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a home first or rental property first?
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reithi
#21 Posted : Tuesday, March 09, 2010 5:58:58 PM
Rank: Member


Joined: 1/12/2007
Posts: 75
My approach is more investment oriented where I rent a house while investing in rental properties in upmarket Nairobi and developing houses for sale.

Why this approach? I figured that if I took a mortgage to finance a house to live in, I would lose out on rental income and of course raise the repayment installments. In addition, my credit rating would fall due to the above committments.

I bought the first house in cash rented it out, used it to secure a mortage for the second and so on. All rental income is banked directly into my personal account so that it is reflected as income hence improving credit rating.

On the other end, I have been investing in land and developing houses for sale as an individual and shareholder a real estate development company.
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muzalendo
#22 Posted : Tuesday, March 09, 2010 8:29:55 PM
Rank: New-farer


Joined: 1/30/2010
Posts: 22
Location: Nbi
I will join those few who start with a home.This will allow yu to get your family settled,save as yu plan for a plot which yu may then have an option of selling at an appreciated price or build rental`s depending on the circumstances and demand for rentals.Our forefathers thought the only worthy investment is rentals but things keep on changing and yu may be forced to jump the ship,esp due to political reasons,Govt policies,NEMA, etc
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wasee
#23 Posted : Wednesday, March 10, 2010 4:51:49 AM
Rank: Member


Joined: 2/5/2010
Posts: 273
Location: NBI
@www.eastafricanized.com, the reason for buying 3-4 plots is land tends to appreciate with time so the many plots u buy early the higher the return as compared to using the money to build then buy the plot later.
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