buy a house in Eldoret cheap and cool

Well, I am finally forced to retire. And Nairobi seems like just the place.

My pension income is about $1300 US per month, and I have about $120,000 to invest.

I live modestly. I like simple foods.

I hope to buy a couple of two-bedroom apartments for my wife and I in a safe neighbourhood (not posh) and rent one out for extra income.

Does anyone know if my plan is practical in economic terms?

p.s. I like to sport fish. Mostly I wade streams and fish for trout in the Rocky Mountains.
But I also built a rowboat and love to row and fish. Any good fishing near Nairobi?

Thanks

Hi, would you try 8acres in Pangani on the shore of Indian Ocean, this will be a great idea to invest on tourism by building a small lodge in to the farm and live there.

Because you will get everything there as you mentioned: sport fish,etc

just contact me.

$120,000 is enough to buy 8 acres beachfront and build a small lodge? Seems a bit of a stretch. Do you have a particular 8 acres in mind? How much does the owner want?

you can buy a house in Rift valley Eldoret town where you can buy it at cheap.. the money you have you can buy several houses one for you in a prime eara and othersfor rental ... estates.. eldoret is cool all season not hot or too much cold and very safe

Your idea of settling in Nairobi is great. You need to buy a good house in a secure environment which you can convert to an office during the day and house during the evening. Depending on your nationality and background, any consultancy and keep you busy. If you want to follow this line, contact me.
Jim

Hello Piscator,
Yes. Your plan is economically practical. However, what I can’t place a bet on the safety of Nairobi neighbourhoods whether posh or not posh. My take on this, is that if you have to spend the rest of your sunset years in a Kenyan city, then probably you should consider the port city of Mombasa or even Malindi which are gaining popularity as retirement homes especially with visitors from Europe. These coastal towns are known for their hospitality and have a good history of coexisting with visitors whether in urban areas or rural villages making them safe places. They also offer greater latitude of getting away from the hoards of people and their fleets of vehicles than a metropolis like Nairobi. In addition, the coastal towns would be ideal for sport fishing lovers like yourself due to proximity to the Indian Ocean as well as numerous sports fishing/rowing clubs which you which you could join as a member. As far as a know, and having been born and raised in Nairobi, there are no sport fishing waters worth writing home about in Nairobi. As for investing in property, I feel that you should consider buying some piece of land and building the apartments yourself because it is cheaper and you can design it to suit your taste-making significant savings for further investment. Finally, I suggest that you personally make a thorough tour of Nairobi (if you haven’t done that yet) and the coastal area to assess the investment and settlement opportunities, make comparisons before making your final decision. I am available and willing to help you go through every stage of this process. If you need more clarification, please feel free to contact me.

Thanks, Kenyapal for the information.

I have visited Nairobi and Mombasa. I prefer Nairobi because of a project I want to pursue there. Plus, it's a hell of a lot cooler. Fishing? I'll take the train to the coast every so often, I guess.

I would be interested in more information about building an apartment building in Nairobi, in a safe area. I could occupy one of the flats and rent out the others. I'm not much for luxury, but would require a modern kitchen and bathroom and at least two bedrooms. 900 square feet would be plenty.

Of course, you probably know the market better and could suggest a different configuration that would bring a better return on investment.

What could be done with $120,000 u.s. along those lines? I mean, in terms of number of flats and rental rates for the units.

Thanks, Dave

The $120,000 will not be enough even to buy one two bedroomed apartment in a secured area or upmarket.

My advise is buy a plot ( a piece of land) then build two bungalow or maisonnete . The money will be enough. though it will be a lot of work but it will be worth it eventually,

Paula

Thanks, Paula, for your advice. I really do appreciate it.

How much would you estimate those bungalows would rent for once completed?

Also, I am hoping that this plot would be in a safe area. Is that correct?

Thanks again for your help.

Dave

Let me give you an example i.e. to buy a plot at (donholm area) Eastlands (security is average) app 1 million kshs to build it will take another 2 million . so the total is about 2.5 - 3 million kshs. the rent will be about 25,000 - 28,000 kshs .

Definately in the up-market where security is better , the cost will go up. I will get for you some properties management links in Kenya or you can get that on the internet. If you have access to the Daily Nation Media www.nationmedia.com - thursday paper (property sale and let ) you will get a rough idea.

Like where I live a two bedroom apartment goes for 6- 9 million kshs and the rent is about 37,000 per month.

Thanks, Paula.

Just so I am clear. I could buy a plot and build the two bungalows for 3 million shillings, live in one and rent out the other for 25 - 28,000 shillings per month, right?

That would be very cheap and a very good return on investment, if I have it correct. Perhaps it would be wise to invest twice as much, 2 million for the lot and 4 million for the two bungalows, in order to get into a better neihbourhood.

Yes, that is correct Invest app 3 million in building a bungallow or Maissonetee and rent one out for 25,000-28,000 per month. Am sure of this because my brother abroad is constructing a house in donholm area.

It seems you want to live in a better neighbourhood. The cost is higher and you will only manage to put up one unit.

Did you research on the internet?

Hi

I have a new 3 bedroom house for sale close to the sea on the south coast of Mombasa. I also have a small hotel for lease close by the house. Why not buy the house and lease the hotel. You will have a steady income on top of your pension. Great oppertunty for a retiered couple like you. You can contract me directly and I will give you more details. Knight Frank is my registered property agent in Kenya.

Thanks

Oyvind