The Rental Housing Hype

[Micymas]

Funny but true

Kenneth Gichoya popularly known as Njoro on Citizen TV’s Papa Shirandula is decrying wasting his money investing in rental property.

Njoro opened up about his woes while speaking during an interview with Dr. Kingori on NTV.

He revealed that his mother inspired him to buy land and build rental houses which could earn him extra income apart from his other gigs.

The popular actor said he wanted to buy a high end Mercedes Benz but his mother pressured him to invest in real estate instead.

Njoro heed his mother’s advice and now he has several houses in different parts of Nairobi. He rental income helped him more so after Papa Shirandula show which was his main source of income ended abruptly following the death of the main character Charles Bukeko.

However, Njoro stressed that it has not been easy collecting rent from his tenants. He decried that being a landlord made him become ‘evil’ as he has been forced to be brutal to get rent from his tenants.

Njoro recalled how he was once forced to weld a door while a tenant was locked inside. He said the tenant had failed to pay rent for six months and was playing cat and mouse with him.

The popular actor says he didn’t feel guilty for his action because he invested a lot of money and no one is supposed to play around with what he sweated for.

Njoro lamented that as a landlord he is sometimes pushed to be merciless to tenants who live in his houses for several months without paying rent.

He said being a landlord is stressful because he invested his money expecting to get it back smoothly without having to fight with anyone.

The former Papa Shirandula actor also noted that investing in real estate is a waste of money. According to him, when someone invests 10 million shillings in real estate he is likely to recoup the money after 10 years which is a very long time.

He said that real estate is only profitable when one views it as an inheritance for their children.

“If I may tell Kenyans, investing in the real estate in terms of house and rent it’s a waste of money. Because you invest 10 million which will come back to you after 10 years. When you invest in real estate you are investing for the other generation, propbably my son Njamba and my daughter Waithera and the others. I invest for them because hao ndo watakuja kukula sababu they didn’t put money into it but ndo watakulanga rent,” said Njoro.

https://www.youtube.com/watch?v=NWL_0RAB05E

[Josto_Bwaku]

Why is Njoro lamenting yet he did a noble thing? Sawa high end Mercedes would probably be massaging his back, blowing cold air from the AC while blasting serious bass through the Herman Kardon or is it burmester? For how long though? How much does local TV pay entertainers?

[Kodiaga]

angalau atawachia watoto urithi

[Micymas]

@Kodiaga

angalau atawachia watoto urithi

He’ll leave them the same problems he is facing

[Karoga]

:D:D:D:D:D…naona tuko wengi, rentals are a waste of valuable capital

[Kodiaga]

@Micymas

He’ll leave them the same problems he is facing

niliambia mathe ile siku ataniwachia izo rentals zake the first thing I will do is demolish them. Funny enough I warned her when I was still in high school about building them akaona mimi mjinga. dealing with tenants is not easy, halafu ongeza hapo maintenance.

[Josto_Bwaku]

@Karoga

:D:D:D:D:D…naona tuko wengi, rentals are a waste of valuable capital

Please enlighten us with your investment options. You can ignore this call if it’s about Forex and Bitcoin. Thank you.

[Ndekwe]

Niliona forex inabakisha according to @Salago

[12volt]

@Kodiaga

niliambia mathe ile siku ataniwachia izo rentals zake the first thing I will do is demolish them. Funny enough I warned her when I was still in high school about building them akaona mimi mjinga. dealing with tenants is not easy, halafu ongeza hapo maintenance.

Hire an agent to be collecting rent and instruct them that all rent must be in your account by 10th of every month. An agent will even deposit his own cash in
your account as he pursues late paying tentants. Also pesa ya deposit is meant to maintain the house ie repainting, fixing doors and locks etc after tenant amehama.

So stop being lazy. Unaachiwa rentals unashindwa kuokota rent?

[Stick-Up_Kid]

Yani mtu umekua mkubwa ukamea nywele kwa mapua na bado unafikiri ati ukijenga rentals inafaa tu sasa pesa zinaingia kwa account mpaka zinamwagika nje na wewe unalala tu!

[Koolibah]

What chunk of the rent collection goes to maintenance? Houses have low maintenance. A broken window here, a burst pipe there, a blocked sewerage. Recurring costs si ni watching, caretaker, and garbage collection? If total collection is 100k don’t take it as your income. If you plow back say 30k for operations then your income is 70k

[Kodiaga]

@12volt

Hire an agent to be collecting rent and instruct them that all rent must be in your account by 10th of every month. An agent will even deposit his own cash in
your account as he pursues late paying tentants. Also pesa ya deposit is meant to maintain the house ie repainting, fixing doors and locks etc after tenant amehama.

So stop being lazy. Unaachiwa rentals unashindwa kuokota rent?

sio ati ni nyumba za maana sana ni huku mashinani so you know the income is not that much

[Micymas]

@Josto Bwaku

Please enlighten us with your investment options. You can ignore this call if it’s about Forex and Bitcoin. Thank you.

It’s called innovation. In the history of the world no county has ever grown it’s economy by building rentals and selling buroti maguta maguta. Every country that is ahead today has had to innovate.

You have to put out something that the world wants. A good example is flower farming.

A few guys visited Europe and came back to Naivasha and tried their hand until things were working. Today Kenya is a leader in the flower sector and also one of the biggest sources of wealth for Kenya.

It employs hundreds of thousands of people directly and indirectly. Best of all it took off during moi era when the economic situation was shit.

Proof that cutting up pieces of land and playing hot potato with them will never work has never worked and is not going to work because someone is daydreaming of milking unemployed kenyans for rent they can’t afford to become a billionaire overnight

[12volt]

@Micymas

It’s called innovation. In the history of the world no county has ever grown it’s economy by building rentals and selling buroti maguta maguta. Every country that is ahead today has had to innovate.

You have to put out something that the world wants. A good example is flower farming.

A few guys visited Europe and came back to Naivasha and tried their hand until things were working. Today Kenya is a leader in the flower sector and also one of the biggest sources of wealth for Kenya.

It employs hundreds of thousands of people directly and indirectly. Best of all it took off during moi era when the economic situation was shit.

Proof that cutting up pieces of land and playing hot potato with them will never work has never worked and is not going to work because someone is daydreaming of milking unemployed kenyans for rent they can’t afford to become a billionaire overnight

You are wrong. Nairobi has over 5m people and each person needs a place to live/sleep. So demand for rental accommodation will always be there. So hio myth ya empty rentals is just hot air. Landlords actually put out something the world wants.

[ATTACH=full]496513[/ATTACH]

[Karoga]

@Koolibah

What chunk of the rent collection goes to maintenance? Houses have low maintenance. A broken window here, a burst pipe there, a blocked sewerage. Recurring costs si ni watching, caretaker, and garbage collection? If total collection is 100k don’t take it as your income. If you plow back say 30k for operations then your income is 70k

:D:D:D:D:D…when did you recover your initial investment ,ndio upate " income"

[Micymas]

@12volt

You are wrong. Nairobi has over 5m people and each person needs a place to live/sleep. So demand for rental accommodation will always be there. So hio myth ya empty rentals is just hot air. Landlords actually put out something the world wants.

[ATTACH=full]496513[/ATTACH]

Are they currently living under a nylon paper in the dandora dumpsite. Do you proof that if today 1000 people came to Nairobi they sre going to sleep outside juu hakuna nyumba?

Last year we took in over 10,000 refugees from Afghanistan and every one of them settled nicely in a three bedroom apartment

Pakistan nationals moved from Waiyaki Real Gardens to hotels in Nairobi

[Koolibah]

@Karoga

:D:D:D:D:D…when did you recover your initial investment ,ndio upate " income"

Bas, hakuna income:D because it will take 20 years to recoup capital

[Karoga]

@Josto Bwaku

Please enlighten us with your investment options. You can ignore this call if it’s about Forex and Bitcoin. Thank you.

You can invest in a business,buy shares, gavament bonds, corporate bonds, farming, commodity markets trading , start up financing etc

[Micymas]

@Koolibah

Bas, hakuna income:D because it will take 20 years to recoup capital

Asin you dump your money in a hole and wait ten-twenty years to dig it out

[Josto_Bwaku]

@Karoga

You can invest in a business,buy shares, gavament bonds, corporate bonds, farming, commodity markets trading , start up financing etc

You sound like an employed dude who never ventured into any business, let’s call it to make an investment. Anyway, I hear you bro. I won’t invest in real estate as you have said.