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Where Can we get a rental flats for ksh1.2 Million???
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jonminah
#1 Posted : Monday, August 10, 2009 5:39:00 AM
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Joined: 7/14/2009
Posts: 19
We are considering buying a rental flats (already generating income of about 30k to 50k per month). We plan to spend 1M to 1.2M for the investment.

Pliz help us out!

Its a family investment!

Progress is a slow process
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Njunge
#2 Posted : Monday, August 10, 2009 6:29:00 AM
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Joined: 2/7/2007
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Location: Nairobi
Property worth 1M to 1.2M to give you 50K to 100K per month???.......You will be a damn luck dude...!!

Old man about town....
Nothing great was ever achieved without enthusiasm.
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Fundaah
#3 Posted : Monday, August 10, 2009 6:36:00 AM
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Joined: 11/19/2008
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1.2m ?......where is it ?.....

Rules of the game here: Before you post anything think.give facts only..It's a serious blog for serious people....Do not insult your brother....respect one another...Just be good.... It's good to live a honest life....life without guilt.... Jeremiah 17:11 As a partridge that hatches eggs which it has not laid,So is he who makes a fortune,but unjustly; In the midst of his days it will forsake him,And in the end he will be a fool.' From the SK Anti-hate/anti- corruption campaigner..
Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
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Pablo
#4 Posted : Monday, August 10, 2009 6:45:00 AM
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Joined: 3/17/2008
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Location: Nairobi
Even me,I want. smile

Want to be a millionaire.... plant a million cabbages and sell them at a bob...
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Bobb
#5 Posted : Monday, August 10, 2009 7:01:00 AM
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Joined: 9/25/2008
Posts: 52
Kindly not in this Nairobi. Even a single unit to give you rental income of 15k to 20k you cant get. Take an example of 2br house in Umoja,Outering,Kimathi etc are now going for above 3million. The rental for these units are maximum 20k per month. Sorry.

BOBB
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MaichBlack
#6 Posted : Monday, August 10, 2009 7:23:00 AM
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Joined: 7/22/2009
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@ jonminah - Please just end your such or drastically revise your expected income and/or amount of money you are willing to invest. Invest 1.2M and get rental income of 100K per month - i.e. 1.2M per year!!! That is absolutely impossible not only in kenya but the world over. I have never heard of anywhere in the world where one recoups the cost of a rental building in one year. Even Donald Trump can't pull that off!
In the slums maybe but in real sense that is not sound investment because you don't even own the land you are building in in the first place!
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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simonkabz
#7 Posted : Monday, August 10, 2009 8:01:00 AM
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Joined: 3/2/2007
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Location: Cameroon
Go to shagz towns. Buy land n build single units n rent out. Assuming land goes for 500k,n av. cost per unit 80k,u can put up 10 units which can fetch u 10-15k,n appreciate in value. Dnt give up,bt sahau 50k rent till the year 2130. Go 4 it.

The only reason why some people are still alive is coz its illegal to shoot them!!
TULIA.........UFUNZWE!
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leona
#8 Posted : Monday, August 10, 2009 8:49:00 AM
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Joined: 8/1/2008
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Location: Marsabit
Even me i want...50-100k?

You can get a 1.2M rental flat in Dandora(of course at the base of the estate where crime is the order of the day)..but your returns are kinda farfetched...the houses/rooms go for between 1k-2k pm..and you'll have about 6 or 7 rooms in your flat/plot..do the math(you'll also pay Elec and water for your tenants)!!

For your budget,go to 'shagz' towns..

Advice is what we ask for when we already know the answer but wish we didn't..
Nevermind what haters say, ignore them til they fade away - Just live your life
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stonemimi
#9 Posted : Monday, August 10, 2009 9:01:00 AM
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Joined: 5/16/2009
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RENTAL FLATS at 1 m??? 2br aprtment at high rise will cost to 2m rental income of 15k per month. if you are looking at a rental income of 100k,be prepared to invest atleast 10m.
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mukiha
#10 Posted : Monday, August 10, 2009 10:37:00 AM
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Joined: 6/27/2008
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@jonminah;

150 is the magic number that you should always keep in mind......the monthly rent you can get for a house is approx 150 times its market value.

If you aim to get between 30k and 50k pm,then the house will cost you between 4.5m to 7.5m respectively.

If you only have 1.0m to 1.2m,then expect to get rent of between sh6,600 and sh8,000 pm in rent.

Case in point: my house cost me about 4m over the last six years. I can get minimum 27k rent on it...but the average in the area is 30k pm. Since I've kept it well I know can easily get 35k....and if you want to buy it,I will not sell for less than 5m!!

Still,don't lose hope; with 1m,you can easily get 50k rent in the slums!!!

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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SMALLGURU
#11 Posted : Monday, August 10, 2009 2:34:00 PM
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Joined: 10/1/2007
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For a built flat in low medium class estate like Rongai the magic number is approx. 80 and appox. 150 for buying as explained by Mukiha. with 1.2 at hand my advcie is to borrow addditional 2.4 and bulit. the reurns should pay off the loan and after ten years you will have an estate worth 7.2M including value appreciation.




Investing is all about sacrificing today for a happy tomorrow.
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kongowea
#12 Posted : Tuesday, August 11, 2009 4:43:00 AM
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Joined: 11/7/2006
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@ Mukiha.

read mail
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Mr.Tea
#13 Posted : Tuesday, August 11, 2009 5:52:00 AM
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Joined: 12/4/2008
Posts: 341
Location: Nairobi
Save yourself the headache and frustration of chasing an illusion and buy yourself a piece of land whose appreciative value will cushion you against inflationary factors in these hard times. Seek for suggestions towards this end.

Patience Pays in Guaranteed Checks
Patience Pays In Guaranteed Checks.
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lexus
#14 Posted : Tuesday, August 11, 2009 6:44:00 AM
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Joined: 3/18/2009
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thika town some flats are going for around 1.5 m.but rental i think at most you will charge 12 max.may be you check your savings for rental for about 30k you will buy ahouse for about 4.5m at min.

work smart
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mukiha
#15 Posted : Tuesday, August 11, 2009 7:04:00 AM
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@lexus; where in Thika?

The ones I know are at Makongeni,5km outside town,towards Garissa. They are going for almost 3m and in that area you will be lucky to get 8k pm!

There is a project at the middle-market area called Section 9 in the town; The rent is 15k for a 2br flat...but they are not for sale! I have a friend who lives there...25 units in the project...well maintained with even a children's play are etc...

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mukiha
#16 Posted : Tuesday, August 11, 2009 12:32:00 PM
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Joined: 6/27/2008
Posts: 4,114
...I might have given the wrong impression....when I said that I would sell my house for at least 5m,I did not mean that it is for sale!!!

Several people have written offering to buy...pole sana....I don't intend to sell the house,but if I were to sell it today,I wouldn't take anything less than 5m...

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Marty
#17 Posted : Tuesday, August 11, 2009 12:58:00 PM
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Joined: 3/31/2008
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Location: Nairobi
@jonminah,

I can give you a good idea. I got some 2 plots (1/4 acres with titles) in Kiganjo,next to Makongeni. On each of the plots,you can do 45 singles for 1500 rent per unit. This shall give u rent of 67500. To do the units,u need 80k per unit. If you factor in the cost of the land (600k) then do your maths. U'll discover that the repayment period is around 5 yrs. If u factor in increase in rent,then ROI is much faster. I am selling one of the plots.

..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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mukiha
#18 Posted : Tuesday, August 11, 2009 1:11:00 PM
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Joined: 6/27/2008
Posts: 4,114
@Marty;
your suggestion proves the point I made earlier...that these kinds of returns can only be realised in a slum.

45 single rooms on a quarter acre of land? Will there be space for toilets and shower rooms?

Staying with Makongeni,Thika; the original Site & Service Scheme (SSS) of the area had 8 single rooms in an eighth of an acre....very spacious rooms with an open area in the middle of the plot,three toilets and three baths,a laundry area etc. In the 1980s and early 1990s,this was a model low-income housing scheme....of course,today it has been turned into a....

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Marty
#19 Posted : Tuesday, August 11, 2009 1:21:00 PM
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Joined: 3/31/2008
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Location: Nairobi
@mukiha,

They are not actually slums. they are 12*10 stone houses roofed with mabatis and u'll be surprised that they fit well and there is space in between the rows. The 1/4 acre fits 6rows and each 2 rows are back to back and in between there is some corridor. Each 2 rows share 2 toilets and 2 bathrooms.

These things are very popular there coz of guys who work in Thika and who want cheap houses. These are the type of houses that are booked even before you finish constructing. Guys normally pay 20 shs fare to Thika using some public transport.

When I went there I was amazed at how the planners managed to fit 45 units but visit the area and u'll be surprised at how it has been done.

..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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simonkabz
#20 Posted : Tuesday, August 11, 2009 2:10:00 PM
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Joined: 3/2/2007
Posts: 8,776
Location: Cameroon
@marty,u have echoed my exact sentiments. Jonman,I guess u now have enuff ideas. Build them uaself,its much cheaper. Athena estate plots next to castle breweries still go for 150k 40x80 pieces,popular with the single rooms. Now the ball is in ua court.

The only reason why some people are still alive is coz its illegal to shoot them!!
TULIA.........UFUNZWE!
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