I bought a property at age 24 in 2004 for 400k, with 80k (cash +
cpf) from 3 years working as an lowly paid auditor who saved all 70% of her income to invest in stocks. With 80k cash from savings + profits from stocks, I bought the 400k property with 80% gearing.
Then I sold this property in late 2009 at 800k. Then with the 500k (profit and equity) released from this property, I bought another two properties. I sold one in December 2010 after holding it for 16 months with a small profit of around 180k (net of all expenses). The property I held onto it with about 200k equity in it. Altogether I have 500+180k = 680k made from property investments.
I have another 400k in the bank that was a mix of salary savings as well as passive income from trading on NASDAQ. I just buy only a few stocks, namely RIMM, AMZN and APPL. However these stocks are so volatile and so popular that I made a total of 200k profits from just day trading these stocks from 2009 to 2010.
With that, I made my first million (or around 1.08M) in SGD.
Now, the dilemma is that I have one property left but that is a studio apartment (the one with 200k equity in it). HOwever, I need a bigger space. Currently with the new ruling where I have to fork out 40% cash for the second property, I will have to exhaust my entire 1 M for say a 2.3M semi-D or Corner terrace in today's market.
I just wish I know when the property market will start to soften again so I can make my purchase!
Any clues?