Successful real estate guru Mwenda Thuranira has taken his followers down the money lane after opening up about his up and down journey in much-competitive industry.
The My Space CEO disclosed that anyone with intentions of investing in real estate should be very passionate about it and patient with the same.
Speaking during a candid interview with Financially Incorrect, Mwenda narrated how his journey in real estate kicked off.
According to the businessman, he loved real estate from way before when he was still a child and would accompany his grandfather who was in the industry to work all the time.
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He explained how he grew up loving the trade and would later enroll for training for the same while working in the US.
Thuranira disclosed that his love for real estate grew even bigger while in the US where he learnt a lot about the industry.
The My Space boss stated that he would buy some properties back in Kenya from proceeds of his work in the US.
He reiterated that real estate enthusiasts should start with whatever they have and not wait on the big money.
“With real estate you start from somewhere. You don’t wait for big money. Personally, I started this while in the US, I would get some little money, buy properties back in Kenya. I remember the first plot I got was for Sh 500k and what that taught me is the discipline of money,” he revealed.
Just like in any industry, Mwenda Thuranira disclosed that he faced challenges raising money for his latest project, the My Space Mini and Strip Malls.
He said that he had raised some money having successfully done real estate projects in Mombasa but needed more to introduce his new idea in Nairobi.
It is at that point that he started looking for funds from different entities including banks which turned him down.
However, his gods smiled on him when he managed to convince an old friend who became his partner and was willing to invest close to Sh 20 billion for the My Town Mini Malls and Strip Malls.
Mwenda did not miss to mention the fact that the money came through after many years of looking for it.
Initially, Mwenda spent over five years looking for a Sh 700 million loan in vain.
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However, in just five minutes and after a brief presentation to his new partner, he managed to secure hundreds of millions to kick off his My Town Malls.
“Real estate is what I believe in and what I know. I visited almost all the banks regarding this My Town Mini Malls. The more the banks said no, the more I learnt. Money was not forthcoming, so eventually I got a partner. I had not gone to him for the loan actually but for a connection. But after explaining to him about my project that needs Sh 20 billion, they could seen the passion in me. It took me just five minutes and he told me we are in business. This did not come overnight, I had chased for a Sh 700 million loan for over five years. Real estate needs patience,” he added.
Today, Mwenda Thuranira is one of the most successful real estate entrepreneurs in Africa with a number of major projects under his name.
My Space, his company prides itself in countless strip and mini malls spread across Kenya, with most located in the most affluent neighbourhoods.
He has been an inspiration to many with his moves, deals and above all, humility.
WATCH MWENDA THURANIRA’S INTERVIEW HERE
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