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Where Can we get a rental flats for ksh1.2 Million???
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SMALLGURU
#11 Posted : Monday, August 10, 2009 2:34:00 PM
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Joined: 10/1/2007
Posts: 8
For a built flat in low medium class estate like Rongai the magic number is approx. 80 and appox. 150 for buying as explained by Mukiha. with 1.2 at hand my advcie is to borrow addditional 2.4 and bulit. the reurns should pay off the loan and after ten years you will have an estate worth 7.2M including value appreciation.




Investing is all about sacrificing today for a happy tomorrow.
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kongowea
#12 Posted : Tuesday, August 11, 2009 4:43:00 AM
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Joined: 11/7/2006
Posts: 46
@ Mukiha.

read mail
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Mr.Tea
#13 Posted : Tuesday, August 11, 2009 5:52:00 AM
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Joined: 12/4/2008
Posts: 341
Location: Nairobi
Save yourself the headache and frustration of chasing an illusion and buy yourself a piece of land whose appreciative value will cushion you against inflationary factors in these hard times. Seek for suggestions towards this end.

Patience Pays in Guaranteed Checks
Patience Pays In Guaranteed Checks.
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lexus
#14 Posted : Tuesday, August 11, 2009 6:44:00 AM
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Joined: 3/18/2009
Posts: 38
thika town some flats are going for around 1.5 m.but rental i think at most you will charge 12 max.may be you check your savings for rental for about 30k you will buy ahouse for about 4.5m at min.

work smart
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mukiha
#15 Posted : Tuesday, August 11, 2009 7:04:00 AM
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Joined: 6/27/2008
Posts: 4,114
@lexus; where in Thika?

The ones I know are at Makongeni,5km outside town,towards Garissa. They are going for almost 3m and in that area you will be lucky to get 8k pm!

There is a project at the middle-market area called Section 9 in the town; The rent is 15k for a 2br flat...but they are not for sale! I have a friend who lives there...25 units in the project...well maintained with even a children's play are etc...

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mukiha
#16 Posted : Tuesday, August 11, 2009 12:32:00 PM
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Joined: 6/27/2008
Posts: 4,114
...I might have given the wrong impression....when I said that I would sell my house for at least 5m,I did not mean that it is for sale!!!

Several people have written offering to buy...pole sana....I don't intend to sell the house,but if I were to sell it today,I wouldn't take anything less than 5m...

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Marty
#17 Posted : Tuesday, August 11, 2009 12:58:00 PM
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Joined: 3/31/2008
Posts: 761
Location: Nairobi
@jonminah,

I can give you a good idea. I got some 2 plots (1/4 acres with titles) in Kiganjo,next to Makongeni. On each of the plots,you can do 45 singles for 1500 rent per unit. This shall give u rent of 67500. To do the units,u need 80k per unit. If you factor in the cost of the land (600k) then do your maths. U'll discover that the repayment period is around 5 yrs. If u factor in increase in rent,then ROI is much faster. I am selling one of the plots.

..one is only poor if they choose to be
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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mukiha
#18 Posted : Tuesday, August 11, 2009 1:11:00 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
@Marty;
your suggestion proves the point I made earlier...that these kinds of returns can only be realised in a slum.

45 single rooms on a quarter acre of land? Will there be space for toilets and shower rooms?

Staying with Makongeni,Thika; the original Site & Service Scheme (SSS) of the area had 8 single rooms in an eighth of an acre....very spacious rooms with an open area in the middle of the plot,three toilets and three baths,a laundry area etc. In the 1980s and early 1990s,this was a model low-income housing scheme....of course,today it has been turned into a....

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Marty
#19 Posted : Tuesday, August 11, 2009 1:21:00 PM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
@mukiha,

They are not actually slums. they are 12*10 stone houses roofed with mabatis and u'll be surprised that they fit well and there is space in between the rows. The 1/4 acre fits 6rows and each 2 rows are back to back and in between there is some corridor. Each 2 rows share 2 toilets and 2 bathrooms.

These things are very popular there coz of guys who work in Thika and who want cheap houses. These are the type of houses that are booked even before you finish constructing. Guys normally pay 20 shs fare to Thika using some public transport.

When I went there I was amazed at how the planners managed to fit 45 units but visit the area and u'll be surprised at how it has been done.

..one is only poor if they choose to be
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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simonkabz
#20 Posted : Tuesday, August 11, 2009 2:10:00 PM
Rank: Elder

Joined: 3/2/2007
Posts: 8,776
Location: Cameroon
@marty,u have echoed my exact sentiments. Jonman,I guess u now have enuff ideas. Build them uaself,its much cheaper. Athena estate plots next to castle breweries still go for 150k 40x80 pieces,popular with the single rooms. Now the ball is in ua court.

The only reason why some people are still alive is coz its illegal to shoot them!!
TULIA.........UFUNZWE!
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