megacontrol:
Pls provide more details of the Iju Ishaga own.

Thanks

good morning, please can u check your email

Badgers14:
O boy, this Lekki this and Ikoyi that got me looking like

I have been to seminars, trainings , you name it, workshops etc.

But investing in Nigeria negates all those things I thought I learned.

That's why I say, investing in Nigeria? Use a bare knuckle approach. It is really school of hard knocks out there

Baba if you see the way I just calm down.

Big men are talking big money

Me wey I dey stress say my estate don consume N5M. It’s not even money for these big boys to sort out piling

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Still on investment on the housing market in Nigeria.

Folks, both home and abroad please have few things in mind before you sell up to puff out your chest to acquire plots or buildings. Know that in Nigerian settings, there are lots and lots of hidden charges that people don't usually factor in.

Say you are purchasing a property worth 10m.. before you sell up, Try to find out other hidden charges like agent fee, 5%, 10 %, or ? And other local charges.. say if it is empty plot of land, how much would it cost to do change of ownership, governors consent, land survey, .. the list of things you need to pay before your building plan is approved, omonile ( where applicable), development levy, money for the youths, tax clearance and the endless lists they throw at you this days.. (remember, even though you do your due diligence- you will think, lots of stake holders in the deal might just be trying to tell you what you wanted to hear and push you to make payment and then you have to run around for the rest )

That sweet 10m property you saw might end up costing you additional 8m or more or less just before you throw pegs on the ground.

Now this is granted people don't get greedy during the transaction, wake up there dead relatives and stand them in line as agent... or come out at the end to claim they weren't consulted prior to purchasing the property so therefore the deal is invalid.. then you have to dole out some cash to pacify them.

Same for the 750m or so properties seen here, how much do you think the agent commission would be? You know, when the tit is that big, everybody stays in line. There would be lots and lots of settlement for a deal that big. Are you taking those into consideration?

For the kind of build you intend to stand there to recoup your investment, how much do you think the authorities would bill before they approve the building plan?

I am not trying to scare anyone or discourage anyone.. all I am saying is to giddy up for this school of hard knock investment in Nigeria. Keep in mind those hidden charges that arises before purchase , during purchase and after purchase of a property. But at the end of the day ,
Enu kiniun lowo wa

Cheers!

rotecch77:


Ebute area in ikorodu is a very good area immediately after Dangote/new ferry terminal going toward general hospital road or going toward igbogbo area.
Almost every area there are good

Was in the area yesterday and I think it's decent and has huge potentials. Just that there are too many dust particles in the air and my wife has allergy.

n3xt:


Smiles.

Baba, kindly save your plot and observe the market trend.


______
Comparing an apple with an apple. Iyaganku get levels

You try na!
The Lagos Land has dimensions (it even has C.of.O) but the Iyaganku one does not have dimensions nor C.of.O ! Hmmm.....
I reckon it could just be the whole of Iyaganku area that is being advertised for that Price.

#ApplesAndOranges.

henrymor:
Thanks for the response. The person that want to do it for me said it is better I do it after plastering so that it will be neat because if he do it before plastering, the bricklayers can stain it while plastering.

Its a "Chicken and Egg" situation, that is why l made a proviso: If it is the Hanging Type.
You can spoil the Plaster, doing the non-hanging type of Artwork (as in, done in-situ)
You can also spoil the Artwork while Plastering your Wall.

But l would rather you use PVC Nylon to cover the Artwork, than use PVC to cover the whole Plastered Wall.
What would you rather do?

henrymor:
Yes sir!

The bricklayer said it use to remove if it is done after plastering l. He said if it is done before plastering, they will also use cement to hold it to the wall very well so that it won't fall off after some time.

When it is to be done after plastering, the Workmen will leave the area surrounding the location of the ArtWork, rough (un-plastered, just like 3" round it) and just smoothen that small part into it.

See, l have experienced this situation in real life, some years ago and l learnt from it.
Mad Bricklayer splashed Cement on everything around (though it is difficult not to splash when doing Plastering) and you know that Plaster Cement sticks more than normal setting Cement.

One4me:


You try na!
The Lagos Land has dimensions (it even has C.of.O) but the Iyaganku one does not have dimensions nor C.of.O ! Hmmm.....
I reckon it could just be the whole of Iyaganku area that is being advertised for that Price.

#ApplesAndOranges.

Baba, Iyaganku GRA without CofO

That location is the Ikeja GRA of Oyo state. Whatever is obtainable in Ikeja GRA you shall find in Iyaganku GRA.

It’s just that the successive government in the state are myopic.

Baba egunmogaji2 should know that parcel of land around Akinyemi roundabout. It can’t be more than 6000sqm due to setback requirement from Transmission line. That’s even the outskirt of the GRA

Since you assume it’s the whole of Iyaganku GRA that’s advertised at that price, can you help me buy na

somehow:


Wow. Looking similar to the property I checked at Mile 12/Agility side yesterday.

Would you go for this because it is swampy. Could not step on the plot of land/swamp.

Naaa...I won't. I'm staying away from such lands, especially the very swampy ones.

Chekitaut:
Everything about Brabus na Hype guy the level playing ground no be so oooo, I have lots of these people in my contact, 3months pay pack in houses....
...

No doubt, Brabus should have been a Marketer! That is his calling, l think.
His "Packaging/Hype" is second-to-non and No-be-today.
But we can not begrudge him for that, its a gift.

n3xt:


Baba, Iyaganku GRA without CofO

That location is the Ikeja GRA of Oyo state. Whatever is obtainable in Ikeja GRA you shall find in Iyaganku GRA.

It’s just that the successive government in the state are myopic.

Baba egunmogaji2 should know that parcel of land around Akinyemi roundabout. It can’t be more than 6000sqm due to setback requirement from Transmission line. That’s even the outskirt of the GRA

Since you assume it’s the whole of Iyaganku GRA that’s advertised at that price, can you help me buy na

I have to be careful before you convince me to buy it right-away.
See the way you are "Packaging" it already!

What is the distance of Iyaganku GRA to the nearest International Airport, and that of Ikeja GRA to an International Airport?

Imagine, the Price of 6,000SqM at Iyaganku, being compared to the price of 1,500SqM at Bourdillon
I am sure you will "Package it" and tell me they are all within the same radius!

BTW, l dont want people living at Iyaganku to think l am dissing their area, nothing like that, it is just that you are over-packaging the whole thing.

Yea, they consume money.
Once you want to sell a land to me, I take the name of the area and go straight to google map to check images of the area before physical inspection.

The land can be dry but what about the street or area as a whole?

Wingnut007:


Naaa...I won't. I'm staying away from such lands, especially the very swampy ones.

One4me:


No doubt, Brabus should have been a Marketer! That is his calling, l think.
His "Packaging/Hype" is second-to-non and No-be-today.
But we can not begrudge him for that, its a gift.

Does that change the rent price in Megamound estate? No!

It’s an irrefutable fact.
Guess what more developments are happening in that axis than all the cheap lands in Eleko and Ibeju.

Will I encourage my client who spent over 50m on his project to be looking for N2,000,000 pa tenant? No!

That’s why those who engaged us got quick returns on their investment.

Check out Brown Mews by NextHome. Despite the fact that people think Lekki Scheme II is in the bush, the project is sold out within the shortest time possible!

The system that produced us trained us to become a sales engineer and not just someone pushing out mathematical theories that cannot help his/her client make good investment decision.

SurveyorGeo:


Please confirm the status of the land before you make any financial commitment, so that you can be sure that you are not buying government acquired land. To check the status is almost free but the consequences can be costly and psychological.
cc: somehow

Great thanks. Please how can I go about checking the status? Also, how much does it cost to survey and properly document a half plot of land in Ikorodu?

One4me:


Imagine, the Price of 6,000SqM at Iyaganku, being compared to the price of 1,500SqM at Bourdillon
I am sure you will "Package it" and tell me they are all within the same radius[/b]!

Baba this is how most people make wrong investment decision.

Let me help you rephrase for better understanding.

Imagine, the Price of 6,000SqM (undeveloped land in IBADAN without social amenities or close to an international airport; very close to transmission line that requires 22m setback and a major road that requires 30m setback) at Iyaganku GRA, being compared to the price of 1,500SqM (fully developed and near to upscale development in Lekki and Banana Island) at Bourdillon :-

First of all the impression we were given is that lands in Ibadan are given to people for free. I’m surprised we were having this conversation in the first place

One day, you’ll buy Elebu more expensive than Lekki.

somehow:
Yea, they consume money.
Once you want to sell a land to me, I take the name of the area and go straight to google map to check images of the area before physical inspection.

The land can be dry but what about the street or area as a whole?

I do the same thing too. It even gets better when Street View is available in the area.

There is a lot to consider. At times, when I am in the area, I go around asking one or two locals. When trying to find out what an area is like during rainy season or if it floods, ask Okada riders and Yellow Cab men around the area.

Wingnut007:


Was in the area yesterday and I think it's decent and has huge potentials. Just that there are too many dust particles in the air and my wife has allergy.

The dust around the road is due to road construction which connect Ebute to ogolonto to the main expressway to miles 12

We construct Bio (Modern Sockaway)

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No Dislodging of Human Waste
It's eco-friendly
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Suitable for any soil condition
No contamination of groundwater etc

Wingnut007:


I do the same thing too. It even gets better when Street View is available in the area.

There is a lot to consider. At times, when I am in the area, I go around asking one or two locals. When trying to find out what an area is like during rainy season or if it floods, ask Okada riders and Yellow Cab men around the area.

True and the gutters too
I also check the vegetation and their health to know if it gets enough water (flood) to nourish them.

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zuraking:
stop posting all these your overhyped priced rentage, in reality people don't rent them cos their price are ridiculously.

They will stay for years without a single tenant. And when tenants come, they are mostly Yahoo boys (and when these ones no see money collect again, they will owe u or crawl back to their holes in mainland where they ran from.) or company workers that come from another state for few months or years.

Stop hyping bro,
we have seen rich people too, No be only you know everything. we are all in Nigeria and we know how money Is made

I remember when I educate Valuers not to visit castle magazine or jiji, Nigerian Property Centre etc when the are doing valuation. Simple reason is that advertised prices are not market values. Most of these properties have been in the market for couple of years, but keep getting refreshed or updated by the vendors to appear on first page and no one is buying or renting.

As a Chartered Valuer (ASA/RICS) trained, I laugh when I see funny adverts

zuraking:
the argument is making your investment back and still having the property within 4-5years

and that can't be done between 4 - 5 years?

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Even if u don't have a house or building yet,you can refer someone to us and you get a #50,000 or more referral bonus( once we get the job done) so what are u waiting for,refer 10people u get #500,000 or more.

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1550sqmts of land for sale at Erunwen, Ikorodu. Solid land and free from govt acquisition, it has foundation of 4 units of 2 bedroom flat. for #10m

Hello Guys My name is OLADIMEJI,OLAYEMI JOEL. I deal with Gerrard,rain water collector and aluminium roof you can also call me Seun roof. You can contact me for your aluminium,Gerrard,rain water collector ROOF. I also act as a roof consultant,simply tell us your budget and we will advise you on the best roof that suit your budget,we can also give you a rough estimate for your roof before you get to the roofing stage. U might ask HOW? it's our job. u can also send ur roof plan to us for your roof quotation without getting to the site.
Even if u don't have a house or building yet,you can refer someone to us and you get a #50,000 or more referral bonus( once we get the job done) so what are u waiting for,refer 10people u get #500,000 or more.

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timileyinoyela:
Hello Guys My name is OLADIMEJI,OLAYEMI JOEL. I deal with Gerrard,rain water collector and aluminium roof you can also call me Seun roof. You can contact me for your. aluminium,Gerrard,rain water collector ROOF. I also act as a roof consultant,simply tell us your budget and we will advise you on the best roof that suit your budget,we can also give you a rough estimate for your roof before you get to the roofing stage. U might ask HOW? it's our job. u can also send ur roof plan to us for your roof quotation without getting to the site.
Even if u don't have a house or building yet,you can refer someone to us and you get a #50,000 or more referral bonus( once we get the job done) so what are u waiting for,refer 10people u get #500,000 or more.

Motto:HONESTY AND TRANSPARENCY.

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If you are paying 50K for referral People shouldn't do business with you
Your prices
So if you do a roof after paying your staff
What will be your profit?
Oh boy take your time

"you can refer someone to us and you get a #50,000 or more referral bonus( once we get the job done) so what are u waiting for,refer 10people u get #500,000 or more."

GoodFaith:


If you are paying 50K for referral People shouldn't do business with you
Your prices
So if you do a roof after paying your staff
What will be your profit?
Oh boy take your time

"you can refer someone to us and you get a #50,000 or more referral bonus( once we get the job done) so what are u waiting for,refer 10people u get #500,000 or more."

with all due respect,I said after getting the work done. That means I will prepare the quotation for u to give to whosoever u are referring to me,it's a business strategy,it's a compensation,what I realise is from the job is not your business,the basic thing is to deliver my service and my client get satisfied with my job,I can buy something of #10 and decide to sell for #500, it's business. It's a business. Don't come on my page and say people shouldn't do business with me,so far I am not defrauding any people here,I myself might not even see up to #50,000 but the satisfaction with job which will make people to recommend you to other people is the goal

megacontrol:
Valid points.

But the discussion and analysis was around the same asset class (i.e RE) but comparing different locations. therefore, they will all be impacted by depreciation or inflation, just by different magnitude.Of course you can do all your discounting, present/future value and stuffs to get your NPV and determine if its a go or no-go.

That is why "today's money/value" was mentioned a number of times in my submission.

You're correct on this.

megacontrol:
Now if you move to other asset classes then the effect is different.

But then what is the market risk-free rate of return today NEGATIVE (-ve) ... so if you hold X amount in TBills for 30days you will get less than your principal, essentially paying govt for holding your money.

So let those that play safe continue to play safe, there's nothing wrong with that. its all about risk appetite and domain knowledge.

Let me first admit I don't know too much about finance and investment but I have been forced to learn by myself on how to manage my own assets and money. With that been said, I will never invest my money in Naija TBills, stock market or real estate for that matter . I'm sorry but the economy practices and instability in the country doesn't fill me with any confidence.

In regards to real estate investments in the country, I'm willing to bet the majority of them lose money when intricate number crunching and adjustments are made. Yes, you're right that domain knowledge might mitigate these risks to turn a profit but only very few shrewd and prudent (or lucky with inheritance or government lobbying) will make money. The lack of verifiable data is also one big problem to making educated investment in the country as opposed to the slew of anecdotes I have seen people making here. Sorry, I can't take all these stories of "my clients, my neighbor or the alhaji down the street" seriously. I need verifiable data and if the shambles that is the naira is anything to go by then I'd rather invest in somewhere else.

Take for example, average exchange rate usd-naira in 2010 was 122 naira to 1 USD (source: https://www.exchangerates.org.uk/USD-NGN-spot-exchange-rates-history-2010.html). Today it's 470 naira to 1 USD. If you had 100k USD in a low cost index fund like the VTSAX or VFIAX from 2010 to 2020, you're looking at 6% annual return (adjusted for inflation) compounding to $179,084.76. (source: https://americanfundsretirement.retire.americanfunds.com/tools/calculators/investing-results.htm https://dqydj.com/sp-500-historical-return-calculator/). Yes, it does comes with its own risk which can be minimized with diversification but the potential return will be lower. The advantage is you don't have to do anything. Just leave the money there, you don't have to worry about tenants, repairs, omo onile etc. And your money will be in a strong stable currency.
Land bought in 2010 for 12.2 million naira (100k USD) can become what in 2020? 45 million or 50 million which is sadly still 100k USD today. Yes, location and domain knowledge matter but I'd rather just take the trusted and easy route.

timileyinoyela:
with all due respect,I said after getting the work done. That means I will prepare the quotation for u to give to whosoever u are referring to me,it's a business strategy,it's a compensation,what I realise is from the job is not your business,the basic thing is to deliver my service and my client get satisfied with my job,I can buy something of #10 and decide to sell for #500, it's business. It's a business. Don't come on my page and say people shouldn't do business with me,so far I am not defrauding any people here,I myself might not even see up to #50,000 but the satisfaction with job which will make people to recommend you to other people is the goal

You will add the 50k to the quotation ?
I fully understand your goal
But 50k is on the high side for referral
Nobody should make over 100k for a roofing job
if you make 100k you are robbing your clients
The average labor cost aluminium roofing should be about 100k
You will pay people from that 100k
ok, I guess you are going to get the money from increase the measurement of the roof

Don't sweat it man, either ways is just fine... the most confusing set of artisans must be in the building/construction industry.
What you have for most of the stage work is minimum standard but not necessarily standard practice. There are best practices but then that also depends on who you're talking to.
There is always an argument for or against any method you choose. So if the artisan is tending towards one method, it is probably what

What you should be more concerned about is which method or sequence will consume more materials.

In summary, we do it after plastering and have had good results w/out issues. We do simple designs of 6in wide x 2in thick (outward projection from the plastered wall) , done by hand (i.e. not the precast and hanging type) and still standing.

I've learnt not to sweat the small stuffs.

henrymor:
Yes sir!

The bricklayer said it use to remove if it is done after plastering l. He said if it is done before plastering, they will also use cement to hold it to the wall very well so that it won't fall off after some time.