I need bright ideas on how to make money from one of my property worth 70m in Nigeria. I am looking at investing in real estate and I will appreciate it if investors in this area can advice me on how to go about it. Want to know if bank loan can work for me. Thank you all.

U need investors in ur property that worth 70m or u need investors to help u build a property that worth 70m or you need advice on how to invest 70m....I dnt understand u.....if u thinking of building a property worth 70m to generate more income....go build a private hostel in a uni......like 50rooms(self con)

@sseunth, I have a house worth 70m already and I am looking at generating more income using this existing property. Based on your advice, is it advisable to take a bank loan to finance this private hostel you mentioned using the house as a collateral with the bank or is there any other option of financing this type of poject. This house is currently generating an annual income of over 3m for me. Thanks

tommy04:
@sseunth, I have a house worth 70m already and I am looking at generating more income using this existing property. Based on your advice, is it advisable to take a bank loan to finance this private hostel you mentioned using the house as a collateral with the bank or is there any other option of financing this type of poject. This house is currently generating an annual income of over 3m for me. Thanks

u can use the house as a collateral collect loan frm bank and then use it to build private hostel....nothing less than 50rooms....self con, big rooms, tiles, wardrobe, water. Drop it at 100k or 120k per year....u ll get ntn less than 5m per year.



Plus I don't know if it is advisable to collect loan from bank cus I dnt no their interest rate.

tommy04:
I need bright ideas on how to make money from one of my property worth 70m in Nigeria. I am looking at investing in real estate and I will appreciate it if investors in this area can advice me on how to go about it. Want to know if bank loan can work for me. Thank you all.

Why don't you consider a joint-venture with a Developer to develop the land. Depending on the terms reached, you may also get a portion of the developed property to lease out to interested persons.

sseunth:
U need investors in ur property that worth 70m or u need investors to help u build a property that worth 70m or you need advice on how to invest 70m....I dnt understand u.....if u thinking of building a property worth 70m to generate more income....go build a private hostel in a uni......like 50rooms(self con)

Bros, abi Babe, you are the bomb. Best advice.!!

Op, accept this advice. And make sure the hostel will be a walking distance to the school. (students wont be paying t.fare to sch). Believe me, it will be hot cake and will keep yielding money for you.

missbronze:
Bros, abi Babe, you are the bomb. Best advice.!!

Op, accept this advice. And make sure the hostel will be a walking distance to the school. (students wont be paying t.fare to sch). Believe me, it will be hot cake and will keep yielding money for you.

Very true.
I suggest the OP buys a land outside Lagos preferably in Ogun State because there are lots of Universities there and the land is way cheaper than Lagos and other big cities.

I was involved in one on behalf of a client and for a plot that cost about 1.5M, students were paying between 120-150k per annum as rent for a room self contain. If the OP can build a standard hostel, his income would be on auto-pilot.