zulu.505.phemelo
Safe as houses
Phemelo Ngcobo has the idea of using her fame to feed her fortune down to a fine art…Story by Doug Gordon
SHE’s Dr Lerato Thibela, SA TV’s hottest heart specialist in SABC 2’s Hillside. She’s the face of Sof ‘n’ Free. She made her name as Khensani in Generations. But offscreen her big role is building her fortune the entrepreneurial way, just like every politician and economist tells us we should.
When we first got to know her, playing Archie Moroka’s troubled daughter, she was Phemelo Motene. The tabloid fanfare over her departure from Generations in 2002 drove Phemelo to take cover.
“I don’t make a good TV celebrity,” she admits. “So being on a show that’s so much public property, like Generations, was a problem for me.
“I love acting, but I don’t like being marketed as a ‘TV star’. It intrudes on my personal life.”
And her life quickly got very personal as she got down to business in every sense in 2003.
There was a low-key wedding, completely the opposite of soapie hype, to her fiance, Mthandeni Ngcobo, an accountant in IT and communications.
Then Phemelo had done a course in advertising course and even been appointed as an accounts executive at an advertising agency – but instead of doing what she knew, she made the decision that would change her outlook on life.
THIS child of Soweto made her below-the-radar lifestyle pay off big time for her when she decided to invest her savings in the property market.
“I’d never used my income from Generations trying to live up to a celebrity lifestyle,” she explains. “Instead of buying fancy cars and outfits, I saved my money.”
The beautiful young actress had also boosted her savings with an annual contract to promote Sof ‘n’ Free hair products.
“I had substantial working capital by the time I decided to put it to work for me,” she says. “When I looked around for where to invest I could take my pick.”
What she picked was property, an investment that gives great returns, providing you’ve got nerves of steel to ride the highs and lows and can manage your cashflow like Trevor Manuel. Phemelo’s first investment was a one-bedroom in Jozi’s sought-after Sandton. But she didn’t move in and start enjoying luxury living – instead, she rented it out to cover the bond.
Within months Phemelo knew she’d found an investment that suited her personality and her dreams. After Generations, Phemelo did One Way – and that’s the way her investments have gone thanks to careful planning.
“The value of my first flat went up R200 000 in just six months,” she laughs. “But the two-bedroom flats next door were selling for twice as much.
“At 24, I realised it was time to get serious about my business decisions. So I swapped my 4x4 and Civic for a Corsa Lite and began learning about financing from banks and lawyers. I put every cent I could raise into property.”
SHE LEARNT fast – and one key thing she learned was to play the safe odds, going for long-term returns rather than a fast buck. She’s taken just six years to create for herself a portfolio of upmarket townhouses for the buy-to-let market.
She furnishes to the taste of clients in the upper income bracket – and then rents out to executives working in SA on contract.
“Beautiful houses that I wouldn’t necessarily buy for myself are perfectly suited for clients from overseas,” she says. “I’m not personally hooked on material possessions but I relish meeting my clients’ demands – and they’re on a level with the lifestyle they’re used to in cities like London, Paris or New York.
“I invest up to the first six months’ rent on the contract furnishing and equipping the home for a tenant. It’s new beds for each contract, a very fine thread-count on the sheets, Persian carpets, state-of-the-art appliances, satellite TV, Internet access and high-level security, plus housekeeping and gardening services. My clients expect no delays, no excuses – and top-quality standards delivered 24/7.”
Not that Phemelo and Mthandeni live like that themselves. In fact, she admits, with interest rates where they are at the moment, they believe it’s better value to rent than to buy.
“If you’re wanting top-end, the rent on a R5-million property is the same as the repayment on a R2-million bond. And if settling down isn’t a priority, you can take advantage of the best properties up for rent.”
To make it happen for herself and Mthandeni, Phemelo works closely with lawyers and accountants. She’d make someone a great apprentice because already she monitors every cent she spends.
“I can’t even buy a packet of sweets without thinking about it,” she laughs
The only real luxuries Phemelo allows herself are business-related – a great car that screams, “I’ve arrived,” and fact-finding trips to investigate overseas property markets.
“Financing is international,” she points out. “If a project is viable, of course I’m interested.
“There are plenty of previously undeveloped countries now developing their infrastructure to compete in the world economy. And for companies it’s cheaper to rent than buy homes for consultants and project executives on contract.
“Until I eventually find time to have children – and that does bother me a bit – it’s the most exciting, exhausting life I can imagine.”
WHEREVER she is, Phemelo wants to do the best job she can. “The medical terms Dr Lerato throws around in Hillside are difficult to learn,” she says. “But we have medical experts on set to make sure we stay accurate.
“I believe more of our young people should aspire to become doctors. They shouldn’t be intimidated by the maths and science necessary to graduate.”
And Phemelo knows what she’s talking about. After launching a successful TV career with a matric certificate, she’s now studying maths at degree level herself. But she’s got more planned.
“It’s time I did my MBA (Master of Business Administration) degree,” she believes. “I want to move my business to the next level before I start a family and now I’m strong enough in my mind and my career to tackle a major new challenge.” [e]
BONA April 2008
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