5 Lessons i learnt about Real Estate from the Book Unemployed Millionaire by Matt Morris | Kenya Business Discussion Forum
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5 Lessons i learnt about Real Estate from the Book Unemployed Millionaire by Matt Morris

Discussion in 'General Discussion' started by BizTalk, Oct 4, 2017.

  1. BizTalk

    BizTalk Administrator, Biz Talk Staff Member

    Summary By Juliet Rita on Telegram group.
    Lets talk Buroti manenos (Plots issues)

    Real Estate Investing CH.12
    "The best investment on earth is earth"
    Why Real Estate? Everyone needs to live somewhere. U can either rent or sell people homes or even somewhere to do business at.

    You can buy and sell real estate anywhere in the world. Matt recommends however that you start in your neighbourhood. You know it best and can easily get bargain property, and do due diligence.

    Leverage. Banks will easily lend you money to buy real estate. So with your 10% u can acquire a property worth millions.

    Principles in Real Estate.
    1. Make money right away. What Kiyosaki terms as making money at deal level. If buying a property let it already be able to generate an income immediately after purchase. Tricky in Kenya though as mortgages repayments are higher than rent

    2. Buy at Wholesale prices. You can negotiate for low prices.
    Buy through Probate. When people die and leave property usually to more than one person and they need to sell, or a trustee needs to sell.

    3. Recession: Take advantage of those losing property to auctioneers due to unpaid loans etc. Can buy from owner or from bank once repossessed. I encourage you all to attend atleast one auction get it newspaper notices

    4. Flipping and Renting. Can buy renovate to rent or resell. I know a friend who bought in Eastland's when it was badly off before the malls. He renovated and made additions to the building. Got higher rent and later sold at higher price to a commercial developer.

    5. Rent to Own. How cool is this? You get a property of say 20m. Put 1.5m down and pay other fees total 2m. You get a mortgage paying 275k monthly. Assume the property has 6units of 3 bedroom each. Rent you can fetch is 45 to 50k. You get clients and offer lease to own option for 10years.

    Each puts a downpayment of 1.2m. You get 7.2m. Now have them lease to own the property. At just 65000 per month for 10 years.

    That's 7.8 each plus the 1.2m. You have sold each unit at 9m. All is 54m you pay your mortgage in under 10years and keep earning monthly like a millionaire.

    No money but have time. Then start with no money. As a finder or what we call broker here at home. Match owners and buyers and retain a broker fee.

    How to Start?
    1. Agents or brokers they know which areas are selling and can give free site visits. I do this personally when free. Kills time plus I see what's happening in various areas .

    2. Get an affordable trusted lawyer that understands real estate if u choose to buy.

    3. Get a mentor. Should be someone already investing in real estate. Sio that fellow with dreams of investing

    4. Treat real estate as a business. Let everyone know what your doing. From experience once people know what your doing they come looking for you with deals

    5. Take time to find a good deal.

    From my experience in the sector. Don't buy any buroti (plot) that's advertised just because a radio host said its good.

    Start near home preferably with a property thats generating income. Simple way would be to lease land as a group build houses for rent. It gives u experience, income with no Much money needed to buy land.

    Don't buy land to hold with no proper intention of what to do with it! Its wasting good money that could be used to generate more income.
     

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