Quote:
Originally Posted by Wiseman1
Dont be a clown like the rest of the sillyporeans. Are there ready buyers for your properties??? I can also say my properties are worth millions, these are meaningless numbers unless there are buyers knocking on your doors (not dodgy property agents who try to secure your biz by promising you sky high prices with no substance)
Always Remember: Juz because someone else can find a sucker willing to buy his house at a price which allows him to make 200% profit does not mean you would be just as lucky. The debt with the bank is real, but the promise of high selling prices and fat profits are mirages unless buyers are queueing at your doors.
This is a fatal mistake which I see a lot of Sillyporeans are committing, over leverage in properties dreaming of imaginery sucker buyers...what if you cant find that sucker???
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You sound like a few of my less intelligent colleagues (mainly FTs from 3rd world countries).
These guys don't know much about our country nor about the global financial system. When we had the crisis in 2008, I bought a condo in Orchard area at a distressed price. I told them to buy other condos selling at fire sale prices but they were afraid.
Now after the global crisis recovered, prices shot up and they keep saying prices will crash again. I just smiled. The condo I bought is now worth $1m more than the price I paid. My best performing investment so far. The rental yield (based on my purchase price) is 7% and it is fully paid up now.