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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 true2home(m): 5:58pm On Nov 23, 2020 |
Sorry to say, too many ASSUMPTIONS... you are just one of those Follow-Follow. And its ok!!! For those whom will like to INVEST, Simply do a Research and you will see your returns without speculation. To make money on the Island, its either your father or relative has had the land when it wasn't popular and you got it at the cheap price, then you cant really rent and see more than 8% per year; and that's been generous. I have bought several land in Ogun State and made serious money in no time. I bought some lands in December of that year and by the time i got back to the US; i sold it all in two months at minimum of 100%. I have a rental property in my village that i built for 4M( land and Three Self cons) and i am getting N160 per unit for the past three years. The property its self if valued at 10M already. i bought another lot in the area last year for N1.2M and the original one i bought at N350k 3years before. JUST DO THE RESEARCH IN THE AREA OF YOUR INTEREST, It will speak for itself Please don't let anyone Hype you!!! Lekki is good for those that has a lot of money already and can get creative in REAL ESTATE; the first investors that positionED are the one that makes big money, all the Follow Follow will be left handing the Sh=t Bag for many years to come. Few of my friends that bought ABIJO cant build it yet and its been 5years oooo. Water prevent them from accessing the ROAD TO even get to the site, was a no no!!! so be smart and know what you are doing before investing in RE. There is nothing wrong in being on THE ISLAND, just know that its for show and you must be ready to spend heavily and hope to be luck that another money-miss-road will fall into your hand too. Best thing in that corridor is BUILD AND SELL; and that's for big pocket megacontrol: 3 Likes 1 Share |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by signature2012(m): 7:02pm On Nov 23, 2020 |
n3xt: Hi, If I am buying same quantity and to be delivered somewhere around Sango-Ota,what is your selling price? Preferable Dangote cement and no re-bagging. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by kopell: 7:24pm On Nov 23, 2020 |
zuraking:Hahaha, haba crack heads ke. They became crack when the money thing is not working in fervor any more ni ooo, many of them living above their means. It had to have stable tenants in Nigeria especially in Lagos and Abuja those that are stable are timing bomb hold one hostage to build or buy their own property. |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by amosblisz: 7:41pm On Nov 23, 2020 |
megacontrol: Ok thanks |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by zuraking(m): 7:45pm On Nov 23, 2020 |
megacontrol:easy to write in paper but the reality isn't the same. Don't forget most of us here are business men and we aren't ignorant about INVESTMENT 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by zuraking(m): 7:47pm On Nov 23, 2020 |
kopell:I don't know why they want us to believe one can get his/her investment back in 4-5 years. All these note book they are jotting doesn't happen in reality. 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by zuraking(m): 7:48pm On Nov 23, 2020 |
theForth:the argument is making your investment back and still having the property within 4-5years 3 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by qdlvy: 8:07pm On Nov 23, 2020 |
megacontrol: Not sure you guys are accounting for inflation. What you consider "appreciation" might be net depreciation after you account for inflation. Buying power of #1000 now is not the same as it was even 6 months ago. That's just six months. I don't even want to back 5 years ago because it's so depressing. 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 8:16pm On Nov 23, 2020 |
true2home: How is Abijo now Lekki? Lekki Scheme II is not even close to Ikota let alone Ikate in terms of investment returns. There’s Lekki and there are suburbs on Lekki/Epe l expressway. They’re not the same. It’s like comparing the overrated Cooperative Villas, Badore to Megamound Estate, Ikota. If you don’t know all these stuffs, you’d assume investing in RE in Lagos Island is just a piece of cake. I’ve seen a lot of people here doing copy copy stuffs but I can’t but smile. Awoyaya no be Lekki. ![]() I’d rather do Magboro than Abijo/Awoyaya/Bogije and the likes. Arepo and it’s environ is far better in terms of investment than all those locations. _______ I fenced a land for a Nairalander about a decade ago in Ogombo. Till date, no single development has gotten to that axis. I believe such person will fall into category of those who do not believe ![]() 1 Like 1 Share |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by diordaves(m): 8:23pm On Nov 23, 2020 |
n3xt: The duplex you posted, how much will complete it on average? 65 million Naira or there about. So you collect 3.5m annually in rent. This is a good deal? Alternative use of funds (opportunity cost) - with 65 million budget I will be completing a 50 unit shopping plaza in Agbowa (Ikorodu) with just about 10 million Naira annually in rent projected. My feasibility study used N18,000 per month per unit. With regards to flipping, the valuers recommended N4 million sale price per unit for a quick turnaround. This is 200 million total sale. Please note, I paid for the above figures, not make believe to win the argument. This is why I can't get my head around this island thing as the mainland could be very profitable depending on your exit strategy. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by true2home(m): 8:31pm On Nov 23, 2020 |
That's my point exactly. I do know the difference, but most people are buying the Lekki Corridor for ridiculous prices and quoting Lekki phase I rent to justify their purchase. By the way, You will never find a N25M land in Lekki - Ikate either and you are looking at over N100M in investment going by todays estimate. Just to recoup N12M less assume 4 flats building or Terraces @N3M/unit. That's still less than 10% per year ROI. You know me a little; and i don't worry much. I just keep my eye on my returns based on the capital that i am willing to invest. The local research will do the rest for me n3xt: |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 8:31pm On Nov 23, 2020 |
michlins: Good man you, for remembering to come back to inform us. Otherwise na to mobilise to @aheadahead house. ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by EgunMogaji2: 8:36pm On Nov 23, 2020 |
One4me: I’m waiting for your thesis on this Lekki investment stuff. My eyes just glaze over when too many zeros are in the purchase price ![]() |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 8:36pm On Nov 23, 2020 |
sam1919: Sorry to ask, is it that you cant get a better person to look after your job? How complex is the job? How many Storeys building? Where is it located? See, if it gets too much and you are stuck, let me know, l will send you my Builder who will build it for you, labour inclusive and he wont charge you One Million Naira. His job is so detailed you will marvel I just get annoyed when l hear how some so-called Engineer try to cheat people. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 8:39pm On Nov 23, 2020 |
diordaves: Picture of the 50 unit shopping plaza in Agbowa or aidonbelivit ![]() You’re assuming any sane person will buy a shop for N4m (+/-$10,000) in Agbowa where land is sold for less than N500k ![]() ![]() Is it the same Agbowa or the one in UK? ![]() How much do you think a shop is in Ikota Shopping Complex or Abraham Adesanya or Tejuosho? I have shops in these locations and my friend is the manager of Tejuosho Mall so I’m not cooking figures to win the argument. Just ask for his number and I’ll drop it ![]() 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 8:39pm On Nov 23, 2020 |
QSFemi: Take to this advice, it will give you some Peace of mind, you will have a good idea of what is fair. Put your building Plan here and if you dont have one, measure the length and breath of your DPC, state how many rooms, walls, etc to give us an idea, 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 8:48pm On Nov 23, 2020 |
Xtopher123: No offense taken Sir By Kobokobo builders, l mean 'Kobokobo House Owners', not Contractor. 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 9:02pm On Nov 23, 2020 |
rotecch77: But he should ensure he checks the Route of the 4th Mainland Bridge around that area properly so he does not end up buying the 4-lanes on the Bridge. 9 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by michlins(m): 9:04pm On Nov 23, 2020 |
One4me:hehehehehehehe. Thanks once again for watching my back 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 9:08pm On Nov 23, 2020 |
true2home: This is it! Will I build a block of flat on a 100m land? NO! Will I build 3 unit Terrace Duplex on a land worth over 50m? NEVER! While I was building 3 unit Terrace Duplex on 900sqm, my friend did 18 units of 2 beds on 1200sqm. I have someone here who did 4 units of Terrace Building and 4 units of 2 beds on 1300sqm in the same area but far inside and he was struggling to attract tenants. He copied exactly the same the design and build in the same area but was unable to get good ROI. As a matter of fact, I designed both building but I was left to decide what’ll work at the Reserve while the other guy came to copy what I did on his project. 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 9:16pm On Nov 23, 2020 |
diordaves: Badgers14: Swamp land, Sea-front are not meant for the average pockets, it is just that kobokobo people too want to show color and end up stressing themselves over such places. If you are loaded, those are the best place to buy, especially sea-front. There is a place called Makoko in Lagos, the poor people living there are being driven away right now, to make way for the Big Boys with deep pocket, to build better structures there. That is how it works. Most of Ikoyi were formally Swamp lands and Sea fronts but you cannot hear the "Bullion Van people" living there complaining about Swamp or the Lagoon. So, its all about the money in the pocket. ![]() ![]() Ofc, there are still land in Mainland, just like most of them cost between #40M to #80M. That is still a lot of money but the ROI is also huge. Its all about Location! Location!! Location!!! 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by henrymor: 9:17pm On Nov 23, 2020 |
Hi sirs/mas Should I do artwork before plastering or after plastering? Please, which is the best and why? Thanks! |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by megacontrol(m): 9:20pm On Nov 23, 2020 |
Valid points. But the discussion and analysis was around the same asset class (i.e RE) but comparing different locations. therefore, they will all be impacted by depreciation or inflation, just by different magnitude.Of course you can do all your discounting, present/future value and stuffs to get your NPV and determine if its a go or no-go. That is why "today's money/value" was mentioned a number of times in my submission. Now if you move to other asset classes then the effect is different. But then what is the market risk-free rate of return today ![]() So let those that play safe continue to play safe, there's nothing wrong with that. its all about risk appetite and domain knowledge. qdlvy: 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by henrymor: 9:23pm On Nov 23, 2020 |
Hi professionals, Should I do artwork before plastering or after plastering? Please, which is the best and why? Thanks! |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 9:25pm On Nov 23, 2020 |
Chekitaut: Is it Dollar you use to break those Quarry Stones? ![]() ![]() I am asking because the Woman selling Fufuu along my street is also warning that Price of Fuffu will double once dollar increases by #1, any time from now ![]() ![]() 6 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by megacontrol(m): 9:31pm On Nov 23, 2020 |
What's artwork? Window hood, belt etc.? If yes, you should do plastering first then those right after in the same breadth. It just blends in together and comes out neater, plus i don't think the materials or cost is significantly different either ways you go. henrymor: 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by sam1919: 9:38pm On Nov 23, 2020 |
Thank you! Please I need his contact One4me: 1 Like |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 9:39pm On Nov 23, 2020 |
Chekitaut: Funny but very valid question. How come most Skyscrapers are concentrated around the Water front, previous Swamps? Truth is, only those who can see into the future, buy such Sea Front, Marsh lands. ![]() ![]() I own Sea Front Plots in 'real' Lekki that lam currently offered #50M/Plot but l am not willing to Sell, at least not yet, if l will. I am still waiting for a few developments to come to fruition( Dangote Refinery, FTZ, Airport, 4th Mainland Bridge etc), before deciding what to do with them (Massive Events Centre, Upscale Housing Project, Bank Lease, etc) but they cost a lot to maintain, Just to fence each one, cost me over #3M as far back as 2003, because it was all round raft foundation fence work, for 120ft x 60ft. Not to mention gate work, C.of.O, yearly Govt Ground Rent, etc. No one should worry about why people buy those type of seeming waste-of-money land, everybody has his or her own priority when it comes to what constitutes good investment. ![]() 4 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by One4me: 9:41pm On Nov 23, 2020 |
sam1919:Drop your number for me now, l will tell him something unique so you know he is from me. You can remove the number immediately after PS; Dont send PM, that Email's password has gone rogue. Gigaset, Pls note as well |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by megacontrol(m): 10:06pm On Nov 23, 2020 |
Domain knowledge! n3xt: 2 Likes |
Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 10:18pm On Nov 23, 2020 |
EgunMogaji2: When too many zeros are involved, it's no longer a 'kobokobo' project. It's an upscale development. Then a modern townhouse is a sure banger and not any of those traditional/conventional builds. To attract great return on investment and higher occupancy rate, you need a signature build. What makes Play-in-Architecture, Haven Homes, Sujimoto, Centerbase and the likes stand out is their unique development. How can someone be complaining about how to recoup just 150m investment when Sujimoto is selling 2 bed apartment for over 250m in the same Lagos? These guys aren't doing anything spectacular. They just carved a niche for themselves in the upscale arena. In that realm, there's less competition. I belong to that class. - Brabus ![]() ____ Attached below is Townhouse on Admiralty way by Chronos Studeos.
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Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by n3xt(m): 10:24pm On Nov 23, 2020 |
In the real Lekki, there are guys who will sell you land and tell you what to build to recoup your money in few months. If you game, I have their contacts. |
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