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Nairaland Forum / Nairaland / General / Properties / General Topic Thread-To Discuss Anything And Everything in Building Construction (4682853 Views)
Discuss Anything Property And Lets Make Money In The Process / Residential Building Construction Mistakes In Nigeria You Need To Avoid / General Topic Thread - The Roforofo Thread Of Construction Activities (2) (3) (4)
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by GoodFaith: 5:06pm On Dec 05, 2021 |
sonnie10:My word was "some cities" MD---- Baltimore MI------Detroit Tennessee Mississippi $60k to $150K 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by FEGEITOK: 5:08pm On Dec 05, 2021 |
So I reached out to an aluminum factory to inquire about casement windows and now I have to embark on another educational rabbit hole or get an aluminum fabricator/ specialist to decompose the jargon I got served. Rather than approach a fabricator first, I have opted to go to school. That way I can relate better with the fabricator and the factory. It would seem the factory doesn't deliver finished products but CKDs which fabricators now put together. My guess by the way. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Nobody: 5:22pm On Dec 05, 2021 |
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BiigTee: 5:25pm On Dec 05, 2021 |
Lol.. I have a number of clients over there.. Great estate no doubt.. The buildings there are just mind blowing! One of my motivations never to settle! All in or out! Abudu2000: 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by topsy23: 5:39pm On Dec 05, 2021 |
Abudu2000: That's a good client. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 5:42pm On Dec 05, 2021 |
Abudu2000: Hehe! You don enter the real place. ![]() 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by shortgun(m): 6:22pm On Dec 05, 2021 |
n3xt:Project location? |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Nero2424: 6:48pm On Dec 05, 2021 |
GoodFaith: You'll even find a few for $40k but you will have to go to bed every night with bullet proof vest. Some parts of Baltimore, Detroit and Chicago will have such low cost houses due to shootings. 6 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Abudu2000(m): 6:51pm On Dec 05, 2021 |
topsy23: BiigTee: once one gets lucky to meet a client who understand quality jobs are expensive, na davido joliment ![]() ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Abudu2000(m): 6:55pm On Dec 05, 2021 |
kopell: ![]() ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by GoodFaith: 7:00pm On Dec 05, 2021 |
Nero2424: My brother don't believe all the stories you read I have only done one deal in one of the cities you named it's a good $1k a month I stayed out of this city just to protect my investment Today I am willing to take more risk If I have taking high risk 10 year ago - I will not be working today But I am thankful things still worked out 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MRFIXER001: 7:02pm On Dec 05, 2021 |
![]() ![]() ![]() kopell: |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sonnie10: 7:21pm On Dec 05, 2021 |
GoodFaith: I want to learn. How do you make $1k monthly from a $60k house? This is what happens to the 12k from a $1k monthly rental income You pay about 3% city tax on the value of the. Your example of $60k house that $1800 You pay about 22% income tax on the $12k rental income that is $2640 a year Property maintenance (Lawn and misc ) $1000 Property manager 10% of the 12k ----------------------------------------------$1200 Home owners association --------------------------------------------------------$500 Total --------------------------------------------------------------------------------------$7140 Therefor $12k minus $7140 = $4860 $4860 is the maximum amount you would have left from that $12k. Addendum I forgot to add that you need and must have Property insurance of about $100 monthly ($1200 per year). 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by GoodFaith: 7:29pm On Dec 05, 2021 |
sonnie10: The investment was way less than 60k about three year ago Rent 1K Insurance $65 monthly Property Tax 1K yearly Let say repair 1K repairs can be less My taxes can be 35%-but don't ![]() ![]() You add lot of stuff I don't worry about tenant do his\her lawn No Home owners association Manage all my stuff All expense are write off 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by topsy23: 7:51pm On Dec 05, 2021 |
Abudu2000: Na soo 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sonnie10: 7:51pm On Dec 05, 2021 |
GoodFaith: A piece of undeveloped land anywhere in Lagos held over 3years would have given you more than 200% return. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by GoodFaith: 8:01pm On Dec 05, 2021 |
sonnie10: Please I don't have time playing the guessing game Look at the value of Naira for really Unstable Nigeria Over Priced land and properties like properties in Ontario Canada I have done my part in Nigeria Like I said I am not taking big risk I take low risk Nigeria Hard oh Your Analysis of own investment house was very interesting You failed to make the same Analysis about Nigeria You wrote all the negative of owing property here Buy a Land in Nigeria before you came back somebody might build house there my brother 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Godisgreatest1: 8:07pm On Dec 05, 2021 |
rotecch77: OK. Thank you. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Johntemmy(m): 8:46pm On Dec 05, 2021 |
Good evening everyone. We are always available for your order. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sonnie10: 8:46pm On Dec 05, 2021 |
GoodFaith: Why do you call those things I pointed out "negatives?" Those are things you must do as a house owner (Landlord). I didn't make them up. When you factor issues like the scenario below, then it could be considered being pessimistic or negative . Low value properties are mostly rented by chronic trouble makers. I don't have the energy to frequent court because of $500 monthly income. A day off regular day job for that alone is good money off ones pocket. Don't even start with months the property would be unoccupied because of unstable renter in such property. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by BrickDevo: 8:49pm On Dec 05, 2021 |
GoodFaith:True very true |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 9:03pm On Dec 05, 2021 |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Drdreluv: 9:40pm On Dec 05, 2021 |
How much is fair enough to pay bricklayer and carpenter to fix a normal.gate |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by kopell: 10:20pm On Dec 05, 2021 |
Nero2424:True talk oooo |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by dongc(m): 10:34pm On Dec 05, 2021 |
sonnie10: I dont know where in the US...but this guy on YouTube buys some cheap old houses and does renovation and rents them out for between 900 to 1000 a month
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sonnie10: 11:02pm On Dec 05, 2021 |
dongc: He still must pay for almost all those things I listed there. They are not optional. I know one man that had 12 good single family home rental properties in relatively stable neighborhoods, Tenant problems was too much . He sold everything. The only thing that is giving him money now are his hotels in Nigeria. Imagine if he had put all his eggs in one basket. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by mssiah(m): 11:06pm On Dec 05, 2021 |
Hello I have gotten the attached estimate from my tiler. Please can some one guide me on cost of Labour and the quantity of tiles needed
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sonnie10: 11:12pm On Dec 05, 2021 |
mssiah: You have a total of 195 square meters He is charging 145k for labor Therefore, one square meter is #733 in labor cost. Most people charge #400 -500 6 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by GoodFaith: 1:04am On Dec 06, 2021 |
sonnie10: I have a full forty hours job in Technology The only reason I was enable to respond to you today I starting work today at 440AM till about 3pm Bad day putting out fires all day I have one tenant who told me it is all about my money-- she was right she have rented from me for over 7 years I have over 15 years rental business I tell people to treat rental property as business I have few things to get done- Thank God for the properties The last two year was bad for landlord It was good for me The neighborhoods are good after on the Third of the month You will get your seven days notice After 7 days later it is court I have followed tenant to bankruptcy Court I will tell you I have collected all my rent for the last 15 year 98% With forty hour job my kid mother, my brother and me I was dealing with over 32 properties My kid mother deal with her stuff now and my brother i guess use people to manage his properties Today I deal with less than 15 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Dijita: 2:13am On Dec 06, 2021 |
sonnie10:@Sonnie10, it is not every property that have lawn and home association expenses. You will not pay 22% income tax on $12000 income unless you have other income. If you have other income your rental income tax will be marginal rate. Also you don't need property manager unless you have a lot of rental properties that you can't manage yourself. You also appears to be double counting. Income tax is not paid on gross income. The income tax in your scenario is paid after deduction of property tax and other expenses. if you are paying home owner's association fees, why do you need a property manager and pay for the lawn maintenance? If you have 60K to invest in rental income property. You probably will use it to buy about 4 apartments in combination with mortgage. You don't need property manager to manage up to 10 apartments. By the time you pay property tax, the return on your investment is not on the monthly rent when compare to other investment opportunities. But the appreciation on the property over time. I have some properties with annual rental profit of $300 to $600. However, 7 years return on investment is going to about 65% due to appreciation. Some of you may say Nigeria return in Nigeria is higher but the peace of mind and security is Higher. The 65% is actually return on the total cost of purchase. The return on your own investment can be up to 300% or more. A friend bought property investment for $500k in 2014 and sold it for about $950000 in 2021. His actual down payment was 6.5%(32.500) 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by Nero2424: 2:58am On Dec 06, 2021 |
Dijita: Most of this things you outline are correct but buying a property in 2014 for 500k and selling in 2021 for 950k could be as a result of shortage of homes caused by covid. I was in the market to buy a new home and realized most homes in the market already have multiple offers way more than the listing price. I decided to stop looking and let others overpay for the houses. My current home was also bought in 2014 but due to covid the value is currently on the high side but again development can also lead to the increase in prices for home but most of the increase we see now are artificial caused by the pandemic. 1 Like |
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