I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

POSmecrhant:
I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

mynd44
lalasticlala
seun

Na bad idea if you've to sell your properties to start a business bro...

olukaygold:

Na bad idea if you've to sell your properties to start a business bro...

Thanks

POSmecrhant:


Thanks

For clarity sake, cos of building a house is skyrocking everyday,If you sell that house today,you go need double or more amounts to build another one tomorrow. House is an investment that doesn't depreciate,im giving advice based on my experience cos I was once about to sell my house at a ridiculous price around 2020 when things were not moving well for me but I didn't later get a buyer,I later finished the house last year and rent it out around 400k last year,this year now,that apartment alone is 600k. So pls don't sell your property to start a business,You go regret am later.look for business money else where...this business you're about to ventured into now,you don't know how the future go be,it never get stability. No start wetin go give you sleepless night and depression ooo

I pity you bro.

You want to leave the known for the unknown.

Business no easy as u dey think am plus you wont even have time to manage it yourself.


I pity you once again.

Take A loan using the house as collateral instead. Since you are so confident about the business.

POSmecrhant:
I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

mynd44
lalasticlala
seun

Where’s the location? I want to sell some of my investment and buy house…

Haa, better be sure before selling the house o. Most business look so promising on the outside before you get into the inside, and for many you will lose more on the business before you start seeing returns on the long run.

Have you done this business before? It not really a good idea.

Common Buddy, your house is your asset

Do not sell it

Business in Nigeria can go side ways..
You loose your money
You loose your home ..

Rethink broda...

Rather... Get a loan with your house as a loan collateral...
Speak to your lawyer and business analyst about your buisness before you start...

Dumbest move ever. If the business too sure and you have no other option use the house as a collateral to obtain the loan. Don't sell your house chief.

POSmecrhant:
I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

Bad idea.

If you were selling it to travel to the US or UK, that would have been a different case, in the sense that your relocation "might" put you in a situation of earning a much higher Naira income that you'd use to repurchase a new property.

But since you're planning on selling to invest in a Nigerian business, I'd rather advise that you seek your funding from a different source. So if God forbid the business was to go bad, you'd still have your real estate intact (and appreciating in value as time progresses).

Ok

That's a very wrong idea - Your house which is giving you 165k is already a business, why will you kill a moving business to start another one you are not certain about.

It will be best to save up from the money you are making from your house to start a new business so that you won't loose on both side at the end.

olukaygold:

Na bad idea if you've to sell your properties to start a business bro...

I don't think so. As far the business is legit, He can.

Pls don't go down that road.

Source for funds somewhere else.

Best, take a loan that 50% of your salary can service for at most 2 years.

Wrong idea

Property (land/house) is an investment that always appreciate in this country.

At least you have 180k. Manage that one for your family. Business terrain is harsh these days o

Then stay under bridge when you come back from work...just guessing

POSmecrhant:
I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

Yes, you can but make sure it's a sure business sha.

Location and price?

R

Selling your house to invest in a business isn’t advisable. No business is 100% guaranteed besides real estate is the new oil … At the moment , you have one that is giving a yearly profit of 165k , which might even subsequently increase , but you are about to sell that off and invest in an “uncertain business” … In the worst case scenario , use the house as a collateral to get a loan then repay the loan from the profit , that way you will be on the more safe side .

Anyways , in case anyone here is looking for a digital business to invest . Check this thread https://www.nairaland.com/6786474/cost-creating-blog-nigeria-how

That would be a very bad action to take.
No matter how certain you are of the business's prospects NEVER sell property because of it.

If u are that certain, get a loan from somewhere else to invest in the business. If you cannot find a loan, just forget the business for now.

This is coming from personal experience. Business is always sweet on paper, but ....
(I don't need to finish the sentence)

Will that business buy u another house??


Though 165k yearly is not a decent revenue bt u still have an asset. If u must liquidate/sell the house u must be able to get another house or asset from the investment/business if not u will end up with no money or asset.


So the big question now is what is the risk factor and potential revenue and “GROWTH” of this New business??

u wan sell ur house invest in ponzi?

Wait let me ask Ifa

POSmecrhant:
I have a self contained Flat that's giving me 165k every year. But I want to sell the place to invest in business that will give me 120k to 150k every month, because I'm married now, responsiblites will spring up. and dont want to depend fully on 180k salary.

Could this be good or bad idea?

pls dont try it