DexterousOne:

@emmanuelewumi pls refer to this comment.

Especially the bolded

This is the reason for what you said about the Nigerian institutional investors

It's a deep rooted psychological underpin

That's why foreigners have the upper hand over us

You made a solid point.

DexterousOne:


It's a big shame on us as Nigerians


And the worst part is, for the most part, Nigerians are shameless.


How can we continue like this for goodness sakes?

It is so so sad to read this again. Not that I don't know they happen but that it appears we are helpless. It has festered. Is this how we are going to live our lives and die . I don't think this is the best way to have lived on this planet earth. How can a people be this helpless. We are screwed.

emmanuelewumi:
Don't depend on a single source of income.

I will rather have 10 tenants that pays a total rent of N10 million than to have a single tenant that pays a rent of N10 million.


I will rather have have 100 customers that generates substantial revenue for the business, than having just 2 customers who generate 90% of my revenue.

Thank you Sir.

Customers are very important in business no matter how little they contribute......

SOFTDRINK:
You made a solid point.

Thank you

Nezzjnr:

Even the so called Adron Homes and Properties are still defaulting

Why can't the Government wake up and put this to an end

What do you mean by Adron Homes is defaulting

Please explain to me

SirBen90:
Apparently, today's class was on Real Estate and Omo-Onile Issues

Yesso

cirtapoyat:

It is so so sad to read this again. Not that I don't know they happen but that it appears we are helpless. It has festered. Is this how we are going to live our lives and die . I don't think this is the best way to have lived on this planet earth. How can a people be this helpless. We are screwed.

Thank God I dont have kids yet.

I can't forgive myself if I raise my kids here mehn

The reasoning of quite a number is so messed up

emmanuelewumi:
Don't depend on a single source of income.

I will rather have 10 tenants that pays a total rent of N10 million than to have a single tenant that pays a rent of N10 million.


I will rather have have 100 customers that generates substantial revenue for the business, than having just 2 customers who generate 90% of my revenue.

What about the 80-20 rule

Adron Homes- those jokers?

I laff everytime I see their adverts- i also fell for their marketing gimmicks way back then. Paid for the plot only to be told when i asked for my allocation that there are still some charges I need to off set.


[qquote author=abraolas1 post=90941495]

the Hidden Charges makes me to run away from Ibeju Lekki area ......for some they put it on their website e.g Andron Homes ....majority of them dont ...until i take a deep look and i later realise that the hidden charges is more than the amount u pay for the land which the buyer will not be inform as at the point of buying ......

And i also fear the Buy 5 and get 1 free plot of land hen.....cos this is Nigeria [/quote]

This is exactly their Business Model.

I know a lot of my colleagues way back in 2014 who opted for installmental payments for Adron homes - did about 8 to 10 months and dropped off. I can only imagine the no of funds they have collected that wld neva be returned...

MrMcJay:


Land 250k,
Extra charges 1.5M

Many real estate companies know you won't finish paying. They in fact are hoping buyer's won't finish paying so 3 people can pay for the same plot.

A certain Exec in a real estate company told me in confidence that their company paid Omoniles for about 10 Acres and sold more than 400 plots.

speak2lift:
This is exactly their Business Model.

I know a lot of my colleagues way back in 2014 who opted for installmental payments for Adron homes - did about 8 to 10 months and dropped off. I can only imagine the no of funds they have collected that wld neva be returned...

Na wa o.

Tho to be fair to them

They spent money on some infrastructure
Like the lights and the roads and the setting

The price of the land will not recoup that money

So its normal to pay some of those charges

It's done elsewhere as well, so Nigerians have to get used to it.
Though what I dont get
Is why the amount is so freaking high

Maybe the fee is justified I dont know

But all need to be laid bare ab initio

MrMcJay:


You were really fortunate.

What hinders the bolded is corruption and vested interests. It's really entrenched in the system.

Well said.

I hear even some traditional rulers are in on the racket

By the way, beginner investors will do well to read up on this link I posted below



https://nairametrics.com/2019/11/15/mutual-fund-nigerian-investor-discloses-his-10-years-investment-that-nosedived/


Please read and learn

DexterousOne:


What do you mean by Adron Homes is defaulting

Please explain to me

They collect money without allocation of land to the owners... Whenever you try to ask them about your property .... They go berserk on you

DexterousOne:


Well said.
I hear even some traditional rulers are in on the racket

Definitely. They are on it.
If there are unresolved land issues with Omoniles in a particular place, just know the traditional rulers are nonchalant or behave as if they are powerless, just know they are also involved.

speak2lift:
This is exactly their Business Model.
I know a lot of my colleagues way back in 2014 who opted for installmental payments for Adron homes - did about 8 to 10 months and dropped off. I can only imagine the no of funds they have collected that wld neva be returned...

There are many with similar experiences. Even when you complete your payments, the extra charges are outrageous. In the end, money has been paid but land hasn't been gotten.

GonFreecss1:


Chai! This is scary!

What can someone do to get something legit in Lagos?

My father lost his land too sometimes back and that thing affected him till his death. I am wary of Land problems, especially in Lagos.

So sorry to hear of your dad's experience.

@ the bolded, to get legit land in Lagos, you need:

A realistic budget,

Avoid payment by instalments,

Physically visit the land,

Get a registered Surveyor to pick up the physical coordinates of the land and chart it to be sure it doesn't fall under government acquisition,

Get a Property lawyer to undertake verification of the land,

Verification is not only at Alausa or of only documents, verify the sellers to be sure they aren't impostors and they have the right to sell,

Speak to people living near the land. The information that vulcanizer or fruit seller near the property would give you can save you from losing millions. Ask them.

Let your lawyer prepare your documents and at the point of payment, the sellers must sign. No stories.

Immediately you pay, start building your fence. If possible, pay like 60% of the cost of the land and once fencing is done, pay up the balance of 40%.

Once the transaction is done and you've received your documentation, try to perfect your title at the Lands Registry.

DexterousOne:



Thank God I dont have kids yet.

I can't forgive myself if I raise my kids here mehn

The reasoning of quite a number is so messed up

Where are you planning to raise your kids?

Just curious.

MrMcJay:


So sorry to hear of your dad's experience.

@ the bolded, to get legit land in Lagos, you need:

A realistic budget,

Avoid payment by instalments,

Physically visit the land,

Get a registered Surveyor to pick up the physical coordinates of the land and chart it to be sure it doesn't fall under government acquisition,

Get a Property lawyer to undertake verification of the land,

Verification is not only at Alausa or of only documents, verify the sellers to be sure they aren't impostors and they have the right to sell,

Speak to people living near the land. The information that vulcanizer or fruit seller near the property would give you can save you from losing millions. Ask them.

Let your lawyer prepare your documents and at the point of payment, the sellers must sign. No stories.

Immediately you pay, start building your fence. If possible, pay like 60% of the cost of the land and once fencing is done, pay up the balance of 40%.

Once the transaction is done and you've received your documentation, try to perfect your title at the Lands Registry.

Thank you very much for your reply sir. I appreciate it.

This information is worth a lot.

DexterousOne:
By the way, beginner investors will do well to read up on this link I posted below



https://nairametrics.com/2019/11/15/mutual-fund-nigerian-investor-discloses-his-10-years-investment-that-nosedived/


Please read and learn

The guy invested in an Equity mutual fund.

A very very bad idea.

casiello:

What about the 80-20 rule

As in 20% of your customers will bring 80% of the revenue.

Make sure you have as many customers as possible. I will prefer 20 customers bringing 80% of my sales than 2 customers bringing 80% of my sales

Wiseoldman:


I'll appreciate if your share your experience, I bought something with them years back. I see the estate sells 400% above what I paid for it then. I have not been there in a while though.

Please go and build your house on the land and take physical possession of the land

emmanuelewumi:



Please go and build your house on the land and take physical possession of the land

Your contribution is quite educative. So much to learn and unlearn for a young groomer investor.

More grace to the effort.

Buying land is beyond just buying and waiting..it involves strategy and racketeering....a farm brought for 13500 naira only in 1981 was sold for 120m naira in 2013 ,then resold for 180 ,then resold for 400m in 2019 to a estate firm....funny enough the original owner that sold for 13500 came to sign as witness in the 120m naira sale......

But i was gist the the man that inherited the farm..so i asked him how his father pulled all the strings ...was it luck or some strategy ....he told me his dad was member of the inner cabinets of the governor in 1979 and they have the master plan of the state and where futur road will be constructed .....so with this info they invade the area and buy at small sums and wait .....the 13500 farm was inside a bush....suddenly the federal govt built eastern bye pass through it ...boom a vast farm land is now on the express........turkish international school wanting to build bought it at 140m.....

ahiboilandgas:
Buying land is beyond just buying and waiting..it involves strategy and racketeering....a farm brought for 13500 naira only in 1981 was sold for 120m naira in 2013 ,then resold for 180 ,then resold for 400m in 2019 to a estate firm....funny enough the original owner that sold for 13500 came to sign as witness in the 120m naira sale......

That is investment. In Lagos and Ogun when you resell, you are expected to make another payment and get another receipt from the original owner is Omo onile.

The Investor who bought the farm land for N120 million must be ready to pay another money to Omo onile, if not he can't build anything on the property

Investment is very important. Invest in what you understand, get the necessary information and knowledge.

emmanuelewumi:



That is investment. In Lagos and Ogun when you resell, you are expected to make another payment and get another receipt from the original owner is Omo onile.

The Investor who bought the farm land for N120 million must be ready to pay another money to Omo onile, if not he can't build anything on the property

there no omo onile , the only omo onile was origanal owner who came as witness and was given 1 m (dash ) ...

emmanuelewumi:


He needs to give credit to the source of some of his tweets

Already tweet at him..... I hope he take correction
Good Morning

Steve Bing, an American producer, philanthropist, and writer has died by suicide at the age of 55. According to TMZ, he died on Monday June 22nd after jumping from the 27th floor of a luxury apartment building in L.A.'s Century City neighborhood. Sources told the publication that he had been suffering from depression due to lack of human contact during quarantine.

Bing, who founded Shangri-La Entertainment inherited a fortune of some $600 million from his grandfather, L.A. real estate developer Leo S. Bing.
After dropping out of University, Bing pursued a career in Hollywood and became the executive producer of the Sylvester Stallone film, "Get Carter," in 2000.

You are right with your submissions. Money rules Nigeria.

DexterousOne:


I have never seen or heard of omo onile issue in Ivory Coast

You buy your house
Pay the requisite taxes and registration fees to the govt

That's it.


I wonder who cursed us in this country


Why our collective mentality as Nigerians is too bad and repulsive
And I'll add destructive too.

I know in Ivory Coast and Tunis
You build strictly according to codes
Failure to do that

Will result in unpalatable consequences


Nigerians on the other hand do anyhow and then complain when estates they buy land in insist they build according to code (I see that complaint a lot on NL)

It just seems Nigerians love doing what they like with no accountability whatsoever

As long as you think you have some money
You think the law does not apply to you again

Shame

DexterousOne. Hope you are now seeing Adron Homes for who they're