Trustedpronet:


I'm in Nigeria I have never beat any of my girl friends or a woman in my life talk more of wife. Some people think sey all men na women beaters.

Don't mind her.... Her up bringing and environment must be very toxic.

chyzoo4u:


I don't know about that, I just shared someone's story then emphasized that I can make enough money to buy a house in a year once I step into UK.

. You know nothing about how things work in UK. You are just fantasizing.

franchasofficia:
I will respond to you in details.

I am writing from experience too, and I am sure my experience far outweighs yours for so many reasons.

First, I don't live abroad permanently, I have the advantage of being on both sides which gives me a better understanding and leverage than you.
Rented apartment in Nigeria is not profitable you are very correct with that based on experience too. But not that you will build a house with 40million and collect 500k annual rent that's fallacy, except you built a mansion in your village. House rent in Lagos Mainland (Ikeja, Ajao estate, Anthony, Gbagada, Oshodi, etc) and even Island is not childsplay, you can recoup your investment in like 10 years.

In most of these areas, a 3bedroom flat is rented between 1.5m to 2.8million a year. If you used 100million to build a storey building of 4 flats, if you collect 2.5m per flat multiplied by 4 that is 10million, if you do it for 10 years you have recouped your investment. Rent increase is also rampant in these areas, I speak with experience as one that have....

Buying lands is far more profitable in Nigeria, that is absolutely correct because I do advocate this, and I have mentioned this in my previous comments months or years back here. I also said it here. I say what I do. I advice people based on what I have done not heard. I own lands in various states in Nigeria and I know it's very profitable to buy lands in Nigeria, especially in fast rising city areas.

Now let's go back to mortgage abroad. I have never got one before and dont plan to until I am ready and will definitely be buying outrightly, my elder brothers did so and I follow some of their footsteps because they are highly successful.

I have had a relative got his property foreclosed by bank after he died and wife couldn't meet up, so where is the generational wealth? Mortgage is mortgage you guys should stop painting it otherwise. Abi the various news of foreclosure and stuffs abroad, na ghosts them get those mortgaged houses being foreclosed by banks and lenders abroad? I don't like anything loan; be it house mortgage, car loan, anything loan.

Everything I own, I own them 100% and that is what I advocate and commend. I don't like people that live their life on borrowing and loans. The bank lending you money doesn't love you, they are praying for you to default so they can foreclose your property, that is where and how they make more profit.
Many people abroad lose their mortgage properties to banks and lenders, please tell us why?
I will advice any Nigerian man living abroad to first invest in properties in Nigeria before going into mortgage housing abroad, I stand on my initial advice.
A friend and his wife made instant millions through Lagos property investment (build and sell in Lekki area) during Buhari regime that dollar first got its mad rise.

He and his wife quickly got loan in the country they lived, he came back to Lagos then, bought land and built two semi detached duplexes which they resold twice the loan they got and paid back the loan and owned the second semi detached duplex which they later sold and used the proceeds to enter fully into build and sell on the Island and today they are mega millionaires which he always thank God for that he wouldn't have ever made such money working and investing in abroad in a short period of time.
Being a smart Nigerian with intelligent/honest business friends around gives you an edge to make money from leveraging being abroad as a Nigerian.
Build and sell on Lagos Island made a lot of smart Nigerians living abroad rich overnight while the dull stubborn ones who think life begins and end abroad remain there working their asses off and mortgaging their lives in the name of dull investment idea of going into house mortgage.

There are lots of business ideas you can make so much profit from as a Nigerian living abroad by leveraging your living abroad as a Nigerian if you open yourself up to people in the know, which are far more profitable than going into mortgage to brag to your fellow average fellows that you now own a house, when in reality you don't actually own the mortgage house until you finish paying.

You made great points. Thank you.

- Regarding Lagos, compared to the East which you have been advocating (we know why), recouping one's investments in Lagos is faster than the East.

- Which are the fast growing cities in the South East and South South?

Regarding your friend's story, someone else narrated a similar experience, which makes sense as rents are paid annually or two years rather than monthly. So, yes, that is a good model by leveraging being in the abroad and Nigeria.

Eriokanmi:
I tried not to spill the beans but I think I should...each time I visit Disneyland Adventure in LA, I hardly see blacks not to talk of Nigerians there. Na so so white. One day I asked myself, don't blacks too enjoy life?

There was a day I spotted a blackman. The way we looked at each other was strange. I'm sure he must be thinking...so a blackman like me too is seen here today. Its same experience everywhere in fun and tourist sites. Where are they? You have the answer.

Maybe the concept of visiting such places isn't a black man thing. Also, there are fewer blacks in California compared to say Texas or Georgia.

Gerrard59:


You made great points. Thank you.

- Regarding Lagos, compared to the East which you have been advocating (we know why), recouping one's investments in Lagos is faster than the East.

- Which are the fast growing cities in the South East and South South?

Regarding your friend's story, someone else narrated a similar experience, which makes sense as rents are paid annually or two years rather than monthly. So, yes, that is a good model by leveraging being in the abroad and Nigeria.

Southeast:
Owerri Imo State (1st choice)
Onitsha
Aba (slow land appreciation)
Enugu


Southsouth
Asaba (my preference based on experience)

Portharcourt for those that wish to but I can't invest in Portharcourt.

Eriokanmi:
You're not getting my point. The SA you mentioned, they didn't buy them outrightly, it's on loan. Even students aren't left out over there. There are people here too who can embrace a car loan option but aren't doing so. Apart from the fact that people don't like anything debt, our system isn't made for that yet. Maybe with government orientation on people, those who would prefer to take a loan would embrace that. I remember when I was telling someone about an atm in Nigeria in the 90s. He said thieves would take the money away, that we can't have atms in Nigeria. Today, nobody says that anymore.

I know of a few friends who can afford new cars but prefer to be driving their old but well maintained SUVs. They don't want to get noticed cos of insecurity in town. You can't say someone who owns 2 hotels in lagos eith 3 children can't afford a new car or take a loan for a new one. Orientation needs to change , for those who may consider that. Are you saying Morocco or egypt that you quoted have richer people than Nigeria of over 200m population?

You have made great points in this thread. For the bold, it is largely because of trust. Nigerians are not very honest compared to Africans elsewhere. Ordinary loans by loan apps, Nigerians try to distort the system and outrightly refuse to repay their loans. Then na car loans?

prophetfire:
. You know nothing about how things work in UK. You are just fantasizing.

Oshe Omniknoweth

AngelicBeing:
Chai, Nairaland posters has turned the discussion to Nigerians in Nigeria versus Diasporans, forgetting that the system/ incomes/ purchasing Powers/ minimum wage / earning Powers / taxes in Both climes are million times apart and are not the same

It is actually an exciting discourse. I love it and have "followed" the thread sef. As long as the Internet exists and there exists a growing number of Nigerians in the abroad, we would, and should, get more of these threads. It is a good one, considering Nigerians are not known for being open and honest on financial issues.

I hope to contribute to such topics in the near future.

chyzoo4u:


Your knowledge ends where your exposure ends.

But you have not been open regarding how one can amass enough funds within a year to purchase a property in the UK with cash. That is where the problem is.

chyzoo4u:


Remember I said... "If you know your onions..."

It's beyond onions, the system is govern by many unfavourable rules

franchasofficia:
Southeast:
Owerri Imo State (1st choice)
Onitsha
Aba (slow land appreciation)
Enugu
Southsouth
Asaba (my preference based on experience)

Portharcourt for those that wish to but I can't invest in Portharcourt.

Thank you. In all, building and selling makes sense apart from Port-harcourt where rents rates are appreciable. Except, say, rents in Asaba and Enugu have gone through the roofs. The narrative I get about Onitsha for rents makes me see it as a city filled with poor people.

Gerrard59:


Thank you. In all, building and selling makes sense apart from Port-harcourt where rents rates are appreciable. Except, say, rents in Asaba and Enugu have gone through the roofs. The narrative I get about Onitsha for rents makes me see it as a city filled with poor people.

Yes Onitsha rent is not good for the property owner.

Owerri yes
Enugu yes
Portharcourt I don't know
Asaba yes
Aba rent is almost like Onitsha, not good for property owners but excellent for tenants

Gerrard59:


Maybe the concept of visiting such places isn't a black man thing. Also, there are fewer blacks in California compared to say Texas or Georgia.

There are way more blacks in Cali

christopher123:
Nigerians are better off...people live off credit in Developed world ...Everything credit and that is poverty


Who is rich? the man that buys car cash and walks away or the man that pays the same car for 3 years

The only thing I would say is that our culture and system of buying anything we need; from cars to houses through one-off payment put Nigerians under pressure to make plenty money because there is no room to acquire anything in Nigeria through installment payment spread over a period of time.


This I can agree may have contributed to our high level of corruption, especially among civil servants, politicians and officials.


But as for who is richer? It is the person that buys and pay outrightly of course.


That mortgage system favors the poor and the average people abroad, but our people are making it seem like it is a measure of success, no Sirs and Mas, it is not, oyimbo put that credit system in place to reduce financial pressure on their citizens and to discourage people from indulging in financial crimes to afford the basic things they need in life.

Bongadu:



There are way more blacks in Cali

https://www.keranews.org/2022-08-17/more-black-americans-live-in-texas-than-any-other-state-but-many-are-reconsidering-their-future-here

https://en.wikipedia.org/wiki/African_Americans_in_California

https://en.wikipedia.org/wiki/African_Americans_in_Georgia

https://www.pewresearch.org/social-trends/2021/03/25/the-growing-diversity-of-black-america/

I didn't even check the information before posting it. There are more African Americans in the Southeastern part of the US. So, how can California have more blacks than Texas?

Gerrard59:


You made great points. Thank you.

- Regarding Lagos, compared to the East which you have been advocating (we know why), recouping one's investments in Lagos is faster than the East.

- Which are the fast growing cities in the South East and South South?

Regarding your friend's story, someone else narrated a similar experience, which makes sense as rents are paid annually or two years rather than monthly. So, yes, that is a good model by leveraging being in the abroad and Nigeria.

Port Harcourt
Enugu
Anambra
Owerri
Uyo

HBB1:



His life.
His choices.

When he buys a million pound house, he will rent a billboard.

If he wishes to do that, it’s his money

Gerrard59:


But you have not been open regarding how one can amass enough funds within a year to purchase a property in the UK with cash. That is where the problem is.

Cyber crime

Gerrard59:


https://www.keranews.org/2022-08-17/more-black-americans-live-in-texas-than-any-other-state-but-many-are-reconsidering-their-future-here

https://en.wikipedia.org/wiki/African_Americans_in_California

https://en.wikipedia.org/wiki/African_Americans_in_Georgia

https://www.pewresearch.org/social-trends/2021/03/25/the-growing-diversity-of-black-america/

I didn't even check the information before posting it. There are more African Americans in the Southeastern part of the US. So, how can California have more blacks than Texas?

Bloated link , anyone can write bloat and post

Texas na just spics and white peeps with little bit africans

Cali and Atlanta have more blacks than Texas


You hardly see a black person in east Texas

chyzoo4u:


Your knowledge ends where your exposure ends.

Exactly i have family members in UK. Me myself no even bother with Japa to UK of all place.

It just shows you have no knowledge of things you are talking. You think say you sabi work hard lol. Na UK you go know there are levels to working hard, just dey play

Aguiyimba:


Full payment or mortgage?

Which one do you have or own?
What do you know about mortgage?
Do you own a house in your name?

Some Nigerians are selling houses, cars and land they have no loans or mortgage on to buy tickets and visas. Is this being naive or gullible?

You then celebrate from abroad to Nigerians at home that you own a house in less than two years.

Fail to pay mortgage or taxes, you will find out who own your house.

Bongadu:


Bloated link , anyone can write bloat and post Texas na just spics and white peeps with little bit africans

Cali and Atlanta have more blacks than Texas You hardly see a black person in east Texas

Yeah, I should believe one random Bongadu, not Pew Research?

Clap for yourself!

descarado:

Why are you so bitter?
Extremely bitter.

No be online people put you for your condition.
E go better

Which condition your papa dey? Cab driver claiming Million Dollars. You were rude first yet you did not tag yourself bitter. Can't take what you dish? Typical.

Gerrard59:


Yeah, I should believe one random Bongadu, not Pew Research?

Clap for yourself!

Don't believe me , travel out there and see it with your koro koro eyes

jara:
Some Nigerians are selling houses, cars and land they have no loans or mortgage on to buy tickets and visas. Is this being naive or gullible?

You then celebrate from abroad to Nigerians at home that you own a house in less than two years.

Fail to pay mortgage or taxes, you will find out who own your house.

*** even if the house get repossessed as a result of not meeting up the payment.. your equity on the house is still guaranteed ** if you plan to stay in abroad for a long time and have the resources, go for mortgage first because in renting a house/ apartment abroad, u may be helping another person to offset his mortgage *** Rent money na dead money in abroad ***

Gerrard59:


It is actually an exciting discourse. I love it and have "followed" the thread sef. As long as the Internet exists and there exists a growing number of Nigerians in the abroad, we would, and should, get more of these threads. It is a good one, considering Nigerians are not known for being open and honest on financial issues.

I hope to contribute to such topics in the near future.

Again you are wrong. Nigerians find justification for anything before they reason out the modalities.

If you have loads of Naira buried in the graveyard to take to bureau du change or the opportunity to corner an allocation, you may be right. This is not most Nigerians that Japa.

Decision whether to buy or rent depends or credit record, how much you are paying in rent, the down payment which deter many people, where you are buying and how small or big the house is.

This is why the children of home owners with very high incomes than their parents ever earned cannot move out of their parents' basement.


.

Rapitex:

*** even if the house get repossessed as a result of not meeting up the payment.. your equity on the house is still guaranteed ** if you plan to stay in abroad for a long time and have the resources, go for mortgage first because in renting a house/ apartment abroad, u may be helping another person to offset his mortgage *** Rent money na dead money in abroad ***

Gerrard59:


Thank you for the breakdown. Nigerian men are emotionally tied to the country yet are not interested in ensuring it is a functioning place to live.

Financial illiteracy is worrying. This should be taught in schools.

shaybebaby:

@ first bolded: just because you are not financially savvy does not mean everyone else should be like you.

Debt can be used to build wealth..if you know how, in certain instances. In some instances, if you have the cash outright, it is BETTER to take on the debt. For example:

Today in the Uk :Say you have a £100k cash lying around but you need a £100k mortgage to buy your house. Mortgage rate is 4.5% fixed for 2 years. And you can get 5.5% on fixed 2 year saving product, please tell me would you pay cash outright or not?

You missed my point. Nigerians like you will cringe at the mention of mortgage while in Nigeria.
However, you fight any Nigerian who disparage mortgage in the UK and USA as not being financially savvy.
How does mortgage appeal to you in the UK but not in Nigeria?

jara:
Again you are wrong. Nigerians find justification for anything before they reason out the modalities.

If you have loads of Naira buried in the graveyard to take to bureau du change or the opportunity to corner an allocation, you may be right. This is not most Nigerians that Japa.

Decision whether to buy or rent depends or credit record, how much you are paying in rent, the down payment which deter many people, where you are buying and how small or big the house is.

This is why the children of home owners with very high incomes than their parents ever earned cannot move out of their parents' basement.


.

** Mortgage in abroad is not meant for everyone.. if you are eligible for mortgage in abroad have stable income abroad, can afford your monthly repayment, have down payment. It has several advantages over renting mainly if you are staying in abroad for a long time. This wouldn’t stop you from investing back home thereafter

Eriokanmi:
Cos standard of living isn't same. What the 10m man would do with that money here would not do anything over there. We pay less taxes here, pay cheap accommodation fee on much better facilities here than they do over there. Check out a 2 bed apartment price in Ikeja yearly. That's what they pay for rent monthly over there.

Do you have 24/7 electricity? Or heat is finishing you at night?