Investing is one of the most profitable business ventures that is bound to garner long term wealth. But it is important to note that investing in real estate is not a get-rich-quick scheme, rather, it is a long term venture. The real estate industry in Nigeria is highly profitable with different ways of earning money –
Real Estate Appreciation – This is one of the ways you can make profit on your real estate investment. This often occurs when there’s a change in the real estate market which leads to an increase in the value of your property. For example, owning a property and selling it five years later. There is a probability that you would be selling for a price higher than you bought it because of the change in the market value. The likelihood of the environment developing over the years will also increase the value of your property.
Cash Flow Income – This type of real estate investment is popular, it involves buying real estate property, such as an apartment or building, and having it up for rent. It ensures there is inflow of income through the rents paid by the tenants for a specific amount of time. Cash flow incomes are also generated from office buildings, apartment buildings, rental houses etc.
Real Estate Related Income – This is type of investments is often undertaken by ‘specialists’ in the real estate industry, such as brokers who make money through commissions from buying and selling of properties. Also, real estate management companies get a percentage of the rent in exchange for managing the daily operations of a property. For instance, a hotel management company earns a particular percentage of the hotel’s sales for taking care of the daily operations including facilities management such as hiring utility staff, laundry, security services amongst others.
Overall, becoming a real estate investor involves having a plan to help you manage your goals and expectations in the real estate industry. Knowing your maths as a real estate investor is crucial, one of the pitfalls in the business is assuming. Real estate is a numbers’ game, and the fastest way to fail is not knowing it. It will also requires a lot of patience, a real estate venture is not something to do on a whim. Most real estate investments are life-long pursuit to help you take control of your financial future.

The rift between tenants and landlords often boils down to the two parties not being aware of their rights. Knowing your rights as a tenant is crucial because it is the first step towards protecting yourself and ensuring you don’t fall victim to frivolous demands from landlords. According to the Tenancy Law in Nigeria, below are some laws you should be aware of as a tenant –
Right to a Written Agreement
Every tenant has the right to an agreement. Agreements, on the other hand, can be oral or written. However, it is advised that agreements between both parties should be written, hence, any altercations would be easily dealt with, and it comes in handy as references. The tenant is expected to go through the agreements thoroughly before signing.
Tenancy agreements are to contain in details the names of a landlord and his tenant; as parties to the Agreement. The duration of the tenancy, the rent payable and the date at which such rent would become payable should be stated. Before signing any agreement, a prospective tenant is advised to seek the service of a solicitor to break down any unclear terms in the Tenancy Agreement.
Right to Issuance of Receipt of Payment
The receipt of payment is an acknowledgment from a Landlord or an Agent that a rent payment has been made by a tenant. It must have the name of the landlord and the tenant, including the amount paid and the date of such payment. The receipt should clearly state the duration that such payment will cover and the signature of the receiver must also be on the receipt. It is an actionable offense to refuse to issue a receipt for rent paid and received. It is your right as a tenant to be issued a receipt upon payment of rent.
Right to a Valid Quit Notice
A tenant cannot be thrown out of his apartment unless there is a strict compliance by the landlord with relevant Recovery of Premises Law. Recovery of Premises Law states that a valid “quit notice” of a landlord’s intention to terminate/quit the tenancy of the tenant must be written and served to the tenant. The amount of time given to the tenant, whether weekly, monthly, yearly, depends on his rent. A valid “Quit Notice” must have the name of the landlord, the name of the tenant, the address of the property occupied by the tenant, the duration given to the tenant included.