acquiring many properties in the name of owning an asset - page 3.

Kliss

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

It will be advisable or better to own few quality property over quantity or numerous property's that doesn't add value to our finances. Having so many unproductive properties can become liability because properties require maintenance to keep them in good shape, the cost of maintenance can be a huge burden. According to a philosopher "if the purpose of thing is not known abuse is inevitable". Without knowing the purpose of owning so many property's, can certainly lead to mismanagement of funds for example owning a rental property with the aim of generating income requires proper management and maintenance to ensure its purpose is served. Owning so many properties is not bad but understanding the need and purpose, so that it can be managed and utilise effectively is very necessary. When it come come acquiring of properties, what should be considered can it be productive and income generating to secure financial balance. It's better to own few assets ensuring good maintenance and managed properly in other to serve its purpose.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

From a normal perspective it makes much more sense to earn productive assets than unproductive ones. When buying properties you can speculate on rising land prices to resell the property in a few years with a nice profit, but there can always be a crisis that could postpone our sale. Which is why we should be buying properties that can be rented out so we can generate income in the meantime. Comparing our best action to rich people is not really helpful, because they are already rich. Just look at the large number of summer homes rich people have. These homes are empty 80% of the year and don't generate any income. Renting out these homes for only 1-2 months would already cover all the bills and still people are not doing it. The super rich are even worse, they usually take all their belongings with them. So when they go to their summer home, they have to pay a moving company to move all the stuff around. Don't copy the rich, better do what is best in your personal situation.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

It baffles me how some wealthy people in our society, instead of owning few productive properties that will stand as assets which will generate proceeds for them, they often enter into owning so many properties which some of them are left in dilapidated state and some of these wealthy men doesn't even know how many properties they've got because of how numerous they have become and sometimes some of the people who either stand as agents, witnesses or attorney that was involved in the business dealings hijacks some of these properties without the knowledge of the owner simply because they also have some of the owners documents in their possession.
For sure we are meant to acquire assets that will stand out for us in the future especially a time when we will no longer have much experience, energy and strength to work again in order to earn a living so our assets gives us the liberty to enjoy the fruits of our labour when we get old and these asset also stands as aid to people around us more especially our offsprings or relatives who are very dear to us at a time when we answer the "call of nature" (death).
My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

There was a man I once heard about, the man bought bikes and tricycle bike more than 100 and was renting it out to people but it gets to a point when the people who are hiring it was stealing it. However it's good for a man who's acquiring properties as asset to try and acquire the ones that they can protect, because there are people that do the otherwise in other to make a living. Landed properties are easy to protect as long as the documents are intact. So a landed property is the best way to own an asset, think about buying a land for $20M and years after you sold it for $80M.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

There are different factors to this point that you are raising. It depends on the person's intellectual capacity to run those businesses or own those properties, the purpose and type of property or business. If you grow your business into LTD or PLS then you know that it would be handled by share holders to an extent and even if you are gone, the business or property will still be alive. However, regards to property, there is a part about the owner and the family. Some people don't disclose their property to their families and when they grow into dementia, they won't be able to remember all that they have. This is why writing of will is important depending on how rich you are, you might forget some properties when you don't disclose to family members.

Bright0515

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From the beginning you made a statement later you answered yourself and at last you asked a question again.
It is very wise to own multiple properties not because you have the money in excess but it is investment there is no investment that is ever enough because you have offspring coming after you, but like you've highlighted the most important thing their is to know about your investment. If you check around the society today many young ones on the street are there because there parents did not lay the ground for them.

I heard of a king who had alot of properties before he died he made sure he settled his children with all the properties and today the children are not carrying their papers around and if they do so for their children, properties from the foundation have paid off.

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Quote from: Hatchy on July 01, 2024, 09:00:27 AM

It's a thing of choice though as some people just prefer owning some properties just for owning sake. They don't mind if their property aren't productive, they just continue to acquire the wealth regardless. Some on the other hand, own properties for future sake, like for their children to acquire them when they become old enough. But to me, it would still be better to get properties that would earn us some reasonable amount of income continually for a long term. You don't actually have to limit your property, you can continue acquiring if you have enough money to buy more.

It is very good for us to know the difference between quality and quantity. Even if you have to own a property or properties, it's better you go for the ones that are valuable assets and not the ones that are finished already. Because if you choose to go for these ones that are valuable, they are going to make you earn passive income which your money will be working for. you can be sleeping and be making money since their value keep on increasing . And you will have nothing to lose. But as for these ones that are finished already, their value will be depreciating which would lead to decrease in your income.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

It does not hurt to get extra assets or properties especially when it is in a real estate. Lands tends to appreciate overtime so many wealthy people acquire lands even if they end up in an abandoned state. Just like in my place. A once marsh area was once acquired by some wealthy person, and just let it be without doing any effort to improve it. Over the span of time, this place got some illegal settlers and these people improve the environment by filling the marsh into a solid land. At the end the owner claim the area which is now a hundred times higher than its initial acquisition value.

I am sure that these wealthy individuals who acquired properties and assets and did not bother to improve them have their main assets that generate more than enough for them.

Quote from: Zlantann on July 01, 2024, 03:37:35 PM

There is no need to acquire too many properties because you want to save for the future. It is not in the quantity but the quality. Having a few well-located properties can give you returns more than several properties. You don't buy properties without a comprehensive evaluation of the future value and profitability of the business. One can decide to buy farmland in a rural area for agribusiness, that's not a bad investment. You can also decide to buy or build a house in an urban area for rent. It all depends on proper planning.

There are individual who are fond of accumulating assets that appreciate over time even without doing anything. These are smart investors and making use of patience to reap higher reward in the future. I do not think it is unwise to do such strategy. As a matter of fact I see these people genius.

I believe people never forget their assets and investments, it won't be abandoned or forgotten unless the person dies or is in a state where memory fails him.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

Anyone who has so much property and those not know where some of them are is either unwise, criminal, or mentally sick. It is simply to file all your properties and keep them in a safe place. You can also hire the services of asset managers to handle your properties. I said the person is a criminal because many corrupt politicians in my country might have properties they can't account for. This is because they steal billions and give the money to people to assist them in buying properties. So they might end up not knowing where they are located because they didn't work hard to secure them. Poor mental health could also affect the memory of people.

There is no need to acquire too many properties because you want to save for the future. It is not in the quantity but the quality. Having a few well-located properties can give you returns more than several properties. You don't buy properties without a comprehensive evaluation of the future value and profitability of the business. One can decide to buy farmland in a rural area for agribusiness, that's not a bad investment. You can also decide to buy or build a house in an urban area for rent. It all depends on proper planning.

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Quote from: DiMarxist on July 01, 2024, 02:07:49 PM

Op I understand your point. Many people have invested in different kind of properties that they don't even know most of their properties again and as a big man, you would not like to do most of the project like that and they sent people to do it and some of those unfaithful servants would convert some those projects to themselves l. I have witnessed this in my location. So I also prefer a wealthy man acquiring few assets that can provide good income for the owner than owing many properties that they can manage.
Dangote in Nigeria will face the same calamity because the guy wants to invest in all ramifications of business. Cement, Sugar, Rice, Salt, Oils, Floors, Indomie, noodles, Crude Oil etc. Which is wrong and this are some of the reasons why things are costly because there is no division of labor for workers. And everything centered in one man.

Most big men give less priority to some of their properties and focuses on just few that gives them high profits but acquiring properties just because you want to show off that you are a wealthy person to me is a waste of resources and money if there are assets that are bringing forth reasonable amount of money then they have to keep maintaining those assets and not buy too many properties. Acquiring properties that you don't know some of the properties you own due to how plenty they are is a very bad practice.

I don't agree with you about Aliko Dangote because regardless of the fact that he's rich, we all know he's a business man and almost all his assets are productive and that is the reason why he has ventured and diversified into doing a lot of things just to maintain his status and the money keeps coming from different angles so his own is okay as a wealthy man he is, unlike people that just build houses and own some properties scattered everywhere when those properties are unproductive.

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If there are those people that have been involved on a deal and the owner doesn't have knowledge if these people are trying to take his properties, they shouldn't be confident about that. It seems that he's playing the part that he doesn't really care about his/her properties but in reality, they're all audited and he's knowledgeable with all of those because they're are all asset.

Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

If I am capable of owning properties, I'd acquire as much as I can. Others might not see how valuable they are if they're unproductive and the place isn't worth it for now. But as time passes by, the development continuous from area to area and that's where its value is going to increase. So, whichever is perfect for me, I'd buy as much as I can and as long as I can afford them whether it will generate passive income or not because the appreciation of each property is there.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

It baffles me how some wealthy people in our society, instead of owning few productive properties that will stand as assets which will generate proceeds for them, they often enter into owning so many properties which some of them are left in dilapidated state and some of these wealthy men doesn't even know how many properties they've got because of how numerous they have become and sometimes some of the people who either stand as agents, witnesses or attorney that was involved in the business dealings hijacks some of these properties without the knowledge of the owner simply because they also have some of the owners documents in their possession.
For sure we are meant to acquire assets that will stand out for us in the future especially a time when we will no longer have much experience, energy and strength to work again in order to earn a living so our assets gives us the liberty to enjoy the fruits of our labour when we get old and these asset also stands as aid to people around us more especially our offsprings or relatives who are very dear to us at a time when we answer the "call of nature" (death).
My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

When you are already that rich then it would really be impossible that you wont really be having a lists about on the properties or buildings that you do have if ever you are focusing when it comes to real estate business on which this is something that will really be that unlikely that you will be forgetting. This is why on the moment that you do find yourself having that tons of source of income then it cant really be avoided that you might be missing up something but in my part then it would really be that impossible or unlikely yet when it comes to money management or business then i would really be monitoring everything. Speak about into those people who do have make use or abuse you because they do have SPA's? then it is possible but on the moment on acquiring all the legal documents then there's no way these people would be able to get it in the end
on which simply means that your family or loved ones would really be still the one who would really be benefiting in the end.

It is really just that they might be taking up some advantage into you due to tons of properities you do have if ever you had forgotten but since you do have those documents
about its ownership then you would really be always have the edge.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

It baffles me how some wealthy people in our society, instead of owning few productive properties that will stand as assets which will generate proceeds for them, they often enter into owning so many properties which some of them are left in dilapidated state and some of these wealthy men doesn't even know how many properties they've got because of how numerous they have become and sometimes some of the people who either stand as agents, witnesses or attorney that was involved in the business dealings hijacks some of these properties without the knowledge of the owner simply because they also have some of the owners documents in their possession.
For sure we are meant to acquire assets that will stand out for us in the future especially a time when we will no longer have much experience, energy and strength to work again in order to earn a living so our assets gives us the liberty to enjoy the fruits of our labour when we get old and these asset also stands as aid to people around us more especially our offsprings or relatives who are very dear to us at a time when we answer the "call of nature" (death).
My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

Many of these business people have a plan that ultimately works around leverage. If you are able to get the mortgage on ten properties with a 5% deposit on each, then get tenants to fill them (whether residential or corporate units) then they can hopefully pay off the building. If you're doing the same thing with only 5 properties and a 20% deposit on each, you have greater security (the person lending you the money takes on more risk) but will only have 5 builds at the end of it and not ten. It's a longer term strategy but when it pays off it gives the owners a lot more capital. Now, the government should definitely be stepping in if the owners are not correctly maintaining buildings as per their legal obligations, but that is another matter.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

It baffles me how some wealthy people in our society, instead of owning few productive properties that will stand as assets which will generate proceeds for them, they often enter into owning so many properties which some of them are left in dilapidated state and some of these wealthy men doesn't even know how many properties they've got because of how numerous they have become and sometimes some of the people who either stand as agents, witnesses or attorney that was involved in the business dealings hijacks some of these properties without the knowledge of the owner simply because they also have some of the owners documents in their possession.
For sure we are meant to acquire assets that will stand out for us in the future especially a time when we will no longer have much experience, energy and strength to work again in order to earn a living so our assets gives us the liberty to enjoy the fruits of our labour when we get old and these asset also stands as aid to people around us more especially our offsprings or relatives who are very dear to us at a time when we answer the "call of nature" (death).
My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

Both paths are valid, what happens is that if you chose the latter route then you need to keep an eye on those projects so they keep generating as much money as possible for you, however if a person is already tired of this as they have done it all their lives, or they simply do not want to pursue that kind of lifestyle, the former strategy makes more sense to them as they can buy a property, forget about it and later resell it at a higher price once the demand for that property has increased.

DiMarxist

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Op I understand your point. Many people have invested in different kind of properties that they don't even know most of their properties again and as a big man, you would not like to do most of the project like that and they sent people to do it and some of those unfaithful servants would convert some those projects to themselves l. I have witnessed this in my location. So I also prefer a wealthy man acquiring few assets that can provide good income for the owner than owing many properties that they can manage.
Dangote in Nigeria will face the same calamity because the guy wants to invest in all ramifications of business. Cement, Sugar, Rice, Salt, Oils, Floors, Indomie, noodles, Crude Oil etc. Which is wrong and this are some of the reasons why things are costly because there is no division of labor for workers. And everything centered in one man.

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

It baffles me how some wealthy people in our society, instead of owning few productive properties that will stand as assets which will generate proceeds for them, they often enter into owning so many properties which some of them are left in dilapidated state and some of these wealthy men doesn't even know how many properties they've got because of how numerous they have become and sometimes some of the people who either stand as agents, witnesses or attorney that was involved in the business dealings hijacks some of these properties without the knowledge of the owner simply because they also have some of the owners documents in their possession.
For sure we are meant to acquire assets that will stand out for us in the future especially a time when we will no longer have much experience, energy and strength to work again in order to earn a living so our assets gives us the liberty to enjoy the fruits of our labour when we get old and these asset also stands as aid to people around us more especially our offsprings or relatives who are very dear to us at a time when we answer the "call of nature" (death).
My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

owning large some of different properties is aimed at the expansion of networth which could largely deplete if it's been held in fiat currency. Where the laws doesn't give a restraint to the amount of properties an individual should acquire then there's nothing wrong about owning properties in any amount. It's a right.

The perspective of the wealthy and the average person on the street (probably a wage earner) about acquisition of assets of all sorts is quite different. It's common for the average person to conclude it to be a waste of funds but it's not so looking through the lens of the wealthy.

Yes, no argument about some of these properties getting into the hands of their lawyers and agents or caretakers but that often happen when the wealthy individual doesn't reveal to his family about all of those assets he possesses down to the least while he's still breathing.
Or a suggestion which I feel could be useful to any opulent wealthy guy reading this; you probably could make a video record where you make list of all properties you own and their locations and documents and who is standing as a caretaker for it. By so doing you don't have to worry about losing them to strangers when you're gone. Cool!

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What i understand why many people acquires series of properties or wealth is that they set it up for their generations as you can see the world is changing gradually and inflation is really eaten up almost all countries. At their time they may decide that acquired whatever property they feels like having this applicable to politicians who are on power and when they leave office they could used some of those properties to sustain themselves like they could decide to sell off any when time for needs arises.

Some of them ends setting up companies or businesses that could stand even when they aren't on power to help them when the needs arises also you must also know that no wealthy man who has tasted riches that would want to go low below their presents stands hence they try's all things possible to acquire as much many properties they could to maintain their Richie and some of these people also planned their lives include that of their family and relatives so they won't go broke or ever be poor again in their lineage.

Cossyblack

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To owned numerous properties across the country isn't bad or illegal but part of investment. Infact if the wealthy people uses their excess Cash to build,owned and acquire various companies,build schools and health centres it will help to curb unemployment,poverty and crime in the society.So it is even encouraging for a wealthy/rich folks to acquire more assets.

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Hello and welcome to capitalism. In order to proceed you need to abandon all common sense Grin

If someone gets rich, he can acquire so many means of production that there would be no reasonable way to control them all on his own. Capitalism rewards being rich by making you richer and also making everyone else comparatively poorer because the rich get richer but only at everyone else's expense.

But also owning property isn't a means of production. There's nothing productive about a house. A house is a basic necessity for one tombe able to produce. But it's not changing the state of anything. A house won't change raw rare earth to bars of metal, therefore adding value to them. A house just stands there in perpetuity. It requires no labour and produces no outcomes.

And also as OP said, those hoarding property have no reasonable way of controlling it all at once in their own. Much of it falls under delapitated states. Other times the quality of services provided to renters is extremely bad since no one attends to them etc. But what can you do? Nearly every country in the world has private property "rights" engrained in its constitution. In spite of history having proven again and again that wealth inequality leads to gross inequality, we fall in the same mistake. If you want to change this now there's nothing short of a revolution that could help. The real question is, who's really up for it?

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Quote from: Cryptoprincess101 on July 01, 2024, 07:05:55 AM

My question is that is it advisable to own too many properties that are unproductive with the expectations that they would stand as aids to us in the future or should we just own few assets and make sure they are of the best standards and are generating money for us regularly?

If the properties are unproductive, they can't bring proportionate any aid for us in the future... Therefore, it doesn't make sense to own them, because besides bringing extra expenses to the owner (as we have to pay yearly tributes over our properties), there are also risks the government seize them due to the properties not being used by the owner. So the government takes the property for itself, auction it or give it to the poors through social welfare programs.

Usually, this kind of situation is more common among heirs who received lots of properties from their ancestors and don't know how to maintain their productiveness or how to adapt the properties to the circumstances an demands of the present moment. Then they become obsolete. Internal disputes between family members is also a common reason why we see decaying unused properties.

Alpha Marine

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This usually happens in a country without a proper system. In developed countries, the taxes you'll pay on those properties won't allow a person to have a property that is unproductive while paying tax on it. So it's either they'll make it productive so paying the taxes won't be a problem they'll sell it off.
But in a country where the rich get away with anything, nobody bothers them about taxes, especially if they're in bed with government agents. They can legit have no idea about the state of a property or asset.

It's good to own assets and properties, but having something more of a liability than an asset is not very prudent. It simply means you're taking profit from somewhere else to fund the expenses of the other which would mean running a loss. The goal is to make a profit and one of the ways of making profits is to minimise cost as much as possible while maintaining an above-standard production

Topic: acquiring many properties in the name of owning an asset - page 3. (Read 629 times)