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

[ThaBronxBully]

Let's say you have ten people. Each person donates $300 and at the end of the week one person get $3000. Next week the same thing and another person in the group get $3000 and so on until all ten people in the group get their share.

This is just the basic idea.

Always Thought This Was Dumb, You Taking A 300 Hit To Get Nothing Month After Month, After It’s All Said And Done The Amount You Donated Equals The Amount You Received When It Was Your Turn, Once Everyone Gets A Turn

The Difference Between This And What The OP Posted Is That They’re Actually Investing And Getting A Return On That Investment

The Whole Point Is To Make A Profit Not Break Even lol

 

[Whogivesafuck]

AA's used assumption loans throughout the 40's to 80's. A prosperous often time civic leader in the black community would purchase a home then for a fee another party would assumes the mortgage, becoming liable for the debt. This was done over and over in Compton,Watts and Inglewood in till they put the clamp down in the 80's.

 

[Rollo Goodlove]

The response posts on the coli when I called out the ADOS lacking basic things like financial education and the will to practice group economics.

But the ADOS simpletons told me that you guys didn't need anything from the non-ados and financial education and group economics wouldn't change anything because Dwight Mann already has a head start and more munnies.

Do you think something like this works?

We didnt tell you shyt you fagget

 

[Ghostface Trillah]

We didnt tell you shyt you fagget

You shones are even in this thread saying these things. Learn how to read.

 

[poundedyam]

In the uk jamaicans and other caribbeans do this.
One recommended me do it.
I see it as a waste of money personally unless you are poor.

 

[Seoul Gleou]

REITs are pretty common.

I always wondered what the hold up was for black americans and using them more often. But the savings rate, for americans in general, is low as fukk so there's no way black people can collectively set REITs up on state and national levels. What ends up happening is capital rich black people band together and buy up properties to rent or flip without keeping that capital in the community to be reinvested in financial assets that can then be funnelled into more real assets.

at least that's my understanding from my research years ago

 

[Towlie]

Always Thought This Was Dumb, You Taking A 300 Hit To Get Nothing Month After Month, After It’s All Said And Done The Amount You Donated Equals The Amount You Received When It Was Your Turn, Once Everyone Gets A Turn

The Difference Between This And What The OP Posted Is That They’re Actually Investing And Getting A Return On That Investment

The Whole Point Is To Make A Profit Not Break Even lol

if you apply your lump sum towards anything with interest you will pay the loan off quicker. if you do it with 10 people for 10 months the first person receiving the lump sum gets the most benefits while the last person the least

but you can reverse the order after the first 10 months. so the last will be first and first last.

 

[Kenny West]

Always Thought This Was Dumb, You Taking A 300 Hit To Get Nothing Month After Month, After It’s All Said And Done The Amount You Donated Equals The Amount You Received When It Was Your Turn, Once Everyone Gets A Turn

The Difference Between This And What The OP Posted Is That They’re Actually Investing And Getting A Return On That Investment

The Whole Point Is To Make A Profit Not Break Even lol

Its a timing thing I guess. When you're going check to check, donating a 100 can be whatever but coming up with a lump sum is tough for folks who dont save

That said I did one of these pools with my hatian friends. We got 2 good rotations then dudes startes folding

 

[UberEatsDriver]

This is bullshyt. Those Somalis especially the first generation were working class people. The second generation might be entering the middle class, but a lot of them are still working class people. And yes, they did it on their own.

Second, black Americans can do this. I’m in a real estate investment group right now with my former HBCU classmates. Two black Americans, one Haitian, one Trini, and I’m Kenyan. Now that I think about it it’s a beautiful mix of Pan Africans.

We don’t even look at each other’s country of origin or any of that retarded #ADOS bullshyt because we all just identify as black. We are looking to purchase our first apartment building.

So yeah, anybody can do this. These are not wealthy people. You are asking 200 people to put up $2500 to buy four houses. That means the average house is $125,000. These are working class starter homes.

This is what I’ve been saying. You can hook up anyone and do it.

People scream #ADOS like Caribbean Americans are living apart from them.

 

[get these nets]

Biggest issue is people getting their draw and either ghosting or just not putting back in. Those people just get cut off and end up wishing they didn't. There's always going to be another time where you want a lump sum of money.

Money holders have run off on people before but normally money holders are people who are tied down or not likely to disappear. Most that I know are elderly.

Haitians call the version you described "men" ( hand in English). There are rare but infamous stories of people running off on the plug. Generally co-workers, congregants from the same church, or people from the same home area get involved in men. Groups also do annual or quarterly men for smaller amounts, and increase the stakes gradually. only participate with members who prove that they are reliable.

Its a timing thing I guess. When you're going check to check, donating a 100 can be whatever but coming up with a lump sum is tough for folks who dont save

That said I did one of these pools with my hatian friends. We got 2 good rotations then dudes startes folding

The smaller amount men are good to weed out the unreliable.

 

[EndDomination]

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

Black people in the US have done this for quite some time.

Its actually how a lot of sharecroppers and Black farmers managed to sustain themselves in the late 19th and early 20th centuries.

Most Muslim communities do this, and a lot of Jewish communities do as well.

It requires a central base, massive trust, and an understanding of the rules. Even then, there are still thieves.

 

[EndDomination]

But the ADOS simpletons told me that you guys didn't need anything from the non-ados and financial education and group economics wouldn't change anything because Dwight Mann already has a head start and more munnies.

Do you think something like this works?

Intercommunalism (concept from Huey Newton) involves collective and cooperative finance.
Intercommunalism (1974)
Not "group economics" but full on cooperative finance, housing, schooling, utilities, etc.

Check out WEB DuBois talking about it:

http://scua.library.umass.edu/digital/dubois/dubois12.pdf

 

[EndDomination]

African-Americans have wealth. We don't capture and preserve it.

If you spend $1.2 trillion dollars into the U.S. economy, you have wealth. It simply needs to be realized, redirected, and re-captured.

Spending power isn't a worthwhile measure.

Nah you're just projecting. You think someone speaking on the practices of successful people is the same as them having an intellectual monopoly. That's your pride son.



Pretty sure that I could find some money on hangers in their closets or in shoeboxes. If you're net worth in the United States of America is $8 then you are financially illiterate and even if someone gave you a bag you'd fukk it up and go back being worth $8 or even less.

If you have credit card debt, a mortgage, or student loan debt your net worth is in the negative.

 

[Ghostface Trillah]

Spending power isn't a worthwhile measure.

If you have credit card debt, a mortgage, or student loan debt your net worth is in the negative.

Net worth is your assets vs your liabilities.

If you own a 100k house and have 50k debt then your net worth would be 50k until the 50k debt is paid off or the house goes up in value. Why ownership is just as important as debt reduction.

 

[BaileyPark31]

I don't know single Black group that does this. It's just these folks

Nah,

I know Kenyans and Nigerians that do this.

They also use it to buy cars