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Ec_2008

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About Ec_2008

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  1. Ec_2008

    Need advises on buying flat and investing.

    From what I think. This is also a definition from rich dad poor dad. Be it property,car,equipment etc. Anything that put money inside your pocket is your assets.
  2. Ec_2008

    Need advises on buying flat and investing.

    We don't like our money to be locked inside CPF. We can only own 1 HDB flat. With our status now, we don't dream of buying private.
  3. Ec_2008

    Need advises on buying flat and investing.

    We don't buy liabilities is bull shxt. We try our best to minimize our liabilities.
  4. Ec_2008

    Need advises on buying flat and investing.

    Thanks for advice. We are fortunate to be able to save some money. Instead of letting it park inside bank and lose the value due to inflation. We decided to invest. We don't buy liabilities. We want assets. Of course by investing in another property, it may become our liabilities. But it may also become our assets also. I hope it's the latter way.
  5. Ec_2008

    Need advises on buying flat and investing.

    Yes, it's Bedok Beacon. We are taking the middle block. So all noises are filter away by the first block that face the road and mrt track.
  6. Ec_2008

    Need advises on buying flat and investing.

    Thanks pinobii. Indeed it was very lucky for us to be able to select a flat there. We will consider very carefully to go with the deal or not.
  7. Ec_2008

    Need advises on buying flat and investing.

    Yes, property price in Haikou has already gone up a lot as compare to 10 years ago. Will the price remain the same for the next 10 years? The answer is no. Property prices all over the world will continue to go up. Of course there are some down turn here and there. But it is an upward trend overall. I just quote some example. When my parent first bought their 3 room hdb flat in geylang. It only cost them $13k. And we sold it for $100k. After 20 plus year. Than we move to woodlands for 5 room flat. I am the sole owner of this flat as my parents don't wish to pay hdb levy. We got the flat for $190k. One of my friend said i siao. Bought a $190k 5 room in woodlands. Look at the price now. This flat going for at least $400k now. It's not a lot. Just 100% capital gain. So the story is, if u think the price is very high and don't buy. Take a look at the price again after 10 years. U will regrets of not buying. Property price will not drop. It will appreciate.
  8. Ec_2008

    Need advises on buying flat and investing.

    Thanks all for the input. We knew $50k is not a lot of money. In fact this $50k will be used for the down payment of our new BTO Bedok flat if we decided to continue with the transaction. (Invest in a mature estate with mall beside and mrt just opposite will ensure capital gain) This is what I see the next 10-20 years is not a problem. Sg as a regional financial hub will continue import ft. Otherwise, this $50k will be invested in a small apartment in Haikou(if we decided not to buy the Bedok flat) and we will work our way up. (Hopefully we can get a tenant and he/she is paying our mortgage loan for us.) From our situation as of now. Saving another $50k will take us less than two years. As I mentioned in earlier post, me and wife depend on a single salary. Our other salary are 100% save up. But putting the money in bank is unwise. Therefore we think of investment. We don't like bonds,funds,stocks etc as the risk are much higher than investing in property. By the way the 10 year cycle may come any time. Even if after we invested our money and 10 year cycle came. Our have another half of our salary to service the mortgage loan. Yes, we might lost our job. I think getting a $3k job in sg is not a problem. (Eg. Be a bus driver,drive grab etc) I worked as taxi driver before. Taking home $3k after minus off all expenses like car rental and fuel is not a big problem.
  9. Ec_2008

    Need advises on buying flat and investing.

    Yes actually. Whatever money used in my current flat will return back to CPF plus interest. But we can also used that amount for our new flat. So let's calculate again. I have used $170k in CPF plus interest as of now. After selling off Woodlands flat. Left $320 - $170k(CPF) = $150k cash. New flat around $280k - $170k(CPF) = $110k. If HDB able to grant us a loan of around $80k. (Around 70%) We need to pay $30k cash to complete the transaction. Therefore $150k - $30k = $120k cash on hand. Selling woodlands flat for $400k is just a safe figure. We might get more since Thomson line(Woodlands south station) is going to complete in 2019 if I am not wrong. We might fetch a higher price than $400k.
  10. Ec_2008

    Need advises on buying flat and investing.

    I am sorry to said that parking cash in bank is an unwise way of saving money. Bank interest rates won't beat inflation rates. If we really need money for rainy days. Eg. If we are fortunate already have some overseas property. We can just sell off one unit or some to get cash. Again I need to apologize. Boleh land is totally different from China. With their open policy. The whole country is growing fast. And I had went to Haikou to see for myself. Haikou is growing rapidly. That's why we don't even think of investing in boleh land.
  11. Ec_2008

    Need advises on buying flat and investing.

    So even with $190k cash on hand we can't buy a private property in sg after going through option 3.
  12. Ec_2008

    Need advises on buying flat and investing.

    We would like to start off small as we only have $50k cash on hand presently. Property prices all over the world will went up for sure. It's just a matter of time. Provided you can tahan than down turn. About 10 years ago. The property price in Haikou has an average of 3k RMB per square metre($600 SGD) Now their property price is in the range of an average 8k RMB. Even if HDB approved us to rent out whole unit of our Woodlands flat. We still can't afford a private property in sg as of now.
  13. Ec_2008

    Need advises on buying flat and investing.

    Thanks for your encouragement. We are still holding the ideas of buying a small apartment unit in Haikou. We may go for option 3. Gave up the Bedok BTO. Lose $2k option fee. Apply for another 4 room BTO that cost less maybe around $280k price range in punngol, Sembawang, woodlands, yishun etc. In doing so, we will have extra cash in hand maybe even for private property in sg. Woodlands flat sell $400k. After HDB levy and leftover bank loan Still have $320k. New 4 room flat in another location around $280k. HDB grant us a loan of $150k. Therefore new flat need to top up $130k. $320k - $130k = $190k cash. This is the figure we got after doing the simple math. Are we correct? Or are we wrong?
  14. Ec_2008

    Need advises on buying flat and investing.

    Yes, that's true if they keep on building new units. My wife and I are presently living on a single salary. The other salary are save up. Therefore we believed we can still service the mortgage loan if we can't get a tenant for a long time.
  15. Ec_2008

    Need advises on buying flat and investing.

    Hi picnic06, my father in law will collect the rent and help us to pay the monthly installment to bank if we really buy a small unit in Haikou. My parent in law has a land where they build a 4 storey house. That house has a total of 8 rooms. My parent in law lived in 1 room. And my wife's two younger brothers lived in another two rooms. They rented out the other 5 rooms to others. Therefore I don't think our small apartment will be used by them. The small apartment is solely for rental to help us build passive income. We are not working in Haikou, but may consider retiring in Haikou. Yes,$50k is not that big amount. We can't afford to buy another property in sg. That's why we are considering using that money for overseas property or for the down payment for our new BTO flat in Bedok. I am using a very safe figure of selling my Woodlands 5 room flat for $400k only. This current Woodlands flat is very near about 5 minutes walk to the Thomson line(Woodland south station). We won't know the future price but I think $400k is around there. I am using a very safe figure to estimate the selling price of our 5 room Woodlands flat. I lived in that flat since 2003. Renting out the whole unit without owner living in that unit must have a very good valid reason for HDB for approval. We can't afford a private property in sg. Therefore we still don't dare to dream of that yet. Yes, after mah bao tan step down a minister. HDB have rammed to the speed of building BTO to cool down flat prices.
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