african coloner wrote:Kaigangio wrote:african coloner wrote:For those with experience, how much can it roughly cost to put up six flats in ruiru town? rents going between 15k -20k per month
when you consider a flat with fair finishes (ceramic tiles, average sanitary ware and electricals) of a good size of between 50 to 60 sq.m, give each flat a price of about kshs 1.3m to 1.5m...you will be safe at 9m mark.
kenyans must billionares wth all those big flats comming up everywhere you look
Mortgage... mortgage... mortgage...
9m @15% for 15years will need 125k per month repayment. If you can collect 15k per flat, that comes to 90k...then you look for "only" 35k to top up...
Five years down the road, the rent will have appreciated to cover the mortgage repayment in full... and you will be "free".
Another five years and you will begin eating the fruits of your labour.... collecting more rent than mortgage repayments.
But this calls for discipline!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.