Theconglomerate:
If you want to build a commercial house(block of flats,duplex,shop,etc..) and you've got the means,make sure you build in the right location that very well befits the lower middle class and finish it to a taste that suits people in this class.
This action is a natural selection process for troublesome tenants.
People usually owe rents in suburban houses(block of flats or rickety bungalow inside bush or in a slum or ghetto).
It is very rare to hear that a tenant in some of the places I described are owing rents and are fighting with the landlord.
They are too busy and have a reputation to protect to want to be fighting in the mud with a landlord.
I don't know lagos well but where I stay,there are places where landlords don't even know their tenants yet get paid rents regularly and in time.
If you Bleep up with your rents,he knows that there is an army of middle class people waiting to replace him with cash at hand and the shame that's involved,nobody wants that.
In if you no want problem with tenant and money is not a problem to you,you should know what to do by now.

This is not true. People owe rent even in lekki phase 1 and it's not rare. There is something called fake life and living above your means.

OgogoroFreak:
This is not true. People owe rent even in lekki phase 1 and it's not rare. There is something called fake life and living above your means.

To every rule there are exceptions.Thats life.
But we'll always do what we can to mitigate risks.
Besides,I talked about "fast life" people and advised against leasing properties to them.

Theconglomerate:
Shey you know there is lower and upper middle class.
Besides,you said rich the last time and in no way refer to middle class.
Leave job title,let's talk and classify with income.
One of the worst places to use as an example for income is the teaching industry
The reward for people in this industry is in heaven,no offense
Some of my professors way back that were rich are businessmen.

in a country of 30k minimum wage and largest employer of Labour is govt.....400k is a big..

ahiboilandgas:
in a country of 30k minimum wage and largest employer of Labour is govt.....400k is a big..

I know it's big but is that income bracket considered rich?
That's what I'm trying to understand.
Your examples from the last time were Nigeria breweries distributors that deposit up to 100m with NB.Those were the people you classified as rich.
Now do you think those kind of people make 400k a month as income?

..

OgogoroFreak:
This is not true. People owe rent even in lekki phase 1 and it's not rare. There is something called fake life and living above your means.

And will take you to court.

Her tenancy expires today,infact she is coming up with another request this evening that we should give her one extra month to move out making it 3months in total since she will write an undertaken. The agent managing the house also said that citizen's mediation center will still ask us to grant her request if she wants to stay 3 months,so he advised we ask her to write an undertaken and grant her 3months request to avoid troubles.

MrMcJay:


Has her present tenancy expired or it is yet to expire?

If the property is in Lagos and her tenancy is expired, she is not entitled to the statutory 6 months quit notice. All she's entitled to is 7 days Owner's Intention to recover premises.

XiaoLi:
Her tenancy expires today,infact she is coming up with another request this evening that we should give her one extra month to move out making it 3months in total since she will write an undertaken. The agent managing the house also said that citizen's mediation center will still ask us to grant her request if she wants to stay 3 months,so he advised we ask her to write an undertaken and grant her 3months request to avoid troubles.

BETTER, Let her get the 3 months and you enjoy your peace but if she fails to vacate after the 3 months, what happens? at this rate of almost begging her to leave you cant even charge her for damages if any at the residence. my Tbills cant do this to me.

Theconglomerate:
Is someone making 4.8m a year rich?I was under the impression that these are comfortable people,not rich sha.
A rich person won't even rent an 800k PA house to start with,unless he isn't in his comfort zone.
This one na just social strata positioning o.

If you can rent to someone earning 4.8m per annum, that means you would very much prefer someone making 500m per annum. Lol.

XiaoLi:
Her tenancy expires today,infact she is coming up with another request this evening that we should give her one extra month to move out making it 3months in total since she will write an undertaken. The agent managing the house also said that citizen's mediation center will still ask us to grant her request if she wants to stay 3 months,so he advised we ask her to write an undertaken and grant her 3months request to avoid troubles.

@XiaoLi I will advice since it's clear she is ready for trouble, see her case as one of those bad business that occurs once in a while in our attempt to make profit. Let the undertaking be well written and flawless just let her have the 3 months rent. You are big already her three months rent cannot reduce your status. See the positive side of this ugly senerio. Now you can handle tenants better after her case. Her three months rent as the fee for the training

emmanuelewumi:



And will take you to court.

Exactly! They want to owe you rent but they have money for court case. Fear people o.

It's just like some people that always want to buy on credit from you but if you don't have the item or refused to sell, they will go and buy it elsewhere with CASH.

Some tenants are just wicked, a businessman owe rents for over a year and refused to vacate the property, the landlady dragged him to the court. The case took almost 2 years to be decided. In short the man did not rent for about 3 years.

He knew he would lose the case, close to the time the case would be determined he moved his belongings to his warehouse and lodged his family in a hotel.

His family stayed in the hotel for 9 months, imagine how much it would have cost him to Lodge a family of 6 in a hotel. During this period of 9 months, he bought a house and renovated it on the street he once stayed and later moved in into the house. The man never made the mistake of having a tenant.

But karma is a bi-ch

Theconglomerate:
I know it's big but is that income bracket considered rich?
That's what I'm trying to understand.
Your examples from the last time were Nigeria breweries distributors that deposit up to 100m with NB.Those were the people you classified as rich.
Now do you think those kind of people make 400k a month as income?

relative to the business on offer person that can afford 800k apartments in an investments 40m (property) are rich cleints

A property own by a nigerian in asokoro Abuja used by the Indian embassy pays an annual rent of 55m naira ..after they vacated with no tenates the property was put for sale at 950m as advised ....no buyer...it was sold at 650 m ...

OgogoroFreak:
Exactly! They want to owe you rent but they have money for court case. Fear people o.

It's just like some people that always want to buy on credit from you but if you don't have the item or refused to sell, they will go and buy it elsewhere with cash.

The bolded has an explanation.
If he is collecting credit from you,know that there are other varieties of goods he is buying from others with cash because he don't have the kind of relationship he have with you with the others.
So if you ask for cash and he pays you cash,how is he suppose to pay the others for their own variety of goods?
If at all he pays you,it means he will have lesser variety to sell thereby minimising profits.We all know this.
That is why he will prefer to go and buy your kind of goods elsewhere cash so as to still keep your transactions in credit,because the moment he pays you upfront for any goods at anytime,that is the end of his credit line with you.This is basic human psychology.
Now,don't you see that this is capitalism and the motive for this is money rather than wickedness?
Wickedness does not exist in Capitalism,money is always the motivation.

ahiboilandgas:
relative to the business on offer person that can afford 800k apartments in an investments 40m (property) are rich cleints

I don't understand,a person that has a property worth 40m and pay rents of 800k a year is rich?
Is that what you are saying?
I thought rich was classified based on income?
Because there are people with 1Billion naira worth of non revenue property that are broke as hell.
So I don't understand you maybe

Theconglomerate:
I don't understand,a person that has a property worth 40m and pay rents of 800k a year is rich?
Is that what you are saying?

if i have a rentable property of 4 apartments wort 40m ....my target cleints will be rich people that can afford to pay 800k per annum... (Rich means people that can afford all the necessacity o life )...there is a difference bet rich and wealthy people

battleaxe:


Thanks for your response.

Please see the first link on differences btw Sukuk and regular bonds I googled(See section on repurchasing at maturity), the second link to the prospectus of the 2017 Sukuk, page 10/11- Limited Recourse.

https://www.dummies.com/personal-finance/islamic-finance/how-sukuk-islamic-bonds-differ-from-conventional-bonds/

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.fmdqgroup.com/wp-content/uploads/2018/02/FGN-Sukuk_Prospectus-Execution-version_051017.pdf&ved=2ahUKEwjE-umuzd7pAhX9BGMBHRMQAaMQFjAAegQIAhAB&usg=AOvVaw3Sdg6eeB8Du36aaML_NooZ

With this sukuk, the government is "renting" the underlying road infrastructure from the SPV. I think it's similar to a finance lease.

In non interest finance, the risk is shared between both parties so ordinarily, it would mean that a risk of loss is present but since the counterparty is the FGN, there's nothing to fear.

The simple difference between a rich person and a wealthy person is that a wealthy person has sustainable wealth. In other words, a wealthy person will always be wealthy, whereas someone who is merely rich will only be so for a short period of time until the money is gone.

emmanuelewumi:
Some tenants are just wicked, a businessman owe rents for over a year and refused to vacate the property, the landlady dragged him to the court. The case took almost 2 years to be decided. In short the man did not rent for about 3 years.

He knew he would lose the case, close to the time the case would be determined he moved his belongings to his warehouse and lodged his family in a hotel.

His family stayed in the hotel for 9 months, imagine how much it would have cost him to Lodge a family of 6 in a hotel. During this period of 9 months, he bought a house and renovated it on the street he once stayed and later moved in into the house. The man never made the mistake of having a tenant.

But karma is a bi-ch

the courts should have allowed the woman to seize the man's property so as to sell it to recoup some of the rent money.

ahiboilandgas:
if i have a rentable property of 4 apartments wort 40m ....my target cleints will be rich people that can afford to pay 800k per annum... (Rich means people that can afford all the necessacity o life )...there is a difference bet rich and wealthy people

Well,I found this and I am confused.
Rich and basic necessity should not be put in the same sentence if you ask me.

rich implies having more than enough to gratify normal needs

pesty100:
the courts should have allowed the woman to seize the man's property so as to sell it to recoup some of the rent money.

Someone who packed out 2 weeks towards the determination of the case.

ahiboilandgas:
rich implies having more than enough to gratify normal needs

Exactly.
So how does 4.8m naira a year income in today's Nigeria make a person have more than enough to satisfy normal needs?
Because an 800k a year apartment isn't all that legendary if you ask me,even though I am in no way belittling it.

Theconglomerate:
Exactly.
So how does 4.8m naira a year income in today's Nigeria make a person have more than enough to satisfy normal needs?
Because an 800k a year apartment isn't all that legendary if you ask me,even though I am in no way belittling it.

do u know what a 800k house will be in Benue state ? Only 2 percent of 50m accounts in Nigeria have 500k and above

Theconglomerate:
Exactly.
So how does 4.8m naira a year income in today's Nigeria make a person have more than enough to satisfy normal needs?
Because an 800k a year apartment isn't all that legendary if you ask me,even though I am in no way belittling it.

less than 2 percent of the Nigeria workforce make 4.8m naira every year sustainably

emmanuelewumi:



Someone who packed out 2 weeks towards the determination of the case.

our courts is something else ooo, It took them 3 years to determine whether someone was occupying another person's property illegally. Is it possible to include a clause in a rent contract that would attempt to penalize tenants that overstay or collecting security deposit from tenant that would be refunded to them when they pack out of the property?

ahiboilandgas:
do u know what a 800k house will be in Benue state ? Only 2 percent of 50m accounts in Nigeria have 500k and above

You won't see that income to be able to afford an 800k a year house in Benue state in the first place,reason why I don't think flats at that price even exist in Benue state to begin with.
Unless you want to work in Lagos and live in Benue and commute daily.
So to meet up with time schedule,you also need to buy a Buggati Chiron or a Chopper.
How does 4.8m a year afford this?
As for the bolded,there are a ton of people worth 10m naira that don't have 500k in their accounts,so if you ask me,liquidity Is a wrong way to judge riches.

Out of curiosity, can't rent debt be reported to credit bureaux so that landlords can access it before letting out their properties? So, even if it's yet to be settled in court, landlords can know what they're dealing with.

..

800k de Benue? I will be surprise to learn there is

ahiboilandgas:
do u know what a 800k house will be in Benue state ? Only 2 percent of 50m accounts in Nigeria have 500k and above

I think most people pursue their cases the wrong way. Your contract with a tenant is spelt out in the agreement and rent payment, after that 7 days is all he has to pack out if he does not pay. I think people who use quit notices are the ones who trap themselves.

pesty100:
our courts is something else ooo, It took them 3 years to determine whether someone was occupying another person's property illegally. Is it possible to include a clause in a rent contract that would attempt to penalize tenants that overstay or collecting security deposit from tenant that would be refunded to them when they pack out of the property?