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

[TTT]

It is a function of group size, the smaller the group the more cohesive it is and the higher likelihood of survival. As many other posters have shown, these type of schemes are used worldwide, it may be a result of financial systems that are not as large and sophisticated as the US but i have read about various forms of these groups like stokvels in South Africa, Japanese housewives investment clubs and before the high inflation there were also present in Zimbabwe. Some immigrant communities have collective schemes to help repatriate their dead because of how expensive it is to send a dead body home. Native groups are not faced with the type of burden that might drive people to be part of these groups but it does not mean there aren't examples of communities coming together to save grocery stores that were almost driven out by dollar stores or even start one themselves.

 

[606onit]

Good job. One of the first hurdles I foresee is cacs moving the goalpost and making this practice illegal (which they may).

 

[Hawaiian Punch]

you mean "Paadna".

*Island way of saying it.

You mean Susu. Every island got a different name for the same thing.

 

[8WON6]

ADOS downlow hate each other too much. If we tried that, I promise you in the first year the "President" would run off on the investors. The self hate is too indoctrinated.

if we tried this people would call us xenophobic and divisive because we didn't include everybody. But since it's other groups doing this, nobody has issues with it. Funny how nobody has gas lighted them about pan-Africanism.

 

[analog]

Star Finance expects to initially profit off rental income from the purchased homes. 10 percent of profits will be retained by Star Finance, with the other 90 percent going back to Somali-American investors, as well as allied investors in the company.

“The first money in is Somali,” Jones says. “The message to [outside investors] is that we’re following enterprising, bootstrapping Somalis.” Sheik-Abdi has already lined up the first 200 investors, and hopes to recruit 1,800 more Somali investors at $2,500 each.

No such thing as a free lunch.

Man gets 10% off the top. His company owns the properties outright, and four "lucky" buyers get to engage in a "rent to own" agreement. Guarantee the terms aren't favorable. Meanwhile, no telling how much of the rental income gets pocketed for "administrative overhead" and how much gets passed on to the investors. Oh, and thousands wait for more to buy in to get their turn in renting.

And dude looking for additional folks to buy in to further line his pockets.

These type of alternative home buying schemes been hustling the fukk out of Somalis that averse to mortgages due to interest.

I'm all for property ownership and building wealth but this ain't it.

 

[blackgentlemenvoice]

No such thing as a free lunch.

Man gets 10% off the top. His company owns the properties outright, and four "lucky" buyers get to engage in a "rent to own" agreement. Guarantee the terms aren't favorable. Meanwhile, no telling how much of the rental income gets pocketed for "administrative overhead" and how much gets passed on to the investors. Oh, and thousands wait for more to buy in to get their turn in renting.

And dude looking for additional folks to buy in to further line his pockets.

These type of alternative home buying schemes been hustling the fukk out of Somalis that averse to mortgages due to interest.

I'm all for property ownership and building wealth but this ain't it.

So this has happened before and recently?

what would be a better solution?

 

[staticshock]

Where you live? This is common amongst English Caribbeans. In Jamaica we call it paadna.

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.

i've never heard of anything like this..i gotta do some research.

How the fukk can you practice group economics with NO WEALTH to fukking begin with??

We are so far behind putting our few pennies and nickels together won't fix our problems.

Black Americans need a wealth transfer PERIOD.

Yall acting like these Somalis did it all on their own. They got aid when they first came to the U.S. which gave them time to get themselves together and progress as a group while not being hindered by the historical racist economic policies that have ADOS where we are today.

Somalia is one of the poorest nations on Earth. Do you think they are wealthy?

 

[generic-username]

Not questioning your numbers, but I read that Nigerians are the most successful group of immigrants. Does that mean they still don't match ADOS wealth?

There are about 300,000 Nigerians in the US vs 45 mill Black Americans. Black Americans are definitely the wealthiest Black people in the US

 

[Slam]

“ADOS” don’t have an honour system. That’s why they have pastors worth millions of dollars that they stole from their own people.

Y’all should have stuck with Malcolm.

 

[the bossman]

dope system. Cameroon calls this njangi @Turk @Tallac

 

[saturn7]

What do you think about this data by Nielson Studies?

Interesting. None of those items are outrageous or anything black folks need to be shamed for buying. Food and hygiene products.

Funny I don't see iPhones and Jordans on that list.

 

[ISO]

Oh yea they been gaining numbers down here in Atlantic County.

Ricans and Dominicans been here longer but Mexicans be having more business,more organized...and they speak spanish thus spanish speaking preferred for employment.

Mexicans been here longer and in much larger numbers

Those are tiny Caribbean islands compared to Mexico

 

[MajesticLion]

Did something like this with a circle of blk female friends from 2010-2016 so we could all clean up our credit.


It works...fukk the naysayers.

This is one of the biggest immediate benefits to this kind of setup in the US...debt freedom.



People have been running sousou since 19howlong, even in the States. NYC and Miami people especially should already know.

 

[truth2you]

A lot of immigrants do this, and it works because the groups are small, new to the area, and have nothing else to take away from them saving. It would never work with ADOS as a whole because it's too many of us, and even if we all united on it, you know it would be scrutinized somehow. It would work within nuclear families, though, IF they all want to own their own businesses.

This is the gift & the curse of being new to an area. You can save money because you don't have a bunch of friends to go all over the place with, so you just socialize with other people who are in the same situation you are in. The curse is you get money, but its your kids who can actually enjoy it in their youth & best health, because they do have friends with money, and know the country, so good times are for them. The curse for the kids is that means no more "sou sou", because the trust is gone now that we don't need each other!. Plus, now everyone wants to live the rich American dream, that means more slicksters in the family!

Ask how many second & third generations do "sou sou"?

 

[UberEatsDriver]

i've never heard of anything like this..i gotta do some research.




Somalia is one of the poorest nations on Earth. Do you think they are wealthy?

Yea at first I tonight only Caribbean’s do it but nah it’s just called something different in all immigrant groups.

When I worked at NYU the black and Hispanic guards did this also. AAs, Caribbean’s and Puerto Rican’s but I didn’t join cause I have severe trust issues when it comes to money.