This archive report was first published on 12 May 2020.
At just 22 years old, Peter Nyaga made his first million in real estate, but his journey to success was not without its challenges. In this exclusive interview, he opens up about his biggest mistakes, career losses, and the lessons he's learned along the way.
Today, Nyaga is the CEO of Mahiga Homes Ltd, a real estate firm that has been in business for two years and has successfully housed over 1,000 Kenyans. His company has several real estate projects underway, including those in Kenyatta Road, Ruiru, Kamulu, Joska, and Kitengela.
One of Nyaga's biggest milestones was completing an estate within six months. In February 2018, he and his team started constructing an estate comprising of 3-bedroom bungalows with master en-suite along Kenyatta Road off Thika Superhighway. They completed the houses within six months, and the owners moved in. This achievement taught Nyaga the importance of having a coordinated team with a common goal.
When asked about how to succeed in business, Nyaga emphasized the need to research extensively before starting a business. He also stressed the importance of being unique and not launching a copy-paste business. Nyaga has had to practice discipline, resilience, and a go-getting attitude to achieve his goals.
One of Nyaga's biggest money mistakes was buying a car with his first million. He went bankrupt within a year and sold the car to pay debts. He also regrets diverting money meant for his business into his political campaigns in 2017, which led to a significant cash flow drain.
Despite his failures, Nyaga doesn't regret the way his life has panned out. He has learned valuable lessons from his mistakes and has gained pleasure from overcoming problems. If he were to start all over again, he would venture into real estate earlier than he did.
Nyaga saves through an emergency fund and reinvests his money in his real estate venture, which he believes has some of the best returns on investment. He advises aspiring entrepreneurs to be willing to do what others are not willing to do and not limit themselves due to lack of money.
