motivated jay and today we're going to
discuss the process of purchasing a home
in jamaica right especially for overseas
person for foreigners who are living
overseas and want to purchase a property
back home but you don't know the process
you know you're a little bit confused
you want a little bit of clarification
guess what i'm here to help you with
that today because when i was going
through the process i was a little bit
confused but you know i found someone
which is my real time we're going to
talk about earlier right she definitely
made a process extremely easy as
possible right but before you get
started processing a property in jamaica
you're going to need some prereq per se
right the first and foremost thing that
you're going to need you're going to
need a trn right that's going to be the
taxpayers registration number right and
you can find that
on this jamaica
it's right here it's right that's where
you're going to find it right the next
thing you're gonna need in jamaica right
is a bank account this is this is if
you're gonna actually
uh take out a mortgage loan right you're
gonna need you to establish yourself a
bank account in jamaica right and just
let you know you could do all of these
stuff remotely you could be wherever you
are in the world and get a band call in
jamaica and get a tear in jamaica why i
know that because i did it right i was
living in italy and i applied for my trn
i definitely you know say jamaica is so
it's going to take some time right so it
took i want to say a few weeks right uh
i think they receive it over two weeks
and then they take some time before they
actually process it
right and now so what happened is they
process it uh they send me a copy
through my email and then they also mail
me the hard copy in the mail that's for
the trn right taxpayer registration
number and again the link is right here
and i also put a link in description
there as well
the second thing i said the bank account
all right i personally use jn uh
jamaican national the reason why i use
them
uh they have online banking they have us
currency they have jamaican currency
it's pretty easy it's a big bank um it's
i'm from kingston so they have one like
right there in half a tree uh i think
it's pretty it's pretty easy i don't
have any problems with them so far i
think it's a good bank so that's why i
use it when i was asked so it was
recommended to me to use them uh they're
a nice bank right so on and so forth
so this is next thing are you gonna do
so yeah you all wanna solicit the
expertise
of a reputable real estate agent
such as
michelle
smith
from cb alexander
company limited right that's my relative
michelle smith she's amazing trust me
like was really really amazing like when
i said she's amazing
like she's really amazing she the way
she does her job with pride right that's
how she pretty much do her thing like
with pride pride and joy and she's
willing to help at the end of the day is
a business for her but no but she really
take pride in whatever she's doing i've
never met someone i've never met a real
estate agent that's so motivated like
she's really motivated
uh i mean a realtor she's really
motivated she is i mean i text her
because first and foremost we have a big
time difference right when i was living
in italy
we had one time difference when i moved
to asia we are one time different and
she's always responsive she always going
to get back to you right whatever you
want to tell us you find it you get a
message like she's really really good
right so and even though like her job
might stop at some point in the process
right she's not gonna say okay boom my
job finished no no no no no she's
actually going to go ahead right and
make sure you get whatever you need to
get or whatever assistant or whatever
help or point the lawyers in the right
direction which which she has throughout
one of my process she pointed the
lawyers in the right direction so
she bigger bigger bigger big upside
against
cd alexander limited company limited
yeah see the alexander company limit and
our information is right here
all right
so
after you reach out to your real estate
uh agent right uh your final realtor you
find michelle so on and so forth right
misha going to ask you for for something
right what she's going to ask you for is
a pre
uh we in a sense we call it a
pre-approval letter but i think in
jamaica they call it a pre-qualification
letter right so it's pretty much to see
how much money you qualify for right
because you don't want to waste your
time or you don't want to waste her time
i don't want to waste nobody's time so
at the end of the day but if you have
your cash let's just say yeah you know
you have your cash set settings to now
you don't need to use the loan that you
don't want to you don't want to use any
bank right you don't need to do that
part right all you have to do just
provide your bank statement
but you want to touch on a little bit
later on right but at the end of the day
if you're going to use a loan what
you're going to need to do is go ahead
and get a pre-approval letter
pre-qualification letter from your bank
so in this situation when i was
purchasing my apartment in jamaica i did
use mortgage a mortgage loan on that one
right when i was purchasing my apartment
uh in kingston right because it's pretty
pricey you know um just like minnesota
that's what my brother would say
but i could get you that try isn't me so
i'm just like getting i mean i'll get to
you but because i like to get through
that try i think it's in me so but i
really have 20 million like that doesn't
mean so i have to go to the bank right
and now and get a loan right
so boom so they gave me the pre-approval
later i think he has like a 90-day
expiration but i already found what i
want michelle right um she already she
because i when i link up with her right
i explained to her hey i'm looking for
this this and that so she has a client
that was able to sell his apartment
right that says okay boom you want x y z
and knowing me anybody that knows me i
don't never pay sticker price i always
negotiate whatever i'm buying whatever
right so i negotiated on the price you
know he took off something right i
negotiated all the furnitures this was
no apartment so it was pretty is a
pretty good deal right and then we
started the process right uh so with
that being said i gave her the
pre-approval later so on and so forth
right so boom so no yavi pre-approval
right our pre-qualification is what they
call in jamaica right so you have your
realtor all right
so now yeah i'll look for different
properties so the reason why that
pre-qualification letter is so important
again right let's just say you see i 40
40 million right no apartment doesn't
afford a million jamaica is crazy
expensive right you can buy some in
jamaica now do it but let's just say no
you find out you find somewhere for like
40 million
and
your pre-quality is only 20 million you
know
you're gonna have to have that
difference to pay
right so that's why it's very important
to our pre-qualification letter because
if the house is 40 million but the bank
is only giving you 20 million you better
have 20 million in your bank account to
pay to make it equal to 40. actually you
better have more because when the liar
fees and all the other fees which i'm
going to touch on
you you better have that stuff right so
that's why the pre-approval letter uh
pre-qualification is very very important
in this situation so no the real estate
agent the realtor know what you're
working with you know where you're
working with right you know they're all
bracket or yeah look for so on and so
forth so boom
so now you found that dream home you
phone a dream apartment you phone a
dream lot whatever you find right which
could be a commercial whatever you find
right so now it's time to submit an
offer right so you see they like it you
know you real estate agent you know show
it to you like it's a yellow submitted
offer
your realtor will go ahead and create
that paperwork for you and submit the
offer on the property right from my
personal experience
even if you have the highest offer you
might not get that property
you understand what i'm saying and uh on
one of the properties i would believe it
was in cherry garden they were asking
for like 27 million and i offered 29
million two two million at over the
asking price
they denied me rough
big mountain they denied me so what what
what so what this taught me is that like
sometimes okay perfect i was working
with a different realtor at the time so
when i met mitchell i asked her like why
would they do such thing because i kept
so he took me
some kind of straight from the point so
it took me over a year to actually
actually purchase a property in jamaica
because i keep finding properties i keep
making offers and they always getting
denied i really don't know why
but when i found michelle she explained
to me that sometimes whenever overseas
local sellers don't like working with
overseas buyers sometimes sometimes
that's why she expressed explain to me
sometimes because it takes a it takes a
long time to be honest i have the time
frame where it's going to take you it
takes a long time like months
months right so that's why i believe i
wasn't getting anything so what i
started doing uh the more denied the
more i get denied for for a particular
offer is the more i up that offer you
know that's what i'm saying so i kept
like okay i'm gonna get denied this time
i'ma add an extra two hundred 000 okay
never get it so i had an extra 500 and i
still didn't get it so that's why i
started going in the millions so i
reached the one point as i said before
there was a nice townhouse in cherry
garden i definitely need a little bit of
renovation i had an extra 2 million
and i still didn't get it so it just i
mean i don't know i probably wasn't
meant to be right but nonetheless so
after you submit your offer
right you have to start you know with
your documentation then right so that's
the way start create documentations so
you know you're gonna need your your
proof of funds
right they need to know where your money
has come from even if you have the money
cash or you're going to take out a loan
they need to know where that money is
coming from you understand especially in
this day and age where you know yeah the
world champions them and so on and so
forth you need to prove where that
funding is coming from so therefore you
have a submit like me personally i just
sent me something from work i had to
submit uh from my bank like all my bank
statement like my stocks everything
retirement funds i just said it all you
understand i'm saying because that's all
even though you might have to
pre-approve a letter right your proof of
funds still going to help the bank to
determine if you're really truly
qualified because no they're actually
going to give you that loan
you know that's what i'm saying so there
is something called the polka form right
it's like getting to know your customer
your customers so you're also going to
fill it out as well right through the
real real estate agent right again offer
the purchase
and then last but not least is going to
be the letter of undertaking let up
entertain is pretty much like a contract
between you and the bank bank i said
okay yes and i'll give you the that loan
right to purchase that house so the bank
ah they're the ones that are going to go
ahead and deal with the letter i've
undertaken and uh just to explain my
process personally um i was in italy
doing all of this
right so i didn't go to jamaica or
anything so when when uh when i was
looking at the apartment i was my friend
right that i had a really good friend of
mine i was even in jamaica at the time
right he was the one that was going to
the apartment i was checking everything
and you know have him say yo you know
open this open that you know check the
wood check every single thing make sure
it's everything was good to go to tile
and the apartment wasn't like in a great
condition actually so yes so it is it
really helps we have someone on on the
ground right where pretty much i go to
all these different things for you i run
a partner with the realtor and so on and
so forth it really helps but again the
realtor can do it for you but it really
helps to have someone else doing it as
well you know that's what i'm saying so
again all of this i was in italy doing
everything right so um again i was
working with a bank that everything is
through email right sometime i call them
at that time in time jamaican nationally
they had a branch in florida so i was
calling branch in florida
right so you can call the one in jamaica
as well it's totally up to you but i was
working one in florida i find it like a
little bit easier right to communicate
with them
so that's that's pretty much it for that
part so boom yeah
finally
the offer has been accepted right so the
offer has been approved uh by the seller
right so know what you need to do now
you need to make sure you um
advise your lawyer i advise a financial
institution
but before that when you have something
alpha i think on the forum if i remember
correctly you have to have you have to
have like a lawyer on there already
i'm trying to think it's been a little
bit right i'm sorry right so you have to
have like a lie already so it's not it
does not work in it like in the states
where
you're buy a property without a liar it
doesn't work like in jamaica if you're
buying a property in jamaica you need a
lawyer you don't have to everything it's
madness
i don't understand why but you do and
they're they're a little bit expensive
we're going to get to the fees at the
end of the day right so no the alpha get
approved uh accepted right so now you're
gonna
advise your uh your lawyer and also your
financial institution which is like a
bank so boom i like jamaica national
knows that hey you know my stuff is
getting i gotta prove and i let my
lawyer know as well
so boom so once you advise like your
finance institution and also your lawyer
the next step
all right is to send out a document him
to process the loan right so now you
have a process loan so while a bunker
presses a loan they're going to ask you
to do a couple of things right the first
thing they're going to ask you to do you
need to do an appraisal of the property
so for example that property worth five
we're going to go back to that 40
million and they're probably worth 40
million right and when the appraiser
goes out and he appraised that he or she
appraised that property and it comes
down to 30 million the bank is only
going to give you 30 million yo that's
how i'm saying
so with that being said
it has to worth the price so the bank
leaders said the bank is going to give
you 30 million right because that's what
the appraisers say is you can go you
know you go back to the negotiation
table and negotiate with that with that
uh seller but at jamaica jamaica and i
really take off
the demand i
big mountain but anyways so
what i'm saying now is this
once appraisal okay
side note
you must
right you must use an appraiser
from the jamaica national website so
they have like a list of appraiser to
use you must use one of those you can't
say okay you know some of my cousins are
praising let me use my cousin to do it
no it does not work like that you must
use an appraiser from the jamaican
national website
the second thing the bank gonna ask you
for is a surveyor right you must use a
survey as well to survey the property
with whichever you're purchasing and
again it's highly recommended to use the
one from the website so that's where i
use mine i think i use winston something
something i use them for the apartment
approach and i also use them for the
line approaches right and uh just aside
you buy a barnett as well right so i
purchased an apartment and then like
next year i purchased a land right and
again at the end i will explain like the
difference
based on my experience to you guys all
right so boom so once uh once you submit
other documentation you submit like your
uh
the the
appraisal
the survey all that good stuff
everything attracts
the
the sellers are torrent attorney right a
seller's lawyer going to actually go
ahead and draft the agreement of sale
so what happened with agreement of sale
in my situation remember in jamaica
you're supposed to go there and sign in
prison so what happened is they send it
to me
via email
i print it off
and i take it to
my
legal personal
right and i sign it in front of them and
i notarized the document
after that
i did actually to jamaica from italy
right so i did one was in england i did
one was in asia now because now i'm
living in asia right so i dhl is from
italy so from illegitimate jamaica is
like what five three two no
four to five days somewhere there about
right that's the time frame which
actually um it took at that point in
time to arrive in jamaica so with that
being said it's not long right so i did
all that from where i was living now in
italy right so everything right so where
i did the semi agreement of sale i'm
assigned my portion right
uh my legal team authorized documents
right we sent it back to jamaica i sent
it to my lawyer's office and i believe
my lawyer has to sign it as well if i'm
not if i remember correctly and next
thing what we have to know
your deposit right so deposit varies
it's like normally 10 10 i think it's
five to twenty percent right so it's up
to like what you have right you can
negotiate with the bank you can
negotiate with the seller and you know
see whatever they whatever they're
willing to take right i think it's more
the best abandoned control this part
right but it's up to what you have but
you have to make a down payment right i
don't think the bank not going to give
you a hundred percent loan you have to
make a down payment so if you're
approaching the property just prepared
you know be prepared to go ahead and say
okay yes yeah i'll put the money aside
for me i don't pay my property and it's
typically like i want to say five to
twenty percent
all right so
boom
so now and receive the agreement i've
seen so on and so forth as i recommend
before you have to
pay the down payment i keep stressing
that the next thing you have to make
sure
that you have off at the liar for you
ready to go so liar fee range from two
to five percent okay honestly i'm saying
so it's two to five percent and it's
again it's a negotiation thing because
the more true of the biggest it depends
who you get anyways i have a really good
liar as well right if you just in case
you want to hit me up you want to lose
my lose my use my lawyer you could
always message me and i give you her
information she's cool right i use a
gentleman for the first purchase for the
apartment and the second page is i use a
female lawyer she's really good
one of my uh family member recommended
her
all right so you have to pay a half at
that liar fee so again it's all depends
on the liar some lie i want them full
money some lie i want half of it so it
all depends and let me tell you
something here so when you're working
with with lawyers in jamaica be mindful
that they charge you for every single
thing right so if they mail you
something in the if they send you
something to make they're going to
charge for them stamp they might charge
for the person with carrot did it i'm
gonna charge for them time if they'll
call up on the phone you're gonna have
to pay for their a phone bill you're
honest i'm saying some crazy fees that
they charge is ridiculous so your goal
is to make sure that ask them say
do i would have to pay extra for
communicate with you via whatsapp they
should say no right you communicate them
you know via whatsapp don't call them
office when i don't make them call you
through them after soon communicate via
whatsapp try to limit that fee as much
as possible because at the end of the
day they can slap you with a
miscellaneous bill at the end right
personal experience not from a second
lawyer but personal experience right so
with that being said you have to be
careful on that one
so boom let's touch on some fees now
fees we won't talk about fees so i took
notes and i have to look at these fees
so the realtor fee is like five percent
right and uh normally seller paid a
realtor fee so you don't have anything
to do with the
the realtor fee and that one the sellers
pay for that the seller paid for that
one right next thing stamp duty stamp
duty is five thousand jamaican dollars
two thousand five hundred dollars uh is
paid by the seller and two thousand five
hundred is paid by the buyer right two
thousand five hundred jamaican dollars
that's like
probably what 20 20 or 15 quid i don't
know you know all right next thing the
transfer of tax the two percent of the
purchase price and is paid by the seller
again the transfer of tax that is paid
by the seller which is two percent of
the purchase price
one thing on the tax
make sure i mean this is a lawyer's job
this is law of responsibility
make sure
that the land or the property or
whatever you're purchasing make sure the
tax is cleared
right that's again that's your lawyers
your lawyer's job but just make sure
that it's clear it should be cleared
right i'm supposed to check that right
before you get that property
everything's supposed to check off like
please remember there's a reason why i'm
telling you guys this right
the next thing
is the registration fee this is a 0.5
percent that is split between the buyer
and the seller registration fee
in case i want to dr uh unregistered
land
a nominal recording fee is required
right
and again touch and the liars fee is a
two to five percent so those are the
fees that you're pretty much going to
pay and again you're sending everything
your deposit for the property you send
everything to your lawyer right you
don't send anything to the seller most
of the time you're probably not going to
know who the seller is like just like if
you purchase a line in the states right
so boom so now we're going to talk about
you know the time frame right the weight
give finally find the property know you
have for wheat right so we're going to
start with the apartment so i made an
offering apartment september 2020.
so i started september 2020 right and i
finished i got the keys may
2021
i got an email saying oh hey you know
the keys are ready to be picked up
and that's when i actually paid the rest
of the the outstanding balance uh to the
lawyer right because that lawyer fee i
still know the lawyer is they know his
other outstanding balance staff and then
uh you know they told me that hey you
know you have a miscellaneous fee of
sixty thousand dollars and i'm like oh
what but anyways i want to get into that
you know what i'm saying but long story
short
that's eight months right from september
to may that's eight months so once i got
a key you know so once you get the keys
right
yeah i'll get some yeah you're gonna get
a lot of paperwork
so
you only use those paperwork to get your
light on the water should already be on
already because once you get it properly
not gonna turn off the water so the
water should already be on all you have
to do is just transfer
right the name right so the seller name
to your name for the water but you know
you're gonna have the paper if you get
the light your internet the key up and
so on and so forth to get your apartment
up and running right whatever you want
to do with it and that's what i'm saying
so once we get mine i did i guess what
they can't do everything from your yard
yes
i turn on my electricity from my house
in italy right i did everything in italy
right everything so and i like i like
where jamaica is going with this one
right they're making it so that you
don't have to go stand up in a long line
it's perfect they can't do everything
familiar i can open their bunker coin
from here they can buy a house from your
house
um buy a house from your house right it
can um turn our utilities in from your
house i did it for uh jps i turned on my
life jps
i did it
uh for
uh digi cell as well for the you know
cable and internet i did everything for
my house like so it was brilliant for
digital though they're gonna need
someone to to get inside they're gonna
need to get inside of your house so i
had a had someone you know go to buy the
property and get inside of it so on and
so forth right and then when i went back
to jamaica right so i was in italy still
so i went to jamaica in the summer time
frame of if i'm not mistaken that's when
you know i did the final touches i made
it the way how i wanted it i changed the
color and i did a lot of work to be
honest with you
all right
so for the land the land that i
purchased now so i purchased the
apartment and a loan and on the land i
purchased cash and i have a video the
aqueduct video check it out right here
all right so the acquittal video that's
the line i purchased right i purchased
that one cash as i said before and that
process took so i started processing
march 21
right i was going to show you something
yeah i started practicing march 21
they asked me to make the payment
because i wasn't going through the bank
anything so again you send the money to
your lawyer so i send the money to my
lawyer in august right
and then i got the tights in my hand
actually went to jamaica it's all
convenient i was in jamaica when malaya
messaged me and said hey the land title
is ready to be picked up
and that was in march of 22 yo that's
what i'm saying so his tennica is like
one year but it's really seven months
from when he actually paid right so
seven months from when i actually paid
it but the whole process took one year
so um to me i tell you it's really a
really long process and it and i think
that they should really um the
government of jamaica really need to
work on this one and you know to get it
a little bit at least 45 days i believe
if you google it they're going to say
something like 45 days but nah it did
not when i when i bought my last house
in the states in february may
no no no
it was february of this year the whole
process took like 45 days like they're
about 40 to 45 days so in jamaica
it's like you know take too long too
long everything everything take too long
all right
lessons learned
lessons learned for me personally let's
make sure you have a really good life
you need a good liar you need a good
realtor that's what i always say um
before michelle right michelle smith
she's really really good
right um because if you have a bad
realtor and then the inexperience they
don't really know what they might look
for they don't really have much listing
you know they need somebody where you
know a lot of people as well so
when you have like a a liar that knows
everybody that knows a lot of people in
jamaica right if someone is leaving and
migrating and say okay boom they need to
sell their property she can reach out to
you first and say hey i have this
opportunity before it gets posted
because the moment it gets poisoned like
a cold web banker or
the other website i don't remember all
of them right the property is already
gone like i don't understand why them
even but i posted it because most of the
time you see new right and then the
property gets posted that you see new
right and then by time you reach reach
out to your realtor you retire you're a
realtor get back to you the routes are
going to say hey
that property is not available he's
under contract so i'm like how so fast
so that's why it's very very very
important
to have like a really good realtor
that's really experienced
that's gonna point you right direction
right that's really connected that's
gonna say okay boom
you know i have this property right now
i'm you know i'm thinking about it for
you
right
so that was one thing so i you know that
was big lesson learned for me uh again
you're really a good lawyer
not a big thing for me you need someone
in jamaica to run around like we choose
really and truly right you need somebody
in jamaica that you really trust that
could go ahead and look at a property
for you and say okay yeah that property
looks good you know um the border you
know the cabinets that this the that
these things looks good there's no
leakage there you know it needs somebody
and growing to do others do the stuff
stuff for you all right but again
you know you can organize it different
ways but you really need it um with the
servia
and i praise allah i said before you
have to go ahead and coordinate that
through jain um you have to get the
person from the the jain list right and
in the us you can call them your car
needed so i did that by myself so that
was cool as well but if you need a
property to be open you'll coordinate
with a realtor as well right so you see
where that works yeah currently the
realtor to get the property open so
whenever the appraiser appraiser go go
to that property they could get inside
so again it's not a coronation piece
right it takes time by the end of the
day it's good
one key information i left out
is that they're going to need your
credit score
so i did not know that jamaica ran your
credit so they didn't run my credit uh
when i was trying to get a loan in
jamaica
but i didn't have anything i love
jamaica when i was 15 years old so i
didn't have anything whatsoever on my
credit so it was it was good that's all
i wanted to see they wanted to see if
you had any old standing loan or any
outstanding debt right you know before
they go ahead and process that loan so i
was clear i was good to go i never
uh the only thing i own in jamaica but
when i was leaving is a bank account
right that was the only thing i owned
for myself like in my name you know um
at that point in time so they yes
they're going to run a crate so for
example if you're living overseas right
now let's just say you migrated when
you're like 30 and you you know you did
borrow some money for buying some our
courts
right i think say okay coach now go find
it because you're migrating a movie
address on a belief now come are you
gone i know you wanna buy a house in
jamaica
guess what you're gonna have to pay that
money before you get alone
big money thing yeah you have to pay
that money all right so that's what i
want to let you know uh they're still
gonna have to pay that money uh so with
that being said make sure you clear your
debt and that's just a right just the
right way to live right just like if
you're in the states or wherever you are
in england or wherever if you if you
take something make sure you pay back
you wanna say i'm saying he took it he
took out a loan and something paid back
man um because then a day you never know
when you're gonna need something you're
trying to get something from them you
wanna say i'm saying that's my
philosophy life i even borrowed money
from banks to buy house but end of the
day
it's best to use somebody else's money
right i can't tell you what i'm doing my
apartment right here but you basically
use somebody else's money to pay for
whatever you need to get done you and
that's what i'm saying it's not really
wise to use your own money to do nothing
but at the end of the day if you borrow
something make sure you pay back
and now that's pretty much it um
let me know if you have any questions in
the comment right i will try my very
best to you know answer those questions
right i think i'm pretty good at that
right but i feel like i pretty much hit
the wickets so on and so forth right we
talk about the requirement to talk about
the legal process we talk about the
realtor the fees the this and that yeah
let me do a good job right it might be
like a bit long but more information is
always better this is my personal you
know opinion by the end of the day
please like my video
share my video
subscribe to my video and tune in again
big martin before it all put a like
share and subscribe i'm gonna try and
push you a little bit more content i've
been busy with works on and so for no
excuse
but i'm going to try my very best to
push up more videos on a weekly basis
um especially if you guys like these
housing videos um just let me know i i i
could explain more stuff i could break
it on more about the apartment situation
or the land situation
you know the you know the real situation
or other situation i could break it down
more just let me know in the comments
and i'll definitely do that as well
oh last but not least before we go away
a lot of people are asked by the
the land
if if any more that's available in
aqueduct uh no uh
i saw
i saw that listing like i want to say in
march
i'm my
april may it was i think it's a hundred
and something like two that's it
finito basta
you know it was finished you know so
with that being said now no more lights
are available uh um
i would never sell mine so please don't
ask me just kidding
all right i believe real estate in
jamaica
is something that we all should invest
in man um we all should invest in real
estate like for all four because the way
the way things are work now jamaica is
like a small island right
and everybody wanna go jamaica go party
everybody want but jamaica have fun you
know everyone wanna go jamaica retire
right the people need to retire our
family i left england moving to jamaica
so with that being said
why not get it now like it's a little
bit it might sound expensive now boom
i'll show you something here
i remember when i was living in japan
right i didn't i want to say like um
like seven years ago seriously seven
years ago i remember i was living in
japan
an apartment so a two-bedroom apartment
at oakland cost eight million dollars
right eight million dollars or
two-bedroom
i i'm at oakland oakland canton spring
right that's so expensive i live right
there okay right by queens
eight million dollars and i'm like yo
that expensive
two-bedroom you get me another expert i
started seven years ago i was saying
that was expensive trust me
i would never buy it of course you know
he needed like you know renovation and
stuff like i was like oh that's too
expensive
listen
i buy a one bedroom apartment one and a
half bathroom for 28 million
you know i'm saying in 2020
so i'm just trying to show you something
right it's you might look at it now and
say it's expensive right now at auckland
the other day another day in 2020 when i
was looking for apartments again uh i
saw a two bedroom selling for
16 million and they wanted the money
cash they said cash offers only
so that it shows that yo these players
are appreciating like crazy like crazy
man like crazy crazy
so with that being said
buy something no you know you just you
can make it like a pm and so on and so
forth okay so another important thing
want me to attack and i remember so the
way they do it as well they do it by
your age right they do the interest rate
by your age and the most appeals you're
going to get to pay by that alone for me
i got two i got a third oh no no no i
got a 15-year loan because i said when i
retire at 38 i don't want to hold
nothing so all my
my first house in the states that's 15
years but i had another one that has 30
years but the apartment is 15 years
right i didn't say i don't want to know
you know a 30-year loan in jamaica for
the apartment i want to paid off by the
time i retire i actually have a couple
properties actually all fully paid off
already uh so that's uh yeah that was 15
years also
the interest rate at the time was seven
percent seven point five percent now the
other day it's not fixed right so
jamaica i think they're gonna do fixed
rate for like two to three years for the
loan amount if i remember correctly so i
couldn't get fixed right so i got 7.5
percent i know
they messaged me like last month
right
and it's up now 8.5
but i'm not too stressed i'm not too
stressed you know it's part of life you
just have to make sure you pay your
bills and one thing but yeah i think
this video is way too long
extremely too long nobody now probably
watch it but big up on yourself like
share and subscribe my video again
respect
all right i'm out
[Music]