cococandy:
In America you don’t even have to pay it off to rent it out. Take it from someone who has rental properties. The tenants pay me and I pay the bank and pocket the difference.

People will pay more for rent because they can’t afford the initial down payment to own yet but you that’s owning will end up paying less and charging them more for the rent. It’s most definitely cheaper in the long run to be an owner versus a renter

I don’t know why anyone who really knows what they are talking about will want to discourage someone from buying a house because of mortgage. Unless they are enemies of progress. If they really know what’s up and they are still saying that, I’ll just take it that they don’t want anyone but themselves to succeed.

An older lady in my life just got rid of one of her properties that she got years and years ago when they first came here and the equity on it was more than enough for a sprawling magnificent compound with multiple properties in their hometown in Nigeria.

Imagine if she had decided to rent for all those years because Mr Digmygold thinks she needs to wait until she has millions of dollars in her account first. She would have been paying rent and trying to save on the side for her project. When she could just pay it into a house she owns and the money is still hers whenever she’s ready to let the house go. Something a renter can’t do.

People really just be saying anything on this forum

And what are you going to do if your tenants don't pay you rent piling up excuses? Are you not going to fall short in payment? It's gonna be your loss not theirs. There's no hard and fast rule to your "they pay me rent and I use that to offset my Mortgage" . Some tenants will screw up your plans. So please have small sense. Status quo isn't always maintained when 3rd parties are involved. Several "Debtor Tenants" abound and you can't do jack about that.

You don’t buy house you can’t afford.

The money tenants pay shouldn’t be exactly the mortgage payment. That way, you always have an account reserved for incidentals.

If you need lectures. Pay up!

Digmygold:


And what are you going to do if your tenants don't pay you rent piling up excuses? Are you not going to fall short in payment? It's gonna be your loss not theirs. There's no hard and fast rule to your "they pay me rent and I use that to offset my Mortgage" . Some tenants will screw up your plans. So please have small sense. Status quo isn't always maintained when 3rd parties are involved. Several "Debtor Tenants" abound and you can't do jack about that.

cococandy:
You don’t buy house you can’t afford.

The money tenants

Indeed. People like to brag and there will be a select number who will certainly buy houses they might not be able to afford on the long run. Like people don't lose Mortgages due to falling short in payment. Abeg. Mr. Teacher no teach me nonsense.

Konquest:

A semi-detached duplex... Definitely via mortgage.

of course. not a bad idea for those that worked it out

cococandy:


I ignorantly sold my first house after 2 years when the market was rising and made $80k in profit after all taxes and seller fees. Just two years. This was a while ago and. We’ve sworn since then not to sell again unless absolutely have to. For now, Holding onto any property I lay my hands on.

Mortgage is wealth building. Only fools laugh at it

This woman, I like reading your posts, I can count on you and a few others to do some plausible reasoning based on facts. For anyone interested in the possibilities that come with mortgage, please simply go on Zillow and look up the history of a random urban home in any of the 20 or 50 largest metro areas in the UK or USA.

No, anyone laughing at mortgage is a stone cold IDIOT

Thanks.

Good Luck to Nigerians.

WhiteWood:



Johnny Just Come -- you'll understand when the time comes -- Just to clarify, I've been self-employed for most of my time in the West. Wishing you the best of luck.

Mr Man pack with your false information.
Methulaleh of uk...na so Una do, Pakistani and Indians bought the whole of UK while U people sat down for donkey years doing nothing but renting.
Its only among blacks U will see someone who has been in UK for 30 yrs still renting.
Imagine if he had managed to buy his council flat 20 yrs ago, by now he would have retired quietly choping the proceeds from his rent.
Today Indians have moved away from home property and they now buying up care home. Some are also buying up chemist.
Thank God some Nigerians are waking up to the game, I even know Nigerians who are are building and selling properties- another crazy money.

EreluRoz:
Nigerian men only behave well abroad 😂😂😂 if Dem born am well make he hit his wife there make them bundle him back to his village.

Congratulations to them

at this point they cannot even afford to divorce una go just dey write nonsense for this obasanjo internet

Digmygold:


Indeed. People like to brag and there will be a select number who will certainly buy houses they might not be able to afford on the long run. Like people don't lose Mortgages due to falling short in payment. Abeg. Mr. Teacher no teach me nonsense.

Okay Mr wise man. Just one scenario for you and I’ll judge if you have the capacity to continue or not.

Two people.

One owns a house. Has been paying for the past 6 years. Has equity on it to the tune of $50-60k (conservatively speaking. Because it’s usually more than that).

The other is a renter. Has been paying rent for the same amount of time as the owner. Has no stakes in the house.

Which one of them is in better position to lose their job? Mr renter who has nothing to fall back on and will most likely be evicted for inability to pay or Mr owner who can decide to get rid of the mortgage, cash out his equity and maybe even downside to a smaller apartment with left over money in his bank account?

Congrats👏

Thank you!

I really don’t know if these guys know what they’re saying or they just plain don’t like to see people succeed. Because why would they even discourage others from trying to attain this well known family wealth growing opportunity.

White Americans on average today hold more generational wealth in America than black Americans because their families were granted mortgages when black families couldn’t get it.

And they are here calling it prison term. Like you’re chained to the mortgage and can’t just pick up a phone to have an agent sell it for you as soon as it’s no longer serving you.

My mind is 🤯

IbeOkehie:


This woman, I like reading your posts, I can count on you and a few others to do some plausible reasoning based on facts. For anyone interested in the possibilities that come with mortgage, please simply go on Zillow and look up the history of a random urban home in any of the 20 or 50 largest metro areas in the UK or USA.

No, anyone laughing at mortgage is a stone cold IDIOT

Thanks.

Good Luck to Nigerians.

uncleck:
There's something inherently wrong about Nigeria. What you can achieve in 30 years in Nigeria, you can achieve in just 1 year abroad. Let me tell you guys few stories to buttress this point.

There's this my good friend who worked as a senior lab technician in an FMC in Nigeria. He is married with 4 children. Guess what? The upholstery in his rented apartment are all torn. Life wasn't easy till he decided to travel to Europe. Less than 4 years abroad, his entire family has joined him and he now owns a modern duplex in his hometown; something he may never have achieved even after working for 35 years in Nigeria.

There's this other guy I know. He traveled through desert to Libya then to Italy through Mediterranean sea. Six years from the time he embarked on the journey, he is now a big boy doing a lot of things with money and bringing his whole family from poverty. There are many people in this category.


The Nigerian system is designed to make you fail. I can bet with everything I have that 99% of successful people in Nigeria did so illegally. Either through bribery or corruption or kidnapping or bunkery or yahoo yahoo or drug business or armed robbery. Businesses that succeed elsewhere will fail in Nigeria unless you cheat. Every office in Nigeria is used to cheat and extort people. Gift the police 10 new vehicles and see 10 new checkpoints the next day. The way they dedicate their time collecting money from motorists....

My advice to everyone. If no member of your family is abroad, all of you should contribute and send one person...

Terrible opinion. Travelling out is good. There are also lots of people that made it & are doing even better while in Nigeria, running a legit business. If you're young here I beg you do not internalize such advice.

The Internet & IoT, has unlocked & is still unlocking a whole lot of value chain systems you can plug into. Yes it might seem difficult starting off, especially if you don't have buoyant finances but once you build yourself & unlock value... That is it. Value is value anywhere in the world. My case in point would be legit skit makers & how much they have unlocked & they're still unlocking.

That's my 2cents

Im here for comments.

EreluRoz:
Nigerian men only behave well abroad 😂😂😂 if Dem born am well make he hit his wife there make them bundle him back to his village.

Congratulations to them

Even in Nigeria how many men dey beat their wives? Una go just open Una mouth waaaaahh, dey talk anyhow. Wetin concern buying house with hitting his wife?

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

Mindlog:


Buy a house in the UK in one year, working as what?

As prime minister I guess.

God bless you.

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).

cococandy:
However much it is, it will not be more expensive than paying rent. You know the difference between mortgage and rent? If you move from your rented space, you don’t get your money back.

But if you get tired of your mortgage, you can sell and get everything back

How can u sell off something that is not fully or 💯 yours and fully paid for? How is dat possible

adecz:




Congrats..

However, you are Nigerians
not British..

What's the joy of a house wey be say
na only you, husband and children dey
inside.

No relations to come and see you &
laugh , fraternized& eat with you.

Oyibo culture is too quiet, dull and
lonely.

Not the US and UK.
The US is more like the crazier version of Nigeria, just more developed. Each state got their own way of living and how people there behave

Canada and Australia yes, you can't even enjoy loud bass filled music with your high end speaker at home or while driving lol.

cococandy:
In America you don’t even have to pay it off to rent it out. Take it from someone who has rental properties. The tenants pay me and I pay the bank and pocket the difference.

People will pay more for rent because they can’t afford the initial down payment to own yet but you that’s owning will end up paying less and charging them more for the rent. It’s most definitely cheaper in the long run to be an owner versus a renter

I don’t know why anyone who really knows what they are talking about will want to discourage someone from buying a house because of mortgage. Unless they are enemies of progress. If they really know what’s up and they are still saying that, I’ll just take it that they don’t want anyone but themselves to succeed.

An older lady in my life just got rid of one of her properties that she got years and years ago when they first came here and the equity on it was more than enough for a sprawling magnificent compound with multiple properties in their hometown in Nigeria.

Imagine if she had decided to rent for all those years because Mr Digmygold thinks she needs to wait until she has millions of dollars in her account first. She would have been paying rent and trying to save on the side for her project. When she could just pay it into a house she owns and the money is still hers whenever she’s ready to let the house go. Something a renter can’t do.

People really just be saying anything on this forum

You just don't get it, do you? -- nobody is trying to discourage anyone from purchasing a house with a mortgage -- Speaking for myself, I'm simply trying to make him understand that the term "own" he used is a bit too definitive for a house acquired through a mortgage.

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?

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

EreluRoz:
Nigerian men only behave well abroad 😂😂😂 if Dem born am well make he hit his wife there make them bundle him back to his village.

Congratulations to them

how does it fit into this story.
It seems like your background is synonymous with serial family feud

Chidolalar:

How can u sell off something that is not fully or 💯 yours and fully paid for? How is dat possible

You can sell it to another buyer and they’ll owe the bank instead. So Let’s say that when you bought it, it was worth $350k but now the value is $450k (it usually appreciates in value), the new owner will buy it for the $450k that it’s currently worth.

But since you’ve been paying mortgage for like 5 years (for example) that means you’ve paid off some of the cost off the 350k. For example you’ve paid 50k in those 5 years + the interest they were charging you. When you transfer ownership, the new owner will pay you (your bank) the $450k. The bank will take the $300k you’re still owing them and give you the 50k you already paid plus the additional $150k that the value accrued over time.

So you’re walking away with $200k less federal/state taxes, seller fees and closing costs bla bla bla. Still you go get to walk away with a chunk of money.

Now minus those taxes and what not mentioned earlier, the rest is yours to use for a new Benz or put a down payment on a new better house, or buy a house in Nigeria cash or invest in the stock market or go on vacation. The list is endless. Basically it’s your money whenever you wish to sell. It’s yours to sell.

WhiteWood:


You just don't get it, do you? -- nobody is trying to discourage anyone from purchasing a house with a mortgage -- Speaking for myself, I'm simply try to make him understand that the term "own" he used is a bit too definitive for a house acquired through a mortgage.

Yes you are.

cococandy:


Okay Mr wise man. Just one scenario for you and I’ll judge if you have the capacity to continue or not.

Two people.

One owns a house. Has been paying for the past 6 years. Has equity on it to the tune of $50-60k (conservatively speaking. Because it’s usually more than that).

The other is a renter. Has been paying rent for the same amount of time as the owner. Has no stakes in the house.

Which one of them is in better position to lose their job? Mr renter who has nothing to fall back on and will most likely be evicted for inability to pay or Mr owner who can decide to get rid of the mortgage, cash out his equity and maybe even downside to a smaller apartment with left over money in his bank account?

"Decide to get rid of his Mortgage and cash out his equity" meaning he ended up NOT paying up his Mortgage.

So now you are back to where we started from which is what I have been harping on. You DO NOT OWN a house until it is FULLY paid for. Full stop

Mindlog:


Buy a house in the UK in one year, working as what?

Not sure about UK but I was approved for 511k CAD of mortgage in my 15th month.
I think it depends on your credit score and type of job and income

SIRTee15:


Mr Man pack with your false information.
Methulaleh of uk...na so Una do, Pakistani and Indians bought the whole of UK while U people sat down for donkey years doing nothing but renting.
Its only among blacks U will see someone who has been in UK for 30 yrs still renting.
Imagine if he had managed to buy his council flat 20 yrs ago, by now he would have retired quietly choping the proceeds from his rent.
Today Indians have moved away from home property and they now buying up care home. Some are also buying up chemist.
Thank God some Nigerians are waking up to the game, I even know Nigerians who are are building and selling properties- another crazy money.

boy --Just so you're aware, I don't reside in the UK, and I believe I've never spent more than four days there on each visit -- What are you doing in the UK? assisting with incontinence care ? I doubt you even have a room to your name -- you waste of air

Digmygold:


"Decide to get rid of his Mortgage and cash out his equity" meaning he ended up NOT paying up his Mortgage.

That’s great. That’s awesome. You do not have to pay off a mortgage. Contrary to what you think, it’s not a prison sentence. You can transfer ownership as soon as it’s not convenient for you anymore and walk away with your gains. That’s perfectly acceptable. People do it deliberately all the time and it’s a means of creating wealth. There’s no award to be given for holding onto a mortgage when it’s not serving you anymore.

So now you are back to where we started from which is what I have been harping on. You DO NOT OWN a house until it is FULLY paid for. Full stop

If it’s not their house I wonder how they can have the authority to sell it whenever they want to.
If it’s not their house, why do they get to keep the profit from the sales?

You just want to argue and dig your feet in for semantics.
Since you’re against home ownership unless they are multi millionaires, why didn’t you answer my question about who’s better off losing their job. The renter or the owner?

I mean you’re the one who brought up the topic of how losing their job can make them lose the mortgage as if they don’t have better options than renters.

Just admit you came here to do that useless thing y’all like to do which is to find a way to mock or minimize anything you read online by trying to prove to know more.

legionISproteus:
at this point they cannot even afford to divorce una go just dey write nonsense for this obasanjo internet

adecz:




Congrats..

However, you are Nigerians
not British..

What's the joy of a house wey be say
na only you, husband and children dey
inside.

No relations to come and see you &
laugh , fraternized& eat with you.

Oyibo culture is too quiet, dull and
lonely.

Keep finding ways to make yourself feel better

You are over simplifying owning rental properties. I too have several rental properties and its not as simple as you stated. Perhaps, you have been very good and lucky to flip properties but several people that I know lost their shirts in flipping properties especially when the housing bubble happened. One can never predict when. Also nowadays interest rates are at all time high.

As a veteran real estate investor, and for people that wants to dabble in real estate investment especially in the United States-
Hold the properties as an LLC , You'll get a lot of protection from slip and fall lawsuits on your properties. The interest rates are higher to an LLC but you'll avoid having your personal credit maxed out as FannieMae and FreddieMac gives you five or so properties to be in your name to qualify you for best rates by treating those holdings in personal mortgages which will show up on your credit report and thus, affect your debt to income ratio. Prepare for savvy tenants who understands the law and you can be be tied up in courts. You cannot just throw them out without a court order.

You should have a team on board or a contractor on speed dial, the tenants will complain about everything that needs fixing (plumbing, electrical, pest control etc) and they will never or I should say they seldom treat your house as you would treat your own personal residence.

It is still good to be a landlord, but its a lot of work plus you too have to put money down to keep buying the rental properties.

cococandy:


I ignorantly sold my first house after 2 years when the market was rising and made $80k in profit after all taxes and seller fees. Just two years. This was a while ago and we’ve sworn since then not to sell again unless absolutely have to. For now, Holding onto any property I lay my hands on.

Mortgage is wealth building. Only fools laugh at it

Well I wasn’t here to hold a class on real estate investments and how to go about it. We have a property management company who handles stuff for us.

So obviously it’s over simplified because I was answering a question to someone who said you can’t rent out a house until it’s 100% paid off. I never stated in my post that it’s as simple as just buying a bunch of houses and putting them on the market.

I get sick of NL because of stuff like this. There’s always someone who’s out to argue and drag the topic to a different angle. We can talk about the simplicity or complexity of the whole process in a different thread if there’s actually need for it. If it won’t be over crowded by people who’ll come out to start yapping about how it’s better to do this or that.

safariman:
You are over simplifying owning rental properties. I too have several rental properties and it’s not as simple as you stated. Perhaps, you have been very good and lucky to flip properties but several people that I know lost their shirts in flipping properties especially when the housing bubble happened. One can never predict when. Also nowadays interest rates are at all time high.

As a veteran real estate investor, and for people that wants to dabble in real estate investment especially in the United States-
Hold the properties as an LLC , You'll get a lot of protection from slip and fall lawsuits on your properties. The interest rates are higher to an LLC but you'll avoid having your personal credit maxed out as FannieMae and FreddieMac gives you five or so properties to be in your name to qualify you for best rates by treating those holdings in personal mortgages which will show up on your credit report and thus, affect your debt to income ratio. Prepare for savvy tenants who understands the law and you can be be tied up in courts. You cannot just throw them out without a court order.

You should have a team on board or a contractor on speed dial, the tenants will complain about everything that needs fixing (plumbing, electrical, pest control etc) and they will never or I should say they seldom treat your house as you would treat your own personal residence.

It is still good to be a landlord, but its a lot of work plus you too have to put money down to keep buying the rental properties.