- Popular Ghanaian businessman Kennedy Agyapong explained why it is better to do other businesses than build houses to rent them out
- Kennedy Agyapong said he even though he had regretted investing in so many houses, he would share them between his children
- Social media users who watched the video shared their thoughts in the comment section of the post
Renowned Ghanaian politician and businessman, Kennedy Agyapong, said putting up properties for rental is not a good business decision.
The flagbearer hopeful of the New Patriotic Party said he could use the same money spent on building on other businesses that could give him more money.
Photo credit: Kennedy Agyapong
Source: Facebook
In an interview with Derrick K.Abaitey on Konnected Minds, Kennedy Agyapong said he owns over 277 houses and now regrets having that number of buildings.
The business mogul said he sometimes does not remember the houses he owns and has to be reminded by a family member.
“When you have a property in Cantonment at, let’s say, $500,000, your rent would not be more than $ 4,000. But if you use the $500,000 to do business, and you make a ten per cent profit, that is cash flow.”
“I have so many houses here that I have regretted. Some of them I don’t even remember. Unless I tell my cousin and say, ‘Oh, let’s go here or such things.’ I’ve regretted it because if I had invested that money in business, I would have made a lot of money,” he added.
Kennedy Agyapong explained further that most people want to buy the properties, but he is not willing to sell because he wants to give them to his children, especially the females among them.
“I have over 277 houses in Ghana, and it’s a waste because I don’t get people to rent them. Because I am keeping them, if I were selling them, I would have got people to buy. I don’t want to sell. I want to give it to my kids. I have many kids, so I want to share it for them. My plan is that if you are a girl or a woman, you marry and your relationship doesn’t work, you come back home, and you have your properties, you can dispose of some of them to start a business.”
Photo credit: Kennedy Agyapong
Source: UGC
“The house at Cantonment, you can have one as a security for backup in case your business collapses. Your property becomes a fallback,” he clarified.
Kennedy Agyapong recounted a time in 1990 when he sold six of his 11 houses then to bounce back after his business collapsed. He indicated that he sold the houses so he could use the income to start life again.
Watch the video below:
Netizens comment on rental business
YEN.com.gh collated some reactions to the post shared by Derrick K.Abaitey on X. Read them below:
@KofiPhD said:
“Good advice from Hon. I’m building only 5. Two already complete, three ongoing (under construction). The rest of the money I’m saving for businesses!”
@Phamouscloset wrote:
“So property rental is not good business? What do you say?”
@news180__ said:
“Saying you have houses for your female kids to come back to when their marriages don’t work will make them look down on their husbands. “After all, I have a property, so you can’t control me” It’s good to leave property for your kids, but the reason naaa.”
@_kayspice wrote:
“Herh 1990 had 11 houses😅. How old was he by then? Make I check something.”
@elswoodX said:
“That real estate industry is flooded! Engage in real business that brings in frequent cash flow.”
Kennedy Agyapong promises not to get angry
YEN.com.gh reported that Kennedy Agyapong shared one of his major strategies he would implement ahead of the NPP’s flagbearer elections.
Kennedy Agyapong indicated that he would not respond to provocations by other people; rather, he would focus on his message.
Social media users who watched the video thronged the comment section to share their varied thoughts on the post
Source: YEN.com.gh
