My New House

Discussion in 'Adrian Wong' started by Adrian Wong, Apr 27, 2005.

  1. wodenus

    wodenus Banned

    So you don't have the loan but you already have the house ? which means you've already paid in full for it ?
  2. digitalvoice

    digitalvoice Newbie

    Huh? Adrian = Richy rich rich? :whistle:
  3. siddiq

    siddiq Newbie

    wah adrian. very good. buy more stuff. after that sell them. sure can make more money. :thumb: :thumb:
  4. kayFX

    kayFX Newbie

    eventually i got this idea after looking adrian's new house.. how to make money while buying property.. as i know, when you want to buy new house, normally you've got to pay 10% of the house full amount for booking.. then apply loan to support the rest of the amount.. loan approved.. pay your loan for two month or up to one year.. if the place you are buying for is booming with development i think three or four month after you buy, the property will rise and get more expensive.. then you sell back the property.. procedure is the same.. the other party who want to buy will pay 10% of the amount.. ah cut the crap.. here is what i'm thinking theoretically..

    house price =RM 200,000
    booking 10% =RM 20,000 (normally there will be some discount, end up you just pay 1% of the full amount)
    apply loan 90% =RM 180,000 (after the discount from developer, 90% of the loan should cover the whole price and if you're lucky enough there will have some balance from the loan you applied)
    when the house price is raising, sell the house
    new price =RM 300,000
    new buyer must pay 2% =RM 6,000
    new buyer applied loan =RM 280,000
    after s&p* agreement =RM 24,000 (new buyer must pay this to you within 14 day after they sign the agreement)
    *sales & purchace

    you come out with RM 2,000 :clap:
    you get back RM 30,000 (you profit RM 28,000) :dance:

    i think this is how the people in realty business making money :mrgreen:
  5. slyf0z_87

    slyf0z_87 Newbie

    that's one way. Another way is the way my uncle does it

    what he does is, buy a pretty bad condition old house at a horribly low price.
    And I'm talking RM160,000 for a bungalow here.
    Renovate, and considering you've done many projects......the contractors usually offer a good price.
    Then paint it up really nice, and sell it off at a high price.

    THE most profitable ones are single storey bungalows.
    These are easier to renovate cuz you don't have to worry about the base and all that foundation stuff and also cheaper when you buy.
    Then the garden, you just need to lay fresh carpet grass and flowers and hey, you're good.

    But the process takes about 6 months for renovation.
    Risky if suddenly the price of that area drops. Condos, major no-no.
    Outta question.
    another way is to become like my friend's father. Jadi broker.
  6. Dashken

    Dashken Administrator!

    Am I late? :shifty:

    Congratulations Boss! :thumb: :beer: :wave: Nice house! :dance:

    Hey... show us your bedroom. :wicked:
  7. wodenus

    wodenus Banned

    Gotta be :)
  8. sunsetbay

    sunsetbay Newbie

    wah!! gd bargain ah! nw i know S'pore public housing is way too overpriced!! :wall: :wall: my 3 bedroom flat, (they called it 5room flat cos they consider living rm & dinning rm as "room"!) is US$186k! or RM$710.7k!! :wall: renovation for most housing flat can easily hit US$20k exclude furnitures!! :wall:
  9. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Seriously?? :shock:

    Which part of Gajah Berang??

    You are talking about the houses near the Kedai Telekom and MPH? :think:
  10. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Nope. I have to wait for state government consent to be given before I can apply for a loan.
  11. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Err.. My house cost less than Jason's condo and way less than Ken's condo! :mrgreen:

    So, Jason = rich. Ken = rich. :haha:
  12. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Buy more?? :shock:

    I can't even afford this one without a loan! :haha:
  13. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Err... It's really not so easy.

    When you sell a house, the government levies tax on the sale. I think it can be as high as 20%. The tax reduces each year and I think there's no tax after 5 years.

    Also, when you get a loan, there's a lock-in period. Currently, that's 5 years. If you sell off the house or pay off the loan before the lock-in period is over, you have to pay a fine. I think most banks charge something like 3% of the loan amount.
  14. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Late? I thought you already read this thread earlier?? :shifty:

    Bedroom?? There's nothing in there. My bedroom set isn't here yet. :haha:
  15. Adrian Wong

    Adrian Wong Da Boss Staff Member

    How I wish... :cry:
  16. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Well, Singaporeans generally earn a lot more than Malaysians. :mrgreen:
  17. elton

    elton WhAtSuPdOc

    Adrian what you plan to do with your garden outside? :think:
  18. sunsetbay

    sunsetbay Newbie

    yap but if u base on ratio, Spore probably wont fair off in anyway. most pple in Spore take 30yrs loan (two working adult) for their housing & it's juz a leasehold public flat! :wall: i believe for most m'sian, u probably need one working adult to support a family & take 20yrs or less loan for housing. :(

    the cost of living in Spore is too high!! :wall:
  19. Jet

    Jet Just Started

    Move to Msia!!:wave:
    You work in Spore but stay in Johore. :thumb:
    Problem solved.. :thumb:
  20. elton

    elton WhAtSuPdOc

    I wish to do that also, but is not that easy.. :hand:

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