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a home first or rental property first?
Sarrouniya
#11 Posted : Wednesday, July 22, 2009 12:13:00 PM
Rank: Member

Joined: 7/31/2008
Posts: 163
Location: Nirvana
In light of the various points raised here,I'd advise to buy a plot in the neighbourhood of choice then go on to buy n develop rental units. This will help u along in two ways:

&gt;You will be assured of a steady income to build ur dream home. Remember it is your dream home so u dont want to deal with tight finances for this or that. (You can do this with rental units).

&gt;In the event that ur neighbourhood of choice changes over the 'developing period' u can dispose of it and with income from the rental units,acquire a plot at the now preferred location.

I intend to do the same too in the very near future...ceteris paribus.




Sarrouniya
|The Universe will correspond to the nature of your song ...
Kwanini
#12 Posted : Wednesday, July 22, 2009 12:57:00 PM
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Joined: 1/28/2009
Posts: 353
Location: Cloud
@mainat- well said. jenga rental hata kama ni mabati nusu. Kaa ndani. Hama,jenga yako hata kama ni dhahabu. While at it. Remember the kids will grow and leave ya. Kwa hivyo kumbuka size kazuri kaseo!!!

For i am the master and the captain of my fate !
"For i am the master and the captain of my fate"
Marty
#13 Posted : Thursday, July 23, 2009 4:54:00 AM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
A very interesting topic. Most of us have been having that dilemma. My approach is similar to Warias. Buy a very nice plot in the neighbourhood of your choice now but for later development of your dream house. Revert back to business and do rentals.........while at it set aside some kidogo cash maybe from the rent and other sources and start developing the dream house.......complete a few rooms and ensure all services including water,elec and the like are in place,move in to save yourself from paying rent....and continue developing the dream hao pole pole.... as u invest more in rentals....

..wise as a serpent,humble as a dove
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
BAAK
#14 Posted : Thursday, July 23, 2009 1:17:00 PM
Rank: Member

Joined: 8/27/2008
Posts: 70
From the posts below,the approach should differ from person to person,since our social,career and economic settings / issues are all different. But the key point that came up is that one can approach the issue either way and achieve the same results within the same timeframe.

However,it appears those who do rentals first are more confident of achieving results faster than those pressing for the other way?

One thing I feel is that once you do your own house,you may tend to become too comfortable and complacent and may not pursue investments vigorously like your other friend who is renting and doing rentals.

My take? If you start with your own home,you need to apply genius or so to achieve the same results as your other friend who started with rentals. What do others think?


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..
jaggernaut
#15 Posted : Sunday, October 25, 2009 12:06:00 PM
Rank: Elder

Joined: 10/9/2008
Posts: 5,389
I have been looking for a plot to put up some flats but the cost of the land appears to be unrealistic e.g Kinoo 6m for 40x80,or 4m at Kasarani for the same. Where can one get a reasonably priced plot (in a middle income area) to put up flats.
jerry
#16 Posted : Sunday, October 25, 2009 12:55:00 PM
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Joined: 9/29/2006
Posts: 2,570
Welcome back @BAAK! I hear you when u say starting with a home wud make some1 too comfortable. Apart from that,the earlier u focus bizwise the beta. So I advise that u start with rentals while u r a tenant urself. U need that tenancy experience! Circumstances cud also dictate that u've ur own hau even in a place that is not ur choice. I had to construct a house v fast at my dad's shamba inorder to get owner occupier house allowance.

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Layman
#17 Posted : Monday, October 26, 2009 5:02:00 AM
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Joined: 9/21/2006
Posts: 422
Location: Nairobi
What would be the cost of purchasing a three bedroom Mansionnette house in KomaRock Estate in Nairobi?

There's no hurry in Kenya!
jaggernaut
#18 Posted : Monday, March 08, 2010 3:11:52 PM
Rank: Elder

Joined: 10/9/2008
Posts: 5,389
Layman wrote:
What would be the cost of purchasing a three bedroom Mansionnette house in KomaRock Estate in Nairobi?

There's no hurry in Kenya!


Any ideas?
wasee
#19 Posted : Tuesday, March 09, 2010 4:23:46 AM
Rank: Member

Joined: 2/5/2010
Posts: 273
Location: NBI
The approach i would take is, for a start, stay in an economical rental house as i buy plots(3-4) with the savings. then start developing 1 plot. once 1 room is ready, move out of the rented house and stay in the 1 ka-room as i finish the rest. then i would sell 1 plot i had acquired earlier and use it to develop rental properties on the other plot and progress that way. i feel this is the safest/{not-so-risky} option plus you develop at your own pace.
www.eastafricanized.com
#20 Posted : Tuesday, March 09, 2010 3:36:48 PM
Rank: Member

Joined: 2/27/2010
Posts: 109
Location: NAIROBI
@WASEE i dont get you. why buy 3-4 plots? why not start as you say, a rented room, then buy a plot them instead of buying other 3 plots, i use the cash to start building? i thought this would help me finish sooner?for a list of rental rooms click here
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