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

[truth2you]

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.

My thing is, its because of their religion, I don't want to have to be apart of a religion to get these benefits. Nation of Islam is the same way, so it isn't about race

These things work in large numbers because religion allows people to move on one accord. Without it, it is hard to bring that much trust to large groups of people.

 

[Formerly Black Trash]

That round robin, money pooling/monthly scheduled payouts 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...

You're right. They had a community activist and two third party programs/companies working with them if I read that right

If someone with a plan approached me and asked me to put money in and they were legit...I'd do it

 

[DrBanneker]

You all know this is how we originally got Harlem right? Look up Afro American Real Estate Company and Philip A. Payton. When the Harlem part of NYC got overbuilt and the real estate market crashed, this company pooled Black investors money to buy up buildings (and kick out White tenants). This is what enabled a century of Black culture afterwards.

But as @truth2you mentioned, this was when the Black population up North was relatively small, affluent, and connected. The Great Migration had some similar wealth building and Durham, NC was once a Black entrepreneurship hotspot. But generations later it's a different story. If AAs/ADOS ever emigrated somewhere, I bet this would be practiced pretty quickly and we would be a "model minority" or whatever.

I agree we need to do better wealth management including rotating credit but remember, most of the countries these immigrants come from are poor as hell. Same culture and credit systems back home but as a majority, trust between them is as bad as it is between us.

 

[UberEatsDriver]

And by the way. If an african American person can’t link up with another ADOS they can easily link up one of their black immigrant homies and ask them to join a susu.

At the end of the day it is your money.

I had a homegirl who is half AA/Puerto Rican who I almost put on before she moved to Ohio.

 

[DrBanneker]

If you don't trust people for a credit association, at least put your savings account in a Black owned bank. More anonymous but still it helps.

 

[bnew]

https://pdfs.semanticscholar.org/ddf5/cf41ee89695d8806730cc993fde203720693.pdf

Money Pools in the Americas:The African Diaspora’s Legacy in the Social Economy

a good read

 

[Astroslik]

Can’t and won’t lie about my experiences to avoid offending ur delicate sensibilities. Every other post is HOH, bytches ain’t shyt, rah rah rah, blah, blah, blah. Don’t like? Oh well. Such is life.

”delicate sensibilities”


You’re shtick is played out. You need new material.

 

[UberEatsDriver]

My thing is, its because of their religion, I don't want to have to be apart of a religion to get these benefits. Nation of Islam is the same way, so it isn't about race

These things work in large numbers because religion allows people to move on one accord. Without it, it is hard to bring that much trust to large groups of people.

Technically speaking the church should be doing this also. With all the money they get. After housing the pastor and his family the money should be used to maintain the church and help people in need Financially speaking.

 

[Thurgood Thurston III]

And by the way. If an african American person can’t link up with another ADOS they can easily link up one of their black immigrant homies and ask them to join a susu.

At the end of the day it is your money.

I had a homegirl who is half AA/Puerto Rican who I almost put on before she moved to Ohio.

True. I'm AA and my mom was in these in our building. I think she's currently in one.

The trust required for this shyt is ridiculous. Sometimes people be late with the money.

 

[bnew]

Technically speaking the church should be doing this also. With all the money they get. After housing the pastor and his family the money should be used to maintain the church and help people in need Financially speaking.

as soon as any institution is involved, they have to abide by rules and regulations. this is why money pools work best with small groups with common interests and people to vouch for one another.

 

[UberEatsDriver]

True. I'm AA and my mom was in these in our building. I think she's currently in one.

The trust required for this shyt is ridiculous. Sometimes people be late with the money.

Yea it has be a tight unit and actually your mom is smart for doing it in her building.

DOnt be in a situation where the person can potentially run and never be seen again.

 

[Firefly]

My thing is, its because of their religion, I don't want to have to be apart of a religion to get these benefits. Nation of Islam is the same way, so it isn't about race

These things work in large numbers because religion allows people to move on one accord. Without it, it is hard to bring that much trust to large groups of people.

What do you think the purpose of these religions are?

It's been a survival tactic forever. We don't know about it but these folks build their networks so they ain't gotta depend on "outsiders" for much. We know the corrupted religions here. Everything the modern day black church is, is anti to ANY of this building others do.

There is a collective in their religion.

In our country it's just about being a collector. If folks who are on hard times are comfortable sitting somewhere for "good feelings through words and singing dancing and the after church meal, then to hell with them. I can't be mad at the Preachers buying helicopters and Bentleys and driving straight through the dilapidated slums, waving and smiling.

 

[Captain Crunch]

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.

Ok sir, so if you have an ADOS woman who is making living wage check to check w/ 2 kids, what are you going to tell them to get them up out of poverty?

 

[GMoney]

This is good for this community. As far as ados, we did things like this as well as other forms of group economics, but we were thwarted. Let's not miss that.

 

[get these nets]

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

Written by Kevin Mwanza
Aug 26, 2019
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Somali-Americans Buy Homes Without Banks In Minneapolis

Wait, so the secret government loans that are only available to immigrants is a myth ?
HAHAHAHAHA