Growing up in a Caribbean household, you become accustomed to certain ways and practices of the culture. I am of Jamaican descent, and we have a saving practice called a “partner” or “su-su” amongst other islands.
Basically, if you wanted to buy a car, pay bills, or even a house, this is one of the ways to gather the money if you can’t get traditional financing. How it works is you have a set amount of people – for this example I’ll use ten. A contribution amount is set and each person has to submit that amount to the designated banker – which is the individual who will hold the pooled funds – until ready for distribution. For this example I’ll set the figure at $200. Each week, one person will get the draw which is the entire amount of pooled funds over the next ten weeks (because it’s 10 people). That’s $2000 for every person that’s in it.
Now that was just an example of how the concept works. What if we were to apply this concept to acquiring real estate? What if we not only pooled funds, but pooled credit and income in order to get loans to acquire/develop/rehab commercial & residential real estate and build black empires?
There’s power in numbers and I’m all about building with and for my people! It just takes that first investment property that can be a tiny little structure which can take us to housing communities, shopping centers, high-rise buildings, etc. As the old Jamaican proverb says, “every mickle make a muckle”. In other words, collaboration can make us great!
If you’re interested in more on this, drop me a message and lets talk! Thanks for visiting Meeshmoves.com!