• Wed. Nov 29th, 2023

Teacher Flourishes in Real Estate Brokerage of Mirembe Estates Houses

UGANDA, Wakiso | Real Muloodi News | Everyone agrees we have been living in unprecedented times for two years. Most businesses are slow, save for critical health care, home care, food, and cargo transport. And for teachers, the world closed its doors on them.

Uganda has undergone two national lockdowns to flatten the curve and slow down the spread of the Covid-19. This came with heavy layoffs, working in shifts for some, and total closure for others, especially those that found it impossible to remain open under the prevailing circumstances.

However, some were closed not by choice, but by a presidential directive to protect the population and slow down the spread of Covid-19, such as any business or undertaking that involves mass gatherings. Schools were not spared.

Before the first lockdown in March 2020, a private school teacher in Wakiso District conflicted between buying a plot of land or a car. He had 20 million in savings. With land prices in Wakiso rising fast, it would mean that with his USh 20 million, he could only get a plot just inside Wakiso, but it would not leave him with enough money to construct.

However, the money was enough to buy him a second-hand car in good health – a symbol of achievement for a simple teacher and son of a peasant from Mpigi. The idea of buying a car seemed to make more sense. 

Then, the Covid-19 hit, followed by the president’s directives of schools closure and, shortly after, nationwide lockdown. 

With his source of income gone, he was now worried that he would consume the money he had saved.  

Fortunately, while browsing the internet, he learned about a new low-cost Kabaka Estate opening in Sentema, which is in Wakiso district and near the school where he taught.

“I physically went on tour. I was amazed at the level of expertise on the construction site and the quality of the materials,” he accounts.

They explained the one-bedroomed house was going for USh 45 million. He went to Mirembe Villas’ office at Garden City and was taken through the procedures to buy the one-bedroomed house. 

He deposited his USh 20 million, and agreed to make two extra deposits in two years.

Venturing into the Real Estate Brokerage Business

At first, he wanted to buy a unit for himself. Then, he feared he didn’t have all the money for the additional deposits to buy the property.

“With documents about my house in hand, and a house almost ready, I told a friend in South Africa about my project,” he further elaborated.

However, the friend advised him to do real estate brokerage by selling the house he was buying to raise the total amount to pay off another house on the same estate. This sounded a little unconventional at first, but he decided to give it a try.

The teacher ventured into the real estate brokerage business and looked for a buyer. 

At the time he placed his deposit, the one-bedroom house cost USh 45 million. The same unit had gone up in value to USh 52 million after some time.

He got a buyer called Mukasa Samuel. He was convinced that Samuel wanted to invest his money in something that gained value, and real estate is one of those few investments whose value keeps growing.

He shared his documents with Mukasa and his wife, who were living in Makindye. Mr Mukasa wired USh 55 million to his account.

The teacher cleared his outstanding bills with Mirembe Villas’ office, and they gave him his documents, including a 99-year lease title, house plans, and keys to his house. In addition, they helped him to facilitate the transfer to the new buyer, who was now Mr Mukasa.

He immediately deposited USh 25 million in a new house and shared the good news with his wife when he returned home. She was amazed at what he had done.

“That is when it hit us we can start contacting our friends who had some idle money sitting in their accounts to invest in these houses,” says the teacher.

The teacher started doing this at a small margin. He booked properties, now from one to two and three-bedroomed houses.

He says that the most significant benefit to him has been the opportunity to gain an interest in the real estate business.

“I have used this time to rethink my career,” he adds.

The teacher has now registered his company as a real estate brokerage and has bought seven Mirembe Estate houses. He has also bought a few plots in different Wakiso areas. He uses his network and social media for marketing.

His ambition continues to grow by the day. He now wants to buy more houses on the estate and rent them out to ensure a constant cash flow.

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Part 1: How a Young 26 yr old Average Income Earner Built a USh64m 3-Bedroomed House

Part 2: How a Young 26 yr old Average Income Earner Built a USh64m 3-Bedroomed House

Part 3: How a Young 26-year-old Average Income Earner Built a USh64m 3-Bedroomed House

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