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Owning a home with 30k? possible in Kenya?
Rank: Chief Joined: 5/31/2011 Posts: 5,121
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guru267 wrote:mwekez@ji wrote:webish wrote:maka wrote:guru267 wrote:With just 25k per month one can access a 4 year mortgage for one of those Suraya bed sitters going for 900k!
Plus you can charge 10-15k rent on the same house!
Good luck to him with that...Report back n tell me(us) how it goes...
I would actually advise the same.
Hey @Maka did you mean to sound sceptical? Or are you genuinely curious? 
Good advice @guru. However, note that purchase price is for cash buyers. Purchase price for mortgage buyers is 1.25M (so, to pay 25K for 7 years) http://www.suraya.co.ke/index.p...asa-mombasa-road?start=9
You can still pay off the mortgage in 4 years with 35k monthly!
Yeah. And that is about @GalMU budget. Over to him/her Brochure
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Rank: Elder You have been a member since:: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
I believe so... possunt quia posse videntur
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Rank: Elder You have been a member since:: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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maka wrote:dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
I believe so...
Wololo mayo!
5m x 3m total area? Na bado service charges! Hii wazua ina millionaires kweli kweli. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
Even if you rent out the unit for 8k you will still making a 12% yield... That's a perfect investment if you ask me!
I'm sure in 2018 guys will be paying more than 2.5M for these things... Mark 12:29
Deuteronomy 4:16
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Rank: Veteran Joined: 2/3/2010 Posts: 1,797 Location: Kenya
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maka wrote:GalMU wrote:After all my expenses,chamas,Sacco and insurance I am left with 30k every month, Is there a way i can get a mortgage with this kind of money and where?
Mortgage sahau....
Try Edermann Greatwall apartments 2bdr @28pm mortgage but you need to raise the deposit. Excellent rental returns which you can plough back and clear in shorter time I may be wrong..but then I could be right
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Rank: Elder You have been a member since:: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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guru267 wrote:dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
Even if you rent out the unit for 8k you will still making a 12% yield... That's a perfect investment if you ask me!
I'm sure in 2018 guys will be paying more than 2.5M for these things...
Bandika hiyo hesabu hapa!
You also assume that tenants will be lining up for them, mmh? There are far much sweeter ways to waste 1.2M. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Veteran Joined: 1/4/2010 Posts: 1,668 Location: nairobi
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The most economical way to go about it with kes 1m budget is through pooling resources as is being discussed here.
www.a4architect.com/discus/topic/joint-investment/
This way, you will own a 20m2 bedsitter with chances of increasing other rental units vertically in future.
For this, you will have to team up with other like minded Kenyans and execute the project with ownership under sectional title or LLC.
With this, there is a guaranteed 10% ROI.
The next best option is Sucasa.
Sucasas 18m2 costs 1.3m and has no option of future expansion.
The other option is to buy land in the middle of nowhere for 0.5m and build a mabati shack for 0.5m. Here, you cant use the house since its too far from tarmac eg Jamii Bora situation. As Iron Sharpens Iron, So one Man Sharpens Another.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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dunkang wrote:guru267 wrote:dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
Even if you rent out the unit for 8k you will still making a 12% yield... That's a perfect investment if you ask me!
I'm sure in 2018 guys will be paying more than 2.5M for these things...
Bandika hiyo hesabu hapa!
You also assume that tenants will be lining up for them, mmh? There are far much sweeter ways to waste 1.2M.
8k*12months = 96k
96k/900k = 12% approx.
8k is very conservative because I charge 9k for my SQ in south C! Mark 12:29
Deuteronomy 4:16
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Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
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dunkang wrote:guru267 wrote:dunkang wrote:Am just curious, are wazuans advicing someone to buy a 15m2 apartment for KES1M? Along mombasa road?
Hata na dawa, siwezi nunua!
Even if you rent out the unit for 8k you will still making a 12% yield... That's a perfect investment if you ask me!
I'm sure in 2018 guys will be paying more than 2.5M for these things...
Bandika hiyo hesabu hapa!
You also assume that tenants will be lining up for them, mmh? There are far much sweeter ways to waste 1.2M.
Hey @dunkang , if you realize, those "sweeter ways" of spending 1.2M or 30k p/m is what the poster needed.
Would be very helpful if you tell us what you would go for. Like @digitek1 did.
Life is joy, death is peace, but the transition is very difficult.
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