Fellow mbirrionaires, nimeona ku survive vumbistan ni vizuri kujipanga na kaloan. My salo ni ya middle class, si upper deck kama ile ya Dr Ndii, but I meet my needs plus those of many others monthly. So that payslip can’t really be a good bargaining chip. With the economy vile inakaa,naona nitumie some collateral. One that I never saw myself charging EVER!! A PRIME PIECE OF LAND (over 150M in value).
It’s inherited so part of me feels sad, but part of me feels man must do whatever akifika to this point. Bankers in the house, how does this work? Lazima nikuwe na other meaningful sources of income plus the collateral? What if I provide a good business plan that will justify my taking of such a huge amount of loan and that I will pay back? Nitapewa ka loan? Saccos je? How do things there work? Basically shamba ikienda(I AM PRAYING THAT,THAT WON’T HAPPEN) na ninatengeza millions to buy back again, I will be good.
You are about to make the greatest mistake of your life. 5 years from today kuja kwa kijiji upatie sisi ushuhuda. NEVER take a loan. If you have to start anything then start small. Live debt free. kula sumni. weka sumni. anza biashara ya 10k or 50k. grow pole pole na profits na savings. Usifanye biz ya 500k ya mkopo.
Kama una shamba yaeza kupatia 100m uza uweke pesa kwa fixed deposit account
this was for a colleague and she actually got.PLUS hata ikiwa ni mimi mkubwa,nimesema I have an inherited piece of land na a great business plan. Nitafika tu
so you are about to bet on an inherited piece of land that you have no right to fuck around with with an approaching economic crisis. How do you even know you will keep your income in the coming months?
My advise is that you look for other sources of funding e.g. savings, partnerships or use your payslip as collateral. Whatever business you want to do please start small. It doesnt matter how surebet you think the business is you need to start small first. Alafu on the same point hakuna kitu kama surebet. Nothing. Everything is a gamble and there is always a probability of failure.
Ubaya ya kutumia land is collateral is below:
You must repay back the loan upende usipende. It doesnt matter whether your business makes money or not. If unable to pay you will lose your business, your land and dignity na uwekwe CRB. Kaa ungekuwa umetumia payslip or other collateral you will only get listed kea CRB. Huko tuko wengi.
You cannot dispose of the land when paying the loan.
Tafuta vile utacheza na bank/ loan officer vipoa.ukumbuke interest is a bitch.if you really have to put up the land for collateral, put only half of it.not yote.incase ikunywe maji…again interest is a bitch,cheza na loans officer vizuri alafu soma contract na uelewe payment plans.
The global economy is going in a recession…similar to the one in the 1930s, you will be lucky to sell that piece of land…for now just brainstorm all ideas and see which plan is the best
no. 4. He needs funds to pay the loan installment, with or without, the activity to be done on the land. Banks are not in business of selling repossed land. It cost’s money to to liquidate a piece of land legally from a defaulter.