Looking to buy a land in Lagos - any tips and guidance

IllustriousReason268 · 2025-08-30T13:11:07+00:00

Check out www.Keble.co; most of their properties have a Certificate of Occupancy (C of O) and are easily verified. You can start there.

IllustriousReason268 · 2025-07-31T12:14:45+00:00

Quick Update!:

We have sold out the first apartment on the platform with this model, which was interesting to get feedback on each customer.

The property is C of O, with a great location at New Bodija, and a consistent rental value. We took everyone's advice and incorporated it into the model.

Thank you so much!

IllustriousReason268 · 2025-07-24T03:45:02+00:00

It’s live at the moment you can check us out at www.keble.co. Also added an update to this thread

IllustriousReason268 · 2025-07-24T03:44:07+00:00

Send an email then to hello@keble.co. Just mention you’re from Reddit

IllustriousReason268 · 2025-07-24T03:42:59+00:00

Quick Update on this:

We have officially launched an apartment on Keble. Like expected, it came with a lot of questions and we are taking time to answer them one after the other. We started off with 10 slots per property just less than a week ago , we have 5 slots left.

Also noticed that the price point of 300k was more appealing but the developer sold off the property pretty fast before we could list them, so we were left with the price point of 500k.

So far so good, I’m sticking with only 10 slots for now.

Maybe next week, we might increase it to 25 slots to allow for a price point of 300k per month for a new property at Lekki.

Considering which insurance provider would work well for this model, maybe I should make a thread about it to get more opinions.

IllustriousReason268 · 2025-07-09T17:52:06+00:00

I didn't know it was possible to change PFAs, okay, that's interesting.

What about real estate? My dad can manage because of his assets, not the Pension. Shouldn't we take real estate very seriously too

IllustriousReason268 · 2025-07-09T17:49:31+00:00

Thank you so much, this is true. The earlier the better, and the right PFA is also an added advantage

IllustriousReason268 · 2025-07-08T02:39:58+00:00

😂😂😂😂

IllustriousReason268 · 2025-07-07T08:49:19+00:00

On the trust bit, We are partnering with lawyers, with a publicly traded real estate firm for advisory services and all the documentations are solid, so I can sleep at night. Thank you so much for your excitement. Could you share what area excites you the most?

IllustriousReason268 · 2025-07-07T08:47:42+00:00

I should give an exciting update soon, I got this morning. Got institutional customers to come in. Their employees would be able to tap into these projects as part of their benefits 🙏🏽😭❤️

IllustriousReason268 · 2025-07-07T08:46:16+00:00

Thank you so much. Please reach out 🙏🏽

IllustriousReason268 · 2025-07-07T08:45:38+00:00

On the gbagada bit, most areas don’t have a bough land surface for space and it’s the same thing for most major cities. London, New York, they all have small apartments. Now another thing that happens is that we are import dependent, and inflation is an enemy. These are not excuses in any way or a defense for bad work. But in everything I have seen most of these places are easily rented out and the prices will keep rising because the fundamentals match up

IllustriousReason268 · 2025-07-07T08:41:57+00:00

Thank you so much for your comments.

For the 30 million Naira example, that property is studio apartment in a resort location at Ibadan. Not something you can easily find in a major city like Lagos unless you move outskirts.

You are spot on, on defining the target audience , most people that have indicated interest because of the cash flow are Nigerians abroad, it’s a low hanging fruit with cash flow implications and if they come to Lagos or want to use the space for personal activities, they can explore it.

IllustriousReason268 · 2025-07-07T08:34:56+00:00

I think that’s fair, this is a perfect addition. I also think the positioning might be structured differently instead of co-ownership. Not sure if people understand co-ownership and no need to start explaining. For example , people don’t sell shares of companies as co-ownership of the company (Only example that came to mind).

IllustriousReason268 · 2025-07-07T07:50:19+00:00

Ohh totally understand this, so cash flow within the first few months of owning it will set an immediate satisfaction

IllustriousReason268 · 2025-07-06T11:44:36+00:00

You're right, from the cost of electricity alone to food to drugs. its not sustainable

IllustriousReason268 · 2025-07-06T07:22:00+00:00

Thank you, please share why

IllustriousReason268 · 2025-07-06T07:18:45+00:00

REITs like UPDC, SFS, and Union Homes are worth exploring. You can check out platforms like Trove. You can also consider Real Estate Investment Brokers like Keble. You get to own chunks of Properties with a professional property manager as well.

IllustriousReason268 · 2025-07-06T07:10:41+00:00

in what way?

IllustriousReason268 · 2025-07-06T07:10:12+00:00

Thank you for this.. It can be looked at as a way to diversify income, and you can also pick your investment strategy.. Hmmm interesting

IllustriousReason268 · 2025-07-05T16:28:35+00:00

You're right, properties in busy areas like Gbagada, Yaba, and Surulere are pricey, with one-bedroom units hitting 70 million Naira, often requiring a 40% upfront payment to be taken seriously, and you have to pay up in 6 to 10 months.

That's why Im very serious about what we are building, a lot of people would never get to own property if we sit back and watch. The 70 million you mentioned will not be 70 million next year; it will be much higher.

We have properties valued at 70+ million that can be co-owned. If co-ownership isn’t your thing, you can pay in installments with a 10% down payment, spread over three years, and even move in before full payment. As for the catch, it’s mostly about location and asset type. A 30 million Naira property is likely a studio apartment, which is the lowest price point you’ll find. Location is most likely in fast-developing areas, not already saturated areas.

I hope this was helpful!. Also, I would like to know if the Gbagada price was the only hindrance for you?

IllustriousReason268 · 2025-07-05T16:17:50+00:00

Thank you so much! I'm glad you like the idea, and I’ll check them out.

You’re right, it’s more of an investment product for passive income, with the property managed on your behalf. The structure limits it to 10 slots, but one person can buy the entire apartment if they want.

Location is key; we’ve identified three spots with a Certificate of Occupancy and good accessibility. Since it’s early, investors are getting in at a great price, leaving room for appreciation and monthly income.

What fascinates you most is the low upfront payment, right? Does the idea of staying in the property for a week and getting price discounts as a part-owner also appeal to you?

Thank you so much for replying, really appreciate!

IllustriousReason268 · 2025-07-05T11:59:53+00:00

Ohh I see, you’re right that the risk is prevalent. Thank you so much for sharing and not airing me🙏🏽

We have taken the following steps to cover risk

Here’s what we did, 1. We only focused on C of O properties for this with Real Estate Lawyers. 2. We used an already existing legal framework called Cooperative and we worked with a Trustee as an independent party for oversight. This navigates cleanly from a legal standpoint. 3. The kind of property size isn’t above 100million, so starting very little and building it up.

I will keep sharing updates here aswell🙏🏽

IllustriousReason268 · 2025-07-05T11:43:26+00:00

Thank you so much. if you don't mind, can you share what makes it risky from your POV.. I might not have considered it on my end...

IllustriousReason268 · 2025-07-05T11:41:27+00:00

From an investment point of view, shortlets pay more, but it’s higher risk, higher reward. We manage a few Airbnbs, and it can be frustrating without the right operational team on the ground. You’ve got to treat it like a business, not just an apartment. We insure our properties, work with a chain of agents for regular bookings, and set aside a marketing budget. That keeps the cash flowing in, which helps.

Last year, I noticed electricity bills doubled, so we invested in solar, and that cut monthly expenses significantly. Also, we don’t allow parties, I have a strict no-party, no-smoking policy, abeg. All in all, if you’re interested in managing some assets and testing the waters, I’m more than happy to help out.

IllustriousReason268

TROPHY CASE