Are you a joker? Abi you wan use the person head?
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Ahh, bros, it appias youâre a multitaskerâŚ
You never finish mvp, for that your twitter betting startup, na unto free renting we dey nowâŚ
Anyhoo, I go rent oo⌠Who no like awuf⌠
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What is this about?
Hello guys,
I am not a multitasker, in fact I dont believe multitasking is efficient .
I am just a simple businessman . I see problems ,i see solutions.
my mvp is doing wellâŚvery well.
I ll still do that betting thing and p2p lending .
but right now,I am focusing on quickwinsâŚin Real Estate.
Oga answer the real question.
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About the rent for free thing, no I am not fucking around. I am serious, but before we go into the details, kindly google the word ââjeonseââ.
Then get back to me.
You know you could have just explained in your response, right?
Anyway, that doesnât sound like paying your rent and having it returned to you like you promised. Itâs more like coughing up nearly the full market value of the property, on which the landlord can make your rent from the interest. Correct me if Iâm wrong.
EXACTLY .
You are right, but IT IS PAYING YOUR RENT AND HAVING IT RETURNED .
It is many times more than your rent. Thereâs a difference. Bottom line is, your initial question could have been clearer. As it stands, if I had that money lying around and Iâm willing to have it tied up for the duration of my lease (after which Iâll get my money back and have to start over by the way), I may as well take a mortgage on a similar apartment and own it outright.
Now, please go ahead with your proposition.
Could appeal to multinationals that have a limited timetable playing on foreign soil.
For the Nigerian, investing in real estate is sowing roots, and comes with a long term mindset. This is interestingly new, but the novelty wears off after it hits you, there are more you could be doing even in real estate with that money for the duration of lease.
@Daniel_Aribiton You made some really good points, but letâs be careful comparing ourselves to countries which system operate differently.
First, a 2 year upfront payment is totally wrong, and needs to be totally abolished. 6 months to 1 year payments are the most ideal for our system.
What people forget to notice is that in countries (US, Kenya etc) where monthly payments can be made, you usually pay 1-2 months rent payments as deposits first. Secondly, these systems landlords pay for their property through mortgage (borrow money from banks and investors to develop a property). These properties are not developed with the owners cash because very few landlords/apartment owners can afford it.
However in the traditional Nigerian housing market, the landlords/owners of the property usually build the property up with cash, however times are changing and some owners can now borrow money from the banks. So why should you expect a landlord who used 100% cash to build a house to charge by month?? Doesnât make sense and there are too much risks entailed since Nigerians are bad with keeping up with their words. The monthly payment system works in housing projects that are sponsored by gov, banks, or in posh areas in Nigeria (example Fibre.ng)
Having lived and payed in the housing system in US, Canada, and Nigeria. I still prefer the 1 year advance rent and real estate generally in Nigeria. Here are my reasons:
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Nigerian system FORCES ones to rent/buy/build a house that one can afford. In other parts of the world, you are given a false impression to rent (usually way overpriced) or buy a house you cannot afford. With 200K Naira per month( single person), you can afford a house on the mainland and eventually build your âownâ house gradually in 10 years or so. Nigeria rewards those that cut their coat according to their means, and punishes those that does otherwise heavily.
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For example in Canada, the average home prices are $500,000. A very good salary according to Canadian standard is $90,000 (way above the average salary in the country). Income taxes with that salary combined with other benefits is about 40% to 45%, so you pretty end up with $50,000 after tax. Now tell me, how can one afford to buy houses without renting out other rooms to subsidize mortgage payments?? You cannot compare the rent system here to Nigeria. Very unfair.
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In the U.S, house prices are way cheaper than Canada, but property taxes are just absolute madness. The property taxes are up to 10% in some areas, so imagine paying 10% every year for the adjusted value of your property. However, rent prices in apartments can be affordable-this is a generic statement since housing and rent prices vary in different parts of the U.S. If you intend to work in Silicon Valley, you better be earning more than $100,000 (income tax is high so expect between 30% to 40%) California has one of the highest cost of living in the U.S. Once again, cannot compare rent system here to Nigeria.
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In U.S. & Canada, if you buy a house, the banks technically own it. Because the amortization period for the payments are between 20-25 years, you can never really âownâ a house in such system unless you live in those houses for 20-25 years straight (by that time, you would have already paid double) Since people donât live in their houses for that long, they never really âownâ their houses.
Everything that glitters outside Nigeria is not gold. The system in Kenya will only work for those who can afford to pay their rent conveniently. Over in developed countries, they have fees and taxes you pay when a landlord buys a property like realtor/agent fees, property taxes, purchasing taxes etc. the list goes on. And that does not even include the monthly bill payments (electricity, water, gas, etcâŚ). Thatâs why most people in those part of the world cannot afford to live 3 months without a constant salary (ask those workers in Canada and U.S who lost their jobs due to the global oil crises). At least in Nigeria, if you lose your job, you have a whole year rent payed for.
How I wish there were 6 month payment accepted for people with low income and students in Nigeria. The fees @Daniel_Aribiton alluded to are usually charged by third parties (if they donât charge those fees, they wouldnât be in business 
). However, it looks like the landlord in his situation is trying to take advantage of him and the âcaution feeâ sounds like a rent deposit that should be given back after he moves out.
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Your comment is very educating and informative topic. Thank you.
On the rental issue in LagosâŚblame it on greed and corruption.
@Daniel_Aribiton Vacationhosting.com.ng at http://vacationhosting.com.ng is solving this problem. Short term and long term rentals will be available. No agent fee. No agreement to sign. Daily, Weekly or Monthly Rentals available. Pay as you go. Search for listings anywhere. Filter by price, location, proximity, rooms, bathrooms, bedrooms and amenities. Optionally use our Property Request tool to customize and request a property and hosts with such property requirements can respond with their offers. Weâre currently in Private Beta. Request Invite to test-drive it.
@Daniel_Aribiton. Important: Property owners may require a deposit for rentals at Vacationhosting.com.ng. However, this will be disclosed in the listings and the amount will be visible at Checkout for the first month rent.
Middlemen like lawyers and accountants make rents to be high in property rentals in Nigeria. We want to eliminate the middlemen completely to make accommodations affordable at Vacationhosting.com.ng.
Thatâs why we are partnering with home owners directly. Rents get paid online by guests with no extra or hidden fees, and home ownersâ incomes get paid directly to their bank accounts in a timely manner. Problem solved.
Plus, both Host and Guest get to see their transactions and rental activities in one place in their Control Panels and post reviews of one another online to maintain standards on the platform.
What role is vacationhosting playing if not a middleman?
@Dapo. Vacationhosting.com.ng connects Hosts with available spaces, from houses, apartments, condominium, villas, cabins, vacation rentals, treehouses, resorts to chalets with Guests and Travellers looking for a place to stay for a short term or a long term.
Vacationhosting.com.ng is not a middleman, Vacationhosting is a digital connector of properties in Nigeria. We want to disrupt the moribund property space in Nigeria.
Let me know if you have any more question(s).
Thank you.
Maybe, but for all intents & purposes youâre definitely involved.
How do you guys plan to resolve disputes e.g evicting tenants that default on their payments?
@ukay. We have what we call Dispute Resolution Tool on the platform. Dispute Resolution can be triggered on the platform by either Host or Guest, when there is any major issue of any type like eviction or any other major issue.
However, the party raising an issue must meet our dispute requirements.
The party triggering the dispute must send corroborating documents or evidence to back it up and our Dispute Department will get involved to resolve the dispute.
Furthermore, itâs unlikely to have eviction issues since guests prepay for their stays through the platform.
Let me know if that solved your question or if you have any further questions.
Thank you.
@ukay. Furthermore, a Host may require a deposit from his prospective Guest. This deposit must be paid by Guest while booking a property and will be withheld by Vacationhosting.com.ng till the end of the Guestâs stay and itâs refundable.
In case of any damage to property, the Host must send the pre and post pictures and/or videos of the damage, with date and time stamps and receipt or any other supporting document, which will be verified by our Dispute Department and the Guest may forfeit part or all of his deposit for the damage to the Host, as determined by our Dispute Department.