All posts tagged: Realestateinvestment

Title to Land in Nigeria

Title to Land and the use of land in Nigeria is governed by the Land Use Act (Cap. L5, Laws of the Federation of Nigeria 2004) (“the Act”).

The Act entrusts all land in urban area of each state, to the State Governor, while land in rural area is vested in the Local government within their area of jurisdiction (this excludes land vested in the Federal Government).

This Act was meant to standardize land administration in the Country.

Registration of property to get a valid title to land in Nigeria is evidenced through:
Rei ObaigboTitle to Land in Nigeria
read more

Why Invest In Nigerian Real Estate

Why Invest In Nigerian Real Estate? First ask, what is Real Estate?

Real estate simply means the buying or leasing of properties that are residential or commercial. Properties like Flats, terrace apartments, detached houses,maisonettes, Condos, warehouses, office buildings, shopping malls, parking lots to name a few.

Why invest in Nigerian Real Estate you ask? Here are 7 reasons why people invest in real estate;

Rei ObaigboWhy Invest In Nigerian Real Estate
read more

How To Declutter Your Home

Decluttering your home is not as difficult as it may seem, let’s be honest everyone has clutter in their homes whether we want to admit it or not. A cluttered home is not just toxic for your health it can lead to stress. Here are simple steps to help declutter your home from the living room to the kitchen.

how to declutter your home

How do we begin

Let us start with the living room, it is usually the first place your guests walk into, and can come off as disorganized or messy if there are excess amounts of items. Here are steps to making your living room look put together and sophisticated. 

  • Organize the coffee table
  • Declutter your entertainment center
  • Organize your bookshelf
  • Pick up unused accessories

The bedroom is the second most important area in the home and a perfect way to start getting it organised, is by removing the piles of clothes in it and cleaning out the closets. Here are also steps to making your bedroom clutter free;

  • Declutter the wardrobe
  • Install hooks on the back of the door
  • Install Corner Shelves
  • Add in storage pieces as needed

After the bedroom, for those with children their room is yet another major clutter zone. In three steps you can declutter their room, first

  • Go through the kids’ toys with them
  • Divide room into sections
  • Purchase storage boxes

Now the bathroom, let’s face it— you haven’t used some products in your cabinet in months, dispose of them.

  • Pull all items out of the bathroom
  • Install Wall-Mounted holders
  • Wash or discard rugs and towels

Take a few minutes out of your day to organize and declutter the final room in your home, the kitchen.

  • Reduce pots, pans and Tupperware
  • Tackle the “junk” drawer
  • Clean out the fridge
  • Eliminate excess decorations

You are now an expert in organizing each room in your home, from tackling your living room mess to removing unnecessary items from your kitchen or cleaning out your bathroom.

how to declutter your home

A Decluttered Home

Rei ObaigboHow To Declutter Your Home
read more

5 Basic Tips for Investing In Real Estate

If you’re just beginning to invest in real estate, you’ll find that there’s a lot to learn. Investing in Real estate  is more complicated than investing in stocks because of the financial, legal, and extensive due diligence requirements involved. That’s why it’s a good idea to give yourself a solid education before you purchase your first investment property.

However, before you get your advanced degree, it’s a good idea to familiarize yourself with the fundamentals. To that end, here are 5 basic tips for investing in real estate.

1. Location Matters

The old adage that “location matters” is most accurate when it comes to investing in real estate . Before you fork over a down payment and put yourself in a significant amount of debt over a property, ensure that it’s in a good location.

Look for the worst house on the best street. That’s a principle you’ll come across quite a bit as you delve into further real estate investing advice.

You want to invest in the worst house on the best street because it gives you an opportunity to build equity. It’s a property in a great neighborhood (“the best street”) that needs some work (“the worst house”). You can invest some money to fix it up and sell it to someone else who wants a ready-to-move-in house in a fabulous location. Professional real estate investors call this “fixing and flipping.”

2. Look for Wholesale Properties

Investing in real estate is just like investing in the stock market in at least one way: you’re looking for the best deal. If you’re a savvy stock market investor, you probably won’t buy too many stocks at their high if you plan on holding them for a long time. Instead, you’ll follow the Warren Buffet principle of getting greedy when everyone else gets fearful. You’ll buy stocks that are beaten down and make a fortune when they turn around.
That’s what you want to do when it comes to real estate investing. Avoid paying “full price” for properties. Instead, look for so-called wholesale properties that are offered at a steep discount. Sure, they’ll probably need some work. Run the numbers and see if the investment in rehab is worth the ultimate selling price.

As noted at ThinkConveyance: “You can easily invest $20,000 in a property and add twice that much to the selling price. That’s why real estate investing is so attractive to investors who want to maximize their return on investment.”

3. Understand the Tax Benefits
The people who run our government want private investors to provide housing for people. That’s because they know that if private investors don’t provide housing, then the government will be responsible for it.

To that end, Uncle Sam offers significant tax benefits to real estate investors. The most significant benefit, arguably, is the depreciation write-off. When you buy an investment property that includes a building, you get to write off the depreciation of that building as a tax deduction. You’ll have to consult your tax advisor for specifics, but basically you can expect to depreciate a residential building over 27 years and a commercial building over 39 and a half years.

Again, it’s a good idea to consult your tax advisor about specifics.

4. Check Your Credit Report

You’re more than likely going to need to borrow money to buy real estate. That’s why you should check your credit report before you begin investing in real estate.

If you have problems on your credit report that are mistakes, get those resolved as quickly as possible. If you have problems that are legitimate, then you’ll need to work to improve your credit.

Simply put, banks aren’t going to loan money to you for a property that’s not your primary residence as readily as they’ll loan it to you for your own home. That’s why your credit has to be spectacular.

5. Use the “1% Rule”

If you’re planning on buying a property that you’ll rent out one or more tenants, use the “1% Rule” when you decide whether or not the property is worth the price you’ll pay for it.

The 1% Rule simply states that an income producing property must produce 1% of the price you pay for it every month. For example, if you’re looking at buying a property for $150,000, then the monthly rental income should be 150,000 x 1% = $1,500.

Wrapping It Up

Real estate investing offers the potential for fabulous returns. However, people have also bankrupted themselves investing in real estate. Be sure that you know what’s involved before you start.

Pelumi Oduleye5 Basic Tips for Investing In Real Estate
read more