Friday, 7 May 2010

Property Millionaire

I was surfing thestaronline and stumbled upon starproperty section...a very interesting site where they share a whole stuff regarding houses, how to decorate and even making money out of it...it was still a honeymoon period for me so i keep on browsing one article after another....hubby and i were also searching for our ideal home, so i got a few good tips there....theres also articles on how to get financial freedom by becoming a property millionaire..here's some hints dat i can catch :

- one of the property millionaire started with only RM5000 as a downpayment for her first apartment/flat...then she buy a few more and grow her properties to even some industrial/office lots....interesting fact...

- start with a low cost flat/house as they are still in demand...then move on to bigger houses...not sure wit the 'engineer' title, will i b entitle to buy a low cost unit...see, the govt control dis things...

- choose the location very wisely, then u dont hv to pay for the housing loan, instead the person who rent ur house pays it for you....so, in northern Peninsular Malaysia, the answer is of coz in Penang island....

- industrial/office property can make a huge amount of money and less tedious to take care of....why? coz we dont hv to renovate anything for them, just leave the lot as empty as it is...the person who rents it will do the construction work to suit their business needs....they will of coz take good care of the building as dis is the place where they make money n its important to attract the customer, so they'll keep the place nice n clean...the downside is the amount of the downpayment will also be huge..huhu...

- lets calculate my dream pension fund (amount u need when u arrive at ur desired retirement age, in order to receive ur desired monthly income) :

DI (Desired Income) = 5000
CA (Current Age) = 25
RA (Retirement Age) = 40
POA (Passing On Age) = 75

Pension Fund : DI x (POA-RA) x 12 months = 5000 x (75-25) x 12
= RM3million....
MUAHAHAHAHHAHAHAHAHHAHAHAHHAHHAHAHHAAHA.....

- strategies : knowledge (more u know, less mistakes...so do research on the property), leverage on assets (hv u watch leverage on axn? lurveeeeee dat show), joint-loans wit family members (trust is a difficult issue), know ur banker (n ur lawyer n ur developer), look out for discounts and early bird specials from developers (didt know they hv dat...anyhow i dont know much bout properties), find a group of people and negotiate for bulk discounts, invest on books...

- property auction is also a good place to look for cheap houses....but need to be very careful wit the properties found here...need to find out why the property was being auctioned at a cheap price...might get tricked if u dont know the property well....

my parents are one good example of the property 'thousand-aire'....they hv a few property, only the income or value of the houses doesnt reach up to millions.....i dream to be like them..but after trying to secure our very first house, i was puzzled as to how they can buy houses as both are only govt servants (in simple words, kerani only)....do u know the price of the houses of previous generations ? they were merely RM100 thousand and below...our current generation, the prices goes up to RM 200-300 thousand....well, taking into consideration the cost of living back then and now, no wonder the house prices shoot up to double-triple times....hmm, they've also got some financial help from their parents, so cant compare with them (not saying i didnt get any help, i got my share too =D)....

will i be the next property millionaire ?????!!??

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