When Candice and Basil Mahuza first opened their home to six students, they were simply looking for a bit of extra income. Little did they know that their side hustle would ignite into a passion project that would transform their lives. Nine years later, their side hustle has blossomed into a thriving business, housing 50 students across several multi-million-rand properties.
Candice never set out to be a business owner. In fact, both she and Basil have always worked for others and are currently both employed, Candice at a large insurance company and Basil as a project manager in a government department. But there was something about the presence of those first six students in their house in Parkdene, George, that sparked an entrepreneurial spirit in them.
Driven by the growing demand for student accommodation from the expanding Nelson Mandela University campus, the Mahuza’s saw an opportunity. But for Candice, it became about much more than just revenue. “I can’t describe how fulfilling it is to get to know these young people,” she says. “For many of them, it’s their first time away from home. We tell them they have the responsibilities of young adults now, but we also care deeply about their safety and success.”
The Nelson Mandela University has strict accreditation requirements for student accommodation, requiring properties to be fully furnished, equipped with 24-hour internet access, hot water and much more. However, Candice and Basil’s dedication goes far beyond these requirements. They are so committed to enriching the lives of the students that they have voluntarily implemented the university’s on-campus life orientation programme called Living and Learning, even though is it not mandatory.
Their student-accommodation business started in 2016 when the couple wanted to move closer to their children’s schools near the centre of town. But they had grown so proud of their first home in Parkdene that they found it hard to sell. Bringing in the students was a way for them to keep the house while they rented closer to town.
Soon the first six students grew to 15 as they improved the property with bank financing. The couple found immense joy in this venture, so much so that three years later they set their sights on buying an existing student house on the other side of George. However, securing bank financing for this new project proved to be a challenge.
Firstly, they already had a bank mortgage on their first house and secondly, the banks were unwilling to finance the purchase of a rental house without a solid year-round lease. Student leases run only from February to November.
Fortunately, Candice was introduced to Business Partners Limited, which differs from the banks in their approach to a rental house for students. Rather than viewing it as simply a property finance transaction, Business Partners Limited viewed it as a business. Based on Candice and Basil’s success with their first student house, Business Partners Limited approved the loan.
Since then, Business Partners Limited has agreed to finance another property that Candice and Basil want to add to their growing portfolio of student residences.
Candice says the need for student accommodation remains intense in George. The problem is that property values are very high and good sites for development are hard to come by. But they continue looking for new rooms to add to their business.
Juggling their work, family and business commitments is challenging, says Candice. “You have to be mindful when planning your schedule.”
Candice takes care of the administration of the student accommodation, while Basil looks after the maintenance of the rooms and facilities.
At present, the business is still too small to warrant them stepping out of their jobs, but given the growth of the venture, it is quite possible that one or both of them will take the leap to follow their passion project full-time.
About the Author: BPL Admin
