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Thika Witeithie Plots
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BAAK
#1 Posted : Monday, November 02, 2009 2:40:00 PM
Rank: Member

Joined: 8/27/2008
Posts: 70
A budding investment club am associated with wishes to invest in rental houses in low-middle income areas. Consequently,we have seen a 40x70ft plot in Witeithie,Thika,50 metres off Thika Rd.at a cost of 300k

Now,the dilemma is,if we develop single rooms as is the norm in the area,can we attract tenants willing to pay KSh 2000/- per month per room? I understand some are currently paying as low as 800/-?

As per our plans,the venture will not be viable if the rent is below 2000/-. Can anyone pay 2000+ for a single room in this area? someone please help!

If it is not viable,which other areas in Thika can someone buy a similar size plot at about the same figure and attract the tenants we are targeting??

As an Skerian,I acknowledge that I have benefited immensely from the info posted here by others. There4,I promise to assist others in the same way by responding to request for info,as long as am privileged in the subject issue..SK Pledge..
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ali
#2 Posted : Tuesday, November 03, 2009 6:49:00 AM
Rank: Veteran

Joined: 6/11/2008
Posts: 892
plots

I am farmiliar with witeithie

i bought one there and i am thinking of selling.




Jesus,make me a blessing to my family and my country Kenya
For in him (Jesus) we live and move and have our being-Acts 17:28
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Kamaa
#3 Posted : Tuesday, November 03, 2009 7:04:00 AM
Rank: Veteran

Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
with this kind of mentality....

rent will never come down...

happy are those who have their own shelters...


When you run so fast to get somewhere,you miss the fun of getting there... Life is not a race,so take it slowly....
When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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BAAK
#4 Posted : Tuesday, November 03, 2009 7:26:00 AM
Rank: Member

Joined: 8/27/2008
Posts: 70
Kamaa,



On the contrary,our aim is to meet a need and provide affordable housing to young workers,so that they can have a decent place to live in as they earn a living – eventually they will have amassed enough to build their own houses,and give way to new tenants.



While we would like the rent to be as low as possible,at the same breath we wouldn’t wish to invest in a scheme which is not viable – Any worthwhile venture should pay back within a given timeframe,as envisioned at the planning stage..Am sure many agree with me here



Ali,



Are you able to answer my dilemma in some way? At least you are familiar with the place



Thanx


As an Skerian,I acknowledge that I have benefited immensely from the info posted here by others. There4,I promise to assist others in the same way by responding to request for info,as long as am privileged in the subject issue..SK Pledge..
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cmk
#5 Posted : Tuesday, November 03, 2009 7:39:00 AM
Rank: Member

Joined: 1/24/2008
Posts: 479
why not try and build a commercial building to house shops,butcheries,pubs and even a small time church?
that way you end up making more money.
the kaplace looks so disorganised and i hear its dangerous..if ua vehicle stalls at nite,just jump out and run.
Every man is guilty of all the good he didn't do-
Voltaire
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ali
#6 Posted : Tuesday, November 03, 2009 7:42:00 AM
Rank: Veteran

Joined: 6/11/2008
Posts: 892
sir/madam

House @ Ksh 2000 in witeithie? how far is it from the rd? as in from the stage? single rooms that may be way too high.

scenario: in 2006,i bought 50X100 with 8 houses ( incomplete)

i bought at 80K.

i completed the houses and made a perimeter wall around them and i was ready for business.

1500,i didtn get mteja,1000 i got no mteja.

they have wateja now but they are paying between 800-900 pr month.

but for that size you are buying,300 is way too high i would say.

lats month but one,someone was selling 100x100 with almost complete houses ( 15) at 400k

thats why i am saying,that size at 300 ni juu sana




Jesus,make me a blessing to my family and my country Kenya
For in him (Jesus) we live and move and have our being-Acts 17:28
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jipinde
#7 Posted : Tuesday, November 03, 2009 8:33:00 AM
Rank: Member

Joined: 12/20/2008
Posts: 37
Dealing with low end customers.

They will be ready and willing to pay but have to be patient because their ability is limited and unpredictable.

That is my lesson from Mwiki.


......the truth shall set you free.
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Marty
#8 Posted : Tuesday, November 03, 2009 9:09:00 AM
Rank: Veteran

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

I got an option that could be viable for you. A quarter acre piece in Kiganjo,Thika. You'll be able to do 45 singles on the quarter acre and the rent per unit is 1500. I can part with one of my 1/4 acres coz I got 2. The price is 700k (ono) with a ready title.

..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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Drew
#9 Posted : Tuesday, November 03, 2009 1:32:00 PM
Rank: Member

Joined: 1/13/2009
Posts: 36
Try the areas close to JKUAT Juja campus and rent the rooms to university students. You can get from 2500 per room depending on the add-ons
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BAAK
#10 Posted : Tuesday, November 03, 2009 2:28:00 PM
Rank: Member

Joined: 8/27/2008
Posts: 70
Drew-JKUAT sounds good,however there are too many uncertainties due to mode of operation of universities especially if the university doesn’t lease the flat– high turn-over as semester ends and vacation comes,unfortunate possibility of unexpected closures,etc

Marty – 700k too high for our current budget

Ali – U provided exactly the info we wanted,indirectly though

All – Thanks for your priceless thoughts

All in all thanks to SK my group and I are in a much more enlightened position than we were yesterday….With these great minds at SK no one should feign ignorance on anything..



As an Skerian,I acknowledge that I have benefited immensely from the info posted here by others. There4,I promise to assist others in the same way by responding to request for info,as long as am privileged in the subject issue..SK Pledge..
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