Real estate gives pilot solid financial footing

When Mr Mwenda Thuranira arrived in Mombasa in March 2008, he did not even know the geography of the place well.

Getting an office to do his work was not an easy task and he had to first settle in a small room near the port for two months before acquiring a better place.

That was three years ago. Mr Thuranira is now the managing director of Myspace Properties, one of the flourishing real estate businesses in the coast region.

The man, who first studied to a pilot before changing his career to pursue a course in real estate investment worked in the USA for eight years before flying back home to start the long process of establishing his now multi-million shilling empire, Myspace Properties.

He shares his story on making money in the real estate business.

Does it pay to invest in real restate?

Yes, it does. However, though there are plenty of opportunities for making big gains, buying and owning real estate is a lot more complicated than investing in stocks and bonds. One has to be very creative. Those who understand the business well will tell you that there is good money investing in property.

Does working with other people influence the way you make money?

This depends on the people one chooses to work with. Committed workers can grow the business but those who take you for granted can derail your efforts. I have a group of dedicated individuals in my company.

What is your company’s monthly net-worth?

Between Sh50 million to Sh60 million. But this also depends on the number of clients I get every month, and like most other businesses, we also make loses. There is no direct road for success in business. To make a good profit, you have to be strong and patient.

Does having enough money make you happy?

There is no such thing as having enough money. The more you earn, the more you want. That is according to my knowledge and experience. Having money does not make me happy, but I always feel safe with it. Yes, I love money just as everyone else, but there is more to life than making money.

How much do you have in your pocket now?

Around Sh50,000, although I am not very sure of the correct amount.

How much money have you handled in cash?

As a businessman I have handled lots of cash. But the highest figure is Sh20 million, which I received in my office in 2009. The money was in US dollars. I shook as I drove to deposit it at the bank.

What is the most expensive thing you have ever bought?

My watch. I bought it at Sh200,000. Although I don’t think I am a big spender, there was a time I bought a pair of shoes worth Sh25,000.
Do you use credit cards while shopping?

Yes, sometimes I use credit cards. It is not advisable to walk around with huge sums of money, especially when shopping.
Someone told me that he avoided using credit cards because it promotes impulse buying. Money spending is self-discipline and the so-called impulse buying is all in the mind.

Do you invest in shares?

Yes, I do. I have bought shares from five big companies in Kenya but for long-term investment. I have been a shareholder for several years. I know when it comes to stock market, long-term investment pays handsomely. That is why I stick to it despite the ups and downs of the market.

Have you ever been broke?

Being broke is a normal thing in life. Sometimes I do get broke so much so that I don’t even have two coins to rub together. That is true. Today I can get a huge sum of money, but I use it to run and sustain my company. 

What else do you do other than real estate investment?

I publish a monthly magazine called Unique Homes that is distributed in Kenya, Tanzania and Uganda. My company also organises events such as the annual Mombasa Homes Expo, which focuses on the steps to be taken to make housing better and more affordable through embracing technology.