NewStats: 3,260,854 , 8,172,812 topics. Date: Tuesday, 27 May 2025 at 08:51 PM 3m64s

emmanuelewumi:



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

Oga Emma, you can do whatever you like with your properties. It is your right. We are all humans. I think a tenant that pays promptly should not be given quit notice just because you want to make more money from a new tenant. You have said this same thing before coupled with saying that a prosoective tenant whose wife is not working cannot rent your property.

You are well respected here and i have been following you since SMN days. I think you should relax some of these your conditions.

Tenants on my street have invested so much into the street in of security, street lights, maintenance, generator for the street light. So imagine after 5 years, a tenant who has been prompt in rent payment is told by a landlord to vacate because he has 5 years principle on his properties. Is that capitalism or cult?.

emmanuelewumi:



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

Well,sentiment or not,lets apply wisdom when dealing with tenant especially families who have shown commitment in paying their rents. Most of us on this thread will agree with me that our leaders are wicked but most of us here are terrible and can't be compared with some of these leaders.

If u quit someone who has been paying u rent consistently just because he or she has stayed for 5years is a bad estate management/property management. Regularity of income is the beauty of property mgt and i want to use this medium to tell u that u have a terrible lawyer who only thinks of himself (of his gains) and not the property.

Professionally,I am sure u built that property to earn income,so why can't u focus on the income and make sure that the lawyer does not come in between ur target.
Just like I said earlier,i am still shocked that a lawyer would do this and u chose to consent to it.

Well for ur info,I am an estate surveyor,cum mortgage banker and a lender of money. I don't buy ur ideas one bit including that of ur lawyer.

Change ur style of management.
If my tenant is stubborn but pays his rent regularly,wetin concern me. And mind u,rent review is usually every 5years by extant laws and 3years in some cases. So why ask ur tenants to vacate when u can review ur rents and still retain them?

Think it over.

ibechris:



Well,sentiment or not,lets apply wisdom when dealing with tenant especially families who have shown commitment in paying their rents. Most of us on this thread will agree with me that our leaders are wicked but most of us here are terrible and can't be compared with some of these leaders.

If u quit someone who has been paying u rent consistently just because he or she has stayed for 5years is a bad estate management/property management. Regularity of income is the beauty of property mgt and i want to use this medium to tell u that u have a terrible lawyer who only thinks of himself (of his gains) and not the property.

Professionally,I am sure u built that property to earn income,so why can't u focus on the income and make sure that the lawyer does not come in between ur target.
Just like I said earlier,i am still shocked that a lawyer would do this and u chose to consent to it.

Well for ur info,I am an estate surveyor,cum mortgage banker and a lender of money. I don't buy ur ideas one bit including that of ur lawyer.

Change ur style of management.
If my tenant is stubborn but pays his rent regularly,wetin concern me. And mind u,rent review is usually every 5years by extant laws and 3years in some cases. So why ask ur tenants to vacate when u can review ur rents and still retain them?

Think it over.

Please invest in residential real estate Investments for Nigerians.

I know you won't because the 4% interest rates per month you are getting from your money lending business is too sweet, but will rather blame landlords who can't get 0.5%
per month return on investment

See everybody calling Emma names and some calling him wicked, Africans always acting saint while their place remain a shith0le. Business should be strictly business..my stay in foreign land for many years thought me that. I don't to give a paying tenant quit notice after 5years to get a higher paying tenant but someone who spent his hard earned money to build a house have one aim which is to make money from it, in Emma's case i think the best thing to do is to add in the tenant's contract that rents will be reviewed every 5years with an expected increment of...%. Any tenant to be which is not comfortable with that should not border to rent the house at the first place.

I go spend my hard earned money to build my house, do all the wahala including dealing with some dangerous omoniles which can endanger my life and some person go come dey tell me nonsense. Sorry!

There is a reason why most governments in developed countries regulate the housing market - it's because it has a social function and cannot just be left to capitalism unchecked. In other words, there are generally curbs on unrestrained landlordism.

emmanuelewumi:



Please invest in residential real estate Investments for Nigerians.

I know you won't because the 4% interest rates per month you are getting from your money lending business is too sweet, but will rather blame landlords who can't get 0.5%
per month return on investment

I will not but don't be harsh on good tenants that is my take.

Last year during the lockdown in my country of residence abroad, my tenant over there called me that business is not open and he cannot afford to pay until the next 4 months, as someone who is also a tenant where i live, I called my landlord to make thesame request. The answer of my landlord was that i rented his house for residential not for business...If the house was rented for business he will understand because there was lockdown and no business was open..so I should pay his rent or i pack out. I called my tenant and told him the same.

I cannot be living in someone's house and be paying while my tenant will be owing..i no be father Christmas..call it wicked...na you sabi

Hedgefunds:
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.

All of the above problems.

Just 2 properties, used the proceeds to buy SFS REIT, UPDC REIT, Zenith Bank, fixed income funds and money market funds.


My old man gave me 2 plots of land last month. The land is in his village, very close to Nestle factory and some Chinese companies in Ogun State. Did my research and costing, since cost of land is out the cost and based on the rents paid by the workers, I should be able to get a rental income yield of 10% to 12%.

I will liquidate some of my portfolio investments to develop one of the plots of land

ibechris:




I will not but don't be harsh on good tenants that is my take.

What is your definition of being harsh.

Between a landlord and a money lender, who is more lenient

A landlord is even ready to forego 12 months rent, can a money lender do that

Cyberknight:
There is a reason why most governments in developed countries regulate the housing market - it's because it has a social function and cannot just be left to capitalism unchecked. In other words, there are generally curbs on unrestrained landlordism.

Our government is worst, people paid money to Lagos State government to buy land 10 years ago, up till now no land no money .


If you buy a property for N50 million, you will need another N6 million to perfect the title. When you start repairs and renovation of the property another agency will come. All these affect the final cost of the Investments, thereby reducing returns on Investments

NL1960:


Oga Emma, you can do whatever you like with your properties. It is your right. We are all humans. I think a tenant that pays promptly should not be given quit notice just because you want to make more money from a new tenant. You have said this same thing before coupled with saying that a prosoective tenant whose wife is not working cannot rent your property.

You are well respected here and i have been following you since SMN days. I think you should relax some of these your conditions.

Tenants on my street have invested so much into the street in of security, street lights, maintenance, generator for the street light. So imagine after 5 years, a tenant who has been prompt in rent payment is told by a landlord to vacate because he has 5 years principle on his properties. Is that capitalism or cult?.

If you have N50 million free money now, what percentage will you Invest in residential real estate Investments in order to solve the accommodation problems of Nigerians.

My old man did not listen to us when we told him to avoid direct dealings with tenants. He is in his 80s.

The tenants giving him so much stress are those who have stayed 6 years and above in his houses, they are owing eventhough what they are paying is 50% of what tenants who moved in 2 years ago are paying.

They are the ones organising tenant Union in his houses and are negative influence on tenants who are compliant and responsible

emmanuelewumi:


What is your definition of being harsh.

Between a landlord and a money lender, who is more lenient

A landlord is even ready to forego 12 months rent, can a money lender do that

Now u come,I had a someone whom I lent money to and after some time he had problem in his business.
I gave him 2.8million naira in 2016 without interest and capital until he last year when he bounced back and he paid my capital alone. Reason is;he was the guy who linked me up to other customers.

Another is also a customer who owed me the sum of 14.5million without an interest for atleast 7months before he was able to pay close to 10million naira last year.

So,in everything, apply human face to ur business because relationship is key to everything we do.
Despites all this,I still make good money out of this stagnant monies out there. And I have never drag any of my customers to court or police before.

XiaoLi:
See everybody calling Emma names and some calling him wicked, Africans always acting saint while their place remain a shith0le. Business should be strictly business..my stay in foreign land for many years thought me that. I don't to give a paying tenant quit notice after 5years to get a higher paying tenant but someone who spent his hard earned money to build a house have one aim which is to make money from it, in Emma's case i think the best thing to do is to add in the tenant's contract that rents will be reviewed every 5years with an expected increment of...%. Any tenant to be which is not comfortable with that should not border to rent the house at the first place.

I go spend my hard earned money to build my house, do all the wahala including dealing with some dangerous omoniles which can endanger my life and some person go come dey tell me nonsense. Sorry!

You are missing the point and not following the discussion. Nobody here is saying that a landlord should not increase the rent. The bone of contention is quiting the tenant after 5 years just because you want to bring in a new tenant that will pay a new high rent and also collect agreement, caution fees even though the sitting tenant has never defaulted. My landlord increases my rent every 2 or 3 years.

You claimed to have stayed in a foreign land. Is that what obtains there?. Were you being given quit notice every 5 years because the landlord think you have over stayed and wants to bring in a new tenant?.

Could you throw more light why additional N6m will be required to perfect the title of a property near N50m.
This could assist in a current decision making as I have houses to buy in Lekki within N45 to N60 million, the estate agents said title is Governor's consent?

Do you mean it's not quite what is being portrayed as?

emmanuelewumi:



Our government is worst, people paid money to Lagos State government to buy land 10 years ago, up till now no land no money .


If you buy a property for N50 million, you will need another N6 million to perfect the title. When you start repairs and renovation of the property another agency will come. All these affect the final cost of the Investments, thereby reducing returns on Investments

PresidentBuhari:
Could you throw more light why additional N6m will be required to perfect the title of a property near N50m.
This could be assist in a current decision making as I have houses to buy in Lekki within N45 to N60 million, the estate agents said title is Governor's consent?

Do you mean it's not quite what is being portrayed as?

You will need a minimum of 10% of the value of the property to perfect the title at Bureau of lands Alausa. You will spend more in most cases

emmanuelewumi:



If you have N50 million free money now, what percentage will you Invest in residential real estate Investments in order to solve the accommodation problems of Nigerians.

My old man did not listen to us when we told him to avoid direct dealings with tenants. He is in his 80s.

The tenants giving him so much stress are those who have stayed 6 years and above in his houses, they are owing eventhough what they are paying is 50% of what tenants who moved in 2 years ago are paying.

They are the ones organising tenant Union in his houses and are negative influence on tenants who are compliant and responsible

Iam not into properties. As i said earlier, it is your property and it is your right to do whatever you want with it. You can even do 2 or 3 years. I have heard of a landlord that does 3 years. Life goes on.

emmanuelewumi:


You will need a minimum of 10% of the value of the property to perfect the title at Bureau of lands Alausa. You will spend more in most cases

After buying a titled property you need to perfect the title of the property to your name at the land registry Alausa.

If not the seller can still claim ownership to the property, because it is his name that is in government records.

You don't need to perfect the title, if the property is among what are referred to as dead capital.

90% of properties in Lagos don't have titles, reason why they are not acceptable as collateral by banks

ibechris:



Well,sentiment or not,lets apply wisdom when dealing with tenant especially families who have shown commitment in paying their rents. Most of us on this thread will agree with me that our leaders are wicked but most of us here are terrible and can't be compared with some of these leaders.

If u quit someone who has been paying u rent consistently just because he or she has stayed for 5years is a bad estate management/property management. Regularity of income is the beauty of property mgt and i want to use this medium to tell u that u have a terrible lawyer who only thinks of himself (of his gains) and not the property.

Professionally,I am sure u built that property to earn income,so why can't u focus on the income and make sure that the lawyer does not come in between ur target.
Just like I said earlier,i am still shocked that a lawyer would do this and u chose to consent to it.

Well for ur info,I am an estate surveyor,cum mortgage banker and a lender of money. I don't buy ur ideas one bit including that of ur lawyer.

Change ur style of management.
If my tenant is stubborn but pays his rent regularly,wetin concern me. And mind u,rent review is usually every 5years by extant laws and 3years in some cases. So why ask ur tenants to vacate when u can review ur rents and still retain them?

Think it over.

Nailed it.... Thanks for your opinion. I think many people can see what I have been trying to say.
It's up to him as a respected member in this thread to take heed and listen.
I still appreciate and learn from him but I will never follow this part by terminating a good tenant that have stayed 5 years.

I can say the percentage of good tenants after 2 years stay is less than 30%, the percentage reduces to 10% after 6 years. The will become the chief tenants that will lead Aluta and unionism in the house...


Most tenants get loans to pay their rents, they will use the first year to pay their rents. At the expiration of the 12 months rent, renewal becomes an issue. Such tenants will start paying rents in arrears. Old man has tenants that have been owing since September 2020, they are old tenants paying 50% of what new tenants are paying.

Even our billionaire men of God are not considering building residential real estate Investments.

They will rather build Universities, secondary schools, micro finance banks, printing press, because it is not really worth it and a lot of sentiments involved with tenancy.

Imagine someone was owing his landlord for 9 months and still had the effontry to ask for a loan from the old man when his wife (tenants wife) gave birth.

[quote author=emmanuelewumi post=103369732]I can say the percentage of good tenants after 2 years stay is less than 30%, the percentage reduces to 10% after 6 years. The will become the chief tenants that will lead Aluta and unionism in the house...


This could be very frustrating, I'm currently facing this issue in my house. The day I went there to serve one of them quit notice, they all ganged up and refused to open gate for me. The chief tenant there is a lawyer who has been in the house for 15 years now, he's the one giving the other tenants unsolicited advice on how to deal with me. I think he's having the feeling that he owns the house having stayed for a long period , being street wise has been helpful but it's damn stressful and doesn't worth it, I don't wish to get involved in real estate in the nearest future.

[quote author=Akin3891 post=103370810][/quote]

My mum learnt the hard way when she took over the management of my grandma's house. Some tenants have spent 30 years in the house.

By the time when most Nigerian tenants spend more than 5 years in a house, they have this entitlement mentality. Reason why people with experience in the sector, try to discourage them. Some are willing to give them 12 months free accommodation while they are looking for another accommodation .
They will be the first to challenge rent increase and are not willing to pack in order to get accommodation that is affordable to them

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.

There are many ways things are done when it comes to property management that is not for nairaland consumption. Do you have a property?

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.

I get it. See, I have seen where the person stayed more than 7yrs and became a co-landlord.

I have also seen where a property in Iyana-Isolo, where the tenants have stayed over 10yrs to come pack, wahala, they owed like tomorrow no dey, having this entitlement mentality, they were taken to court, still yet they dragged the landlady's case for years.

There are some unwritten rules when it comes to property that cannot be shared on NL

NL1960:


Oga Emma, you can do whatever you like with your properties. It is your right. We are all humans. I think a tenant that pays promptly should not be given quit notice just because you want to make more money from a new tenant. You have said this same thing before coupled with saying that a prosoective tenant whose wife is not working cannot rent your property.

You are well respected here and i have been following you since SMN days. I think you should relax some of these your conditions.

Tenants on my street have invested so much into the street in of security, street lights, maintenance, generator for the street light. So imagine after 5 years, a tenant who has been prompt in rent payment is told by a landlord to vacate because he has 5 years principle on his properties. Is that capitalism or cult?.

Na you build house for am, asking him to relax his condition, build your own and come back and say same thing,the way you dey talk, you go be like thise tenant weu no dey like to pay on time.

Leezah:
Na you build house for am, asking him to relax his condition, build your own and come back and say same thing,the way you dey talk, you go be like thise tenant weu no dey like to pay on time.

I have asked him thrice, if hit a jackpot of N50 million what percentage would he invest in residential real estate he has refused to answer the question.

Most of them do worst things in their personal businesses.

The best set of tenants are portfolio investors they have everything planned out, they even make provision for expected rent increase.

Someone here uses his dividends from UPDC REIT to pay his rent

just2endowed:


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

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

Stop being sentimental, in business no emotions that why Dangote is successful

emmanuelewumi:
The best set of tenants are portfolio investors they have everything planned out, they even make provision for expected rent increase.

Someone hear uses his dividends from UPDC REIT to pay his rent

The dividend is small na, person wey dey invest 50k how much dividend does he want to get when he stays in a self contained that cost over 100k

emmanuelewumi:


I have asked him thrice, if hit a jackpot of N50 million what percentage would he invest in residential real estate he has refused to answer the question.

Most of them do worst things in their personal businesses.

It's typical with Nigerians, they don't own or run something but they would criticise your menthod or approach. Real Estate is not profitable at all.

Leezah:
Stop being sentimental, in business no emotions that why Dangote is successful

We choose our path...to success.

just2endowed:


We choose our path...to success.