Episode 91: How to turn a 6.5 hectare plot of land in Zimbabwe into a US$2.5 million (R36 million) business without taking on debt
In today’s podcast episode we talk to Wadzanai (Wadzi) Garwe, originally from Zimbabwe, she now lives in Rome, Italy; she is the founder of African Conversations with Self and an economist that works for the United Nations.
Wadzi is also a mother of 2 who takes us through her journey of building generational wealth for her children.
She starts off the podcast by explaining to us that in Zimbabwe, owning property is a right of passage to be considered an adult.
So when she got married and had kids, it was only normal that she would get property, but she and her then-husband decided to buy land so they could build a house and also turn part of it into a business.
They decided from the beginning that they were going to do everything cash and not take on bank loans.
They bought 6.5 hectares of land for US$13,000 (R186,462) from a British couple in the late 90s and negotiated a 12-month payment term.
As soon as they owned the land, they sectioned off parts of it for different uses. They started planting trees and other plants to make sure that the land was profitable from the very beginning.
They also build a 1 bedroom cottage on the property (they would later use this space to host and cater for events), and started building their house cash. The house cost them US$250,0000 to build in total - walls, foundation and finishings.
Over time they planted more trees and added more income streams and turned the land into a business with multiple streams of income. That business is now registered in Wadzi’s children’s names and is now valued at US$2.5 million (R36 million).
Her children are not yet 30 and they are already dollar millionaires because of the decision she made to utilize land to create generational wealth.
In this podcast, Wadzi shares how she was able to do all this without taking on debt and gives us tips on how we can also do it moving forward.
Get your pen and paper and click play because you’re in for a treat.
Start your property investing journey in 10 easy steps!
Get the Property Magicians Podcast 10 step guide to help you start investing in real estate so you can get your first, second or even third property.
Go to this link to download the book: wealthy-money.com/propertyguide
PPS: If you love the book, spread the word and share the link and if you really wanna thank us, please leave the Property Magicians Podcast a 5 star review on iTunes.
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
Episode 99: What happens when one discovers that property investing is not for you
Episode 98: Building a property portfolio using predominantly cash
Episode 97: Growing a property portfolio using different investment strategies
Episode 96: How to build an international property portfolio as an African
Episode 95: How Commercial Property Management is being changed by Covid
Episode 94: Life- changing lessons for building a successful property investment portfolio
Episode 93: How to ensure that the wealth you build through real estate is passed down from generation to generation
Episode 92: How to build 21 units in 2 years using other people‘s money
Episode 90: Formalizing & digitizing the back room market in South Africa
Episode 89: How to grow a property from scratch during the pandemic
Episode 88: How home staging can help you sell/rent your property faster
Episode 87: Identifying real estate investment opportunities in Nigeria
Episode 86: How to improve your credit score & grow your portfolio with bank money
Episode 85: How to accelerate the growth of your portfolio by buying properties cash
Episode 84: How to invest for appreciation and cashflow
Episode 83: Building a profitable portfolio of 12 short term rentals at the age of 23
The Intelligent Investing Podcast
Sophisticated Property Investing by Ethical Property Partners
The Ramsey Show
The Rebel Capitalist Show
The Peter Schiff Show Podcast
Copyright © 2006-2021 Podbean.com