Rank: New-farer Joined: 5/22/2014 Posts: 56
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Is Casa Mia a good investment?
Located in kangundo Rd, Kamulu area, 3 Bedroomed measuring 1022sq ft. Gated Community with other multiple Houses of the same size and shape.
The cost 5.75 Mil standing in a 1/12 parcel of land.
Sellers/Brokers Hass Consult Westlands.
10% on Reservation
20% upon Sale agreement
20% 3months later
50% on Completion
Construction Est 2014
has the usual charges and more as follows,
4% Stamp duty
Share Capital 22K
Service Charge deposit 22k
Advance Service Charge 22K
1.5% + VAT
Monthly Service Charge 22K
Valuation fee
Lace
Excise Tax
Electric Connect fee
Water Connect fee
Guys Gals.. as a longterm rental property
Is it worth the hussle?
25-35K Monthly rental.
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Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
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The place is past joska, I doubt rentals will work anytime soon, around that area, especially for 25-35 - unless the rumors that do rounds those sides of wilson airport being relocated there become a reality.
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Rank: Member Joined: 10/1/2007 Posts: 232
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Two bedrooms are doing some 10k in that area. 25k not far fetched. Go for it. you will not regret.
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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Let's assume you can get 25,000/month after paying land rates, KRA tax, etc. That's 300,000/- per year. The purchase cost will be 6mn after all the expenses. The return is 5%. If you have to borrow (at current rates of 18-25%) a significant portion of the cost then the return plummets. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: New-farer Joined: 5/22/2014 Posts: 56
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@tmatekwa...go for it.(optimistic/Confident)
@vituvingi... returns plummet..(mathematical/Prudent)
Guys which is the way forward?
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Yaani you pay 22K pm for service fee and only get 25K rental income? Upuzi...will thos service charge include water and thitima? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 10/1/2007 Posts: 232
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Impunity wrote:Yaani you pay 22K pm for service fee and only get 25K rental income?
Upuzi...will thos service charge include water and thitima? you are right impunity...what the hell is this monthly service charge? with that kind of money I can be able to put up a decent house of similar dimensions for less than 4m, without the monthly service charges.
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Rank: New-farer Joined: 12/1/2010 Posts: 36 Location: Nairobi
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Exploitative Service Charges, that is my biggest problem with "gated communities". Passed along a road somewhere and saw a list of "DEFAULTERS". Hizo aibu mimi siwezi penda! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: New-farer Joined: 11/3/2015 Posts: 45 Location: Mombatha
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Siku hizi Kuna 1 /12 th,hiyo imezidi sasa
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Rank: Member Joined: 12/2/2009 Posts: 299 Location: kenya
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I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible.
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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popat wrote:I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible. Agreed. Never depend on the seller's projection of the rents in the area do it yourself. Guys i think the service charge indicated is a DEPOSIT not a monthly fee. The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Aguytrying wrote:popat wrote:I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible. Agreed. Never depend on the seller's projection of the rents in the area do it yourself. Guys i think the service charge indicated is a DEPOSIT not a monthly fee. Wewe wacha. Its clearly indicated there, if you are keen. Quote:10% on Reservation
20% upon Sale agreement
20% 3months later
50% on Completion
Construction Est 2014
has the usual charges and more as follows,
4% Stamp duty
Share Capital 22K
Service Charge deposit 22k
Advance Service Charge 22K
1.5% + VAT
Monthly Service Charge 22K
Valuation fee
Lace
Excise Tax
Electric Connect fee
Water Connect fee Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 10/1/2007 Posts: 232
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popat wrote:I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible. I know several people who are paying 10k for 2 bed roomed houses. The houses are in their own compounds, often with space to engage in poultry or green house farming. Those with school going kids will find the education facilities cheaper than Nairobi. When compared to kasarani, Mwiki, and umoja where the size of those houses costs 15k-30k, Joska is a good bargain. Bus fare of 100/=
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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LOCATION IS A QUARRY. SHOULD BE MUCH CHEAPER  Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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dunkang wrote:Aguytrying wrote:popat wrote:I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible. Agreed. Never depend on the seller's projection of the rents in the area do it yourself. Guys i think the service charge indicated is a DEPOSIT not a monthly fee. Wewe wacha. Its clearly indicated there, if you are keen. Quote:10% on Reservation
20% upon Sale agreement
20% 3months later
50% on Completion
Construction Est 2014
has the usual charges and more as follows,
4% Stamp duty
Share Capital 22K
Service Charge deposit 22k
Advance Service Charge 22K
1.5% + VAT
Monthly Service Charge 22K
Valuation fee
Lace
Excise Tax
Electric Connect fee
Water Connect fee whaaat. I hadn't seen that. That means to get 25k rent, you have to charge 47K! ie 22+25=47. too high a service charge The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
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tmatekwa wrote:popat wrote:I've been there and I can assure you no one would travel that far to pay even 10k rent.So brother better do something better with your money.am even surprised there is a service charge of 22k to crown it all.Lakini wakenya we are too gullible. I know several people who are paying 10k for 2 bed roomed houses. The houses are in their own compounds, often with space to engage in poultry or green house farming. Those with school going kids will find the education facilities cheaper than Nairobi. When compared to kasarani, Mwiki, and umoja where the size of those houses costs 15k-30k, Joska is a good bargain. Bus fare of 100/= Are you sure, green house farming? Which education facilities are available huko malaa that are comparable to kasarani or umoja.
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Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
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 brokers will say anything to sell. But that place is too far for that price and especially for that size of land.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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And that massage must end happily and should be at least 3 time a week! And the ladies doing the massage must be replaced every month! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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