HOW I FOUND MYSELF IN A DEBT OF Ksh. 4 MILLION.
In the beginning of 2022, my debt was negligible and easy to handle. I had sold my Toyota Probox and decided to purchase a personal Toyota Allion that cost me Ksh. 400,000 (KCA). Upon revamping it with Ksh.150,000, I was able to sell the vehicle for Ksh.700,000 within a week’s time. I made a neat profit of Ksh.150,00 on this transaction.
After a brief search, I managed to purchase an identical second-hand car model for Ksh. 450,000 (KBZ). I invested a further Ksh. 100,000 in revamping the vehicle and succeeded in giving it the appearance of being brand new. Almost immediately, I found a willing buyer willing to part with Ksh. 750,000. It did not stay on the market very long. I made away with Ksh. 150, 000. This was very lucrative as I made Ksh. 300, 000 within a month.
At around this time-frame as well, I acquired a plot that had been urgently put on sale at a price point of Ksh. 300,000 due to medical exigences. Barely three weeks had passed when someone came, offering me Ksh. 650, 000. Nikatoka hapo na Ksh. 350K profit. Sasa mimi nikasema nitakuwa Aliko Dangote wa Khwisero. I wanted to go big.
I purchased a Toyota Hiace (KCH) for Ksh. 700,000 (Borrowed money) and renovated it with an additional cost of Ksh. 130,000. My ultimate goal was to gain profit of at least 300, 000 from selling it at Ksh. 1.2 million or more. THIS IS WHERE THINGS STARTED GETTING THICK. I waited long enough while still harboring hopes of making that profit.
Due to my persistence in trying to achieve this goal, I bought another Hiace for 800, 000 (borrowed cash), which required some renovation work that would cost me Ksh. 150, 000. With two cars now under my ownership, I expected to generate profits no less than Kshs 600k. I DID NOT GET A BUYER.
Then I purchased a plot valued at KShs 1.4M (borrowed money) after considering its potential value growth. I intended to sell it for KShs1 .7 million within three months, hoping to make not less than khs 300k in profits. In total, I hoped to make at least Ksh. 900, 000 in profits within three months.
Searching for a suitable buyer proved to be an arduous task as my efforts bore no fruit. The loans I had taken out started accumulating interest, which was cause for alarm. My next course of action was seeking the help of brokers as advised by [=AZUEEuhYdSQsdfqBXhUNZpsAYY7EMPkg_aB3qmOGKp00ZIIEGnx3ayUIBCTipfn_DCsRBgqIQQkVdFJeIcWopTVi_ZtwOJfgX8s8el4AhStclLIaeT6ABQGHefUSYTgAQroeqaTx59DU387gEwyb77aLM65R3vHDSAxizHP31YmkkQ&tn=-]K-R’]Nyamwange Ombuna]('https://www.facebook.com/nyamwangeombuna?__cft__[0). The brokers expressed eagerness in selling them at a bargain rate (at a loss). While awaiting their sale, I implored friends to lend me money which aided in settling some accrued debt. The brokers were not helping at all. They wanted to sell a car valued at 1.5 million for 600, 000. With the aim of expediting the process, I resorted to reaching out to friends via inbox here on Facebook. Sadly, I received no response from prospective buyers who were recommended by friends
In November of last year, my outstanding loans amounted to Ksh. 4 million. Despite my best efforts, I was unable to offload any of my vehicles for more than Ksh. 1 million each or sell my plot for no less than Ksh. 1.7 million. Pressure was pilling up to pay the money. I committed myself to working hard to repay these debts in full without selling any property.
In April this year, I have successfully decreased the amount owed from Ksh. 4 million down to Ksh. 1.7 million without selling any property. I hope to clear it within the next four to five months.
Although setbacks inevitably arose when repaying these loans, reputational damage has occurred.
Dreaming big is good. Dream big. But also looking at the economy and being practical with it is also a good idea. You may dream big, but the economy and realities of the market might not favor your dreams. When I finish settling people and restoring my reputation, I will have lost at least Ksh. 1.2 million but with property that seems tough to dispose off.
I think ungestick na selling saloon cars. Nowadays most people are buying locally used vehicles since they can easily afford them. Matatu nayo hapana bwana. Hii kitu imeeka watu baridi sana. From reckless drivers, to corrupt officers to greedy matatu conductors, that business needs one with a thick skull.
OP alijifunga own goal the moment aliendea hiace (inaitwa box) hapa ndio alijiingiza. Hio ni gari mbovu sana. Heri angeshika hata pick-up Hilux ama lorry, vitu anaweza fanya job nazo zilete kitu
Box husumbua alafu zinachapa haraka, body work ilikuwa mbaya sana. model safi ni Ile 3l ama 5l Ile haijatumika vibaya. OP didn’t do his homework properly. Better angeshika lorry ama Toyota Hilux hapo tungeongea
Mkuu nacheki una box kuna kazi ya kuwa dere huko? Account yangu online writing ilifungwa ikazama na $800 zangu banae. Hao maumbwa wamekataa kunipea doo zangu. Okolea mkuu its a temporary setback.