In this week’s episode we share our next Property Magicians Stokvel deal. This is the fifth deal that we will be investing in as a stokvel.
Here's a quick summary of the minutes and what was discussed at the meeting:
The meeting starts off with Vangile greeting everyone and giving us updates on the stokvel.
Vangile than hands off to Miranda so she can brief us with Deal 2’s payout that is happening in Aug 2022 and how everything will work. Miranda then takes us to Deal 5.
Miranda explains why the first investor didn’t work. The reason was that she couldn’t get a hold of the seller because the person was currently out of the country. Meaning she couldn’t produce an OTP.
But Miranda did let the investor know that when all is sorted, they can come back and propose their deal to the stokvel.
Miranda then explains the NEW deal 5 that has been put in place. The deal is with Mzwiwethu, the same developer we invested in with deal 3. We are partnered with Sakhisizwe Funders Stokvel meaning this investment is for 12 months (July 2022-July 2023). The return on investment is 17% per annum, to protect our investment we have been allocated with Erwe at site to sell should the deal not go as promised.
Miranda then shows us pictures of phase 2 and 3 of the Mzwiwethu project and how far they are. She then tries to share a video with us but due to technical difficulties it was sent to the WhatsApp group, and she explains what the video is showing.
The Amount that the stokvel currently has in both the Stokfella acc and FNB acc totals to R380,075 (US$24,035). So, we have until 24 June, 2022 to top up investment going towards Mzwiwethu contract 1. Then we have until 24 July to collect the second Mzwiwethu contract. The aim is to raise R3.4 million between the two stokvels (Property Magicians & Sakhisizwe).
Miranda starts taking us through the payment options available to everyone nationwide. For more details visit our website.
Q and A.
Vangile takes us through the spreadsheet process of money allocation and how it works and how the members can assist by ensuring we have put the correct figures.