In today’s podcast episode, we talk to Moloko Makgele, founder of Zest Property Investment Development and a fund manager at Absa for the last 8 years.
Moloko has an Accounting degree, post-grad in risk Management and an MBA from Mancosa.
He has been an entrepreneur for years and has tried multiple businesses until he decided he needed something that can create a proper stable income, which is how he decided on property.
In 2018 he partnered with his cousins to buy their first investment property cash in Polokwane. The property was an old RDP house in a 400-meter yard. The plan was to build rooms on the property.
They didn't do anything with the property for 10 months and he noticed that he was the one taking care of the property. He felt like he was the one pulling everyone so he offered to buy out his cousins for R120, 000.
At about the same time, his father went on pension in early 2019, so he borrowed money from his father to convert the property (in the podcast he shares how to talk about money with your family) and demolished the actual house and built 10 units.
In the podcast, he shares the challenges of building a house in a separate province and how he had to change builders 3 times and how it took him 6 - 7 months to build the units, vs the 2 to 3 months he had planned.
He finished building the units in March 2020, for R800,000 (US$56,380) and they were fully occupied within a month, renting at R2300 (US$162) per unit.
He then bought a second property in Kempton Park, using money he had borrowed from friends after renegotiating the terms of the loan with his dad.
He bought a house, rezoned the house and partitioned it into 11 one-bedroom units, added wifi to the development.
This is such a great episode because we go in-depth on discussing money with family and friends.
Click play to listen to this episode and please share your feedback in the comments below.
Episode 115: Unconventional Real Estate
Episode 114: Creative ways to fund property developments without bank funding
Bonus Episode: Raising over R2.6 million in the stokvel and changing our name
Episode 113: How to work with a quantity surveyor to increase your profits and decrease expenses
Episode 112: Growing a construction company by 400% in 10 years
Episode 111: Investing in property straight out of college & owning a 9 unit property at the age of 28
Bonus Episode: Raising R268,974/US$17,935 in 7 days to invest in property
Episode 110: Buying 3 positive cash flowing multi-lets during a pandemic
Episode 109: The magic is in your mess
Episode 108: From rural Limpopo to building a multi million rand property portfolio
Episode 107: How to build a property portfolio that replaces your income in less than 5 years
Episode 106: How to make 2 to 3 times your rental income as an AirBnB Hostpreneur
Episode 105: How to own 6 properties in less than 12 months
New Year Episode: Setting property investment intentions and understanding your investor archetype
Episode 104: The Low Money or No Money Down strategy of Property Investing
Episode 103: How to go from a negative cash flowing property to raising R9 million (US$571,000) for a property development
Bonus Episode: Making 15% Return on Investment in 3 - 6 months
Episode 102: How to make money from sourcing real estate deals
Episode 101: How to raise R331,000/ US$21,000 in 5 weeks in a property stokvel/fund
Episode 100: Celebrating 100 episodes and using creativity to build a profitable property business
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