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Yet another project: (9 family 2bed/1bath) 10m budget
Rank: Member Joined: 10/31/2010 Posts: 154
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Hi Wazua community! After a successful completion of this project (linked) Penny is off to yet another. This time, targeting the "middle class" in Kisumu with 2 bedroom/ 1bath units. 3 storey /3 units per floor totaling 9 units in all.Budget is KSh.10m/US$100K. My plans are stuck with NEMA as I type this...mambo za Kenya yetu. As always, I hope to provide frequent updates, sharing both success and challenges! Bank otuch! Regards, Penny! Here are shots from last project!    “None but ourselves can free our minds.”
- Bob Marley
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Penny-Stocker wrote:Hi Wazua community! After a successful completion of this project (linked) Penny is off to yet another. This time, targeting the "middle class" in Kisumu with 2 bedroom/ 1bath units. 3 storey /3 units per floor totaling 9 units in all.Budget is KSh.10m/US$100K. My plans are stuck with NEMA as I type this...mambo za Kenya yetu. As always, I hope to provide frequent updates, sharing both success and challenges! Bank otuch! Regards, Penny! Here are shots from last project! Must really feel nice  quot; to revel in the thought  "mhh, hizi nyumba zote ni zangu!" :d/ :d/ Bravo @Penny, you inspire us Pesa Nane plans to be shilingi when he grows up.
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Great @senti stocker, You came back at the right time...I have been thinking of putting up rentals too but in one of the towns in North rift on 1/4 plot....Torn between doing single rooms or one bedroom -Budget Kes 6M....Anticipated started date Dec 2016/Jan 2017 Btw, what is the size in M2 for one unit? If Obiero did it, Who Am I?
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Rank: Member Joined: 10/31/2010 Posts: 154
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Pesa Nane wrote:Penny-Stocker wrote:Hi Wazua community! After a successful completion of this project (linked) Penny is off to yet another. This time, targeting the "middle class" in Kisumu with 2 bedroom/ 1bath units. 3 storey /3 units per floor totaling 9 units in all.Budget is KSh.10m/US$100K. My plans are stuck with NEMA as I type this...mambo za Kenya yetu. As always, I hope to provide frequent updates, sharing both success and challenges! Bank otuch! Regards, Penny! Here are shots from last project! Must really feel nice quot; to revel in the thought "mhh, hizi nyumba zote ni zangu!" :d/ :d/ Bravo @Penny, you inspire us @Pesa Nane...what feels good is that someday I can say to hell with rat race and still know that I'll have cash coming in at the end of the month! Forever vacation! “None but ourselves can free our minds.”
- Bob Marley
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Commendable increase in budget X2 from the last project; should take shorter to construct based on experience. Also smart satellite development instead of crowding Nbi.
What is the current rental yield per annum for project one?
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Rank: New-farer Joined: 7/12/2016 Posts: 39 Location: Nairobi
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Congrats @Pennystocker your experiences documented on your previous project thread which I review very regularly convinced me to finally get my feet wet and invest in a 6 family three bedroom & two bath project on two storey's on a quarter of an acre in Busia. Already submitted the plans for approval but have had to undertake change of user from Agricultural land, once this is done I'm heading to NEMA & NCA. Hoping to break ground before the short rains inshalla.
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Rank: Member Joined: 9/20/2007 Posts: 252
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Hi @Penny-Stocker, great work, hongera sana.
Any experience with bedsitters?
Cheers
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Rank: Elder Joined: 6/23/2009 Posts: 13,507 Location: nairobi
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mungaits wrote:Hi @Penny-Stocker, great work, hongera sana.
Any experience with bedsitters?
Cheers Good work brother..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 7/22/2009 Posts: 7,454
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@Penny-Stocker  Good job bro. I also have a plan to do rentals at some point (Cash only. No mortgage!) and you will definitely be one of the people I will be talking to before embarking on the project. Nothing beats hands on experience! And there is no better advice than from someone with no vested interests. All the best in your next project. I am sure this one will be much smoother - with all the acquired experience! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: New-farer Joined: 12/18/2012 Posts: 94
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@Penny-Stocker, what is the size of this plot and the previous one?
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Rank: Member Joined: 10/31/2010 Posts: 154
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Tara wrote:@Penny-Stocker, what is the size of this plot and the previous one? My first project sits on about an eighth of an acre. My planned project will sit on about a fourth of an acre“None but ourselves can free our minds.”
- Bob Marley
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Rank: Member Joined: 10/31/2010 Posts: 154
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MaichBlack wrote:@Penny-Stocker Good job bro. I also have a plan to do rentals at some point (Cash only. No mortgage!) and you will definitely be one of the people I will be talking to before embarking on the project. Nothing beats hands on experience! And there is no better advice than from someone with no vested interests. All the best in your next project. I am sure this one will be much smoother - with all the acquired experience! Thanks Maich! “None but ourselves can free our minds.”
- Bob Marley
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Rank: Member Joined: 10/31/2010 Posts: 154
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mungaits wrote:Hi @Penny-Stocker, great work, hongera sana.
Any experience with bedsitters?
Cheers No experience at all. Thought about putting some around a college campus but can't seem to justify the high cost of land around these institutions.“None but ourselves can free our minds.”
- Bob Marley
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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Good work bro.After you finish building,do you sell them or do you rent them out? what was your start up capital? Towards the goal of financial freedom
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Rank: New-farer Joined: 6/26/2013 Posts: 15
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Penny-Stocker wrote:Hi Wazua community! After a successful completion of this project (linked) Penny is off to yet another. This time, targeting the "middle class" in Kisumu with 2 bedroom/ 1bath units. 3 storey /3 units per floor totaling 9 units in all.Budget is KSh.10m/US$100K. My plans are stuck with NEMA as I type this...mambo za Kenya yetu. As always, I hope to provide frequent updates, sharing both success and challenges! Bank otuch! Regards, Penny! Here are shots from last project! Monday morning inspiration as we start another week on the rat race
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Rank: Member Joined: 10/31/2010 Posts: 154
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Ebenyo wrote:Good work bro.After you finish building,do you sell them or do you rent them out? what was your start up capital? I rent them out. My seed capital was a second mortgage on my house....which I paid off soon after. “None but ourselves can free our minds.”
- Bob Marley
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Rank: New-farer Joined: 12/18/2012 Posts: 94
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Any updates on this project?
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Rank: Member Joined: 8/25/2015 Posts: 839 Location: Kite
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Swenani wrote:Great @senti stocker, You came back at the right time...I have been thinking of putting up rentals too but in one of the towns in North rift on 1/4 plot....Torn between doing single rooms or one bedroom -Budget Kes 6M....Anticipated started date Dec 2016/Jan 2017
Btw, what is the size in M2 for one unit? Kama ni za Kunyanduana,go for single rooms 1M by 1.5 M tosha! 
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Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
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Tara wrote:Any updates on this project? Quite eager as well.
Life is joy, death is peace, but the transition is very difficult.
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Rank: New-farer Joined: 7/12/2016 Posts: 39 Location: Nairobi
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webish wrote:Tara wrote:Any updates on this project? Quite eager as well. Was immensely encouraged by @pennystocker's previous project to finally take the plunge this year with a two storey 6 unit apartment block (3 bedroom, 2 Bath) on part of half an acre in one of the county headquarters in western kenya. Plan approval at the county just completed after an inordinately long wait, now on to NEMA then NCA. Hoping to break ground in early January. Meanwhile been keeping myself busy: fenced,built a pit latrine, put in a water & three phase electricity connection, built a tank base and installed a 10k litre tank, built a septic tank, soak pit and store..... Currently manufacturing cement blocks on site and tending to the landscape in areas not being affected by building works and planning to sink a shallow well to supplement the irregular kanjo supply to the 10,000 litre tank which will be of immense benefit when construction commences. Having done the math, these days I just shake my head when I see people forking out 10's of millions for a single not particularly well done unit.
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Yet another project: (9 family 2bed/1bath) 10m budget
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