that kinda stuff, but i will like to know the procedure of choosing a location - Voting or by Suggestion, Now if all partners are even in Number and the voting is tied, who breaks the tie? You are one of the guys that if you don't step into this, I will retreat ![]() You just asked a very important question, I see that a lot of interest is on the location but it will work out fine. If there is a tie, we repeat the election. The majority decision should always be allowed to run. Another thing I want to chip in is majority by lot size will be well considered. This may mean that if we agree to this, a person with 3 lots might have more voting power than a person with 1 lot. |
Re: First Nairaland Property Investment Partnership by FLORIDACAR: 10:41pm On Feb 04, 2013 |
What happen if investors suggest or vote somewhere outside your easten axis Mr.spider? I think it's more important to know to what extent u ready to sacrifice on this. |
Re: First Nairaland Property Investment Partnership by spyder880(m): 10:59pm On Feb 04, 2013 |
FLORIDACAR: What happen if investors suggest or vote somewhere outside your easten axis Mr.spider? I think it's more important to know to what extent u ready to sacrifice on this. Outside the eastern axis is still within Nigeria ![]() |
Re: First Nairaland Property Investment Partnership by princeonx: 5:05am On Feb 05, 2013 |
spyder880:Ofcox outside the Eastern region is also Nigeria but realistically most investors especially in properties tend to invest in a region they're familiar with, probabely had spend some time/yrs in, and have some kind of ties to. For instance guys and please am not trying to introduce some tribal war, superiority, or differences here but a Southern investor/guy that grew up between Lagos and Ibadan will definately prefer investing in the South and like wise someone/investor from the East based in Enugu or Awka. Having said that, and like some of you had previously asked, how do we decide on a location? This is what I will suggest/propose: (just 2 for now) 1. Categorize investors into two or more groups. Example: Eastern Zone, Southern Zone, etc 2. Draw a plan, make an estimate/quote of start to finish of intended project. Am very sure more ideas will come up/in but my idea/reason for zoning is to allow investors the option of buying into zones they prefer instead of voting. If for instance a bugalow project is intended to kick off in Awka or Enugu, and estimated for N4m for example, it's lot price can be set at N500k (8 investors) or even less people if more than one lot is bought! Same for a duplex, etc depending on what sells fast in the area. I can chose to buy into this lot if I prefer the East and same apply to someone that prefer to buy into a lot for Lagos/Ibadan. This will completely eliminate the voting thing and free market is the way to go in any investment. Investors can even (co-op) drag in friends or families to make up their own lot if they all prefer the area/city/state as long as they qualify and play by the rule. Seriously brain storming for more ideas and waiting to hear what you guys have in mind! Cheers! 3 Likes |
Re: First Nairaland Property Investment Partnership by spyder880(m): 6:02am On Feb 05, 2013 |
prince_onx: Beautiful, simply great. As you suggested we now have to see what others feel before we zone the whole process. And I elaborate as follows, 1. Western zone, Lagos, Ibadan, Abeokuta and Benin. 2. Eastern zone, Awka, Owerri, Enugu and Asaba 3. Southern zone, PH, Calabar, Uyo, and Yenogoa 4. Northern zone, Abuja, Kaduna, Kano and Makurdi. Who else agrees with this nice suggestion? 5 Likes |
Re: First Nairaland Property Investment Partnership by Sagewood: 9:05am On Feb 05, 2013 |
Good idea! The proposed business partnership will likely see the light of the day if we set aside ethnic attachments and sentiments to any zones, regions or states/ cities. This is a business plan to buy land/lands, build apartments/ houses and sell at a profit. Let's us stick to a clear-cut business plan based on financial implications and profitability. These are my suggestions: 1)Conduct a thorough research on the top ( e.g.7-10 cities- Abuja, Lagos, Port- Harcourt, Enugu, Ibadan, Benin, Abeokuta, Asaba, etc. ) property markets across the country (except sensitive security locations). 2)The data gathering should capture cost of lands, cost to build, logistics, appreciation of properties, etc. 3)Based on the outcome of the data analysis (profit margin will be a major factor), and brain storming, we will list the top 3 locations. 4)People can invest in any of our top three locations to give them options. I believe voting may scuttle this great idea. 5)Form a committee to run the business or cooperative. Please let's make good and informed decisions, and solve problems that may arise objectively. 1 Like |
Re: First Nairaland Property Investment Partnership by spyder880(m): 9:30am On Feb 05, 2013 |
Sagewood: Good idea! Welcome Sagewood, the poınts I pıcked from your suggestıons are; 1. Conductıng a thorough research to compare condıtıons and costs/profıtabılıty ın selected cıtıes wıth a vıew to narrow ıt down to 3 choices whıch you suggest should not be subjected to votıng, but ınterested ınvestors can ınvest ın theır choıce locatıons. 2. Form a commıttee to run the busıness and take major decısıons. Very commendable poınts, please poınt out any suggestıon I may have overlooked. Thanks once agaın for your valuable contrıbutıons.keep them comıng guys. 1 Like |
Re: First Nairaland Property Investment Partnership by jites(m): 1:53pm On Feb 05, 2013 |
Hi all, i know this is heavy weights talking here but just want to add a variable that may arise so that you guys can legislate for it. If the total cost of a project was initially estimated to cost 4million and due to unforseen circumstances or inflation the cost rose to say 5million. What happens then, i know the obvious answer is to say the extra cost will be shared equally among the investors... but this should be clearly stated from the onset. its a building project and no amount of cost estimation or projection is likely to be spot on, likewise the cost can also be lower than predicted. Thats my little penny contribution to this heavy weight project that my mentol are embarking on. May God grant you all wisdom and direction as you embark on this most enviable and commendable project |
Re: First Nairaland Property Investment Partnership by Fhemmmy: 3:07pm On Feb 05, 2013 |
spyder880: I will have to analyze and study the bold better and be back. |
Re: First Nairaland Property Investment Partnership by Niiade(m): 4:03pm On Feb 05, 2013 |
Business ooooo, ideas storming out and adding value.... The suggestions have been great and I would take time this evening to think and give my opinion to all the above suggestions. I believe my Oga Spyder should start with a place well known to him, This way it brings in like-minded investors who know more about other market areas. This place should be a good location in the east, with potentials and value-increasing ability. There are new roads and development from what I see in Enugu basically rent will go up within those locations with wonderful improvement. The cost of building would vary in each state, closeness to timber, and other input would affect price of building materials. I believe there could be a board of directors or its necessary to constitute key people with experience. Oga spyder handles the Building, a lawyer to handle sale n investments, a real estate persin or surveyor could be involved too. We can get those from the various areas to contribute to this, with the experience knowledge.... |
Re: First Nairaland Property Investment Partnership by Humanbeans(m): 6:44pm On Feb 05, 2013 |
This will be the best thing to happen on nairaland, Im 100% in. there is power in numbers, and I believe this idea can beat the best properties companies in Nigeria. My suggestion is to fix a date, and a location where potential investors can meet. The location should be determined by a voting on the forum. After this initial meeting (its good to know ourselves0, we can then start the legal and other process of business plans and so on. More later |
Re: First Nairaland Property Investment Partnership by Fhemmmy: 7:02pm On Feb 05, 2013 |
Humanbeans: This will be the best thing to happen on nairaland, Im 100% in. there is power in numbers, and I believe this idea can beat the best properties companies in Nigeria. My suggestion is to fix a date, and a location where potential investors can meet. The location should be determined by a voting on the forum. After this initial meeting (its good to know ourselves0, we can then start the legal and other process of business plans and so on. Ummmmm . . . I will suggest a Teleconference for the first couple of meetings to give chance to those that dont reside in Nigeria . . . Or even some residing in Nigeria but might not be able to travel to the location of choice. |
Re: First Nairaland Property Investment Partnership by Humanbeans(m): 7:36pm On Feb 05, 2013 |
^^ Great, thats taking advantage of technology.But somewhere along the line, we will still need to see ourselves, even if not everybody at the same time. At least I will like to meet spyder in person and Hve him take me round some of his projects. im really praying this initiative succeed, at least it will give some of us extra income. Things to ponder on: 1. registration with CAC 2.setting up of care-taker committees, such as finance, marketing, publicity/advertizing, sales, legal etc more later..... |
Re: First Nairaland Property Investment Partnership by princeonx: 9:11pm On Feb 05, 2013 |
Fhemmmy:Good idea but do conference call for groups work in Naija? Here we have a free conference line where 100s of people can call in and get connected but I don't know about naija! |
Re: First Nairaland Property Investment Partnership by Fhemmmy: 9:21pm On Feb 05, 2013 |
prince_onx: Ummmm . . . I am sure it should be possible somehow, not sure though cos might be long distance for some people, just an idea though and we could find ways to fine tune and make something work |
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