I bought my first property for self stay at 14 Feb 2012 with RM 132,800 and then I discover the secret behind property investment by 2019 lately.
A debts situation giving me a chance to reveal and learn how to invest in property correctly.
It is none other than “Buy it for our self stay and not for speculation”
My first home
I started to look for house to buy back in 2010, and I used more than a year for my first successfully home purchase.
It’s common as we don’t have any experience in buying home and yet making mistake in buying a property could be a lifetime mess… it’s too expensive.
Furthermore in property for 7 years, I see majority of purchaser do the similar as what I did for first home.
“Don’t believe agent said, because they just trying their best to sell you the property, their job is selling you”
Included me – Cheston Choo
I am also a property agent, and my job is sell you property that seller seek for my selling solution.
But what is the different between, you may check on 7 tips to spot a reliable property agent.
Or with other sources How To Find The Best Real Estate Agent In Your Area.
As an agent, we don’t charge you any fee until the sales is successful, even your loan rejected, there is no fee involved.
Fee only occur upon signing SNP which is the state then after your loan approved.
Don’t shy to interview more agents
For my first home, I actually shy away that I didn’t decide and took me arrange next viewing longer time.
Some of the good agent really did their work and keep us updated most of the time.
That’s why it took me from searching a house from 2010, but I only make my purchase at 2012 February.
If I decided earlier, I could save 20-30k easily as the market is booming that time and property prices climb up really sharp.
Friends & Family Advice
Back then, it’s a common big mistake for me, we didn’t ask for the right person, and my circles is where none of them bought any house yet.
So please look for some one who already bought a house for the correct answer.
Another main reason delay my purchase, from 2010 the property I aim to purchase is 200k, day after day and soon another year, the particular property prices went up to 250k…
From what I can afford to buy which is bigger, then come to when I decided to buy, the house become smaller. (Peak Seasons 2010 – 2014)
Finally I bought it
Yeah! Finally I bought my first house, and then it’s another common mistake I believe majority will do it.
It’s so happy to share it with our families, get them have a look after I bought it.
Guess what? All the negative feedback, the corridor is so dark, the door facing door, the balcony shape is so funny, the master toilet look like this…
Nothing good because they advice me not to buy, but I didn’t follow their advice and only inform them after I bought.
We are always kids especially parents.
Worst if your aunty uncle know your mum dislike it and they visit your first home. Unless who bought property before will talk different.
I don’t blame my parents now, I know they just worrying about me because for next 35 years, I am still her small boy.
But thing doesn’t work like this, I hate them for all the negative comments, I hate living in the house because I am affected that it’s very bad Feng Shui.
Then I not doing well at all for my job then carrier then job then another job and another job…
Debts either kill you or teach you
After many jobs then I get myself into serious debts, I couldn’t pay for my property instalment in 2015 where my sales is really bad.
The income tax I submitted on 2016 for year 2015, when I do the submission then I realise my CP 58 with only RM 12k+
Which is mean I only make 1k per month? How to survive?
I chicken lo, not brave enough to suicide, wanted to do so but never succeed.
My mum helped me because she always worried about me, she actually gave me money without asking.
Both my sister helped me, my brother also helped me… Even one of my aunty also helped me.
I am so lucky, not at all.
Yes, really lucky right? This is still depend on our personality of what we doing in the past and how we treat our families right?
Not at all about lucky, it’s givers gain. It’s who you are and your loyalty worth how much.
Thanks for them who helped me without chasing me back their money for many years, because I usually remind them all the time that I still owing them money.
By paying back really little also paying back, for my sincerity they also know my situation when I am lost in the dark.
They continue borrow me and I couldn’t imagine how can I pay back them for such a big debts.
The debts teach me the secret behind property investment.
Seriously bad, couldn’t pay for loan and got no choice to rent out my property.
Never think to sell because during bad market. (This is exactly why property price don’t drops) – Next Article in Draft
Then we go for rent, really worried about tenant spoilt my furniture and my home and total rental couldn’t cover the repair cost.
But I got no choice already.
The secret behind property investment
I go online and search my apartment for rent to have an ideal how much should I rent.
What I see is really an eye opening & shocks…
I can rent it for RM 700 – RM 1,000? From range unfurnished to fully furnished.
My unit is partially furnished with 2 bed set with wardrobe and one store room.
The Price I bought RM 132,800 and my monthly instalment is RM 59X.XX plus maintenance fee RM 77.
Rented out within a week.
I am desperate actually and don’t want to wait for too long to get a tenant. Also having totally different mindset throughout the messy life.
I do my work, call and find out the real rental price that is rented out.
So I decided RM 50 cheaper from RM 900 which that I found one unit partially furnished for one bedroom only.
Mine is two bedroom furnished & my expensive kitchen where I renovate it for our own usage.
Many calls and interested tenant via internal photos
It’s time to create urgency but I still trying my best to filter out tenant behaviour over the phone call and then come to viewing appointment.
I rejected them with my experience, only arrange where they meet my requirements.
I am not good with my sales, but I still dealing with property sales and rental for many years as my full time job.
So I got the confident that I couldn’t believe how I handle it now. With this arrangement, I got one tenant profile which fulfil my requirements and he is willing to pay for RM 850 rental.
Paid before viewing
With my confident, surprisingly he paid booking fee before he view the my house. If he find out my house is different from my photos, I will refund in full for him.
Then this is also why recently my sales is growing and started to have name for top performers.
Low numbers of viewing but high closing once viewing appointment arranged.
Back to The Secret Behind Property Investment
My rental is RM 850 now, and I need to pay RM 670 included maintenance fee.
How much I get from my property? Is this property still liabilities?
I believe you got a firmed answer “an asset” which putting money to my pocket.
The Secret Of Property Investment is none other than Buying for your needs and never for speculation.
There is thousands reason property price only goes up, but only one single reason property price will drop.
People who is really need money super urgent with emergency reason, either bank foreclosure to auction his house cheap or he selling cheap before foreclosure.
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