Buy Now Pay Later: The Truth About Hidden Charges

This is the third and final part of the ‘BUY NOW PAY LATER’. In this final part of the real estate investment series I will be giving answers to frequently asked real estate investment questions.
The first thing area I will be looking into is the question of ‘How long it takes for a BUY NOW PAY LATER investment to mature and begin to yield returns’.

Ideally, patience is key. I usually tell my clients that it takes up to seven to ten years. It is why the BUY NOW PAY LATER scheme seem to be ideal for such investment. This is made possible because by the time you finish paying for the land, it would have appreciated enough for returns.

BUY NOW PAY LATER deal is a long term investment, and it also depends on what the developer is offering. A sight and service scheme usually takes longer. The gestation period is longer than a housing unit scheme. Ultimately, investment in this deal is not for quick returns.

The next issue I will address is the issue of Hidden Charges. A lot of people ask the question about hidden charges, and usually get angry when this issues come up.

While it may be true that some developers do not disclose hidden charges initially, it is also not all developers who do that. There is a human nature aspect of this. Actually, it is possible that the developer did not hide this charges, instead you were either ignorant of the ‘other charges’ or you were ill-informed by the marketer. But it is in your own interest to ask these questions right from the beginning.

In a proper sight and service scheme transaction, you make payment in four ways. The clearer these things are, the better for any developer. This is because if the payments are delayed, the development of the estate will be delayed.

In sight and service scheme, you pay for the plot first. You must then do the documentation; in sight and service, documentation normally includes legal and survey. Thirdly, you pay for infrastructure, and lastly, you pay for service and maintenance.

What I have discovered in the industry is that buyers wish that you never ask them to pay for the last two. But truth be told, if the last two are not addressed, you may just be on a wild goose chase. This is because the investment is at risk if those two aren’t paid. The payments are in the subscribers’ interest that these things get sorted out clearly.

Hence, when you are buying, ask thoroughly where and when these payments become necessary. If the developer doesn’t even plans for infrastructure and maintenance it means there is a question about his expertise.
The last two payments are what determines if the landed investment remains a bush forever or it develops into a livable and returns-yielding environment.

People usually want to evade these but they end up having to understand that they have to pay for documentation, due to the fact that it comes immediately after paying for the plot. There is no gainsaying that the last two payments are quite important  to the success of your investment.

There are no hidden charges, In fact there shouldn’t be, but there are ‘important charges’ which will determine the success of your investment.



Destiny Okpalaeke

MD/CEO, Destiny King Homes

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After paying for land, this company is asking for more money

Please help me.

After paying for land, this company is asking me for more money.

In 2015, I got a flier from a marketer for one of the real estate companies in Lagos here. The property on offer was in a good location, and the price was fair. So I showed interest by calling the marketer to give me more details. We arranged for a meeting where I asked all the questions pertaining to the land before I started committing funds to it.

Early this year, I finished paying for the property. But all I got after that was just a final receipt and a mail to congratulate me for payment. After two months, I had to call the marketer’s line to ask what happened. But to my surprise, it was another person that picked it. I was told that the lady – the original marketer – had resigned and that I would have to come to the office to discuss.

When we sat for a meeting with the staff of the company, they started telling me stories about how my money is not yet complete even after paying for land. And that I can’t get any land until I have made other payments.

I told them that the marketer did not tell me about any extra payments, but they insisted that if I want my land, I must make the other payments.

The problem I have now is that I really want the land. But they said I can’t immediately get my money even if I ask for a refund. The extra payment they are asking me to pay is also much. Now I am confused totally.

What should I do?

Response #1
I think you made a mistake by not doing your due diligence. You thought you did by asking all the ‘right’ questions but that’s not all there is to this. It was your money against a marketer’s word.
The marketer on the other hand was desperate to make sales and that was why she made paying for land a priority over everything else. What you should have done was to come down to the office. This, you did later but that was after the problem had occurred.
Since what you are looking for now is a solution, ascertain properly whether the real estate company is credible, to begin with. Then, ask for what you need to do. This situation is one that would get you angry but really, there is nothing you can do more than express your agitation. Hopefully, the customer service of this mentioned company is on point to help you navigate through.
This time, be patient and now follow through properly.

Response #2
Firstly, it is not advisable to go into a real estate transaction without employing the services of a solicitor. That was where the initial mistake was made.  It is always good to bring in a 3rd party; better safe than sorry.
At this point, it is still not too late to involve a lawyer/solicitor so they will know how serious you are.  Then together you can have a round table discussion where the history of your transactions with them will be laid bare and possibly bring in the marketer in question. For now, it is still their word against yours.

Response #3
 You didn’t do enough due diligence before paying for land. Every buyer should search for more information beyond the words of a marketer when buying a property. A quack marketer is often looking to just sell and earn commission. It doesn’t matter if the buyer suffers later for anemic information. That’s the situation you now find yourself.
I’m sure there must have been a product FAQ for the land your bought. Taking time to read it may have saved you a lot of stress. But now, you will have to sit with the company and understand what it takes. If you can go on with the transaction, please do. If you can’t, you can wait for a refund.
Please note that this segment of the site is called ‘REAL ESTATE PALAVER’. It is a segment where you get to send in your real estate related issues or concerns. We have respondents who will offer advice that can help you find solution to the issue.
Kindly note that the advice offered is not sacrosanct. It is just an opinion which you are not compelled to follow. You can still seek further perspectives to your issue. This will just be a guide.
To send in your concern/issue, please send us a mail at md.destinyking@gmail.com
Thank you.

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How To Get Finance For Your Real Estate Business

Finance is very essential in every business venture and real estate business is no exception. If you are considering finance for your real estate business then this article is for you!
A lot of people believe real estate business requires a huge capital, while that is somewhat true, I am about to show you some of the ways you can raise the financing required to actualize your real estate business.

All businesses are set up for one of two reasons or both; making profits and growing the business and real estate business is not an exception. Without money or with the shortage of money, businesses, real estate business inclusive, will be threatened.

If any business will stand the test of time and gain clients as is the goal of all global real estate businesses without folding up, getting finance will be required at some points in the life of the business. It is therefore an advantage to know how and where real estate businesses can get possible financial backups.

I will be dealing with where the funding can come from in this article and leave the job of “how” till some other time.

Getting finance for your real estate business can be very easy and smooth to go by, depending on the possible channels available and the conditions stringed to them.

There are several processes that guarantee financing a real estate business and the possible sources of such grants. Your real estate business can be financed from some of the following;

Bank loans
Bank loans are expedient in a situation that you own properties that may be pledged as collateral for the sum you wish to borrow. In this case, the real estate business must have been in operation for an acceptable length of time or you have cognitive experience in the particular area you are intending to carry out your investment.

Proper financial records must be in place.

This means have been embraced by real estate companies that have their grounds strongly built and have assets that is worth more than the sum of money they are sourcing for as loan.

This process can be as frequent as a business refunds back the sum loaned to them in regular installments as signed and agreed.

There are also loads of disadvantages stringed to this means of getting finance through bank loans which includes a possible delay as a result of the bureaucracy bank’s credit request approval procedures require.

The bank wants to ascertain that the firm or rather real estate business meets with all their requirements and without any shadow of doubts will be able to keep to signed agreements.

The banks may not be the place to go for new entrant companies without cognitive experience and/or bankable collateral for the amount being borrowed, etc.

From Friends and Family
Another means and one that is more flexible is getting finance from friends, family, colleagues and people that are generally within your sphere of influence. A good percentage of personal businesses get funding this way.

The fact that this is a more personal fund raising arena comes with its challenges.

While credibility will help your funding raising prowess here, sympathy plays a bigger role and naturally limits the amount (size) you can raise.

People give mostly out of empathy, not strict consideration and justification of the proposed business. Their expectations are not so high too where it exist at all and that limits what people can and will be willing to give.

Whatever can be raised can however help in the business project. Many real estate businesses have been able to leverage existing relationships and obtain a sure way of finance either in form of a loan, grant, etc.

More so, these transactions are most times done with little formality and without written agreements.

With this advantage, it does has some inherent problems as you place the relationship in jeopardy if things does not go well as expected and the business defaults.

Through Angel Investors
An angel investor is a wealthy individual or group of individuals that invest in businesses that may not meet with the current requirements of banks and other forms of funding a business but could meet their requirements with a capital and management influx.

A real estate business can get finance through an angel investor. There are many angel investor groups who focus mainly on financing real estate businesses because of the advantageous peculiarities of the real estate business sector.

Through this channel, many real estate businesses have attained to the crest of their endeavours with gross satisfaction and appreciation to those angel investors.

Through Partnering
Finance can also be gotten through merging or partnering.

Another possible way of getting finance with little stress is by this means. One critical requirement for the success of this type of funding is to have a clearly documented and communicated agreement.

Issues of the share of responsibilities and rewards must be clear.

Also, it may not take the form of an outright partnership but means, systems and initiatives like Investment Clubs, Associations & Societies, Joint Venture (with a party providing the land while another provides the finances needed for construction), Co-operatives, etc can also serve in providing good funding for your real estate business.

Getting Finance Through Clients
Ever heard of Other People’s Money (OPM)?

Sometime ago, I had a chat with a friend of mine working with this very prosperous company and he shared how their clients make down payments well in advance before they get products supply.

That is a classic example of using OPM to fund your business. Your real estate business can also utilize that approach.

It takes a little while, consistency and good demand for your products/services to maximize this means of raising finance. This usually happens during real estate booms or where housing demand far out stripe supply like in the case of Nigeria. A number of developers use prospective tenant’s money to complete an apartment the client will be renting.

If your aim is getting finance for your real estate business, I trust the ways offered here have given you a light on the possible means and ways to go about that.

To your success!

DESTINY OKPALAEKE
MD/CEO, Destiny King Homes


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Take The #SackYourLandLord Test

When it comes to finding the right apartment to reside in on lease or permanent basis, many of us misplace our priorities. And due to the excitement of finally getting a place after months of rigorous search especially in a densely populated place like Lagos, we fail to ask the right questions, now that’s just a part of it.
There are some questions a landlord will never ask a prospective tenant or wouldn’t even want a prospective tenant to ask. These are facts that when exposed to a tenant will take him/her on a soul searching trip, and at the end of it all, reality will dawn on the tenant.

In today’s article, I want to share with you questions your landlord will wish you never answered!

Let me start by saying this: have you heard this expression-that a lot of people cannot afford what they want… and they don’t want what they can afford? Hmmm… what a tragedy!… and that has been the bane of many people remaining as tenants throughout their life time.

Well, in this article, I am going to present to you a set of questions which if well understood and appropriately answered, will enable you speed up your journey to becoming a landlord.

How do I mean?

These set of questions and answers will help you get real fundamentally. They will also help you identify what you can afford while leaving you with the choice of wanting it. Plus, I feel good within me because the fact that you are reading this piece suggests to me that you are already interested in seeing where you’ve missed it… so let’s move on.

In our modern day society, especially Nigeria, for you to legitimately own any property, you need to be above the age of 18(eighteen). This makes you an adult by law and I want to work on the assumption that I’m communicating with those that have legal right to own property.

However, before I get into the nitty-gritty of today’s work, I would urge you to get a pen and a pad to scribble down your answers because you will be needing those answers in subsequent questions that will come up as we go on. You will also need to do some minor arithmetic work in the process… so question number one goes thus:

Hold on a sec…just before that, again I encourage you to provide your own real answers to the questions. I will use hypothetical answers to enable you better understand the questions and be able to offer your own real answers.

Now to the crux of the matter:

QUESTION 1: How old are you?
For the purpose of this article, let’s use 30 years as a hypothetical age to answer this question.

QUESTION 2: Where would you like to live?
Is it in Lagos State? If Lagos, where in Lagos… is it Ikeja, Okokomaiko, Ikorodu, Epe, Lekki, Mushin, Agege, Surulere, Victoria Island,Ikoyi, e.t.c. Where exactly would you like to live?

QUESTION 3: What size of property would you love there?
Let’s say for instance, Isolo is the preferred location of my place of abode. What type of property would I like to live in there? Is it a flat, a bungalow or a duplex? What size of house would I really want? Is it a room, a room and parlour or a self-contained apartment? You need to specify the size of the house. Let’s say, for a certain Kunle, a flat in Isolo will do and don’t forget,…the age in retrospect is 30 years old.

QUESTION 4:(a)What do you think would be the cost of your type of house? (b)Are you going to buy or build it?
At this stage you may need to do some research if you don’t have the answer at your fingertips. How do you go about this? Just go to the internet and log on to any property search engine such as: www.findnigeriaproperty.com, that’s one option.

Another good option is a newspaper, preferably the Monday edition of The Punch or Guardian. On flipping through, you’ll see some property ads. On the other hand, your best bet could be a well populated property journal. If you can lay your hands on one, run through it and see what a flat in Isolo is being advertised for.

This gives you an idea( and an idea is all you need at this stage) of what price it may go for if you are to buy.

Now, let’s assume that our hypothetical case of a 3-bedroom flat in Isolo is selling for N8.5m; this statement portrays that Kunle is buying the house instead of building it. And that answers question 4(b),

That leads us to the next question …

QUESTION 5:What is your expected total earning this year?
Since this year is still running, let us use last year as our guide. So let’s rephrase the question; What was your total earning last year?

Let’s take a look at this scenario; Kunle is a salary earner and his total emolument in 2016 came to about N6m which is a total representation of everything that he took home from his salary as well as every other venture that he dabbled into.

To answer this question correctly, you should be able to identify the other streams of income that you have and how much each of them fetch you annually so that you can add this up to your other sources of income and get a total inflow of what comes in for you every year.

With this in mind, let N6 million be the answer to the question of what Kunle’s hypothetical earning for the previous year was.

QUESTION 6:What is the 33% of what u have in question 5?
Simply put, the question here is the 33% of Kunle’s total income? Remember, we are working with a hypothetical case of N6.0m per annum.

Therefore, 33% of N6m is:
N(6,000,000 X 3)= N1,980,000

Having answered this, my next question goes thus:

QUESTION 7:How many years do you have left to work before you clock 60 years?
We are using 60 years for our analysis because that is the retirement age. Now at 30 years which is our hypothetical age as stated in QUESTION 1, how many years do you have left to work before you turn 60?

These questions are very vital because they will help determine certain things in this process.

Therefore; (60 – 30) years = 30 years.

So, for instance, Kunle is 30 years away from 60 and this answers QUESTION 7.

QUESTION 8: Multiply what you got in QUESTION 6(N1,980,000) by the answer in QUESTION 7(30 years).
That is:-
N(1,980,000 X 30) = N59.4m

Now, this is where we are going…

By these simple steps, I have just determined the limit Kunle can achieve in terms of property by any legal and reasonable means currently. That is to say that even if Kunle can access mortgage and borrow to the maximum limit that he can, and that maximum limit is a figure that would not take more than 33% of his earnings to pay for his loan over the rest of his estimated work life before he retire.

Note that we’ve not worked in interest here, because if we work in the interest element, of course, the total figure will increase. But the limit of N59.4m that we got is really the cap and so interest must be inclusive in such a price for it to fly.

What this simply says now is that the property Kunle can buy with his earnings if he has to take a good mortgage now should not have a loan repayment that is more than N165,000 per month. Otherwise, he won’t be able to pay within his present means.

The 33% limit is because the internationally accepted expenditure on property is put at a maximum of 33% of an individual’s income.

Overall, these calculations and deductions translate to say that getting a 3-bedroom flat for N8.5m in Isolo(which was our hypothetical case) should be child’s play. Kunle should be able to achieve it with his eyes closed!

I am quite sure you found our discussion interesting and very simple, however, the value must not be lost in its simplicity. The earlier you settle down for what you can afford, the better for you because as you advance in years, your age determines your chances… and where your earning potential is not increasing at a progression that is higher than the rate which you add on years, then your affordability rate may be dropping.

A lot of people reach a peak in their earning at a particular age; and if they’ve not secured property at that particular age, it implies that as they’re going forward age-wise, what they can secure as property using any possible legal means will be diminishing in value.

I hope and wish that you study and apply these steps sincerely as these are questions that your landlord is praying to God that you do not have to answer. Why? The answer is simply because if you can and start to answer these questions, you have started on your part to SACK YOUR LANDLORD TM.

This is why this question and answer procedure is called the #SackYourLandlord Test. It is the first stage of your house ownership dream…SEE YOU IN YOUR OWN HOUSE!!!

DESTINY OKPALAEKE
MD/CEO, Destiny King Homes

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Bargain of the day: The Real Deal in Real Estate

You want to know the best business decision you can make in 2016?  That will be investing in real estate through Realty Point’s “Bargain of the day” offer. This piece gives useful insight to this off-the-hook initiative.
It’s a new year of new beginnings, new opportunities and new innovations. The Pendulum swings forth signaling another chance at taking that step from tenancy to becoming a landlord before it swings back.

As part of their contributions to the problem of mass housing deficit in the country which stands at 17 million units, as well as their commitment in helping tenants become landlord, one of the foremost real estate companies in Nigeria, Realty Point limited launched a programme on the 12th of December, 2015. The programme which has being tagged, “Bargain of the day” offers an opportunity of a lifetime to people who hope to invest in land. Bargain of the day features discount offers on any one of Realty Point’s products at some specific period of the year. This laudable initiative by the Maryland based Real estate stalwarts is projected at selling plots of land on a daily basis at mouth-watering discounts at least four times in the course of the year.

This can be done easily by visiting the company’s website; www.realtypointltd.com where you can start to buy plots of land at a bargain through the coupon codes that will be generated during every edition.

The incentive is aimed at giving new reasons to members of the public in their bid at becoming landlords. Bargain of the day will spring to life at the end of the first quarter of 2016 beginning from the Easter Edition in April which will set the stage for the Summer Edition in June. By the time the country celebrates her 56th independence anniversary, their customers would have enjoyed three editions of Bargain of the day. And if you are still found wanting by the independence day edition in October, the yuletide edition at the tail end of 2016 will ensure that you get a final chance at being a land owner.

Invariably, the yuletide edition which will come up sometimes in December will be the last “bargain of the day” for the year.

So, do you want to buy land to build or invest? Then, don’t let this golden opportunity become a relic of your imaginations sometimes later in life when the hair turns grey. This is your biggest real estate discount offer. Invest in your future and reap the fruits of your investments when its all said and done!

If you read this piece to the very end then you just got one step closer at achieving your never-ending dreams of becoming a landlord and Real Estate just got better!

So that’s the deal as regards Realty Point’s bargain of the day largesse for the year. If you still don’t see any reason you should be your own landlord after this huge discount offers on their various products, then you need more than just this piece to make that turn around. Remember, procrastination is the thief of time, collar him

Bottom line; It’s your turn to sack your landlord in 2016. Never do tomorrow what you can do today. Don’t let this once in a lifetime opportunity pass you by.

Last year’s Bargain of the day which started in December and was the first by the company offered a 30% discount on plots of land at Roseberry Estate Alapoti-Agbara. This opportunity is open till 31st of January, 2016.

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Things You Should Know Before Building A Duplex

Just like every real estate property, building a duplex is a great investment for homeowners and landlords, albeit it still comes with its unique advantages and disadvantages. This article highlights the things you should know before buying or building a duplex.
Duplexes are houses that are divided into two separate units, but essentially share the same building. Building a duplex can come in different forms and for different reasons. Most people go for duplexes, whether they are buying or building with the intention of living in one of the units and renting the other out, while some other people just rent out the whole lot. We also have other instances where the owner leaves in one unit then keeps the other furnished as a guest house.

The aforementioned premises make owning a duplex a viable option of investment in property. The possibilities of its ownership are quite flexible. However, just like everything in life, it is not all rosy with any investment in duplexes. Though the basic understanding of what a duplex is tends towards good, that doesn’t mean you shouldn’t still weigh the pros and cons of owning a duplex before you hurriedly put your signature on the dotted lines

Here is a brief of what you know before buying or building a duplex;

PROS

1. You recover money expended
By renting out the second unit, you will be on your way to recovering your finances, especially if you had to break the banks to invest in the property. Money gotten from rent will help in your recovery phase and help you plan ahead. Though, you may not be able to permanently count on that income.

2. Duplexes are cheaper
Duplexes are generally more affordable than a lot of houses in the same area. Considering that a duplex is basically two houses, the fact that they′re cheaper than most single family houses is worth thinking about.

3. Rent to a friend or family member

A duplex may just be the best option for you if you need to be close to a friend or family member yet still need your privacy either as a single or married person.

4. Future benefits

When all is said and done or at that time of your life when you’ve attained full stability, you might decide to move out and rent both sides of the duplex for an even bigger boost to your income

 CONS

1. Rental income not guaranteed
If the only way you can afford building a duplex is to rent out half, then you might want to consider something else. This is due to the fact that rental income from your tenant is not a sure bet. A tenant may come into your property with good intentions only to become your greatest nightmare a year later when his first rent expires.

2. Less privacy

You should also consider the fact that privacy is not guaranteed in duplexes. Only a wall, which is probably thin, or a partition in some cases will be separating you and your neighbour. Actually, you will be sharing close quarters with this tenant cum neighbour. In fact, you would know some of your tenant’s life’s challenges and most of his daily routine that it will be so difficult to feign ignorance when trouble comes knocking on your door. If you are not cautious enough some of your secrets may even get to your tenant. Also, in some cases you may virtually become too close that asking for the rent when due could possibly become difficult, especially when the tenant is going through some financial difficulties that you are aware of.

Again, your tenant may like to keep late nights or he’s usually not the quiet type which goes contrary to your lifestyle. So, you would have to be pretty sure the person you are offering tenancy is someone you will be comfortable living next to and not some misfit.

3. Potential lack of tenants

What happens if you do buy or build a duplex with the intention of renting out the other half, but can′t find a tenant? Finding a tenant isn′t a sure thing, and if your post-purchase finances is dependent on your income being supplemented by rent, not being able to find a tenant could be disastrous.

Though there are some obvious downsides to owning a duplex, it still doesn’t change the fact that many people still find it easy and profitable living in one area of their home then renting the other half to a good tenant. If you admit the right kind of tenant, it will save you the drama. A good tenant will not only support you in the maintenance of the duplex, he will also be cooperative and possibly become your best buddy

Do you own a duplex? If so, what are some of the biggest challenges that you’ve faced in dealing with the property and with tenants?

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How Tenants Can Maintain a Healthy Relationship With Landlords

Most of us speak ill of our landlords like we do not aspire to be landlords someday. And I want to believe no one wants to remain a tenant for the rest of their lives, or are there exceptions? This article talks about how tenants can build or maintain a cordial relationship with landlords
It is so easy to castigate Nigerian Landlords who own residential rental property for the mismanagement of their properties and insensitivity towards the plight of their tenants, but do we sometimes try to put ourselves in their shoes?

More often than not, tenants and landlords want a well-maintained property that is well secured. No landlord will want to run a business with no return on investment, hence they do what they deem fit to ensure that the property fetches them income, even if it is at the detriment of the tenants on the property.

That notwithstanding, landlords want to be treated courteously and with some form of respect. Tenants must put into cognizance that no matter how insensitive, irresponsible and clumsy a landlord seems, they are still lords over the property that was leased to them on a temporary basis.

Because a property was leased to you for a year or more doesn’t make you sole proprietor of that property. That must first be established in your subconscious if you are to enjoy a cordial relationship with your landlord

Here are four tips on how a tenant can maintain a healthy relationship with his or her landlord;

1. Remember that nothing is resolved with anger
Just like in every relationship on earth, there are times you will have heated moments with your landlord. These are times when your ability to sort your differences or manage the situation will make or mar the relationship you’ve established with your landlord.

Sometimes things will go wrong with the facilities within your apartment or within the premises of the residential rental property and worse still, repairs may take longer than expected. There will also be instances where the landlord might want to be unduly excessive with his communication with you. Regardless of the situation you have with a landlord, even if you are aggrieved by the situation on ground, communication is key!

Communicating calmly will help both parties resolve issues faster. In conversations over potentially contentious issues, try to maintain a level tone and be polite – basically, being adults.

2. Mutual respect goes a long way
No tenant should be dragged into a situation where he or she has to disrespect or humiliate the landlord. As a tenant, where possible you should show consideration for the owner’s investment. Don’t go handling facilities within and outside your apartment like you don’t live there.

No matter what you think of your landlord, it is only appropriate that you imbibe an ownership mentality because you will someday become a landlord too.If you show disrespect to the property by mistreating it, like walking away from water flow from the filled tanks of a borehole or messing up the compound and constituting a nuisance generally in the premises, remember that you will one day reap what you sowed.

3. Keep your expectations in check
Everyone is busy. Realistically, you can’t expect the owner to be at your beck and call for every issue, no matter how small. It’s likely the landlord has other work commitments, and property managers are usually dealing with hundreds of properties at any given time. High expectations can create a frazzled relationship that induces a sigh or a frown from the landlord every time they see a name pop up on their phone.

4. Get everything in writing
The first rule in all of this is to forget the ‘handshake’ agreement, and get everything in writing. This will protect you with names and dates if a promise or action goes unfulfilled.

Bottomline: A healthy tenant-landlord relationship thrives on good communication, sincerity, mutual respect, and an ownership mentality. If you understand that your landlord is human and has needs too you will approach issues with your landlord differently other than being driven by your emotions.

Landlords try their utmost best to build a conducive environment for their tenants and business, it is only fair that you keep them happy in your attitude towards them and their business

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Are Tenants Now Haunting Landlords?

There was a time when the word landlord sent chills down the spines of erring tenants; the days of old when an eviction notice was like a death penalty.  Albeit what is obtainable these days is that tenants now believe they have equal footing with their landlords, they can even go on to call their bluffs and possibly commit arson. This article delves into the unfriendly, abusive and violent relationship that exists between landlords and tenants.

Many tenants dread the sight of their landlord even when they’ve offset their rent and bills. It’s always like their minds and entire being have been programmed to think that anytime the landlord comes around, all hell will be let loose.

I suppose the question on their lips at those times would be; who is the scapegoat this time? Hope the monster is not coming for me?

When a landlord enters a compound he owns, there is always an issue on ground or it could basically be to inspect the state of his facility and worse still to tackle one or more tenant who has stepped on his toes.

At some point landlords moved from just intimidating their tenants to assaulting some and even taking advantage of the helpless ones. We’ve heard cases of sexual assault, rape, violence, brutality, and even murder.

Some landlords do take laws into their hands and perpetrate evil on their tenants when their rent is not forthcoming, some even employ diabolical means in ensuring that their will is done regardless of whose ox is gored.

Some landlord play God in the life of their tenants but what is more disturbing is the aspect of rape of tenants’ children. Please how is that part of paying rents and bills?

In October 2015, a 46-year-old landlord, simply identified as Sunday, was arrested for allegedly raping a 10-year-old daughter of his tenant at Bonugo village in Kwali Area Council in the Federal Capital Territory (FCT).

The incident happened after the victim’s parents who are tenants in Sunday’s house, went out to visit a relative. According to an eye-witness account, the accused allegedly lured the girl into his room and raped her, causing serious injuries on her private part, adding that it was two days later, when the parents discovered that their daughter was not walking properly that they asked her what was wrong with her.

“The man, after raping the girl, threatened to kill her if she told her parents. The mother noticed the abnormal way she was walking and asked her what was wrong but she refused to talk,” the eye witness said.

It took the intervention of a relative of the victim who threatened to beat her if she refused to tell her parents what was wrong before she told her parents the landlord had lured her inside his room and defiled her.

A similar incident occurred in the Ajah area of Lagos state when a landlord raped the 14-year old niece of his tenant whose rent was supposedly due and many other cases like that.

In Edo state it was a different scenario two years ago when doctors at the Central Hospital in Benin City battled to save the life of one Alex Aigbogun who was stabbed in the stomach by his landlord, simply identified as Enogieru over a girl.

Little wonder why many tenants don’t fancy the idea of staying in the same compound with their landlord. It makes their stay there frustrating.

However the tides seem to be turning if recent news that has been making the rounds is anything to go by. The word that is going out now is that, tenants don’t dread their landlords anymore. In fact, there is no need to mince words; the tables have been turned.

The landlords shiver in the presence of some of their nefarious and trouble shooting tenants. They even fear to ask for their rents when due especially now that the tenants know their rights according to the tenancy laws.

In recent times landlords have lost their lives while trying to get their rents that had been long overdue from erring tenants. There was a case of an aged landlord who was beaten to a pulp by his tenant over high electricity bill. The landlord eventually died. That incident happened in Ondo town.

Tenants now send messages to their landlords threatening them with all sorts. They even send thugs to their families while some others stay for years without paying a dime as rent. Why are landlords now preyed on? What changed that suddenly the hunter is now haunted? When did the tides change?

Please share your thoughts on the assault now meted on some landlords especially the aged ones by erring and nefarious tenants.

Let’s have your opinion by hitting the comment box below.

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The Fog of Being Half-Awake

You know the feeling, that push-pull of consciousness as you slide between dreams and daylight

You know the feeling. That push-pull of consciousness, your face pressed to the pillow as you slide between dreams and daylight. That liminal space we inhabit when we’re half-awake is a half-world; we’re just as alive there, just as vital, but reality is flexible, more formless. The high-density fuzz of this in-between space can obscure something as significant as a loved one leaving us; it can also thin the walls of reality, allowing us to be connected, ghost-like, with places and people far away.

When I read these stories from people all over the world, all existing in their own half-awake spaces, it reminds me how ordered we are when we’re fully awake, how we experience time and space in straight lines, and what a contrast that is to the hazy, blooming edges of our half-awake minds, opening us up to something new. — From the Editor, Evyn Williams

I.

There are spider-silk threads of dreams sticking to the corners of my mind. I keep my eyes closed, pushing out the creaking floorboards as the cats pad to their breakfast.

Breathe, focus.

I know that I repeated three things over and over like an incantation as I was falling asleep (a moose-skull necklace, Peter Pan, the Königssee), but dreams are fickle and defiant, and I can almost recall something… a semicircle? A ring with a cross?

These don’t trip my adrenaline with recognition, and as fast as I grab for it, the thread snaps. It’s gone.

I give up. Se lever.

It’s further gone now, as the hours pass, as I walk the dog on garbage day and look at the crooked evergreens and think, I’ve grown more palatable with time.

Maybe I don’t need to hold so tight.

II.

My mother wore a blue dress the night she left us. I was half-awake, watching her retreating figure shimmer in and out of my vision, sometimes as solid as a sapphire, other times translucent as fog.

I must have stirred because she stopped and turned. I remember she smiled. I don’t remember her walking back; I must have slipped into sleep again. Moments later when I resurfaced she was there, leaning over me. The heaviness and torpor of sleep battled fiercely with a nagging fear that something was wrong.

She spoke — words I’d heard her say many times before. Yet, on this particular morning, my four-year-old brain sensed a new weight to them.

“Be a good girl. Take care of your sister.”

Fading again, I said her name. Mommy.

When I fully woke, she was long gone, but the word lingered like a ghost throughout the room.

III.

Raindrops whisper on damp windowsills.

Cavernous lungs fill nearby like a tide withdrawing from shore.

Discomfort. Elbows and puppy paws poke exposed flesh.

Blankets, a taffy made of fleece. Contort around bent limbs.

Muscles, caught sleeping, stand at attention. Overcompensating.

Mouth. Inside-out cactus. Deep down dry yet hot and humid on the surface.

Dream into memory into a sliver of blue morning light through half-squinted eyes.

Reaching out, subconscious counting. Her. Pup. Cat.

Phone. Six. Two. Seven. One more hour.

Blue morning light fades into memory into dream.

IV.

I once had a surprisingly realistic dream about having breakfast in bed. It wasn’t until I woke up that it dawned on me that it wasn’t a dream.

I rolled over onto my side and made a horrifying discovery. A sandwich had attached itself to my back like a splattered leech.

I had fallen asleep while eating breakfast. How is that even possible?

Some people probably get off on having butter and jam smeared all over their bodies, but that morning I came to the conclusion that I am not one of them.

V.

I used to smoke a lot of pot. Back in the shared-house-live-on-white-bread-never-vacuum-use-the-phone-book-as-toilet-paper-microwave-everything-drink-only-beer days, it was a frequent activity. I shared a house with three other guys and we were feral. Invariably, the first one home would roll up, and by dinner time we were baked — and by dinner, I mean a cup of tea and a dry Weet-bix or three, sometimes with Vegemite spread on it.

The house was not healthy. I also took a lot of Temazepam at the time for insomnia. I’d smoke pot until 10 P.M. and then bomb two or three or four and black out.

One morning, I woke in a fog. Literally. My room was thick with white cloud and I was blinking and feeling this cold morning dew sensation on my legs. I shivered and saw my breath, and then, at the end of my bed, I saw someone sitting.

“Hey,” I said, dry-throated, but the figure didn’t move.

I shivered and pulled the covers up; I found them wet with dew. I sat up blinking and the figure at the end of my bed seemed to start crying. It seemed to be a girl; she seemed to be younger than me and wearing just a bed sheet. I was freezing by now.

“Hey, are you OK?”

She turned towards me, revealing the face of my friend. A good friend, you know that friend — the one you call when life goes wrong-shaped and you need an ear. The friend who’ll give you their last chocolate biscuit without blinking.

She turned and she was sobbing, looking beyond me. I turned to look behind me and saw a vague outline of a car park instead of my bedroom wall. There was a dog chewing on a stick and I heard a car engine.

“Hey, Kez, what’s up?”

She blinked and now focused on me.

“Where are you?”

“Durham Park,” she said, and I pulled myself out of bed.

“OK,” I said, but now my room was my room.

I pinched one of my housemate’s cars and drove twenty odd miles in the early dawn. I got to the park and saw her sat on a bench wrapped in a bedsheet.

“Hey,” I called, and she wandered over. She got into the car and asked what the hell I was doing there. I turned the heating right up.

“I was just driving,” I said. I drove her home. She gradually told me about a fight the night before with the guy she’d been seeing. He’d hit her. She’d fled. She’d been crying in the park. She was dressed under the sheet, but only in a t-shirt and underwear.

“What are you doing here?” she asked me, again and again. “I was just driving,” I said. “You know me, I don’t sleep.”

She sunk in her seat and sighed. “I was thinking about you,” she said.

A few days later, she bought me lunch and asked me again about that morning. I told her about seeing her at the end of my bed, about the morning fog in the room.

She frowned and nodded. She told me she thought she’d heard me asking where she was when she was sitting on that bench.

We both looked at each other. Well, that was fucking freaky.

VI.

A telemarketer called me on my first and only day off work during the week.

I was so exhausted when I picked up the phone that I let the telemarketer talk and talk without interruption.

Finally, she asked, “Do you think these terms apply to you?”

I, without hearing a single word she uttered, and forgetting to whom I was speaking, replied, “Sure. Can I call you back later? I’m tired. Love you. Bye!”

She said, “Love ya, too!”

VII.

The world has lost its shape. There is nothing left but the curvature of the waves and the straight-lined horizon.

I think I can feel my body deteriorating. I think there are barnacles growing on my shoulder blades.

You are my every thought here; I am scared I will forget you when I wake up, that you are only kept alive by this place. Do you still cover your mouth with your hand when you laugh? Is there still that Big Dipper formation of freckles on your right arm?

I imagine the words come back and I think I remember your mouth, but your voice is too soft now. I think I’m finally too far away.

Between sleep and wake, there is a vast emptiness. And there is you.

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Nigeria’s Constitution Guarantees Women’s Property Rights

The Federal Government says the country’s Constitution does not discriminate against women but also guarantees their rights to inherit property. The theme of the event, organised by the Office of the Senior Special Assistant to the President on Sustainable Development Goals, was “Women’s Property Rights in Africa: Key to economic empowerment’’. PM News reports
The Minister of State for Foreign Affairs, Hajiya Khadija Ibrahim, stated this on Thursday at the sideline of event held for Africa’s women parliamentarians at the ongoing UN Commission on the Status of Women in New York.

The theme of the event, organised by the Office of the Senior Special Assistant to the President on Sustainable Development Goals, was “Women’s Property Rights in Africa: Key to economic empowerment’’.

According to her, Nigerian Constitution provides that all persons must be accorded the right to acquire and hold property irrespective of their gender.

“Our Land Use Act ensures equity and justice in land allocation and distribution and, amongst others, prevents fragmentation of rural lands arising from the application of the traditional principle of inheritance.

“This constitutional provision was developed out of the need to ensure that women contribute efficiently and effectively to national developmental process,’’ she said.

The minister’s speech was delivered by Nigeria’s acting ambassador to the UN, Anthony Bosah, following the cancellation of her flight on Tuesday due to snowstorms.

According to her, women’s property rights constitute the cornerstone of economic development upon which women derive their livelihoods.

“Indeed, women constitute more than half of the world’s seven billion population and those that resides in developing countries produce 60 to 80 per cent of global food supplies.

“They, however, own less than 10 per cent of the land they cultivate.

“It is widely acknowledged that countries with viable political and financial commitment to gender equality in property rights have developed faster, and achieved greater food security and higher social and health standards,’’she said.

The minister pointed out that the African Protocol on the Rights of Women placed an obligation on States to “promote women’s access to control productive resources such as land and guarantee their right to property”.

She also noted several other actions on the status of women that affirmed the objective of ensuring gender equality, women empowerment, and encouraged measures to enhance women’s access to natural resources.

According to her, economic and social empowerment of women is a potent force for positive change while persistent gender inequalities remain a huge obstacle to economic growth.

Ibrahim said enhancing women’s property rights required a mainstreaming, to attract both political and legal attention, saying it also entails administrative viability and social acceptability.

“To achieve this, African Parliamentarians have a fundamental role to play. They must initiate laws to address the limitations to women’s ownership of property.

“Every nation must recognise and should accept that women’s property rights are ultimately in the interests of the public.

“It is only through the acceptance of this fact that they can generate the popular support required for positive change,” she said.

Chairperson, House of Representatives Committee on Women Affairs, Hon. Stella Ngwu, noted that while the Nigerian Constitution guaranteed women’s property rights, in reality, the rights of women are neither equal nor protected.

Ngwu noted that the country’s social, cultural and religious diversity had compounded the challenge of women’s property rights,

She stressed the need for aggressive reforms to be able to seek redress.

The lawmaker called for the political will on the part of the executive arm of government, saying that no matter how good a law is, its effectiveness is dependent on the implementation.

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How I lost money in my early days of real estate investing- Mrs Adefunke Adeyemi

Mrs Adefunke Adeyemi is the Regional Director for Member and External Relations of the International Air Transportation Association (IATA).  She was recently identified as one of the 200 Most Influential People of African Descent (MIPAD) globally in recognition of her achievements.

Adefunke advocates for the overall sustainability and growth of the industry as a whole, and is the intermediary between airlines, the wider aviation community and the general public. She is responsible for conceptualising and delivering an on-going campaign regarding the transformation of Africa’s socio-economic prospects through enhanced connectivity across the continent. She also heads the Women in Leadership initiative of IATA in Africa and the Middle East.

She shared how she almost gave up on real estate investment at the Blueprint conference 2018 which took place at Fourpoints by Sheraton. This article is an eye-opener to the things you should never overlook when going into real estate.

Check out her interview below;



NREH: Good day Madam

Mrs Adefunke: Good day

So where you are at the moment, Is it what you’ve always wanted to do?

Mrs Adefunke: No, my first love is law. I have always wanted to be a lawyer. It was something I wanted right from the scratch. I loved the idea of travel because I have a father who travels a lot and I kept wondering where he went to but I get fascinated with the gifts that come with the travels.

While working as a lawyer, I would save a lot just to travel during the court recess. So basically, the two loves of my life are travel and law.

How did you find yourself in the real estate circle?

Mrs Adefunke: I have always been a dreamer. I dream of a lot of things and one of those things is really nice houses but my real estate investment story started with failures. This is how my real estate failures translated into freedom.

After all my dreams, I ruled Lagos out of the states I want to invest in because it is a very treacherous place. I had heard a lot of stories of people selling one plot of land to 10 different persons. So it was never in my conscious mind that I would go into real estate in Lagos.

When I started working in Virgin Atlantic, I joined the cooperative as part of the employee package. While working, a lot of big companies were coming with interest in real estate. Then this particular company came and said they wanted to build an estate. The company I am talking about is Chevron today, but then the site was really bad. There was no long express way, everywhere was swamp. I left their proposal on my table for months.

In the process of all this, a friend of mine informed me that there is land for sale somewhere. It is an Omo-Onile land. We met the family members and did all the transactions. My friend who called me is a Lawyer, not forgeting the fact that I am also a lawyer, but we were duped.

The day I took my parents to see the land, we got there and the land had been sand filled but somewhere in my optimistic mind I felt someone sand filled the land for me.

Then we started going from one family house to the other but we were not able to retrieve it.

I borrowed money to buy that land. I had N200,000 and borrowed N200,000 from friends but I lost everything because we didn’t do the right things. I didn’t consult a developer or valuer.  Even though we were professionals in our own field, we should have informed the right set of people.

That was my first experience. The family made a lot of empty promises but that didn’t stop me because there was an appetite in me to own real estate.

After a few months, I gave it a try again. Even though in my sub-consciousness, I had warning signals but I did give it a try.

A friend introduced another land to me and we went to look at it. It was a proper swamp land after Chevron round about. I went ahead and paid the deposit. I had saved some money so I paid with that.

After some months, I started calling the guys, asking how far about the land. Luckily for me, one girl who works for them called me and said “you might want to take your money back” and I asked why?. She said the guys already ran into some financial problems and she is not sure they can finish the building. They had already started building but the construction was partly done.

Luckily for me, I was able to get some money back but still lost some more. This was strike two

Strike three came four years later. I call it ‘third time lucky’. By that time, I had closed my mind concerning real estate, investment and Lagos.  I was having a conversation with a friend who works in the bank. She told me about a land but I needed a lot of money to finance it. One of the things my father told me was, “don’t borrow money and if you must borrow, don’t borrow from a bank because they will always chase after you and you will never be free”. So I made up my mind that financing option from a bank was out of it. So I had a conversation with another friend that introduced me to mortgage. I had thought mortgage was non-functional in Nigeria. I wouldn’t have followed it up on my own but she sent someone to me.

Instead of asking me to invest, they gave me a property too. They looked for properties within their perimeters; they had done all due diligence, title and the other essentials. We started the process; I looked at several ones that were available. There was a slightly developed estate; someone had already done the work. It was a well-built estate, I picked that. It was a four bedroom house and the value was 31.5million naira, I was asked to pay the deposit of 20%.

I told them there was no way I could come up with the money. One of them then asked me if I had other source of income. That was when I remembered the cooperative I did while I was working with Virgin Atlantic. I had completely forgotten about it and even left Virgin Atlantic four years before that time. So the money plus interest and investment had all amounted to 4.1million naira out of 6million. I added the monies I had, spoke to my broker and I came up with the deposit.

That was my breakthrough. It became an investment property for me because i didn’t live in it, I rented it out.

That property became a source of income for me even when I had a family crisis. I was able to raise money from it. After two strikes, I finally had my breakthrough from it.

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Women Are More Affected By Land-Grabbing – Report

“Women in rural areas are more affected by the incidence of land-grabbing, a study has revealed.”- Leadership

This was unveiled during the conference of civil society organizations in collaboration with the department of agriculture and rural development of the Economic Community of West African States (ECOWAS) in Abuja from February 15 through 16, 2017.

The research was conducted over a three-year period, via a participatory action research project on the impacts and the responses to land-grabbing.

Since October 2014, FAN international Germany together with four African CSOs (National Coordinate of Peasant Organisations Mail and the Malian Convergence against land-grabbing (CNOP-CMAT), Environmental Right Action ERA/Friends of the earth Nigeria, Katosi Women Development Trust (KWDT) Uganda, Masifundise Development Trust (MDT) South Africa ), two academic research institutions (ISS-The Netherlands) have been inquiring into the conditions under which the CFS/FAO guidelines on the responsible governance of tenure of land, fisheries and forests can serve to increase bottom up accountability amidst the pressures of the global rush for the land which is rapidly changing the use of land and water from small-scale, labor-intensive uses like peasant farming for household consumption and local markets, toward large-scale, capital-intensive uses such as industrial monocultures linked to metropolitan areas and foreign markets. The project has been funded by the international development research center, government of Canada (IDRC)
During the three years of the participatory action research, CNOP-CMAT Mali and ERA/FoE-Nigeria were able to successfully anchor their community organizing actions and reflections on the tenure guidelines to hold local officials and transnational companies accountable in large scale land Acquisition (LSLA) deals.

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LAGOS: Study supports bid to acquire abandoned properties

A study by Forest Service’s Northern Research Station, University of Pennsylvania and Yale School of Public Health, United States America has said the move by the immediate past Lagos State Government to acquire all abandoned properties in the state was in good direction.

Reason? Abandoned properties acquired by the government and improved upon could be a major way to reduce crime rate in the state and in all urban cities in the country.

As far back as 2012, Lagos officials, including the state legislature had one time or the other, decried the spate of abandoned properties in the city, becoming havens for criminals. This tendency was not limited to Lagos, but to some other urban centres, where industrial activities have stimulated rural-urban migration.

But according to the group’s report on the effects of abandoned building remediation on changes in surrounding crime, it was found that low-cost improvements such as new windows and doors may be effective in deterring criminal activity.

The study, titled: “Vacant and abandoned buildings pose significant challenges to the health and safety of communities,” said Michael T. Rains, Director of the Forest Service’s Northern Research Station and the Forest Products Laboratory.

Forest Service research is examining all aspects of the urban ecosystem and developing knowledge and tools that cities can use to promote health and sustainability.

Enacted in 2011, the Doors and Windows Ordinance requires landowners to have functional doors and windows on abandoned buildings located on blocks that are more than 80 percent occupied unless they have applied for a renovation permit for improvements beyond replacing windows and doors.

Researchers compared differences in incidents of crime for buildings that were either improved through the ordinance or were permitted for renovation with incidents of crime at randomly matched control buildings that were not remediated or permitted for renovation.

In areas around buildings in which functional doors and windows were installed, there were an estimated eight fewer assaults, 10 fewer gun assaults and five fewer nuisance crimes over a 2-year period.

“Citywide, we found significant reductions in total crimes, assaults, gun assaults, robberies and nuisance crimes associated with ordinance compliance,” said Michelle Kondo, a research hydrologist with the Northern Research Station’s Philadelphia Field Station. “This could be the ‘broken windows theory’ in action, with new doors and windows and a newly cleaned building facade signaling to potential offenders that a property is occupied and crime is not tolerated.”

Although, they agreed that additional research is needed to determine whether other factors may have influenced the decrease in crime around abandoned buildings. The Doors and Windows Ordinance applies only to buildings on blocks that are 80 percent occupied; the effect of installing functional doors and windows may be less in location has less human occupation.

Geographical variation in policing practices, which change over time, may also influence crime occurrences.

The Lagos State House of Assembly, three years ago, called on the executive arm of the government to take over ownership of all abandoned properties in the state within one month if owners of such properties do not act.

Such properties include abandoned houses, personal effects and even vehicles.

The lawmakers asked the government to serve letters of intent to confiscate the properties to their owners after which such properties would be taken over for public use.

The resolution was made after some of them raised alarm over the rising criminal activities in the state with the lawmakers noting that most of these criminals, miscreants and hoodlums use such abandoned properties as their hideout.

The then Chief Whip of the House, Dr. Rasaq Balogun, who was the prime mover of the motion under Matter of Urgent Public Importance, expressed dismay over the dangerous security threat such properties are causing residents of the state.

The lawmaker listed some properties located at Adetola Street, Coker Gaud in Surulere, abandoned Federal Secretariat complex, Ikoyi, several others as a place where action was needed, saying that unoccupied properties were causing serious security problems in those areas, adding “miscreants have been using the building as an avenue to smoke Indian hemp and carry out nefarious activities.”

READ ALSO – 5 Mysteriously Abandoned Mansions

Lawmakers who contributed to the issue were of the opinion that penalties should not only be awarded against abandonment of properties and their offenders but also that neglected vehicles should also be evacuated from the streets of Lagos.

Lawmakers reminded the House that it took the State government serious effort to pull down the Bobby Benson edifice at Onipanu area of the state, which had been abandoned for several years.

At the wake of this apprehension, the executive arm of government, represented by the Ministry for Physical Planning and Urban Development, took up the challenge by coming out to announce that all abandoned properties within the landmass of Lagos State may be taken over by the state government, a step to forestall security threats milling round the metropolis.

The immediate past Commissioner in charge of the ministry, Mr. Olutoyin Ayinde, a Town Planner, during the inspection tour to assess the distressed and properties that are perceived as contravening government regulations at that time, said such places often become a haven for miscreants, armed robbers, destitute and sometimes traders who endanger their lives in the face of building collapse.

According to Ayinde, the state government in its continued effort to keep Lagos safe is set to seize and demolish such structures especially those that have been abandoned for up to five years. Apart from such structures being used by criminals and destitute, government is always mindful of the dangers inherent in building collapses, thus, not ready to give room for such unfortunate development.

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