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Nairaland Forum / Nairaland / General / Properties / Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! (56954 Views)
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Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by femi4: 5:18pm On Nov 25, 2019 |
obailala:Thats the lie we tell ourselves until we travel out of the Country and achieved what took others 6yrs to achieve in 3yrs. Just don't fight it........A driver with a direction map will find his bearing quicker than one without a map. We are quick to justify few success in the midst of poverty as actual success |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:19pm On Nov 25, 2019 |
Praizenewstv:Na mortgage, now! There is no way he could have saved up enough money to buy a house outright in the UK, in 3 years. Wasn't he paying taxes, utilities and transport? Haba!! itsme01:Exactly! This doctor bought his house via mortgage, by putting down a 10% or 20 - 25% deposit. With a good credit history, he will get his mortgage approved in a short time. Why didn't he include this info in his report? Naija people ehn...... |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:23pm On Nov 25, 2019 |
mployer:He doesn't have to be a Yahoo boy. Doctors are well paid in the UK, compared to Naija. It all depends in his specialty. And he bought it via mortgage. He could NEVER have paid for it outright, after working for 3 years! abnot:Thank you!! |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by clive2u(m): 5:23pm On Nov 25, 2019 |
sLentlover7778:I tap into this blessing. 2020 my year of Canada/Norway/new Zealand in Jesus name. amen!!! |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:26pm On Nov 25, 2019 |
texazzpete:Mortgages are not widely known or used in Nigeria. So forgive people who do not understand such things. They think it is like Nigeria where you pay outright, for everything even property. tot:And God forbid, if he loses his job or cannot make up the monthly payments for some reason or the other, the bank can go back and repossess the property. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by jabbo(m): 5:28pm On Nov 25, 2019 |
Not saying is not possible, but saving £500-1000 won't buy that house. Let us assume he saves £1000 monthly for 36 months which is not realistic by the way because some months savings will be lower than £1000. Now £1000 X 36 months = £36,000. I do not think you can get the house in question at that amount, but I stand to be corrected. £36,000 is about N16,000,0000 +/-. 1 Like |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:30pm On Nov 25, 2019 |
maxiuc:LIES!! Lies! |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 5:31pm On Nov 25, 2019 |
sonnie10: It does in two ways. 1) it reduces the amount financed. So say the house is N40M and you put down N5M, then you’re only financing N35M. 2) if I need cash as a seller and I have three potential buyers then I might reduce the sale price for the buyer with say N10M. A bit complicated but it’s there. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by salford: 5:33pm On Nov 25, 2019 |
jabbo:see calculation. Like you know how much he earns . Just joking since you said assuming. He only needs downpayment nah. He is not buying the house outright. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by sulaak(m): 5:33pm On Nov 25, 2019 |
naijadrivablog: The Nigerian government will soon disvalue the Naira, so a house that you buy or build for N40 million will be worth half that value in a couple of years time. Unless you can afford to invest in Ikoyi or Banana island I will advise against investing in Nigeria. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:35pm On Nov 25, 2019 |
itsme01:Very few people can get a mortgage from Federal Mortgage Bank. The waiting list is long, until infinity. And you must run the account for 6 months to 1 year, before you can apply for one. And the maximum they give is 5 million. That amount will only fetch a bungalow, on the outskirts of the town. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 5:38pm On Nov 25, 2019 |
clive2u: Please Norway if possible. Cold but closer to home so you can come and thaw out frequently. Those long flights are a beoytch. 1 Like |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by googi: 5:43pm On Nov 25, 2019 |
Obidr, this is the last time I will respond to an ignoramus. You have a different issue you need to deal with. There is nothing I wrote here that has not been confirmed. Carry your wahala go treat your personal problem and let others learn. Abroad is no longer a mystery. Truth is bitter. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by salford: 5:46pm On Nov 25, 2019 |
EgunMogaji2:Both Norway and Canada are freezers except Canada would be much colder. New Zealand is like the end of the world. while Norway is indeed the closest to home. 2 Likes |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by mofedamijo(m): 5:46pm On Nov 25, 2019 |
itsme01: Thank God i met a sensible Nigerian online today, praise the lord ooo In the u.s if a house is $200,000, you can just pay $50,000 as down payment and then the house becomes yours, then you pay up 1000 or 1280/ month till you finish your payment of 200,000, that's mortgage, three years salary will not give you that house, its mortgage, simple, except he has a side hustle. 1 Like 1 Share |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by CeterisXVII: 5:50pm On Nov 25, 2019 |
googi: Hmmn...this is so deep. Thanks for sharing another perspective, that people often fail to see. Or a perspective that they often choose to ignore. I know someone who has not been able to visit his family in Naija, in the past 10 years because he believes he is now a failure in the UK, who has been doing menial jobs for over a decade.... |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by sonnie10: 5:58pm On Nov 25, 2019 |
EgunMogaji2: Lets clarify the terms, Original price of property is constant. It means the price the buyer and the seller have agreed upon after all negotiations. A seller and a buyer do not discuss interest rate. For the first part of your answer, the $40M is the original price. Your $5M down payment DOES NOT change that original price amount. It only reduces reduces the financed amount. To the second part As a seller, your only concern is on who has bank approval. It DOES NOT matter to you whether the buyer is contributing 0% or 20% of the to Original property price. A seller is paid in full either ways by the bank. All a buyer needs to do is to secure the property with Earnest money to lock everyone else out. Usually, the Earnest money is factored into the total cost of mortgage. 1 Like |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by Trutherme: 5:59pm On Nov 25, 2019 |
naijadrivablog: Exactly what I am doing in Nigeria but it's turning out to be a bad decision because of greedy contractors and even family members. Almost everybody out there think that I am an ATM The problem with 'buying' or 'owning' a home in US or UK is that they are technically not yours. Miss two or three mortgage payments and lose the house. Building in Nigeria is good only if you have trusted friends or family members. 2 Likes 1 Share |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by webngnews: 6:06pm On Nov 25, 2019 |
Oh |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by alezzy13: 6:15pm On Nov 25, 2019 |
Esseite: |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by piagetskinner(m): 6:20pm On Nov 25, 2019 |
A country that works |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by Nobody: 6:28pm On Nov 25, 2019 |
[quote author=sLentlover7778 post=84347656]2020 my year of Canada .. Yes ooooo....by Fire By Force Ooooooooo |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 6:50pm On Nov 25, 2019 |
sonnie10: When I post on Nairaland I usually do from personal experience. I posted what I’ve done and worked for me. Your mileage may vary. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by sonnie10: 7:06pm On Nov 25, 2019 |
EgunMogaji2:Nairaland is more like an open source learning. A topic is posted and everybody contribute. Some wrong, some right and some debatable. To be honest with you, I am interested to learn what exactly worked for you when as a seller, you preferred to sell to someone with 20% down payment instead of another with 0% down payment, when both buyers had bank approval and the 0% buyer approached you first? 1 Like |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by rafcrown(m): 7:07pm On Nov 25, 2019 |
Bad belly. mployer: |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by rafcrown(m): 7:08pm On Nov 25, 2019 |
Why not.Ojuju money. Nvc078: |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by HBB1(m): 7:24pm On Nov 25, 2019 |
AnanseK: Stop this lowly thinking-- I know a doctor, a Nigerian Doctor that has 40 houses in the UK. What is bad in getting a Mortgage? Our fathers that saved every dime, were they better off? A smart man doesn't use his money for an investment, if he gets a good loan he takes it! While Nigerians are priding their selves for paying 'in full,' Asians are buying up whole streets. E Pele sir, Mr pay-in-cash. 2 Likes |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by HBB1(m): 7:28pm On Nov 25, 2019 |
0monnak0da: Bros, sense will not kill you-- that is how the house will be paying mortgage by itself. How can someone see good credit and not take it? Only poor people believe savings makes them better off. 1 Like |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by tot(f): 7:28pm On Nov 25, 2019 |
EgunMogaji2: I assume scenario 2 is for a situation where the N10m is the full price of the property... Otherwise how does it help? |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 7:31pm On Nov 25, 2019 |
sonnie10: I can lower may sale price for quick escrow. Quick escrow in 10 to 15 days versus the typical 30 to 45 days or more where market might change. I can lower my price for an all cash sale which translates to quick funds in my hands to pursue other interest. I've paid more than asking price to beat out other buyers when I must have the property. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 7:33pm On Nov 25, 2019 |
tot: Sale price is still the N40M. Quick escrow to a cash buyer is preferable to me to a buyer who has a loan. I've been on both sides. |
Re: Dr. Harvey Olufunm Buys House 3 Years After Migrating To UK - See How He Did It! by EgunMogaji2: 7:35pm On Nov 25, 2019 |
salford: Does it matter once we're past freezing temps? |
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