This archive report was first published on 29 September 2021.
Joseph Gitonga's journey to success in the real estate sector was not without its challenges. In 2013, he co-founded Username Investment Limited, a real estate firm that has since become a powerhouse in Kenya's real estate sector.
However, the road to success was not easy. During their first land purchase process, the company paid for a property that had been acquired fraudulently and lost Sh. 5 million. This was all the money they had, some of which was borrowed. They hit a dead end, but one land owner agreed to partner with them, helping them recover from the loss.
Another deal saw them lose Sh. 30 million in a land repurchase deal. It turned out that the land belonged to another owner who lived abroad. They renegotiated with the rightful owner in difficult circumstances and finally managed to buy the land again. But all their profits got lost. This was one of the lowest moments of Joseph's life.
Despite these setbacks, Joseph and his team persevered. They are now very keen on due diligence when acquiring any property and ensure that they sign all legal documents as a company and the same applies to their clients.
Today, Username Investment Limited has over 50 employees and more than 500 indirect workers. They have accomplished over 39 projects, issued over 8,072 title deeds, and formed a client base of over 10,200 clients since their establishment in 2013.
Joseph attributes their success to identifying and solving the housing need for low-earning people. He believes that every Kenyan needs a place to call home, but not every Kenyan can afford properties worth over a million shillings.
Joseph's journey is a testament to the fact that you can turn heavy losses around. He has learned valuable lessons from his experiences, including the importance of budgeting and investing. He now saves his money through money market funds, which offers liquidity within 2 to 4 days and has discouraged him from unplanned and unnecessary expenditures.
Joseph believes that money is not the end goal, but a means to a goal. He advocates for self-accountability and transparency in finances and encourages people to pursue excellence and enjoy the process. He also emphasizes the importance of having a business mentor and seeking advice from seasoned entrepreneurs.
Joseph's message is clear: there is too much emphasis on material wealth in Kenya. People are obsessed with things that matter less – appearance than reality, to impress rather than to impact, and leading plastic lives. He urges people to go back to the basics and start all over by having a clear and well-written set of goals and a specific plan on how to accomplish them.
This feature on Joseph Gitonga was first published by the Saturday Magazine on September 29, 2021.
