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Am sharing my little story of how I managed to buy my property (old Kasi Family house) and turn it into extra income Rooms for rentals. [trend]
![Am sharing my little story of how I managed to buy my property (old Kasi Family house) and turn it into extra income Rooms for rentals. [trend]](https://pbs.twimg.com/media/EUdtbHDWAAE6xYQ.jpg "Am sharing my little story of how I managed to buy my property (old Kasi Family house) and turn it into extra income Rooms for rentals. [trend]")
Somewhere in 2015 was working as an intern when I got news the stand was held for sale, The stand is located next to taxi rank and everything seem fine, The RDP house was still in a good condition but needed some work inside.
The Purchase Price was R120 000 of which was fair, in my mind I knew there was a way to even negotiate better price. I had a good relationship with the family that was selling the house and that made it easy for them to wait for me to raise that money. Bathi bazingimela?
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I had an idea before of building rooms for rentals the I was convinced with my projections. The bigger question is how I raise that kind of cash R120 000
I felt so challenged but I needed to raise that money nomakanjani
I felt so challenged but I needed to raise that money nomakanjani
Funding structure and the plan.
Personal Savings... The only money I had at that time was my Monthly Savings stokval R30 000.I was saving R2500 pm so its R2500*12 months so that was the guaranteed money I had. So, I was pressured to raise R80 000. A proper plan is needed.
Personal Savings... The only money I had at that time was my Monthly Savings stokval R30 000.I was saving R2500 pm so its R2500*12 months so that was the guaranteed money I had. So, I was pressured to raise R80 000. A proper plan is needed.
The Plan to get the Loan from the http://bank.at"> http://bank.at the time when I check I had qualified for R28 000 personal loan. I needed more!
I need the bank to offer me high loan . Because it was the only option I had. It& #39;s rare to find someone who wud just give you R80000. P
I need the bank to offer me high loan . Because it was the only option I had. It& #39;s rare to find someone who wud just give you R80000. P
My plan to make sure I increase my chances of getting better loan than R2800.
I deposited every cent I get just to make the bank system knows that I have extra income. Extra Income these are the factors taken into consideration when you apply for the loan, make sure it deposited regularly, it& #39;s easy to prove when it appears weekly or month on you bnks st
I qualified R51 000 loan 24 months period took it plus stokval came I had R80 000 in my Account. Negotiated the price we ended at R95 000; gave them R80 000 I paid the balance of R15 000 late on they were understanding
I then rented the RDP house to newlyweds the were paying me R1650 Per month. my loan repayment was R3110 per month, so I had to pay a balance of R1460 from my pocket. I did that never defaulted any payment paid it off. First loan was paid uphttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😋" title="Face savouring food" aria-label="Emoji: Face savouring food">
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2017 Took another loan R100 000 bought building material it wasn’t enough I remember I had to buy other things with my stipend money but I made sure the project kept on running because time for the loan repayment debit order should be paid by the tenants not me.
I mean you don’t want a bank to be taking money from your account before you finish building.
The project was finished few months later. I had built 5 rooms plus the RDP house am done paying the loans. Am left with the Property in my name and it pays me now.
I haven’t reached the stage where I say this is where I want to see myself but am liking the journey.
I haven’t reached the stage where I say this is where I want to see myself but am liking the journey.
Oh hey Am a registered Professional Accountant (SA) I provide Professional services such as tax| Accounting| Audit for business and individuals Please help me get clients
WhatsApp/calls 081 346 5567
WhatsApp/calls 081 346 5567
Thanks you
Oh abadlali bekuyilaba.
