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 can buy a house in six months if you're paying cash or putting down close to 60% down payment. But typical 20% nah that ain't happening

IbeOkehie:


And which Nigerians could afford ₦5,000 in 1979? In 1990 my parents were teachers with University degrees. Their combined income was ₦1,000 per month. Meanwhile as I've said, a Nigerian teacher in the USA owns a near identical house on the same street since 1986.

Lagos may be the best place to buy real estate in Nigeria. Baltimore is one of the worst metro-areas to buy in the USA.

I added something else to my thesis...the investment in Lekki was undeveloped land abi? So it never earned any rent.

If the Nigerian had a chance to buy that home in Baltimore he could have rented it out and had the tenants pay for it. Think about that.

But the bolded. Nigerians pay lots of tax...to the local chief or Omonile. They pay vigilante people for security. They pay bribes to police at checkpoints.

Here in the USA if you rent out a house guess who pays the tax? It ends up on the tenant as long as it's rented.

There was a recent thread here on Nairaland where an Oba went around claiming peoples property. And it's not safe for an Igbo man to own property in Lagos State now.

So you don't know anyone that lost property they paid for in Nigeria? Well I know many such people. In all my time in the USA it has never happened. That's why Festus Keyamo and Tinubu's children own homes in the USA.

Just do the calculations. Numbers don't lie. They amply illustrate why Nigeria is the Poverty Capital of the World

Good Luck to Nigerians.

Which American could afford $90k in 1979? As at 1979, the Gowon govt had implemented certain reforms that ensured civil servants in Nigeria could own cars, land and other such properties. The Udoji awards in 1972 changed the status of civil servants for good.

The fact that the land in Lekki was undeveloped also shows that the owner incurred minimal cost in terms of building, maintenance and associated taxes. Houses depreciate over time. It is land, a fixed asset that appreciates NOT the house built on it. A three bedroom flat built in the 90s will attract lower rent than one built in the 2000s.

All this talk of omo onile is exaggerated. Omo onile can't do nada for a land with C of O and the right documents. The highest they can do is get money from you while building just to prevent cases of theft and arson but they have no business with your house once completed. Ditto the Oba. In the US system, you pay tax on those properties till you die!!

You're not correct. Property tax is paid by the owner of the property not the tenant. Even undeveloped land in the US attracts property tax. Who pays that? The trees? US property laws makes tax payable by the deed owner not a tenant.

Like I already told you and someone else here, the reason why our elites chose to acquire properties abroad is due to their corrupt dealing which demands that they hide the monies and of course, how they've pummelled naira value over the years. If naira could maintain same rate it had in the 70s and 80s against other currencies till now, no one, not even you will see acquiring properties overseas as a good thing. As a matter of fact, it is only African leaders and elites that I know who go about buying properties all over the world in different places. The motivation for that is usually to hide stolen wealth and not necessarily making business decisions.

Take Keyamo for example. His claim when the house he bought came to the fore is that he bought the house with money that's been lying in his account before he became minister. In other words, he suddenly got tired of seeing the money in his account and decided to invest it not in Nigeria but abroad. Anyone who believes that nonsense needs a knock on the head.

Kukutenla:

Which American could afford $90k in 1979? As at 1979, the Gowon govt had implemented certain reforms that ensured civil servants in Nigeria could own cars, land and other such properties. The Udoji awards in 1972 changed the status of civil servants for good. I'm

The fact that the land in Lekki was undeveloped also shows that the owner incurred minimal cost in terms of building, maintenance and associated taxes. Houses depreciate over time. It is land, a fixed asset that appreciates NOT the house built on it. A three bedroom flat built in the 90s will attract lower rent than one built in the 2000s.

All this talk of omo onile is exaggerated. Omo onile can't do nada for a land with C of O and the right documents. The highest they can do is get money from you while building just to prevent cases of theft and arson but they have no business with your house once completed. Ditto the Oba. In the US system, you pay tax on those properties till you die!!

You're not correct. Property tax is paid by the owner of the property not the tenant. Even undeveloped land in the US attracts property tax. Who pays that? The trees? US property laws makes tax payable by the deed owner not a tenant.

Like I already told you and someone else here, the reason why our elites chose to acquire properties abroad is due to their corrupt dealing which demands that they hide the monies and of course, how they've pummelled naira value over the years. If naira could maintain same rate it had in the 70s and 80s against other currencies till now, no one, not even you will see acquiring properties overseas as a good thing. As a matter of fact, it is only African leaders and elites that I know who go about buying properties all over the world in different places. The motivation for that is usually to hide stolen wealth and not necessarily making business decisions.

Take Keyamo for example. His claim when the house he bought came to the fore is that he bought the house with money that's been lying in his account before he became minister. In other words, he suddenly got tired of seeing the money in his account and decided to invest it not in Nigeria but abroad. Anyone who believes that nonsense needs a knock on the head.

l agree with your submissions here

Eriokanmi:
You just watch your income vanish even before collecting it. We're actually richer than most of them but na greed dey worry us for naija.

We build our own house with our money, no mortgage. We buy our own cars with our money, no need to worry or thinking about APR all the time, still buy air tickets and travel to where they love but they dare not travel as frequently as we do cos they've got bills to pay. Now tell me, who's richer?

Not from where I am sitting down here in South Florida, Quality of life is not judged by the number of breath we take in this world but by the number of places we have visited that took our breath away. There is no way my life would have been better had I stayed in that Country. No university would give me admission despite scoring B grades in Physics Chemistry Mathematics and Biology but not having a C in English was the roadblock. Today I work from my 5 bedrooms, 4 baths paid-off house in Fort Lauderdale Florida, and still making high six figures even in semi-retirement, Graduated with a bachelor's degree in Electronics Engineering from the University Of Illinois Circle, Chicago, and a Master's in Information Systems from the University of Michigan, Ann Arbor. I Design/Write web-based ERP business applications. In my spare time, I enjoy sport fishing, going to a shooting range, and traveling all over the world with my wife. Like I always say not too shabby of a life for a guy from Odesa, in Ijebu Ode. I love Nigeria don't get me wrong with a strong emphasis on LOVE, but partner I won't trade place with anybody in Nigeria.

And I quote:

'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...."

This is for a perfect case scenario. It's hypothetical and it doesn't work In real life if you factor in INFLATION

So in 10 years, you might not get your #100million initial capital charging #2.5 million for four flats

Bag of rice was #30k around 2019 or thereabout and beans price gave a close marking.
But a bag of rice is now #60k as of 2024.

SO WHAT HAPPENED SIR.

Rice did not become more RICEFUL and beans did not suddenly become more BEANSFUL.
like the beans we are eating now is the same beans our forefathers ate. It's not like it's now chocolate beans or something

So what happened to the prices of then and now

that's INFLATION

Inflation is not the increase in price of goods in the market.
INFLATION is the reduction in purchasing power of money as it's value keeps reducing due to it being plenty in circulation.

Inflation is not the price of goods in the market going up. It is the value of money going down.

There is too much money in circulation sir and there is not a lot of local production to back it up

AND GUESS WHAT Sir

The government is about to increase the minimum wage. Meaning more money in circulation with less of local production and the price of goods will now act as A SPONGE to absorb the plenty money in circulation. That's the reason price of goods in the market rises


So Sir, please factor in inflation to your calculations and when you do, you will find out that

1) It will take longer to recuperate your initial #100 million

You are seeing it as " invest #100 million and make back #100.million as initial capital" but that's wrong

It's gonna be " invest #100 million and make back #200 million as initial capital"

Simply because your #100 million of 2024 will now be #200 million of 2034.

Your money did not become more bigger. It just lost value thereby making it look plenty

2) There is a difference between MAKING PROFITS FROM A BUSINESS and HEDGING AGAINST INFLATION

Most business like land and houses and gold and crypto are just hedging against inflation. Because plenty money in circulation and their gold, crypto, land etc will then act as a SPONGE to absorb the plenty money in the economy

I implore you to Refer to my WEALTH SERIES for more context. Its easily Accessible on my profile topics

Here's just part 1 https://www.nairaland.com/8049624/wealth-series-pt-1-inflation
Goodluck!

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.

AngelicBeing:
l agree with your submissions here

Note also that Keyamo made an outright payment for that house in the US. Our friends here who glamorize mortgage live and work in the US but they can't buy or build a house outright not because they don't want to but simply because they can't afford to.
So taking mortgage to own a house in the US is not basically a business idea but a survival strategy. If most Nigerians who live in the USA had a choice, they won't take it.

Kukutenla:

So taking mortgage to own a house in the US is not basically a business idea but a survival strategy. If most Nigerians who live in the USA had a choice, they won't take it.

This is more a stage of life question. At this point in my life my major consideration is ROI. I've run the numbers. Also I have the real life experience. Most people are better off investing $100K or any money in the USA than in Nigeria. This is why FDI into Nigeria is sinking like a rock. Just the facts.

In fact the major reason why diasporans invest into Nigerian real estate and sometimes other businesses is SOCIAL CAPITAL. To make name, earn respect from friends and relatives living in Nigeria. At some point in life you grow out of that. Nigeria is a Zoo, there's nothing to prove to anyone there.

Kukutenla:

Which American could afford $90k in 1979?

The fact that the land in Lekki was undeveloped also shows that the owner incurred minimal cost in terms of building, maintenance and associated taxes. Houses depreciate over time. It is land, a fixed asset that appreciates NOT the house built on it.

All this talk of omo onile is exaggerated. Omo onile can't do nada for a land with C of O and the right documents. The highest they can do is get money from you while building just to prevent cases of theft and arson.

You're not correct. Property tax is paid by the owner of the property not the tenant. Even undeveloped land in the US attracts property tax. Who pays that? The trees? US property laws makes tax payable by the deed owner not a tenant.

If naira could maintain same rate it had in the 70s and 80s against other currencies till now, no one, not even you will see acquiring properties overseas as a good thing.

Long and wrong argument.

In 1986 an immigrant Nigerian teacher and nurse could afford the property in Baltimore. Going by the salaries of my own parents who were teachers in Nigeria, they might not be able to afford that land in Lekki.

Omo nile is not exaggerated. Government seizing your land is a risk. Land Use Act is there. And most people would prefer not to deal with such threats and uncertainty. And it's equivalent to USA tax.

Renters pay the property tax in the USA as part of their rent. This is common sense. Also our comparison here is between empty land in Lekki and a house in Baltimore.

Houses go up in value in the USA, generally.

And your last point just made me . Naira value is part and parcel of the consideration that goes into making decisions about Nigeria. This is the MAIN reason investing in Nigeria is generally a loser for Nigerians living abroad.

In1979 naira was maybe 2/$, in 1990 it was 5/$, in 2014 it was 200/$ today it's 1400/$. By 2040 it might be 3000/$. Wetin again?

Dear Sir, just run the numbers.

According to you, ₦5,000 invested in Lekki land in 1979 would be worth ₦100 million today. This means ₦15,000 invested there would be have grown to ₦300 million. Lekki is one of the best places in Nigeria for real estate investment in Nigeria.

I provided a website with real, official data making a case that ₦15,000 invested in a Baltimore home in 1979 is worth ₦500 million today. Baltimore is one of the worst cities for real estate investment in the USA.

The percentage gain on capital is higher in Baltimore than in Lekki. Case closed.

snowland:
How much is the mortgage?

That's what's always lacking is this type of story.

These things aren't secret anymore, at least in the US and UK. Just use Zillow. Research government real estate records to find taxes paid. Look up current interest rates.

Not hard at all.

Good Luck to Nigerians.

In my place anyi na akpo udi mmadu ya ....OFEKE

franchasofficia:
ofukwara for real oh, Igbo e lose go ofu dimkpa, Ndi Igbo ndo nu oh

WHERE IS 3 BED 2.8 MILLION IN NIGERIA......IS IT DUPLEX

IAmHim1:
And I quote:

'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...."

This is for a perfect case scenario. It's hypothetical and it doesn't work In real life if you factor in INFLATION

So in 10 years, you might not get your #100million initial capital charging #2.5 million for four flats

Bag of rice was #30k around 2019 or thereabout and beans price gave a close marking.
But a bag of rice is now #60k as of 2024.

SO WHAT HAPPENED SIR.

Rice did not become more RICEFUL and beans did not suddenly become more BEANSFUL.
like the beans we are eating now is the same beans our forefathers ate. It's not like it's now chocolate beans or something

So what happened to the prices of then and now

that's INFLATION

Inflation is not the increase in price of goods in the market.
INFLATION is the reduction in purchasing power of money as it's value keeps reducing due to it being plenty in circulation.

Inflation is not the price of goods in the market going up. It is the value of money going down.

There is too much money in circulation sir and there is not a lot of local production to back it up

AND GUESS WHAT Sir

The government is about to increase the minimum wage. Meaning more money in circulation with less of local production and the price of goods will now act as A SPONGE to absorb the plenty money in circulation. That's the reason price of goods in the market rises


So Sir, please factor in inflation to your calculations and when you do, you will find out that

1) It will take longer to recuperate your initial #100 million

You are seeing it as " invest #100 million and make back #100.million as initial capital" but that's wrong

It's gonna be " invest #100 million and make back #200 million as initial capital"

Simply because your #100 million of 2024 will now be #200 million of 2034.

Your money did not become more bigger. It just lost value thereby making it look plenty

2) There is a difference between MAKING PROFITS FROM A BUSINESS and HEDGING AGAINST INFLATION

Most business like land and houses and gold and crypto are just hedging against inflation. Because plenty money in circulation and their gold, crypto, land etc will then act as a SPONGE to absorb the plenty money in the economy

I implore you to Refer to my WEALTH SERIES for more context. Its easily Accessible on my profile topics

Here's just part 1 https://www.nairaland.com/8049624/wealth-series-pt-1-inflation
Goodluck!

sulaak:


They have a mortgage with a 10% deposit and monthly repayment. However, they do not own the house outright and cannot make modifications to it without consulting the banks that really own it.

Totally false. The deed of Trust is in your name but the Mortgagee is the Banker. You can make modifications without asking the lender's permission unless you're borrowing more money to do the modifications.

franchasofficia:
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.

I agree with you on the system of buying everything in cash from homes to cars as a heavy contributor to high level of corruption, however, I disagree a little bit on the civil servants parts. Many years ago, civil servants were and are able to obtain mortgages on their homes using Federal National Mortgage Bank with deductions coming from your salaries monthly. The credit system is what we desperately need in Nigeria, although some Nigerians hates paying back loans. Who can afford to pay for a whole house in one swoop unless corrupt, yahoo etc?

christopher123:
@IbeOkehie , franchasofficia , Kukutenla, WhiteWood



GOVERNMENT CAN TAKE YOUR LAND IN USA AND MANY COUNTRIES OF THE WORLD, SO YOU PEOPLE SHOULD STOP ALL THESE LIES. IT IS CALLED EMINENT DOAMIN LAWS. ALSO YOU DONT CLAIM YOU OWN A MORTGAGE HOUSE UNTIL YOU FINISH PAYING IT, MORTGAGE IS LIKE LIVING ON BORROWED TIME, INTEREST CAN RAISE ANYTIME AND YOU MUST PAY, FAILURE TO DO SO, - FORECLOSURE LIKE IN CARS IT IS REPO!


Eminent domain (United States, Philippines), land acquisition (India, Malaysia,
Singapore), compulsory purchase (Ireland, United Kingdom), resumption (Hong Kong, Uganda), resumption/compulsory acquisition (Australia, Barbados, New Zealand, Ireland), or expropriation (Canada, South Africa) is the power to take private property for public use. It does not include the power to take and transfer ownership of private property from one property owner to another private property owner without a valid public purpose.
This power can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are authorized to exercise the functions of public character.


The most common uses of property taken by eminent domain have been for roads, government buildings and public utilities. Many railroads were given the right of eminent domain to obtain land or easements in order to build and connect rail networks. In the mid-20th century, a new application of eminent domain was pioneered, in which the government could take the property and transfer it to a private third party for redevelopment. This was initially done only to a property that has been deemed "blighted" or a "development impediment", on the principle that such properties had a negative impact upon surrounding property owners, but was later expanded to allow the taking of any private property when the new third-party owner could develop the property in such a way as to bring in increased tax revenues to the government.

Some jurisdictions require that the taker make an offer to purchase the subject property, before resorting to the use of eminent domain. However, once the property is taken and the judgment is final, the condemnor owns it in fee simple, and may put it to uses other than those specified in the eminent domain action.

Takings may be of the subject property in its entirety (total take) or in part (part take), either quantitatively or qualitatively (either partially in fee simple or, commonly, an easement, or any other interest less than the full fee simple title).

Please stop misleading folks here especially on your capitalized wordings. Mortgage rates do not go up and down UNLESS you have what they call ARM (Adjustable Rate Mortgages) which are tied to FHLB (3-5-10year Federal Home Loan Bank rates) or Prime rates. Once you have a fixed 15 or 30 year mortgages, your rates stay put what changes are your home owner insurance policy and county or local taxes which is based on the evaluation of your house or what is referred to as tax basis evaluation. Many people dispute the value in courts to lower the value of their house, therefore, avoid higher taxes but will want a higher value when selling.

franchasofficia:
You are very correct that real estate property investments are safer in USA than in Nigeria, who would argue that? Only a mad man I guess


I am definitely going to own one in the US before year 2035, but it won't be through mortgage, I will buy outrightly.

Real estate is safer in the USA because of what is called Title Insurance usually issued by Lawyer's Title, Stewart Title (attorneys) Insurance companies. They'll do what its called Abstract Title by going to the court house to research the chain of title to the property you are buying and if there are any liens (other mortgages, judgements etc) on the property which must be satisfied before closing. The title insurance will make sure that you'll be getting a free and clear property before the bank you are financing with will then slap their lien and record such with real estate land records in your county.

To your other point about buying a property outright in the US you better make sure that they can confirm your source of funds for such cash such as business sources, in heritance and so on. Read Patriot acts and Money laundry

safariman:


Real estate is safer in the USA because of what is called Title Insurance usually issued by Lawyer's Title, Stewart Title (attorneys) Insurance companies. They'll do what its called Abstract Title by going to the court house to research the chain of title to the property you are buying and if there are any liens (other mortgages, judgements etc) on the property which must be satisfied before closing. The title insurance will make sure that you'll be getting a free and clear property before the bank you are financing with will then slap their lien and record such with real estate land records in your county.

To your other point about buying a property outright in the US you better make sure that they can confirm your source of funds for such cash such as business sources, in heritance and so on. Read Patriot acts and Money laundry

Definitely, I am not a politically exposed person, so I have nothing to do with money laundering lol

christopher123:
@IbeOkehie , franchasofficia , Kukutenla, WhiteWood
GOVERNMENT CAN TAKE YOUR LAND IN USA AND MANY COUNTRIES OF THE WORLD, SO YOU PEOPLE SHOULD STOP ALL THESE LIES. IT IS CALLED EMINENT DOAMIN LAWS. ALSO YOU DONT CLAIM YOU OWN A MORTGAGE HOUSE UNTIL YOU FINISH PAYING IT, MORTGAGE IS LIKE LIVING ON BORROWED TIME, INTEREST CAN RAISE ANYTIME AND YOU MUST PAY, FAILURE TO DO SO, - FORECLOSURE LIKE IN CARS IT IS REPO!

I've taken time to study this issue of eminent domain. Use of eminent domain in USA is NOT the same as the government exercise of ownership rights in Nigeria. Anyone can go read the relevant laws or scholarly articles online.

(1) The Land Use Act in Nigeria specifically allows government to unilaterally determine fair compensation when the occupier is forced to vacate. Have you ever read where anyone was given compensation for land taken by government in Nigeria? Even indigenes of Abuja and FCT are still in court trying to get compensation.

(2) The USA Constitution requires that government pay fair MARKET price as compensation to the owner of land that is taken for eminent domain.

That's the difference between Certificate of Occupancy and Title of Deed.

And then real estate taxes. Of course the land is taken if taxes aren't paid. What's the big deal? Taxes are paid so the government PROTECTS ownership of property. Without it anyone can just walk up to your house or land and take it as can happen in Nigeria.

Interest rate - most mortgages in the USA are fixed rate. Even the Adjustable Rate Mortgages can be fixed at any time by paying a fee depending on the value of the home.

By the way, I've lived in USA for over 30 years and I don't know a single Nigerian that has been forced out of their primary home because they couldn't pay mortgage. Not one.

I do know a few that had trouble paying during the 2007 financial crisis but guess what? The government helped them out and they kept their houses. People pay their mortgage the same way they pay their rent, it's a BASIC expense everywhere including Nigeria...most families in urban areas of Nigeria, say the largest cities in each State... DO NOT own their homes, they rent.

You're welcome.

Good Luck to Nigeria.

https://www.tiktok.com/t/ZTLH41ddT/

For people that have TikTok. Watch this and read the comments of those under the thread. Many already have hundreds of thousands in equity after owning for some years.

Don’t let anyone stuck in the financial mentality of the stone ages discourage you.

safariman:


Please stop misleading folks here especially on your capitalized wordings. Mortgage rates do not go up and down UNLESS you have what they call ARM (Adjustable Rate Mortgages) which are tied to FHLB (3-5-10year Federal Home Loan Bank rates) or Prime rates. Once you have a fixed 15 or 30 year mortgages, your rates stay put what changes are your home owner insurance policy and county or local taxes which is based on the evaluation of your house or what is referred to as tax basis evaluation. Many people dispute the value in courts to lower the value of their house, therefore, avoid higher taxes but will want a higher value when selling.

son, learn

Mortgage rates may continue to rise in 2024. High inflation, a strong housing market, and policy changes by the Federal Reserve have all pushed rates higher in 2022 and 2023.The possibility of declining mortgage rates keeps fading. Blame a still-booming U.S. economy, and stubborn inflation.

To be clear, mortgage rates are not set directly by the Fed, but by investor appetite, particularly for 10-year Treasury bonds, the leading indicator for fixed mortgage prices. That can lead to intense rate swings — they soar on news of Fed hikes, then plummet in anticipation of a cut.

Mortgage rates are also chained to inflation, a metric the Fed has been moving to control. While most Fed members still expect three rate cuts this year, one regional Fed president now is predicting just one rate cut in 2024.

Mortgage rates are running at a 22-year high, crimping a housing market already squeezed by high prices.The rise in rates has cooled demand for homes, with sales of existing homes down sharply from last year. And sellers who locked in low rates during the pandemic are reluctant to put their homes on the market because they fear they will not be able to find a comparable rate when they become buyers.

Mortgage rates are influenced by a number of factors, most beyond our control. The biggest driver is the bond market, but there’s more to it than that, said Melissa Cohn, regional vice president at William Raveis Mortgage, a real estate lender.


Try and learn son

Dude it is same and stop playing around,,,oga Governments have the authority to take away private property for public use through a process called eminent domain. This power is typically balanced by the requirement to provide just compensation to the property owner. The idea behind eminent domain is that sometimes the government needs to use private property for projects that benefit the public, such as building roads, schools, or other infrastructure. However, this power is not unlimited, and property owners do have rights and legal protections to ensure fair treatment in the process. These protections vary by country and jurisdiction, but they generally include the right to challenge the taking and to receive fair compensation for the property.

This is when the government wants your property “for the public good”, but in this case, they do have to compensate you with a “fair market” price. For example, it the government wants to build a road through your house, and you refuse to sell it, they can force you to sell, and you can’t stop them.

IbeOkehie:


I've taken time to study this issue of eminent domain. Use of eminent domain in USA is NOT the same as the government exercise of ownership rights in Nigeria. Anyone can go read the relevant laws or scholarly articles online.

(1) The Land Use Act in Nigeria specifically allows government to unilaterally determine fair compensation when the occupier is forced to vacate. Have you ever read where anyone was given compensation for land taken by government in Nigeria? Even indigenes of Abuja and FCT are still in court trying to get compensation.

(2) The USA Constitution requires that government pay fair MARKET price as compensation to the owner of land that is taken for eminent domain.

That's the difference between Certificate of Occupancy and Title of Deed.

And then real estate taxes. Of course the land is taken if taxes aren't paid. What's the big deal? Taxes are paid so the government PROTECTS ownership of property. Without it anyone can just walk up to your house or land and take it as can happen in Nigeria.

Interest rate - most mortgages in the USA are fixed rate. Even the Adjustable Rate Mortgages can be fixed at any time by paying a fee depending on the value of the home.

By the way, I've lived in USA for over 30 years and I don't know a single Nigerian that has been forced out of their primary home because they couldn't pay mortgage. Not one.

I do know a few that had trouble paying during the 2007 financial crisis but guess what? The government helped them out and they kept their houses. People pay their mortgage the same way they pay their rent, it's a BASIC expense everywhere including Nigeria...most families in urban areas of Nigeria, say the largest cities in each State... DO NOT own their homes, they rent.

You're welcome.

Good Luck to Nigeria.

Aguiyimba:


Fake life on point

Did anyone stop you from living your own "fake life"?

ffo:


Did anyone stop you from living your own "fake life"?

Ndi audio

shaybebaby:

Whatever helps you sleep at night. Invest in Nigeria all you want. Your money your choice.

There are many ways to skin a cat.

helo.i hav a Quick questions please & i dont want stress..
Do u hav yansh or not please??(no oofencsece)

I'm here to read comments

Mcslize:


ariesbull will never see all these good testimonies o.

it's mortgage

https://twitter.com/AfamDeluxo/status/1786107122045874543?t=sxMmjVQ3DxcTWWeK1Z9Ksw&s=19

The poster in the video advises Africans to first own a property in the US (the UK could be a substitute based on this thread) before doing so in one's home country. As a resident in the abroad, the numbers support him. Own a property in the abroad FIRST before a property in your country.

Cc: IbeOkehie; franchasofficia

Exactly! He makes very good sense.

Gerrard59:
https://twitter.com/AfamDeluxo/status/1786107122045874543?t=sxMmjVQ3DxcTWWeK1Z9Ksw&s=19

The poster in the video advises Africans to first own a property in the US (the UK could be a substitute based on this thread) before doing so in one's home country. As a resident in the abroad, the numbers support him. Own a property in the abroad FIRST before a property in your country.

Cc: IbeOkehie; franchasofficia

This has been the situation for DECADES.

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/

Good Luck to Nigerians.

descarado:



I will never be bitter to people I don't know, not worth it.
A lady.

Life is too short for bitterness.
My dad is late. Such a loving man that taught me how to not allow people and events dictate my life.
My post was actually out of concern albeit forceful.
Take care

Easy for to say "I will never be bitter" yet easier to tag someone you know nothing of as bitter. Take care.

Good move.