“He said…” – the man recounts the conversation with the landlord who bought the two-story house in 1990, reveals the amount
AND Nigerian recounts a conversation with the landlord who bought a two-story house in 1990.
In a post on his X handle, @john-doe he found out how old his landlord was and how much he bought the two-story house in 1990.
The man speaks loudly
According to user X, the landlord bought a 2-storey building, consisting of 6 flats, for ₦1.5 million in 1990.
During their conversation, he asked the elderly landlord how much he intended to sell the property for.
Meanwhile, the landlord intends to sell the property for ₦350 million.
”I asked him if he wanted to sell it today, how much would he sell it for now?.N350m..36 years later. Do you think it was a good investment??”, the tweet reads.
Reactions below……
Eniola stated, “It’s a good investment. Consider the fact that he rented out those 6 apartments for 36 years. And even better if he doesn’t sell it, let him continue to rent it out”.
added John O“A solid investment. The rent he received from those units from 1990 to today is interest on the principal. Meanwhile, his principal continues to grow”.
Steve remarked“He was a really rich man in 1990. 1.5 m in 1990 is significantly more than today’s 350 m. If we take into account the exchange rate, inflation and interest rate, he sells with a big discount, a loss. In real terms, it’s not a good investment. However, that is the nature of the residential real estate business”.
El Magnico added, “With the current value of our currency/current exchange rate, it’s not such a good investment. If the Naira had been good against the dollar, that property would have been valued at much more than N350 million”.
Check it out below……
