My love for naija ehh no get part two, if u see me abroad na business carry me come.

Digmygold:


"Ownership" is a facade created by the lender to make you believe same. If you owned it, you won't ever be able to lose it to foreclosure. You keep calling it an INVESTMENT. So people don't sometimes lose on investments bah? Dey play.

Can't bring yourself to say it eh? Lol

shaybebaby:
[/b]

Do not own outright: True. It is OWNED WITH A MORTGAGE.

Cannot make modifications without notifying the bank: FALSE. Except ofcourse the modification is also being financed by the bank.

Any external and structural modification of a property must be accompanied by a full survey, architect design and structural design that will be reviewed by the bank and approved by the local council.

If you don't own a property outright, then you don't have permission to alter that property.

Resurgent2016:


Even as a mortgage, his current equity in the property will likely buy him a decent house in Nigeria outright. Still tells you that a good system rewards effort

What do u mean by his current equity will still buy him a decent house in Nigeria.

shaybebaby:

Can't bring yourself to say it eh? Lol

Say what?!

Dear Reno
Please explain to us how you could afford the lifestyle you currently live. How did you make the money you used to buy US and UK houses and a fleet of classic cars, marry a foreign wife, and sustain a family abroad? The only known history of your employment is being a former aide to the former vice president AA and President Jo. Let's peg your salary in those positions to N250,000 per month. Multiplying N250,000 with 16 years gives N4,000,000. N4,000,000 is not enough to buy one of the classic cars you flaunted on this page some time ago. Are you a covert public funds looter deceiving your followers as a righteous pastor? Please kindly elaborate on these as you usually do.

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.

sulaak:


You cannot make [b]external modifications [/b]to your property unless you acquire approval from the banks and local council.

Local Authority is a given. That applies whether mortgaged or not it.

Banks? I think it depends on the lender and your mortgage agreement.

Here's a link to barclays page talking about home improvement, whilst it mentions local authority permission, it does not mention that permission would be required from them.

https://www.barclays.co.uk/mortgages/guides/cost-of-major-renovations/

I'll admit I cannot say definitively one way or another, never had to do external structural works on my property.

Digmygold:


Say what?!

Who the owner is?

muyico:
mortgage loan!

Honorable off your mic

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?

You're absolutely correct. A Middle Class in Nigeria is better than a middle class in abroad. You can play around the non functioning system. Maybe The lowest class n abroad is better than the lowest class in Nigeria because of their government support programs.

franchasofficia:
My sister, as a Nigerian lady living abroad you are, mortgage is very good for you, you need to acquire more of it. I have no argument at all, you are in the right path, well done sis

Thank you.

So far I've used 95% of the mortgage acquired on my first property, to climb up the ladder to a property worth twice my first property, whilst the mortgage is less than 50% of the new property.

Congratulations 🎉 to them all

franchasofficia:
My point is, acquiring a family residential house abroad via mortgage is not something any sensible person should broadcast or brag about. And if you must tell such story, please be honest enough to say it as it is that "you just acquired a mortgage house" so that Nigerians in Nigeria will not be deceived into thinking that Bose, Emeka, Tijani, Nnamdi have acquired a 100% purchased house in US or UK just as it's done in Nigeria, before they go and commit suicide out of envy not knowing that Emeka ati Tijani has mortgaged his income for the next 25 years or something



And my final point is meant for married Nigerian men abroad. Don't acquire a mortgaged home abroad except you have invested well in Nigeris, e get why

you sound like someone who is jealous or full of hate. are you saying it's impossible for a nigerian couple to fully own a house in uk so only in nigeria they can own a house?

i guess you're the one who wants to commit suicide of envy, you'e fooled yourself into thinking people go abroad to suffer. hehe, you can go ahead and kill yourself no one is stopping you.

headboyprince:
you sound like someone who is jealous or full of hate. are you saying it's impossible for a nigerian couple to fully own a house in uk so only in nigeria they can own a house?

i guess you're the one who wants to commit suicide of envy, you'e fooled yourself into thinking people go abroad to suffer. hehe, you can go ahead and kill yourself no one is stopping you.

Hahahahahahaha, odiegwu

MrBrownJay1:
if they both have a full time job, within 24months of good credit, they can easily get a mortgage and buy a house in the UK....nothing special here.
REMEMBER, the house will only truly be "yours" 20/30yrs down the line after you finish repaying the mortgage (until then, the house belongs to the bank).

.

Credit History is considered if your name has been on the electoral system for over three years. Other factors of financial stability are considered. And more importantly, the amount of your deposit towards your desired property would help the bank to evaluate your application.

Buying property in England for an immigrant, put aside, a UK citizen is not as straightforward as a novice thinks... In summary, a consistent immigration status, financial stability built with a good salary paying job, financial deposits, and a good credit history with your name on the electoral system for a few years more than 24 months. Anything less than this must be explained explicitly to cross-check the authenticity of your testimony.

Mortgage is there to pay. Congrats.

Hezzyluv:


Enlighten us to learn.

Wow, best comment from a Nigerian all year round.

Mak her wife no com chase him out of the hse las las

mediclife1987:


I'm a medical doctor currently thinking of either opening a hospital business- starting with a pharmacy, then building it up from there OR just using the money to jejely JAPA out of this country, cos the way Naija dey go no understand me again oh

I understand you. Why not engage in a group practice? Pull some trusted colleagues together and build a hospital. You may set up an ICU or a theatre for other colleagues to use and pay you buy a ventilator and rent out. Read about The Premier Specialists' Medical Centre @VI. Group practice pays if you can't afford to build singly.

SIRTee15:


Let me ask U a question? With all your bragging, how many new cars are sold in Nigeria every year?

I'm not bragging. Its a reality. You may ask insurance companies that question or auto dealers. They'd tell you how many. Once a car is launched by the car manufacturer, in a matter of months, you'd see it on the Nigerian roads. The buyers don't go for APR wahala. They paid 100% , but over there, they spread payments with interests.

donogaga:


And you think you are actually rich?

Smh.

Define the word rich from your own perspective.

I'd say it is...

Being able to afford whatever you need, with ease.

No bad debts or loan wahala hanging on your neck

Being able to enjoy freedom anywhere on earth.. that's a true definition of being rich

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

But that's the fact. We have more discouraging stories than pleasant ones.

So many people are here without jobs, depending on food bank to survive.

My colleague had to japada to Nigeria cos he couldn't get job with sponsorship

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?

How many people can afford a bag of cement in today's Nigeria

Is it people that govt is supporting with palliative. Nigeria is not rich.

You can have any other challenges in the UK but when it comes to food, you are settled.

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

The house you claim you can own within a year isn't yours yet, until you're done paying mortgage, maybe towards retirement. You could still lose it. Owning a house in that manner is deceptive. That's what they tell you once you enter mortgage.
Owning a house or anything is when nobody can cone ask for payment on it. Freedom it is, paying your money for it, 100%

Chidolalar:

What do u mean by his current equity will still buy him a decent house in Nigeria.

The bank typically will not give 100% mortgage. They will require that you make at least a 10% deposit at the get go and repay their 90% over the mortgage tenure.

His 10% stake if he decides to sell it will get him a good house in Nigeria particularly with the current exchange rate

femi4:
How many people can afford a bag of cement in today's Nigeria

Is it people that govt is supporting with palliative. Nigeria is not rich.

You can have any other challenges in the UK but when it comes to food, you are settled.

Go and sit down my friend. You're talking as if you've never stepped your foot on our soil before . Let the bag of cement hit 100k a bag, people are still building, everyday. Despite the cost of cement, did you hear cement manufacturers shouting of product glut.? A glut is when you have piled up goods in warehouse and nobody is buying. Cement isn't still sufficient, despite the cost. What does that suggest to you?

In 2014, a bag of cement was less than 1k. People complained, they said it was expensive yet, mansions kept springing up. I built my first house in an eye brow area of lagos when cement was 2,800. Forget the noise. Only those in the diaspora like my friend dey shout say bag of cement don cost say money sent home couldn't buy much. They have limited and fixed resources

Fearyourcreator:

See as them dey brag with pay small small house ... Nawa ooo

No need to brag. I have a house in a choose location in Lagos. Ask how much a plot is sold there nah. Why would you now build pay small small house on top that kain land?

Eriokanmi:
Go and sit down my friend. You're talking as if you've never stepped your foot on our soil before . Let the bag of cement hit 100k a bag, people are still building, everyday. Despite the cost of cement, did you hear cement manufacturers shouting of product glut.? A glut is when you have piled up goods in warehouse and nobody is buying. Cement isn't still sufficient, despite the cost. What does that suggest to you?

In 2014, a bag of cement was less than 1k. People complained, they said it was expensive yet, mansions kept springing up. I built my first house in an eye brow area of lagos when cement was 2,800. Forget the noise. Only those in the diaspora like my friend dey shout say bag of cement don cost say money sent home couldn't buy much. They have limited and fixed resources

You ve not answer my question. Are those struggling for palliatives building ? And you say we are rich

chyzoo4u:


If you have the money, you can buy a house on outright payment.

My grandfather thought me to always ask "how?" and "why?".

See, that you don't see a possibility of making a million pounds in one year doesn't mean it's not possible. It all depends on what you know and what you can do. If you don't know, ask "how?"

You think UK is Nigeria that someone would come about a million pounds and you cant trace the source lol.

Just so you know You have a better chance of suddenly “blowing” in Nigeria then in UK.

If you don’t know Most Nigerians in Uk live paycheck to paycheck and live their comfortable lives on flexible lines of credit.

Eriokanmi:
I'm not bragging. Its a reality. You may ask insurance companies that question or auto dealers. They'd tell you how many. Once a car is launched by the car manufacturer, in a matter of months, you'd see it on the Nigerian roads. The buyers don't go for APR wahala. They paid 100% , but over there, they spread payments with interests.

Oga rest, Only 13,000 new cars were sold last year in naija.
That's how depressing the new market is in naija.
South Africa sold 300,000 new cars, Morocco - 140,000 while egypt- 130,000.
That's why no car manufacturer is building anything in naija. Its also the reason imnoson and other domestic car assembly will struggle to breakthrough or become competitive enough to take on global car manufacturers.
Without car loan, no country can have a viable car manufacturing sector.

And don't make it look like Nigerians are rich enough to afford to pay for new car in full. They don't - Nigerians are poor, that's why only 13k new cars were sold last year.
Note- I mentioned new cars and not used or tokunbo.
So I really don't understand the pojnt of your bragging.

https://www.focus2move.com/nigerian-cars-market/

Kingju:


How many people dey travel for naija comparef to people wey dey jand? Who tell you say dey can't afford to travel more than us?

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.