Grace to Grass; Jackpot Winner Breaks Silence After Losing Millions in This Business

“You can go wrong with real estate,” Samuel Abisai said, as he opened up about an apartment investment that left him millions of shillings poorer.

Abisai is the man who won KSh 221 million in the SportPesa Mega Jackpot in 2017. He shared the experience on the Iko Nini podcast.

He bought an apartment block for KSh 40 million, expecting its value to grow and bring in steady rental income.

Abisai said dealing with tenants and handling repairs personally was frustrating, and that many people overlook such duties when chasing profits.

When market conditions changed, he sold the property for less than he paid.

The loss was more than KSh 5 million. He also spoke about guarding a windfall of that size.

Abisai said he kept a low profile in his first year as a winner and resisted posting lavish content online.

He said he had seen many lottery winners lose their money quickly, and believed visibility and temptation were a risky mix.

One user, @tribes, said he “was just not patient.”

@Shiqace advised investors against personally collecting rent, suggesting an agent be hired to keep units occupied.

@KingMkenya said: “Hizo ni biashara za wazee, heri hiyo pesa ningeenda China kubuy stock,” meaning apartments are an old person’s business and he would rather have used the money to buy stock in China.

Abisai invested part of his winnings in his passion for fashion by founding Nguo Affordable.

The brand sells affordable kitenge and Ankara outfits and has branches in Nairobi, Kitengela and Arusha.

He remains a hands-on designer and employs several of his siblings.

Source; https://www.facebook.com/share/p/1E8sZE1xBJ/

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