Thread by @TimKipchumba

Passive INCOME, Untold Project Stories & my progress with a small tiny studio project

Last year, following my own advice to generate a small passive target $, i raised $130K from - my Sacco, friends & savings, i decided to develop a property.

Here is what happened (thread)

Owned the land from before. about 800 metres from Campus, good tarmac road and some retail shops. And determined that I could potentially develop studios - self bed roomed. Outperformed competition in value (better rooms, internet, 3 phase power etc). Projected completion in June

Added buffer of 3 months. campus open in Sept. So ideal plan. And went about doing the case project. Found a fantastic super honest project supervisor. And then with know how of material savings...Begun.

PROJECTIONS: Stacked out right! Even modest. And with occupancy. Ramped up occupancy!

MARCH 2020: Covid19 hits. And schools close. Construction disrupted. Prices up. Rethinking going ahead. Got distracted and spent some $10K on non project stuff.

Sept 2020: Project not done

Oct 2020: Project done now

Campus close the gate adjacent

Jan 2021: No tenants

Feb 2021: 1st tenant and then soon another 7.
And then that's it.

March: Covid closure. And on.

Turning the corner now. Delayed

Now. Occupancy finally up.

Anticipate going past 50% occupancy in a month and closer to 100 in 3 months. And potentially refinancing.

Lessons:
-Risks (even those you dont anticpate) can crystallize. Prep contingency plans.
-Build buffer into projects and plans (longer time, more $, more mistakes)

-CHANGE PLANS Sooner. Reorient to a new customer. If student population changes, we could have moved Quicker to non students/Gig students
-Ultimately things work long term (even if) it looks uncertain. Stay afloat in the mean time

Mistakes:

-We spent $20k more than I anticipated.
-I wish I predicted covid :)
-I should have 101% focused on the project.
-I should have changed plans sooner (tweak marketing)

Now if you liked this; I need to get the place to 100%. Retweet

Well furnished self contained single self /studios to let.
Located Opposite Major Opande Rd and adjacent to Buffalo millers/Mfalme Unga.
*Free*~ WiFi(JTL)
24/7 water availability.
Electricity~Tokens
Well secured.
Perimeter wall.
Easy access to Eldoret town via peris/Kambi Nrb

Why the name: wife really loved Sophia Vergara and we named it like that. We like her parenting style in that movie 🍿. And her accent since we (mostly Ebony & son’s are learning spanish).

Entiendo espanol UN poco.

Impact.
-4,500 man job hours
-100% local community spend.
-Next door Fiber connection by @FaibaJTL
-3 Phase power connection for the community around
-1 FullTime Jobs created
-Retail component to spur community business

Loved the content follow @https://gumroad.com/timkipchumba @gumroad