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!
Better still, for a 1.2M house, this is well within range that sacco's can give you Loan. So, If you can just get the deposit, pay most of it before House is Finished, then when they get done, you only take mortgage for around 1M, whose 4YR repayment would be @ 29K p/m. At 13pc interest(only sacco).
of course, you can choose to live in it, or rent out after 4yrs, and then work on another project.
Btw, not sure if you have family, but this would be best for "single" or a couple w/out a baby. (My opinion).
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