next aim....

Now that everything has settled, I am now in the process of purchasing my next property. Where? Well, we'll find out in a few weeks time. Hehehe.

I felt that there's a butterfly in my stomach. Buying a property for me is like a boy asking a beautiful girl out for the very first time. Full of anticipation, questions and what have you. Obviously, it's not the first time I'm purchasing one but the feel is always the same. Be it a flat, a condo or a luxurious one....

earlier, I did state somewhere in my blog postings that I am aiming to get another 2 properties for this year and if I can add one within the next few months, I'll be a happy man!! Some of my friends asks me why am I buying properties...Well...there are tons of reasons....one of it is to 'secure' my daughter's future. Hehehehe....actually how do you relate your daughter's future and properties?

it's a simple equation actually. Just assume the property is a form of insurance. You buy something that is worth X amount today and the prices of properties increases every year. Perhaps, with good amount of luck and of course some work, I might be able to sell the property with a profit, of which, the money will be used to put in my daughter's education fund.....

This weekend I'm gonna take another view of the place. I've been to the place a couple of weeks ago and it's a vibrant place. Obviously, it's not cheap...

Btw.....I do have some doubts...

Would you buy a property that is on the auction list for RM77k, with an outstanding amount of about RM5k (excluding unpayable cukai taksiran for about 7 years). The bank clearly states that they won't pay the outstanding charges-which means you have to pay on your own...The condition of the house is pretty bad. I would assume the total repair cost will be around RM10,000. Not to forget the legal fees that you have to pay (which comes to about RM5k) and valuation fee-which is rm500.

Let's see the cost involve:

RP: RM77,000
Deposit 10% = RM7,700
Outstanding = RM5,000
Cukai Taksiran=
Legal Fees = RM5,000
Valuation Fees= RM 500
Repair = RM10,000

Total cost involved: RM28,200. (Excluding cukai taksiran and other stuff)
Market Value of the place: About RM120,000

Or, which you rather purchase a newly built condo with a price of RM200k?
Which gonna costs you about RM20k (maybe)?

Which one you gonna choose?

Of course, there are so many other factors like location wise, etc..etc...Just assumed that these 2 properties are located in a hot spot and easily tenanted!!