NewStats: 3,259,808 , 8,170,936 topics. Date: Monday, 26 May 2025 at 04:36 AM 6of6k

emmanuelewumi:



Haba the sky is so large. You can't have it all, he made them realise when they ed him and gave them the necessary encouragement. Some of the former workers made use of his huge library for their research.

Working for some people is not a master/slave relationship, the more the merrier.

Instead of having a billionaire in a family, it is better to 10 people with a networth of over N100 million

It’s one thing to encourage your staff to shoot for the stars because you understand that they have the potential to make it on their own if they decide to bounce.

It is another thing to sack all your staff after 5 years as you mentioned that your Oga was doing as a matter of principle.

Anyway, man know thyself and do whatever rocks your boat

NL1960:


I bow o. If na our leaders do this now, dem go begin dey abuse and swear for am.

Ordinarily, why should somebody move accommodation when he is comfortable where he is?.

With this mindset of 5 years, it means i cannot be their tenant because i do not like changing accommodation unnecessarily.

There is a difference between rent and lease. That is why businesses have a lease agreement of 10 years and above

Within the 10 years the landlord cannot give them a quit notice, but can increase his rents to what is currently obtainable in the area

Lazyyouth4u:


It’s one thing to encourage your staff to shoot for the stars because you understand that they have the potential to make it on their own if they decide to bounce.

It is another thing to sack all your staff after 5 years as you mentioned that your Oga was doing as a matter of principle.

Anyway, man know thyself and do whatever rocks your boat

They have already being told that they have an employment contract of 7 years, when they were employed. Those who can get better opportunities can leave before the 7th year, provided they have given the mandatory notice

emmanuelewumi:


There is a difference between rent and lease. That is why businesses have a lease agreement of 10 years and above

Within the 10 years the landlord cannot give them a quit notice, but can increase his rents to what is currently obtainable in the area

This is actually not correct but I don’t want to derail this thread with legal jargons

Lazyyouth4u:


This is actually not correct but I don’t want to derail this thread with legal jargons

You can, we are all learning. There is a reason why businesses prefer long lease agreement to rent agreement

emmanuelewumi:



You can, we are all learning. There is a reason why businesses prefer long lease agreement to rent agreement

A landlord can terminate a lease agreement (long or short term) if the tenant violates the of the agreement.

Tenants enter long term agreements to lock in favorable rents for a fixed period. In most cases, the landlord cannot increase the rent during that period.

emmanuelewumi:



Haba the sky is so large. You can't have it all, he made them realise when they ed him and gave them the necessary encouragement. Some of the former workers made use of his huge library for their research.

Working for some people is not a master/slave relationship, the more the merrier.

Instead of having a billionaire in a family, it is better to 10 people with a networth of over N100 million

Akeju comes to mind foner Bursar of Yabatech. He trained many people that are not even related to him. They celebrate his birthday every year without him paying a dime, he only get to choose the location.

emmanuelewumi:


Anyone of them that can put them on their toes and money are paid at the right time.


An Igbo trader, get 2 years rents from his tenants. That is what he has in his tenancy agreement.

You are expected to pay by the 18th month to enjoy 10% discount, payments made on the due date ie expiration of the rent will attract normal rent

Na, lawyer put them on there toes more than PM's

Lazyyouth4u:


A landlord can terminate a lease agreement (long or short term) if the tenant violates the of the agreement.

Tenants enter long term agreements to lock in favorable rents for a fixed period. In most cases, the landlord cannot increase the rent during that period.

You can have a 20 years lease agreement, the landlord can increase the rent every 5 years by a certain percentage which will be in the lease agreement...

The essence of the lease agreement is to protect the tenant and ensure a constant cash flow to the tenant for 20 years.

Since UBA Airport road Lagos, vacated the property they leased 10 years ago, the landlord a former employee of the bank has no gotten another tenant

just2endowed:
In this thread eh, though it's highly educative but the kind of mindset we have against our fellow humans eh...if it were fg that's treating his people like that, we will label fg as wicked.

Let's focus on why we are here....property discussion in this thread can be stretching and derailing.

Our population will get to 780 million in 2100, accommodation will continue to be a big problem in the country. Informed investors with the means are not willing to invest in that sector.

The people succeeding in that sector are business minded and no room for sentiment.

We have about $500 billion dead capital in the Nigerian real estate market.

Wheather dead capital or not, it is advisable for one to have at least a house.

Space and accommodation will continue to be a major limiting factor in the country

Lazyyouth4u:


Generalizing here. Some tenants have stayed in properties for over 10 years with no wahala.

We Nigerians sha and all our rules. Man wey him wife no dey work go hustle to find house wey landlord go accept his wife to stay at home (and gossip with fellow housewife tenants).Then he must be ready to move and go through the process again after 5 years. Naija common man have suffered

when you have landlords that put all their problems in their house, these are the type of inhumane policies you would see.

These are the reasons why people with the means avoid residential real estate Investments.

Mortgage at about 16% and rental yield of about 5%

Leezah:
Hello!!! It's a business not a charity organization. If they pay promptly why would they ask them to leave, you owe, you get kicked, in addition cut your caot according to your size. You don't have money for a 3-bedroom or 2- bedroom you are renting, then paying rent becomes a big deal

If you read from the beginning, you'd know that the tenants were not kicked out because they were owing, or non prompt payment of their rent,rather they were asked to vacate the property just because they have stayed there for 5years.


That's the bone of contention,and they moved the goal post to firms who supposedly sacks their staff after 5 to 7 years,when we all know that no organisation will lay off their best hands when they are making profits and securing contracts for them just because they have been with them for some years.

LutanFyah:
If you read from the beginning, you'd know that the tenants were not kicked out because they were owing, or non prompt payment of their rent,rather they were asked to vacate the property just because they have stayed there for 5years.


That's the bone of contention,and they moved the goal post to firms who supposedly sacks their staff after 5 to 7 years,when we all know that no organisation will lay off their best hands when they are making profits and securing contracts for them just because they have been with them for some years.

That was the agreement signed when they were employed, enterpreneurial and forward thinking employees in a money making company won't spend decades working, you can spend decades in civil service, education or medical sector.

The founders of the courier company worked for a German courier company before 3 of them decided to resign their employment to start their own business. They are currently bigger than their former employer


Tenancy agreements are renewed annually, nothing wrong or illegal if it is not renewed after 5 years.

A quick one, if you have a windfall of N50 million.

What percentage of the fund will you Invest in a residential real estate investment?


The maximum i will invest in real estate investment is N10 million, provided I can get a rental yield of 7.5%

emmanuelewumi:



He needs my approval, your tenancy is renewed annually. You have the option to renew the tenancy or not, provided you have given enough notice to the other party.


People leave jobs after few months, I see nothing bad if you have policy of maximum of 5 years for your tenants.

Used to have a boss that told us, that he doesn't want us to work for him for more than 7 years.

If you work for him for more than 7 years, you will be sacked or asked to resign.

And you think that boss was doing the right thing?. Anyway, i guess it is a one man business. Such a company will never really grow because after some time, it will only attract people desperate for employment.

Leezah:
As long as you are paying promptly

The argument is not about paying promptly. It is about instructions being codedly given to the property manager or lawyer to quit the tenant after staying for 5 years in the property. This means that such a person can also tell a company to quit his/her property after 5 years despite the company paying promptly.

NL1960:


The argument is not about paying promptly. It is about instructions being codedly given to the property manager or lawyer to quit the tenant after staying for 5 years in the property. This means that such a person can also tell a company to quit his/her property after 5 years despite the company paying promptly.

If you have a windfall of N50 million what percentage will you Invest in residential real estate investment?

A tenant paid 180k in 2008, it took serious efforts before his rent could be increased to 300k in 2020, whereas landlords whose tenants moved out in the last 4 years are charging 500k for similar apartments.

There is a limit to the percentage rent increase a landlord can give a sitting tenant, that is why majority don't mind losing rent for a year to get new tenants. After staying in a house or a job for many years, we have the tendency to perceive the job or apartment as our property or right.

Apart from constituency in rent payment, the tenant need to be realistic.

An investor who got a dividend of 180k from Zenith Bank in 2008 , 720k from the bank in 2020 .


Until government invests in social housing, government provides good policies, good mortgage finance and good laws that favours real estate investors, funds will always go to sectors that will give superior returns

emmanuelewumi:
These are the reasons why people with the means avoid residential real estate Investments.

Mortgage at about 16% and rental yield of about 5%

LOL, what are you justifying? Are you trying to clear your conscience?
Can we bury this property stuff?
You have stated how you treated your tenants through your money hungry lawyer and you love how he does it, and to what end is all your stats justifying your lawyer actions but you are telling us stats about properties.

NL1960:


And you think that boss was doing the right thing?. Anyway, i guess it is a one man business. Such a company will never really grow because after some time, it will only attract people desperate for employment.

Are you a civil servant? Are you in the private sector?

If you are in the private sector, are you a goal getter? What is your contributions to the bottom line? Do you think you will do better if you are working for yourself?
What is the longest length of time, you have stayed with an employer in the private sector? If you know are good, are confident that you can be poached by a competitor?

just2endowed:


LOL, what are you justifying? Are you trying to clear your conscience?
Can we bury this property stuff?
You have stated how you treated your tenants through your money hungry lawyer and you love how he does it, and to what end is all your stats justifying your lawyer actions but you are telling us stats about properties.

As a matter of fact, I have sold them. I have just one Investment property left with 2 tenants.

Yield of 5% does not make sense

NL1960:


The argument is not about paying promptly. It is about instructions being codedly given to the property manager or lawyer to quit the tenant after staying for 5 years in the property. This means that such a person can also tell a company to quit his/her property after 5 years despite the company paying promptly.

Nailed it... That was his mindset about growing money on people misery.

He has his opinion though.... After all, we are all black African

We are so hypocritical, I asked a question that if we hit a jackpot of N50 million what percentage will be invested in residential real estate, no answer..


Until we are already to invest in the sector in order to reduce the 17 million housing deficit, accommodation will always be a major issue that will continue to get worse every year.

But we are not ready because of the perceived risks and lack of investors protection by the government

Good day Gurus in the house.

Please do anyone has any information about Ritz investment advisor limited.

Before I invest.

Please am counting on your advice.

mickky22:
Good day Gurus in the house.

Please do anyone has any information about Ritz investment advisor limited.

Before I invest.

Please am counting on your advice.

I don't have any information about them

emmanuelewumi:



What is the relationship between they don't know me and someone employed to ensure compliance? Or ensuring 95% compliance is now termed wickedness


Tenancy agreement is annual, the landlord has the right to renew the tenancy if he pleases. That is why his lawyer will always write you 3 months or 6 months before the end of the tenancy that you have been a good tenant and will be interested to renew your tenancy. Which the tenant has the right to accept or reject.

I am surprised that u of all people would reason along with ur stupid lawyer...it means both of u don't have conscience.
Thank God una don dey exposed una selves small small. Many of u on this thread aren't what u guys portray in real life but thank goodness we're getting to know u guys gradually.

In everything u do in life, have conscience. Ur lawyer will not like to be seen as a wicked man,I am sure u know he will tell them the landlord advised him to terminate his rent.
To them,the landlord must be callous because u allowed it.

Reason this and turn a new leaf.

Accommodation is a global problem, but it is really getting worse in Nigeria because of our increasing population and constant migration from rural to urban areas in search of jobs.

Govt should build more industries in rural areas and create employments there, that would discourage many from migrating to cities in search of a better life.

Moreover, real estate is capital intensive, and you have to wait for several years to make your profits, and this often discourage most Nigerians with capital to build affordable housing, waiting for years to get back your ROI is not in the DNA of a typical Nigerian.

emmanuelewumi:
We are so hypocritical, I asked a question that if we hit a jackpot of N50 million what percentage will be invested in residential real estate, no answer..


Until we are already to invest in the sector in order to reduce the 17 million housing deficit, accommodation will always be a major issue that will continue to get worse every year.

But we are not ready because of the perceived risks and lack of investors protection by the government

ibechris:



I am surprised that u of all people would reason along with ur stupid lawyer...it means both of u don't have conscience.
Thank God una don dey exposed una selves small small. Many of u on this thread aren't what u guys portray in real life but thank goodness we're getting to know u guys gradually.

In everything u do in life, have conscience. Ur lawyer will not like to be seen as a wicked man,I am sure u know he will tell them the landlord advised him to terminate his rent.
To them,the landlord must be callous because u allowed it.

Reason this and turn a new leaf.

No sentiment in business, tenancy agreements are renewed annual. The landlord or his agents wilk give you option of renewing it 6 months to the expiration of the tenancy, the tenant has the right to accept or reject the renewal.

A tenant equally needs to give his landlord enough notice, if he would be packing out of the apartment at the end of his tenancy.

The only wickedness is if you don't give enough notice or you engaged in illegalities with the tenants

Most landlords will even give the tenant, a free rent for 6 months after the expiration of his tenancy if he has not gotten an apartment. So where is the so called wickedness in all these transactions,


You are making good money from your money lending business, I hope you have used part of it to build affordable residential houses for Nigerians

Follot:




Real estate investment doesn’t really bring in much it’s just a means of tying cash down for future purposes. Even with 5 houses with investment of 10m minimum on each I still feel broke can’t even boast of 2 m on rents yearly.
That can’t even buy a good suv. I also run maintenance which makes things worst.


Once you get to this level just go into production which is what I am working on now

More like something to store value, which you hope to use in about 15 years time. The cash flow can be substantial after 20 years, provided you don't have a sitting tenant in the last 20 years

Sir ,

What prompt the decision to sell? Tenant Wahala, Low yield ? What do you intend to do with the capital gotten from the sale,

Any lesson for people like us still in Real estate but getting bothered with the devaluation and the rental not worth it on the long run.

emmanuelewumi:



As a matter of fact, I have sold them. I have just one Investment property left with 2 tenants.

Yield of 5% does not make sense

ibechris:



I am surprised that u of all people would reason along with ur stupid lawyer...it means both of u don't have conscience.
Thank God una don dey exposed una selves small small. Many of u on this thread aren't what u guys portray in real life but thank goodness we're getting to know u guys gradually.

In everything u do in life, have conscience. Ur lawyer will not like to be seen as a wicked man,I am sure u know he will tell them the landlord advised him to terminate his rent.
To them,the landlord must be callous because u allowed it.

Reason this and turn a new leaf.

This is business.