Man Who Spent Millions To Build House For Rent Regrets As He Fails To Recoup His Investment
- A Nigerian man who lives abroad said he spent millions of naira to build a house to give out for rent
- However, the man has now regretted building the house because for years now, he has failed to make any money from the house
- According to him, since he finished building the house, it has been one excuse or another from those managing it for him
A Nigerian man living abroad said he built a house at home to rent it out and shared his experience after the investment.
According to the man, he built the house with high hopes of making money and recouping his investment.
Source: TikTok
In a video he posted on TikTok, the man, @mazitt305, said he is now regretting the investment.
He said he has not made back his money, and he never knew it would be a total waste of effort.
Mazi T said those he kept to manage the building for him are giving him excuses.
He called the house a financial mistake. He said:
"Don’t make the same financial mistake I made 11 years ago."
Source: TikTok
Watch the video below:
Reactions as man regrets building house for rent
@blessedarrival said:
"I use anger sell my own. Buying empty lands in a strategic location is better."
@Ethel said:
"It's better to do treasure bill oh than that oh if you know you know."
@Hon - Newton -7 said:
"They don’t build tenant house to recover your money immediately, it’s foe futuristic purpose and investment for inheritance for your children."
@Oge said:
"When I say it, people think I don't know what I'm saying. I rather buy land, leave am and resell anytime I want."
@Colisso Realtor said:
"Listen to this wrong advice at your own risk. Commercial real estate is the number one. It generates money while you sleep."
@Gigasucre Bigapple said:
"Let me say you spent N50m to build two apartments for rent at N2m/annum. It will take at least 8 years to recover that find, and I'm being generous. That same amount in T-bills at 20% (which is the minimum) compounded interest per annum will be N215m after 8 years."
@Kenny said:
"Omo if you get good person wey go manage am for you omo e no bad ooo. My in-law lives in Canada but not even once has he gotten story. I Dey credit his account steady because me Dey follow the tenants bumper to bumper also Hod Dey bless us with good and responsible tenants too."
@Gamer star said:
"From day one the already knew this. I build event center, e no get weekend wan money no de enter my acct, I’m on my second event centre. Never build anything commercial property, you go regret."
Tenant reportedly sells landlord's house
Earlier, Legit.ng reported that a Nigerian lawyer shared the story of a tenant who sold his landlord's house and took the money.
According to the lawyer, who shared details on TikTok, the tenant committed the offence in Lagos state.
He said the tenant even had the audacity to stay in the house for four more months before moving out.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
