2FLAT OR ROOM & PARLOUR SELFCONTAIN: WHICH YIELDS MORE REVENUE IN RENT?




2Flat

What is your answer to this question? Well, building a 2flat for your own residence is not bad. But if you want to maximize profit, it is better to go for room and parlour selfcontain. Lets assume that both buildings are at Ugbighoko quarters, Upper Ekenwan Road, Benin City. Now picture this scenario: Mr Abu decides to build 2flat on a 50 by 100feet land space and rents it out at N150,000 per annum each. This totals N300,000 revenue from rent.

On the other hand, Mr. Ojo decides to build 5Room- and- parlour selfcontain on 50 by 100feet in the same locality. Each room and parlour selfcontain goes for N120,000 per annum. Therefore, Mr. Ojo’s total annual revenue from rent is N600,000(5 multiplied by 120,000)
ROOM & PARLOR SELFCONTAIN

The difference is clear, room and parlour selfcontain yields more revenue in rent. Feel free to contact us for your building project. Please, drop your comment below.

HOW OUR INVESTIGATION REVEALED THE GENUINE OWNER OF A PROPERTY




The said property is a six-room face-me-i-face-you(a.k.a passage house) on 50 by 100feet situated at Ugbighoko quarters, Benin City. At one time the news went round that it was marked up for sale. So certain agents started taking prospective buyers there.

DESPERATE MAN SELLS HOTEL, SIDELINES AGENT




The hotel in question is situated in the outskirt of Benin City. It is uncompleted with aluminum roof. It has 13 rooms(all masters), with reception and laundry. By the side of it is a 4flat on DPC level. The hotel occupies a land space of 100 by 200feet, and fenced round. The owner of the property was in deep financial mess and wants to sell it off by all means. The hotel was marked for 8million. 

In attempt to get buyer desperately, Joseph made bogus promises to reward the agent with N1million if he is able to close the sale. In this regard, the agent was jotted into action. He quickly contacted a barrister who happened to have a buyer. Interestingly, the prospective buyer was his uncle. Therefore, the buyer was taken to the property and his interest was ignited. Meanwhile, Mr Joseph, in his usual cunning habit, had also promised to give the barrister N1million if he eventually persuades his uncle to buy the property for 7million.

As events turned out, the buyer offered to pay 6million. With this Joseph now informed the barrister that his reward has been slashed to 500,000. In the meantime, the original agent, Osato, reminded the seller of his 10% commission, and got a positive assurance. Transaction, reached advanced stage that the account number of the seller was forwarded to the barrister through Osato(the original agent). The next day, the buyer wired the money into the barrister’s account, which before transferring it into the seller’s account quickly withdrew the promised N500,000.

In view of this situation,  the seller now told Osato that he could only afford to pay N200,000 instead of the agreed 10% commission. Therefore, Osato became very furious over this and refused to collect that seemingly paltry sum. Osato reported the matter to other agents. And they all gave the same advice: collect that 200,000 from him. Even Osato’s barrister also offered the same advice but it all fell on deaf ears. As of the time of writing this article, 2 weeks had elapsed since the incidence. Right now Osato is yet to collect  the money. In fact, the seller’s phone lines are not reachable. I have a feeling that the seller had squandered the money and does not have any plan to pay anymore. 
 WHAT DO YOU THINK?
1.       At what point did Osato make a mistake?
2.       What could be the way out for him?
3.       What do you think of the seller?
 Call 07031384722 for consultation. Drop your comments below

GIRL IN DIASPORA WANTS TO SELL OFF PROPERTY IN BENIN CITY SINCE HER BROTHERS CHEATED WHILE BUILDING IT.




FOR SALE
This is a true life story, but for the sake of preserving  the families identity, I have decided to use a pseudo name (not real name). The incidence took place in Benin City. Cynthia is a hardworking girl who resides in Italy. After spending several years abroad she decided to purchase a land in the outskirt of the city and build a 2 flat. She was to do this through her brothers in Nigeria. So the work got under way and was progressing fine.

At one point, Cynthia realized she was spending more than was used on the house. She was disappointed. Nevertheless, her brothers did not change their attitude. They continued to sap her financially until a point where she decided to handover the project to her pastor in Nigeria. The pastor took workers there and commenced work. To his surprise, Cynthia’s brothers came with tugs and started making trouble and prevented them from continuing the work, although the workers had already mixed concrete to floor the house. To worsen the situation, the tugs took all their tools of work and left. The mixed concrete remained wasted till date. Also, some other cements to be used were taken away.

This situation terribly angered Cynthia and so she resolved to sell off the property. It was at this point of her decision that she called me to look for a buyer. Her aunty took me to the site and informed me that Cynthia would sell the property without her brother’s awareness. But then, I sensed trouble. It would be difficult to sell that property on such condition. The irate brothers could come there and make a scene causing great embarrassment to us and the prospective client. In fact, Ogbes and Co. property is far more experienced to fall victim to that kind of situation. Therefore, I advised Cynthia to find a way of letting her brothers know about the new development.

WHEN IS THE RIGHT TIME TO BUY A PROPERTY?




Buying a property should not be done by accident. You have to think deeply before you make a decision to purchase a property. You have to  put certain factors into consideration in other to avoid regrets later. These days buying a property in some communities calls for  great caution and wisdom. Take this to heart: if you don’t have the means to develop the plot of land immediately you buy it, then forget about acquiring the land.

The reason is obvious, leaving your land bare for a long time provides opportunity for greedy land speculators to resell your land to another person. They do this frequently because they realize a lot of profit from it. By the time the genuine owner of the property discovers this foul play, he is taken to another site as resettlement. Sometimes, the new site also belong to another person. So it is he who has the money to start work on the land  and finish the building that emerges the winner or rightful owner in the long run.

The truth is that I don’t want you to fall victim to this situation. So do not purchase any plot of land now if you lack the money to start building immediately.  Please comment below. Call 07054107283 for advice.

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Build or Buy a house: Factors to Consider 
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