Why Investment Property Must Be Treated In The True Sense Of The Word.

For some reasons best known to me, I feel ambivalent about writing any more article on real estate investing and investment property management and sharing them on social media networks. I have been trying to figure out how best I can do this without feeling this way and sincerely I think  someone or a group of people out there set out not just to annihilate my work but also to besmirch my integrity and reputation which am working really hard day and night to build.

I carried out a progress assessment of the work done so far and I discovered that the work is great, fantastic, unprecedented and it standout compared to what we normally see in this part of the world especially in the real estate industry but it is obvious that something is definitely wrong with the outcome that make us think that someone or some group of people are frustrating and sabotaging our effort.

I know for sure that this will not be forever, it is only a matter of meeting up with people, who could permanently put these hackers away. Few days ago I saw one of my posts with 9 views and the following day it changed to 1 view and this will not be the first time I saw a thing like that.

Without any doubt in me, I believe there is a replica or a duplication of my Facebook, Google + accounts and the website, http://www.ordiezresources.com which make it easy for people to visit my website and social media pages without noticing them visit or take any action. The account has been ostracized and no one gets to see any of our work.

Let’s hope and pray that all will be resolved so that we can take the big leap towards achieving our goals but we are presently not doing much because the internet and the site  seem unsafe to do anything right now and if you ask me, its like someone or a group of people are planning and waiting anxiously to hit us so badly for us to be punch-drunk but we pray not to be victims of their evil plans for us, “monkey dey work baboon dey chop”

And without wasting any more of your time, I would love to dive straight into the discussion for the day which is why investment property must be treated in the true sense of the meaning of the word investment. If you are not new here, http://www.ordiezresources.com/blog you must have come across something similar to this topic in some of the real estate topical issues and concerns that we have discussed in the past on this platform.

However familiar with this topic may be to you, today I have some interesting stories and events to share with you to buttress the fact that investment property must be truly managed as investment property not only to encourage property owners and everyone to invest and build wealth and financial stability with real estate but also to help reduce some contentious issues and problems in property owner – occupier relationship.

Last week a new client came to me seeking my opinion on an issue that has been bordering him for some time now, he leased out two small retail store which he collected a year rent amount from the occupiers and right now the first occupier has used only four months of rent while the second occupier has used just two months out of the entire one year rent amount total.

The issue now or bone of contention is that the government recently gave an instructions to owners of commercial retail stores in the area to either relocate or have their retail stores demolished and this has got my client confused and befuddled for weeks now and he desperately want answers, solutions or advice from me.

And to be honest with you if I was to advice based on what this client has gone through with other or previous occupiers in his residential apartments, some of which who not only overstayed their tenure but also left with hundreds of thousands of naira in unpaid rent amount as well as the unnecessary and ruinous court and legal expenses. If I factor all of these, I could have easily told him to ignore any call for refund from the occupiers of the retail stores.

Interestingly and funny enough he was also deep in thought along this terrible experience of his with previous bad occupiers and to some extent he has already made up his mind on what to do about the issue but only wanted to hear from me, “the sooth sayer” because he knew nothing was hidden to me about his struggle and challenges with those previous terrible occupiers, who left with his money and made him spend more on the case.

The issue here is that he just wanted to hear from me but he was sure my style usually and always allow and encourage my clients to have the final say on their issues regardless of my expert opinion or what I think will be best in any situation which give them the power of using their guts and instinct in making decisions based on my suggestion and their standpoint.

Without mincing word I told him to deduct whatever the occupants have used from the total rent amount paid and refund them with the balance and he retorted that where is he suppose to get the money from because the two occupiers together have only used six months rent in other words, and asked if I was suggesting he refund them with eighteen months rent amount for the unused months.

He never liked my advice like many people out there who dwell in secrecy, bad and corrupt systems all in the name of no one is watching, they take undue advantage of the poor, non functional and ineffective systems and rent regulation we have place to do whatever they like illegally regardless of what the law says on such matters.

He also argued that, if it were to be that, the occupiers were the ones who owed rent amount in this situation, they wont border to pay, nothing will happen and they will go away with his money but because they were trapped on this, It is now a big deal for him to disregard their call for refund of the remaining unused rent.

I quite agree with him to some extent because what he said is true and I know for sure that no occupier would act like a gentleman or ever agree to such negotiation they would rather and deliberately ask and seek for more time not only to stay in the apartment but also without payment which I believe many don’t know is against the law. Occupiers must pay for additional months they request for to move out but many seek, get but most times never pay for the additional months given.

After my advice, my client as expected was not happy with the situation and was never satisfied with my opinion on this and only wanted me to suss that he has utilized the money paid as rent on some personal and economic challenges and would not be able to refund any money because he also had incurred losses in the past with occupiers. This was how we concluded the conversation on that fateful day.

Although at this time that we had this conversation, the occupiers have not come knocking for the refund and we only had the discussion in anticipation that they will come knocking and asking for the refund of the remaining unused rent amount when evacuation or relocation is inevitable.

Interestingly, as anticipated the two occupiers showed up and demanding a refund of their unused rent amount and my client told them point blank that he had no money to refund them and he also make them understand he had used the rent amount paid on medical expenses and other treatment.

The situation almost turned into an argy-bargy between my client and the occupiers and they were bewailed about the whole incident which will make them start searching for a new place they never expected or planned for and what my client intended to do as regard the refund.

The occupiers were sensible and wise enough to seek the help of a close friend of my client, an elder in the community by explaining and complaining about her problems, unexpected expenses she will incur and the challenges in securing a new retail store and asked him to speak with my client on her behalf because of the good relationship between the two.

When he finally showed up again to tell me all that happened between him and the occupiers and how his close friend talked him into making available the refund of the unused rent amount for the occupiers regardless of whatever bad past experiences with occupiers.

If he had accepted my initial opinion or taken to my advice on the issue which was a bit difficult pill to swallow he would by now be the nicest property owner in the community because many other people will be in the same embarrassing situation now who have no means of refunding any unused rent amount for their occupiers.

But his values and his integrity is now questionable because he allowed other people to intervene in the issue as well as influence his decisions or standpoint on the issue before he reconsidered his position on the matter.

Although he told me, he would not be able to make all the refund money available but he would do something for the two occupiers and I quickly turned our official conversation into a chin-wag to joke about his new resolve that I know by all standard in the eyes of the law is wrong, illegal, not tenable and unacceptable.

My concerns are that, he felt no compunction about what he planned to do and I believe this is same with most people in Nigeria especially when it comes to upholding the rent control and tenancy laws, many people are very lawless, they go against the law at will because our rent control and regulation law is not functioning.

The structure has collapsed and the court system is also not effective and discourages even those with very good cases or defense to back up their case in court because of the ruinous legal cost and the unnecessary delays in given judgment.

I must also stress that there is benefit in establishing and maintaining great relationship but many just don’t see anything good in protecting their integrity, honesty, trustworthiness and pursue of excellence in their relationship.

They seem not to give a blankety-blank or care about what happens to the next man as long as they get what they want even if it means ruining, destroying, creating obstacles and if it means laying false claims against someone just to get what they want they don’t mind.

It might interest you that some people even go to the extent of using diabolical means to achieve their goals in life, sacrificing someone or one of their own for rituals thereby annihilating their personality and plans in life just to feel belong to some hopeless groups which are not in anyway beneficial to them but to instigate them to destroy other people’s plans ad somehow expose others to danger even their family.

I think its time for me to call it a day on this topic and I believe government would improve upon by doing something about the rent control and regulation law and of course the tenancy law for us not to continually be faced with minor cases like this in property owner- occupier relationship.

Lastly, today is my birthday and I wish myself a Happy Birthday, long life and prosperity and a very wonderful birthday celebration and of course many happy returns of the day. I pray that God have mercy on me for am not perfect, I hope he would continue to strengthen and protect me from those who are determined and are bent on ruining His work for my life. Amen.

I don’t know if I need to apologize for my outburst through out in this post and I strongly feel this will change soon by the time we have someone to expurgate my post prior to publishing or sharing on social media for everyone’s consumption but for now please bear with me.

Best of Luck!

 

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Ordiez Resources Inc, Where The Future Of The Real Estate Industry Begins, This Is How Tomorrow Moves In Real Estate Investing And Investment Property Management, Serving And Guiding Humanity http://www.ordiezresources.com

Remember that opportunity to serve and guide humanity is our greatest privilege and making our clients happy and satisfied always is our greatest pleasure.

Hence if you Think real estate, Think Ordiez Resources Inc

Thanks

Olatunbosun Idowu

For Ordiez Resources Inc

@ordiezresources

 

 

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