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I need your advise guys. Please help me out.
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mozenrat
#11 Posted : Thursday, January 14, 2010 1:16:55 PM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
Still, @Titanic... I would wanna have a serious talk with you about how you got into all those mortgages. I'm not sure I would mind being in that end of the pool. Sina haraka ya gari ama conveniences. Mind giving us a bit more detail?
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mukiha
#12 Posted : Thursday, January 14, 2010 1:46:07 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
titanic wrote:
It is possible to get the three mortgages. I did it. All you need is to raise the deposits. For your information, only mortgage C is from a financial institution. Mortgage A is from a Government Agency and Mortgage B from a Co-operative Society. By the way all payments are made outside the check off system


@titanic:

you tried to beat the system by hiding your loan re-payments so that you get more loans than you can afford....now you are paying for it: you have too much debt.

Even if we add you wife's 50k income; you will have only 197k against 187k expenses....and then you say that she also has her own projects....and the puzzle gets more complicated.

So, start by selling off the "dead stocks" and pump that money into....
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mukiha
#13 Posted : Thursday, January 14, 2010 1:53:33 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
.....now, about that MBA: Why do you want to have it? Will it improve your earning potential, and by how much? Or do you just want it for the prestige of adding letters after your name?

depending on how old you are, an MBA may not add anything of value to you---not financially nor educationally [you could go through the whole thing and find out that you did not learn anything new!!]

Think hard about it...it will take you, say, two years to complete the MBA...

If the 500k had gone into one of the mortgages, it would save you 2yrs worth of interest...

That's approx sh161,000 for the NSSF loan.....

And reduce the term considerably...

And then when you have no loans, invest in the MBA if you really feel you NEED it [as opposed to WANT it...
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mukiha
#14 Posted : Thursday, January 14, 2010 1:56:01 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
mozenrat wrote:
Still, @Titanic... I would wanna have a serious talk with you about how you got into all those mortgages. I'm not sure I would mind being in that end of the pool. Sina haraka ya gari ama conveniences. Mind giving us a bit more detail?


@mozenrat:

You are not serious, are you? Debt will kill you! Never ever take more than you can afford. Indeed you should only take less than you can afford...then pay back as much as you can afford; thereby reducing the term by a big margin
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Chaka
#15 Posted : Thursday, January 14, 2010 2:05:40 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@Titanic,
I think the course you should have enrolled for
is MDM(Masters In Debt Management)i.e if there was such a course.
Now which SACCO is this that gives mortgages?
Is the gava institution NHC or NSSF and is tenant purchase the same thing as a mortgage?
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gathinga
#16 Posted : Friday, January 15, 2010 6:03:56 AM
Rank: Veteran

Joined: 11/30/2006
Posts: 635
Aai @Titanic, you surely outdid yourself. And you want to get into more debt around June this year to build your 'own house'????. It would have made sense to stay off new rojects completely this year, with the exception of the MBA to take stocks. Else going to new projects, after yo have barely sorted out the mess migh show you aint that repentant or have not realized full the mess you are in.

One thing you should have mentioned is how uch you got the various houses for...
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titanic
#17 Posted : Friday, January 15, 2010 12:46:14 PM
Rank: New-farer

Joined: 1/5/2010
Posts: 10
Location: Nairobi
@ Mozenrat - The govt institution is the NSSF under their TPS.

@ Chaka - The Sacco is Kuscco, they have a Housing fund and they give home loans five times your savings subject to a maximum of 7 m.

@ Mukiha - I am only 33. I need the MBA to open up my chances. It will improve my earning potential. Want to get into consulting and part time lecturing for additional income.

@ Chaka – there is not difference between Tenant Purchase and Mortgage two different words for the same thing.

@ Githaiga & Mukiha - apparently, I love challenges. I am a very big risk taker and for sure I have gotten good returns
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mukiha
#18 Posted : Friday, January 15, 2010 12:58:30 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
titanic wrote:

@ Githaiga & Mukiha - apparently, I love challenges. I am a very big risk taker and for sure I have gotten good returns


@titanic: you don't seem to have made "good returns" this time round. And indeed if you have made good returns in the past, how come you are crumbling under the weight of all this debt?

Sometimes I consider myself to be one of the richest people in the world! This is because I don't owe any debts...not even for power and water - they owe me!

Be careful my friend, you may be claiming to own a lot of property while in reality they belong to your financiers.

Clear your debts first before you get into new projects. You don't need an MBA to be a consultant! Ask me; I am one and I don't have one!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Chaka
#19 Posted : Friday, January 15, 2010 1:05:35 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
On the MBA thing,what is the difference between the kawaida MBA and the executive MBA?
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Gordon Gekko
#20 Posted : Friday, January 15, 2010 1:55:21 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
@titanic, there is a HUGE difference between Tenant Purchase and Mortgage - it is called Mortgage Relief. With the former, you don't get tax relief on interest paid, in the latter you do, as much as ksh 150,000 a year!!
@chaka, the difference is one is lightweight in terms of content - guess which one
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