Should I Sell A Property And Go Into Business? - Investment (3) - Nairaland
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| Re: Should I Sell A Property And Go Into Business? by Crazytrump(m): 5:56pm On Nov 10, 2019 |
You've spoken well bro.... It's not advisable to sell stuffs to go into business without strategies or idea of the business in question.[06415]No. Because rule number 1. Never sell any property to go into any kind of business. Business is very risking. And the risk % goes up higher on bad environment. The Nigeria factor at the moment is highly risky. You have to do your calculation very well and prepared for any eventuality.[/quote] 1 Like |
| Re: Should I Sell A Property And Go Into Business? by Dechymmytv(f): 5:58pm On Nov 10, 2019 |
eddy1234:Selling any of those properties, which are not yours, is not a wise thing to do..... In the future, things can arise Nd your mistake will be pointed out.... You will be the wicked uncle, not considering your gold efforts... Bad bad bad, dont do it... I know you are not doing this out of brokeness or any business, you are doing this because you think no one is there to watch or tell you not to do it... I also know that an aunt who has all these properties will also have money that can be used to take care of those kids properly... Except you are trying to tell us that you have mismanaged the funds 3 Likes |
| Re: Should I Sell A Property And Go Into Business? by dake40(m): 6:00pm On Nov 10, 2019 |
Paulo3ree: You are foolish.. Sorry but i had to quote you. 2 Likes |
| Re: Should I Sell A Property And Go Into Business? by Jonovo98: 6:00pm On Nov 10, 2019 |
Gave me a phone call on this number 08065118132 ' I will tell you what to do okay, am not good in typing. |
| Re: Should I Sell A Property And Go Into Business? by Tenblade: 6:02pm On Nov 10, 2019 |
@Op, I don't think it is a bad idea to sell the property . As long as you don't misuse or squander the money. It can be very tempting to do so. Money has a spirit of it's own. However, I would advice that you do not use it to set up a business. Maybe just not yet. Invest it in the money market. In treasurery bills or mutual funds. With about 10 million naira you should be able to get up to a hundred and something thousand naira per month . Stress free, guaranteed money. That should be enough to fend for the kids and some for your self . Whilst you hustle. Business is a tricky thing. It is a hit or miss. You could lose all your money trying to set up a business that may not succeed at the end of the day. Since you are not employed and are not already making money that can cushion you should business fail, my advice is to invest the money and use the proceeds . That way, your 10 million naira is still intact. Untill you can , to a large extent, afford to lose that money in business. Ie when you have a job or something else that can serve as a cushion or fall back, should things not go as planned in your business attempt. I hope I made some sense. All the best bro. 1 Like |
| Re: Should I Sell A Property And Go Into Business? by Paulo3ree(m): 6:04pm On Nov 10, 2019 |
dake40:May I know your reasons |
| Re: Should I Sell A Property And Go Into Business? by ffo(m): 6:06pm On Nov 10, 2019 |
eddy1234: The girl is 20 years and not a kid anymore, once you start with selling one, i bet you, you will lavishly spend the money and finish it within 5 years (max) and then you will want to sell another and then another, because it is not your sweat. handover the properties to the children and only guide them, looks like there is more to this story. 3 Likes |
| Re: Should I Sell A Property And Go Into Business? by DirtyGold: 6:07pm On Nov 10, 2019 |
@eddy1234, think about the future before making any move. If somehow you sell one property and the money vanishes due to all kinds of unbudgeted sundry expenses in a very short while, how will you explain it later? Again, if you do sell it and start a business and it becomes mega successful, will you willing and happily hand it over to the kids when they come to claim it then? Afterall, you invested their money.... Think my bruv What's tha business? 2 Likes |
| Re: Should I Sell A Property And Go Into Business? by Jonovo98: 6:09pm On Nov 10, 2019 |
Call me I will tell you to do okay (08965118132) |
| Re: Should I Sell A Property And Go Into Business? by jaxxy(m): 6:15pm On Nov 10, 2019 |
I think it’s very sensible to sell a property since there are like 3 others Bt whatever u do don’t invest that money in that fairytale forex dream business u have on ur dp. It is basically gambling. Look for a viable business and invest in and invest sm in treasury bills also. 1 Like |
| Re: Should I Sell A Property And Go Into Business? by SendAbroad: 6:17pm On Nov 10, 2019 |
eddy1234: Your Aunt died Intestate. Before you can take action on any property or take action on any tenant.. you need to Obtain Power of Attorney from the Lagos State Gov Ministry of Justice I think. (assuming you are in Lagos) Go and visit that Ministry, explain your situation and you will be guided according to what the law says. 2 Likes |
| Re: Should I Sell A Property And Go Into Business? by ehinorlive: 6:21pm On Nov 10, 2019 |
if you sell those properties, people we poison their mind against you when they grow. 1 Like |
| Re: Should I Sell A Property And Go Into Business? by grandstar(m): 6:24pm On Nov 10, 2019 |
eddy1234: Did she bequeath any property to you or you are to hold them in trust for her 2 kids? Whether in trust or not, you should only sell a property only when you're 110% sure that what you'll invest it in will be profitable and make life comfortable for you and the kids. It will be tragic to lose all.that money. Take very good care of the kids and once in a while spoil them. You can also keep money aside gradually in order to replace the property you sold. It might not be necessary though. For instance, if business is good, you can send the girl to Canada for her master's for Instance. Ensure they lack nothing. People can be ungrateful. In future, they may say you sold their mothers property and ate the money. That's why I advise you replace it in the long term. if you got their consent before you sold the property, then you have little to worry about. Best you can do therefore is to open special accounts for the 2 kids depositing money into it monthly which they can access when they reach a certain age. |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 6:50pm On Nov 10, 2019 |
SalamRushdie: Seriously I have already started weeping for the future of those kids.... He's going embezzle those wealth and starts giving some stupid excuse. 1 Like 1 Share |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 6:57pm On Nov 10, 2019 |
grandstar: Why should he sell the properties at first place?, imagine selling properties with consent of 20ysold, forget it he's just looking for an avenue to embezzle those wealth.... Losing his job two months a go shouldn't be an excuse.... They can live comfortably on the rent/let of those properties for now.... 1 Like 1 Share |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 7:01pm On Nov 10, 2019 |
DirtyGold: Don't mind that guy.... He has no excuse at all .... Let the children live on the rent/let of those properties for now and he should go and look for something to do with his life.... Because he's trying to gamble with the ALREADY SURE FUTURE OF THOSE KIDS. 1 Like |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 7:03pm On Nov 10, 2019 |
ffo: I'm crying already here bro BTW 20yrs is still a kid depending on how they raise them .... Those children can live comfortably on let/rent of those properties for now. 1 Like |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 7:06pm On Nov 10, 2019 |
Jonovo98: Stop all this nonsense and think of future of those kids. |
| Re: Should I Sell A Property And Go Into Business? by MPESA(m): 7:10pm On Nov 10, 2019 |
Gracespecial101: A female kid of 20 yes can't sure a decision... If he's telling himself the truth he should be able to know that those kids can live on the rent of those properties for now comfortably while he go and look for job or do other things on his own. |
| Re: Should I Sell A Property And Go Into Business? by oyediranniyi: 7:16pm On Nov 10, 2019 |
Whatever you do, put yourself in the shoes of those kids, this should guide u in all your decisions. Dont sell any of the property, atleast for now,if it has to be done, let it be qith rhe consent of the kids and other family members, for now you cannot transfer ownership without a L.A.(letter of Administration) Be transparent and be accountable If you are wise enough, being d kid's guardian for now, u can leverage on the properties, atleast if it was in care of a legal administrator , his fees will be taken care of. Most importantly make sure those kids get educated. |
| Re: Should I Sell A Property And Go Into Business? by Gracespecial101(m): 7:25pm On Nov 10, 2019 |
MPESA:They might be able to live on the rent but Local man is looking for a way to make ends meet for himself also Since he lost his job and they all can't be depending on the rent since he said the rent comes late. But he shouldn't be too comfortable trying to live on their Property |
| Re: Should I Sell A Property And Go Into Business? by InvertedHammer: 7:27pm On Nov 10, 2019 |
eddy1234:/ I will give you a seat next to the devil. You are only looking out for yourself. Here you are looking for justification for your evil deed. Check out how many "I" you used in your plot She entrusted her children to you as an adult. If you discover more hidden assets, let the children know. The devil is working overtime on you. / |
| Re: Should I Sell A Property And Go Into Business? by OgogoroFreak(m): 7:33pm On Nov 10, 2019 |
You need to be arrested! Big thief!! You left your job because you have someone's property to sell dubiously for yourself. |
| Re: Should I Sell A Property And Go Into Business? by grandstar(m): 7:42pm On Nov 10, 2019 |
MPESA: Rent money is good but it's more of a cushion or side income. It only becomes a source of livelihood when you have a large number of properties. From his words, I suspect the properties aren't in prime areas like Ikeja, Magodo, Gbagada, Ilupeju etc. More like Egbeda, Ijegun and other places. 3br flats there go for 600,000 per annum. Multiply by 4 and you have 2.4m. Not exactly jaw dropping. I am estate agent by the way. His shrewd aunt didn't dump the kids on him for nothing. I'm sure she has siblings but instead chose her nephew. He was even humble and intelligent enough to come here and ask for advice. It indicate he's not the reckless type. What's important is that he invests wisely. If he can use the money made to turn his life around and better those of the kid, I see why not. He should just ascertain he knows he business he is going into well enough so as not to lose it. Money can have a destructive influence. Eddy must search his heart and be sure he's doing it for the right reason. That is most important and that whatever he place the funds into succeeds. The heart truly is wicked and desperate and who can know?Only the true God! Eddy, to whom much is given, much is expecte. Eddy, Will you let God down? Will you let your aunt down?Will you let her kids down? Will you let your relations down?And will you let us down? cc: eddy1234 1 Like |
| Re: Should I Sell A Property And Go Into Business? by sleekman(m): 7:50pm On Nov 10, 2019 |
eddy1234: So I'm about to give you a million-dollar advice so I will expect some form of appreciation later. Just kidding. Do not sell any of those properties. Time and circumstances changes people. Focus on your own game and use the proceeds of the rent to cater for your niece and nephew. Proceeds should be able to cater for their schooling and upkeep. If you can do a long lease on some other properties then do. If a tenant is owing more than year's rent then write the tenant a 6-months eviction notice and make sure the said tenant gets the letter in person. If the uncompleted properties are in choice locations then get a developer to brake up that property into flats, and do a Redevelop, operate and transfer. How this works is this. The developer will agree the number of years he'll require to recoup his investment with some profit. Meanwhile after developing the property, he'll leave you one or two units of the flat as a form of lease for the number of years he's controlling the property. This leasehold might range from 7-12years depending on your bargaining power and the quality of materials that will be used during construction. I find it hard to believe that your aunt has that number of properties and no money in her account. You better get in touch with a lawyer who will compel banks to disclose to you monies in those accounts although this is subject to who the beneficiaries of those accounts are of which I'm suspecting should be her kids. |
| Re: Should I Sell A Property And Go Into Business? by schoolboi: 7:57pm On Nov 10, 2019 |
franchasng: Aunty please let's talk about the bold. |
| Re: Should I Sell A Property And Go Into Business? by Unrated900(m): 8:32pm On Nov 10, 2019 |
You want to sell what is not yours abiiii Chai Family sha Don’t you have any source of livelihood as a man Millions of men lost their job and they are still living and making things happening Selling those properties doesn’t worth it Am sure the demise of your aunt is your achievement If not then you won’t wanna sell what is not yours Take the kids to orphanage homes and leave the properties If not then it’s in your mind to sell them all so you can live a glamorous life... Don’t be upset by my words am just been blunt Hustle your own and leave what you have for your own kids not what isn’t yours Shalom |
| Re: Should I Sell A Property And Go Into Business? by Nobody: 8:34pm On Nov 10, 2019 |
Why is your eyes feasting to sell others people's property. Well if you can't take care of their fees with the little in your hands I am sure you do sell the house and go find one ogbanje lady to marry who would encourage you to sell every other properties.... If I were you,I do ask God to bless me,all this selling of people's property not my thing except they willed it to you then you can do as you pleased.Remember Kama is a bitch. |
| Re: Should I Sell A Property And Go Into Business? by Ifysamuel101: 8:45pm On Nov 10, 2019 |
well let me tell you the truth. you are a wicked man.you have a plan to sale what Is not yours.you shall still sale the known properties. well my advice is that you should do what all wicked men do, in such a situation.live that 12yr old boys properties for him.at 39 you should be thinking of heaven, restitution, redemption and condemnation. |
| Re: Should I Sell A Property And Go Into Business? by ChineduPeters(m): 8:56pm On Nov 10, 2019 |
Did she OFFICIALLY hand over those properties to you? Or just word of mouth? If she did, you have no other option than to sell one of them at this point. With the right advice and decision, you should be able to take care of her kids and yourself comfortably. All the best bro |
| Re: Should I Sell A Property And Go Into Business? by grandstar(m): 8:58pm On Nov 10, 2019 |
naijadrivablog: I'm an estate agent and I can tell you categorically that rent money is more like cushion money or side income. It is at best something you can survive on but won't make you rich. My dad's owns and rents out a wing of a duplex in Ikeja near shoprite and he'll blow the money within 3 months. It was what he'll use to go jolly in London. Most old landlord's who depend on their flats for a loving, you no see how there face dey hard.?Will you be happy to live with one? Most importantly, don't forget he's 39yrs and unmarried. His life shouldn't come to a standstill because he wants to take care of his cousins. As long as he uses the money generated prudently, it's all good. His aunt must have seen something in him hence, her bequeathing her children to him. He should endeavor to first understudy any business he chooses to engage in. He should also realise it takes about a year for a business to be truly profitable and on the ground. That rent money will still come in handy until further notice. If the business proves successful, he could be saving part if not all of the rent into an account for them until they reach a certain age. i also wish he finds a fine wife. eddy1234 2 Likes 1 Share |
| Re: Should I Sell A Property And Go Into Business? by Funkybabee(f): 9:30pm On Nov 10, 2019 |
gather some money through the rent payment of the house, the money is too huge. 10ml fa, lols.. funny you, u think business is that easy.. u sound greedy |
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