Somali-Americans Can Buy Homes Without Going To The Bank In Minneapolis Thanks To Collective Investm

[MajesticLion]

There will always be exceptions, but you don't talk about exceptions, you talk about the general rule because that is what you will experience in your everyday time

Like I said, most second & third generation don't do sou sou anymore. Just ask in this thread, but people lie so its no point. I know it isn't done in high numbers because if it were those groups wouldn't be in debt like they are, and would have a much higher standard of living. They would live the american dream just like most white folks do.

Oh no question, a lot of people fall by the wayside. That part is going to happen regardless, not everybody can be solid. I'm just pointing out that it's more than possible if that's what you determine you want.

The bolded, however...if that's the goal being aimed at, then good luck.

 

[Originalman]

Also folks do this because they come from countries where getting a loan is hard as fukk. Not to mention banks and governments are so crooked in other countries it makes the banks and government here in the US look like Disney land.

Also helps that culturally they don't belive in that interest shyt. I am not muslim, but I believe one of the best things about islam is not believing in paying interest. I try to avoid paying interest whenever possible. In other words I try not to fukk with credit.

 

[Originalman]

Last there are black americans who do this shyt too. But the difference is they usually have to look for people who want to rent to own. Then weed out folks who are legit. It is a much harder process than a immigrant group.

Got a partner that did rent to own on two properties he had. But even then he did it with folks he personally knew.

Usually as an immigrant living in a foreign country you are more likely to stick together and look at for one another. Cause its more so a us against the world mind set. Hell even as s professional traveling to foreign countries americans would look out for one another no matter the background.

 

[Piff Perkins]

Another reason why we need ADOS

And we really need to start doing shyt like this

The problem is we have lost our sense of community

You need a hashtag to do shyt that multiple communities have been doing for decades?

 

[Originalman]

gotta speak for yourself/ethnic group on that one.

Yep I have heard many ethnic groups do this. Same with owning businesses. They would pool their money together (meet some immigrant church members who did this) get a business then send for family members.

The family members would run the business until they got on their feet and then they would pool money together get a business and bring family members over here to run the business....rinse and repeat.

 

[Originalman]

A lot of Asian communities do this. It's called hui in Chinese, kye in Korean, tanomoshi in Japanese, paluwagan in Filipino.

It's an honor based system. This is how most Asian immigrants who come here start businesses.

Yep

 

[Originalman]

This could be done on an individual level using life insurance.

Although, it would take some time to capitalize.

The basic idea in any case is to pool or collect funds into a vehicle. Any money sent out via a loan is returned plus some extra (interest).

The inflow of new capital (deposits, contributions) plus the return of investment (interest, yield) will cause the pool to grow over time. Money put in can be reused over and over again.

The above is essentially the essence of banking. Banking, as a function, creates credit.

Sista on one of the black stations on sirus radio mentioned this. Basically pay life insurance into a older person. Lets say you get a 75 year old and get term life on them for 800k at 2000 a month (split 20 ways). They kick the bucket at 80 and then the payout is 800k / 20.

 

[analog]

AND YOU DIDN'T REFUTE A fukkING THING I SAID. YOU JUST GIGGLED.

This is the exact shyt ADOS is trying to do. Build for our specific set of people. But when we do it we're xenophobic and divisive. Now when it's Somalis all of a sudden nikkas like you have nothing but praise and calling it "chessmoves" and unity. LMAO. blatant hypocrisy.

When you can't refute something just giggle and insult.


edit: and I have no problem with them doing the shyt, just don't sit there mad when ADOS exclude people and build specifically for ourselves.

I'm low key heated that this is what the thread has (wrongly) become. Us Somalis are not making chess moves, there is no unity, or wealth being built through this scheme. If folks actually read the article, they'd see this for the scam it is, and not spend pages building this up as a positive model for others to replicate

Also helps that culturally they don't belive in that interest shyt. I am not muslim, but I believe one of the best things about islam is not believing in paying interest. I try to avoid paying interest whenever possible. In other words I try not to fukk with credit.

The smarter Muslim folk throw that interest shyt in the bushes, and purchase property as soon as they're able. The others spend their entire lives renting, paying another man's mortgage, interest included (that's fine because someone else on the hook for the sin ). This shyt all the way fukked up, fam...

 

[Nikki_04]

That's great for them, I have heard of people doing this before (mostly people who's are immigrants), but it's a moreso foreign concept for Americans in general.

A terrible thing is this thread is how negative some people are about "ADOS." When some of you think of "ADOS" it seems the lowest of the low are all that comes to mind. Not all "ADOS" are poor, struggling, and financially incompetent...

 

[Formerly Black Trash]

You need a hashtag to do shyt that multiple communities have been doing for decades?

Who mentioned a hashtag?

Oh, you

 

[Firefly]

The Arabs and Jews both do this.........

They come here and build up collectively. One dude told me his synagogue sitting on a network, You lose a job or go through hardships, the survival fund is there for you, people cooking and marking on a calendar when the'll be dropping food off, and they are asking whatever they can do to help.

The Arab told me they're looking at buying and building their own development, groceries, gas stations etc. They collected 20 million just last year.


Again this works with Trust, Discipline and Community. Once these folks get paper they aint just spending it out in the streets freely. That money stays in and builds that community. Unless people are talking collectively like this there isn't anything to talk about.

 

[analog]

That's great for them, I have heard of people doing this before (mostly people who's are immigrants), but it's a moreso foreign concept for Americans in general.

A terrible thing is this thread is how negative some people are about "ADOS." When some of you think of "ADOS" it seems the lowest of the low are all that comes to mind. Not all "ADOS" are poor, struggling, and financially incompetent...

That round robin, money pooling/scheduled payouts system that is done in small numbers is NOT buying houses.

For clarity, this is what is being proposed in the article. You tell me if this makes sense.

200 people putting up $2,500 = $500,000.
The crook in the article is is going to setup a company to "manage" the investment.
His company will take 10% off the top, then buy 4 properties (for 450K ), which prospective buyers can "rent to own". What rent to own agreement have you known NOT to fukk people?
How much rent is being charged? Will it be fair market value, or above it? How much of it will be returned to investors? Whose going to manage? Will there be oversight?
How or when are the 196 others that put up money going to get a property?

Dude said he's looking for 1,800 more folks to put up $2,500 each. Is that going to buy houses for the folks that opted in early? How is this not a pyramid scheme?

Ight I'm done... I'mma see myself out before I fukk up my night further...

 

[truth2you]

Oh no question, a lot of people fall by the wayside. That part is going to happen regardless, not everybody can be solid. I'm just pointing out that it's more than possible if that's what you determine you want.

The bolded, however...if that's the goal being aimed at, then good luck.

No doubt, this is actually my dream for my family, I just highly doubt it would happen because women love spending money once they get a taste of it. But, I do think I can instill the idea behind it with my children. My dream is doing it until we all have large investments in well to do businesses. This way they can live their dreams, and enjoy life, use each other to keep wealth in the family.
.
As a man I'm always trying to figure this one part of my life out! How can I get my money to grow exponentially, without women taking too much of it or putting me in the spotlight which means spending more money for protection. Women bring too many friends, and as black people, there aren't many well off in this WORLD, let alone this country. That means you will be around people who have less then you, who are from close settings like family, and friends. That means more of a chance of getting robbed, whether through the gun or the pen. That means spending more money! Also, more people now know you're paid so you have to spend more money to help those with less or risk being the enemy which means more chance of a stick up!

Then her friends will eventually be of the same caliber as her, that means she needs to spend more money on image. I seen this shyt grow, and IDK how I'm gonna deal with it in the future. But Sou Sou is the shyt if you can get it done right. I guess the best way to do it is to use the American dream as bait. I know for me, I love living the American way, at least the positives. There is something here for everyone. The different cultures, and subcultures, which give way to all types of thought, make the U.S.A. a great place. The negatives need heavy fixing, though

 

[UberEatsDriver]

Not disrespect breh, but as a non-ADOS person you can’t speak on ADOS issues. No amount of money management, will make broke ADOS people’s financial troubles go away without a substantial increase of money coming in.

I’m a Financial Counselor who works in a ADOS neighborhood with ADOS clients.

I actually sit down with clients and help them fix their budget and provide guidance to proper savings and taking advantage of opportunities that they do not know about.

I also teach them how to read credit agreements and how to tackle student loans.

So actually I’m more entitled to speak about the finances in the black community since I actually work it.

And FYI studies have shown that Non-ADOS black people often times than most fall into the same categories as ADOS blacks by the third generation.

 

[Scott Larock]

Another reason why we need ADOS

And we really need to start doing shyt like this

The problem is we have lost our sense of community

basically but bootlicks and democratic shills will tell you that you just a lazy bum nikka.

I literally know nikkas who never worked in corporate america make 6 figures and level left they community.

They literally all do business and deal with each other, you don't even know what happens in their community.