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Galina Reznikov @RookieKE
, 24 tweets, 5 min read Read on Twitter
Building a home upcountry (that you hope to some day retire to) is a waste of money. We can discuss culture etc, but every cent you spend on it is wasted.
If lease income is what you want, build rentals.
That is the thing. Build a retirement home when it's time to retire. Before that, invest the capital in things that actually make money

There is no capital gain UNTIL you sell the house. Who is buying a house you built on your ancestral land?
Guys, let us use better examples in our arguments please. It's 2019

Yes! Let us promote domestic tourism by staying in hotels our entrepreneurs upcountry have built.
Guys, please don't come to my mentions with innacurate / poorly thought out financial justifications. There is no financial reason to do this.

If you want to waste your money, waste it with your chest. It's yours after all.
You know, I would want us to chat about how difficult it is to sell a house you built (even in the city). First demand, but also because the things you value highly aren't as valuable to a buyer.
Wisdom. He gets an income and he gets to keep busy on a daily basis.

As I exit this discussion, I've noticed that a lot of people think about/analyse money decisions as if they have unlimited money and unlimited options. E.g
"Even the rich have multiple homes"
"Kibaki had three homes"
"I am building for future generations"

Look. If you have what we call "fuck you money", then you can afford to waste money.
However if the one big investment you will make for the next 5-10 years is an upcountry home that has no investment value, then beloved, you are wasting precious capital.
Another observation. We think about investments like our parents. Many people associate not owning a home upcountry with financial irresponsibility/retiring poor. Methinks we need to learn more from people who do things differently.
Final observation. People seem to think not building upcountry = girl-type thinking. Building upcountry = manly man thinking.

It's 2019, let us update our thinking.
We (Kenyans) greatly overestimate the liquidity and "asset value" of upcountry real estate. Many of our folks upcountry have assets but zero liquidity. That's why when we did our #52WeekChallenge chat in 2017 about supporting parents, sending them an allowance was a thing.
If truly you want to invest for a rainy day, do cheap rental houses hapo kwa shopping centre. When the rainy day comes you can live in one and get cashlfow from the rest.
And I say this with the full knowledge that most of us won't earn enough to afford multiple homes.
Ushago people are really triggered by this thread. I've been called a slay queen, city girl, sijui what. Haiya!😂😂😂😂
"Oh where do you want us to sleep?"

You mean people who don't have houses upcountry sleep on trees?😂😂😂
"It is important in my culture"

Read the tweet before getting angry at me. And also, just because it's your culture doesn't mean it's financially prudent. Let's separate issues.
Imagine, I am not even a city girl. I farm onions in the village (where I don't have a house and have no intention of building one unless I am filthy rich)
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