How hard is it to own property in the west?

[esmailxxx]

how hard is it to own an apartment,a building,or some land
Beside from money is there anyother reason its difficult?like the gov or racism or anything else?

 

[VixR]

Build your credit. Start now.

 

[Shushue]

Very difficult

I think the financials crises worsened it

 

[esmailxxx]

Very difficult

I think the financials crises worsened it

You are in norway right,i have some relatives who bought apartment payed little by little,they allow you to pay little by little in 20 years
I also know this ghanan dude who has 3 apartments in oslo

 

[Apollo]

Everything is overpriced. Especially in the big cities.

Most Somalis rent.

It's actually smarter to rent and put your savings in the stock market. You'll make more money than home owners who will have to deal with upkeep, property taxes, and can't move for jobs.

 

[esmailxxx]

Build your credit. Start now.

Its easier in the US i think,you are in the US right?

 

[AussieHustler]

Why rent and pay someone else’s mortgage? Best investment is bricks and mortars (like a home) only if you are looking at the long term. The stock-market can crash at anytime and all your investments can evaporate within hours, but the price of your home may go up more than it dips for the duration of the mortgage (a traditional mortgage lifespan is 20-25 years). Addition to that, it embodies a sense of security of ownership of your own home, you may pass it to your children or use the proceeds of the sale for your retirement and downsize it (move to a cheaper place or country). Getting the loan, it depends on where you live and in my neck of the woods, you must have a steady ongoing employment or a steady income as a self employed. They also look at the amount of deposit you got, credit history, debt to income ratio, age, marital status, if married; double income or partner is dependent on you, number of children and the amount of mortgage you are seeking. Your ability to pay a higher rate of mortgage if interest rates go up will be factored in.

 

[Apollo]

Why rent and pay someone else’s mortgage? Best investment is bricks and mortars (like a home) only if you are looking at the long term. The stock-market can crash at anytime and all your investments can evaporate within hours, but the price of your home may go up more than it dips for the duration of the mortgage (a traditional mortgage lifespan is 20-25 years). Addition to that, it embodies a sense of security of ownership of your own home, you may pass it to your children or use the proceeds of the sale for your retirement and downsize it (move to a cheaper place or country). Getting the loan, it depends on where you live and in my neck of the woods, you must have a steady ongoing employment or a steady income as a self employed. They also look at the amount of deposit you got, credit history, debt to income ratio, age, marital status, if married; double income or partner is dependent on you, number of children and the amount of mortgage you are seeking. Your ability to pay a higher rate of mortgage if interest rates go up will be factored in.

You can sell before a crash happens.. there are early indicators.

Also, paying someone else's mortgage is a bullshit statement.

 

[esmailxxx]

there are early indicators.

Dont think so,usually when people realise it its too late

 

[Apollo]

Dont think so,usually when people realise it its too late

Nope.. only if you are a retard who bases investments on CNBC advice. There are professionals who have the tools to get you out of a bear market in time.

 

[Fang4]

It isn’t that difficult to own property in the US you actually save more money if you own your home rather than just paying rent. Even paying taxes is minuscule compared to monthly payments of rents.

For the price ranges and taxes of property it depends on which states and cities you live in.

 

[AussieHustler]

You can sell before a crash happens.. there are early indicators.

Also, paying someone else's mortgage is a bullshit statement.

Apollo

Not all investors are as smart as you to get out and read well those indicators. There are millions who lost all when stock markets crashed or when corporations or businesses they invested their money folded. But your home, as long as you are able to pay all your mortgage, the price of the property will increase in 20-25 years. Why pay rent/someone else’s mortgage who bought the place you rent as an investment and is making money out of you? It’s a valid question. People make different choices of investments and I will stick with bricks and mortars.

 

[esmailxxx]

Not all investors are as smart as you

He has alot of confidence in his intelligence,manshallah
@Apollo is it your field stock marketing and all

 

[Apollo]

He has alot of confidence in his intelligence,manshallah
@Apollo is it your field stock marketing and all

Yes and no.

I correctly called that there would be a crypto bear market in 2018. It is easy sometimes:

https://www.somalispot.com/threads/2018-will-be-a-crypto-bitcoin-bear-market.35975/

 

[Apollo]

Apollo

Not all investors are as smart as you to get out and read well those indicators. There are millions who lost all when stock markets crashed or when corporations or businesses they invested their money folded. But your home, as long as you are able to pay all your mortgage, the price of the property will increase in 20-25 years. Why pay rent/someone else’s mortgage who bought the place you rent as an investment and is making money out of you? It’s a valid question. People make different choices of investments and I will stick with bricks and mortars.

I have moved 7 times in the past 5 years. I couldn't imagine buying real estate. The horror.

 

[esmailxxx]

I have moved 7 times in the past 5 years. I couldn't imagine buying real estate. The horror.

But that was kind of obvious the whole crypto thing,and if you get something right one time doesnt mean you will always do,its like gambling
Having a permanent property in the country you have citizenship in even if you move around can be a good thing,something you truely own
Some countries you can get even more loans if you have property,use the loans to invest in even more,
Owning land e.t.c creates wealth you can pass to the next generation

 

[GoldmanSachs]

Everything is overpriced. Especially in the big cities.

Most Somalis rent.

It's actually smarter to rent and put your savings in the stock market. You'll make more money than home owners who will have to deal with upkeep, property taxes, and can't move for jobs.

You really think New York, London, Toronto, etc. are all in real estate bubbles?

 

[AussieHustler]

I have moved 7 times in the past 5 years. I couldn't imagine buying real estate. The horror.

Apollo

I own two shacks in the other end of Australia and they are managed by property agents. I haven’t seen them since January 2017. With the returns (rents) I pay 10% of my income to double the payments of the mortgages.

I invested few grands (out of sentiment) in an Australian mining company Range Resources (now bought by the Canadian Africa Oil), in the Puntland oil hoax and my shares are now worthless.

But that was kind of obvious the whole crypto thing,and if you get something right one time doesnt mean you will always do,its like gambling
Having a permanent property in the country you have citizenship in even if you move around can be a good thing,something you truely own
Some countries you can get even more loans if you have property,use the loans to invest in even more,
Owning land e.t.c creates wealth you can pass to the next generation

esmail

People in Australia blame overseas investors especially the Chinese for the higher prices of properties, but most of the buyers are the local mum and dad’s who paid the mortgage of their family home and put it as collateral to invest in new properties by (supplementing with a small percentage of their superannuation pension income). Start a business, buying other properties, or even borrowing cash for investments in stocks, you could always use your home as a collateral. The government here is now worried that if the housing market crashes, a lot of retirees will lose their family homes. That is why they’ve tightened the rules of mortgages. Now, you’ve to be capable of servicing the actual mortgage and not only the interest rates as was the case early this year.

 

[nine]

Go back home don't be naive enough to spend a shit ton of money for a house in the west

 

[esmailxxx]

Go back home don't be naive enough to spend a shit ton of money for a house in the west

What about this buy a home in the west,use it to get loans(although it has ribba)to invest back home?then if you decide to move back home you can sell the property which will be worth more money since you bought it lets say 10 years ago,or you can rent it make money and own property in the west which your kids and grandkids can profit from?