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Old 10-08-2014, 01:06 AM
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i want to say thank you to the person who shared this. many of my friends who are in their mid 20s like me have not yet invested in a property. most of their salary is spent on food, partying, staycations and shopping. while i sometimes envy them, i know that it is never too early to start investing and start saving.

my parents both come from very humble backgrounds. all their life they have saved and scrimped on every penny just to provide me with a better future. now about 60 yrs of age, they are both retired and own a number of pvt properties amounting to $11 million (my estimate). the rental income is more than enough to keep us going. of course, while we are not upper-class rich, we are very comfortable. they still do not splurge, we still take the bus/mrt, and we all enjoy cheap hawker fare.

this condo that i bought was my parents' idea. then in my early 20s, what would i have known about investing in property? instead of seeing my money do nothing in the bank, they wanted to see my money put somewhere with potential for growth. we did understand then that with a pvt property, i'd probably never own a hdb. which will hold true as i will most likely breach the income ceiling for a hdb flat.

i know i am lucky to have what i have, to be starting on a higher ground than most others. every investment comes with a risk. i readily accepted it when i bought my property. should the rental market be less than optimal when my condo TOPs, no problem, i have to take it in my stride and deal with it. with holding power, everything will turn out just fine.




Quote:
Originally Posted by Unregistered View Post
I thought I revert back due to some similarities we share. Apologies to others for divesting

I had a similar investment when I was about 27, invested in a apartment (dare not call it condo) 1.1M central location now worth about 2M. This was many years backs and it was also a shared investment with my parents. Difference is when I bought the place I knew how much I contributed, how much they contributed. I arrange the loan (spoke to 4 banks), the lawyers, bargain for freebies, arrange for rental agents, contractors etc.

If you are serious about wanted to buy more in the future I suggest you start making yourself aware of the obligations you got yourself into since its your name its under. Besides the loan have you accounted for MCST charge, property tax, renovation cost etc once the condo TOPs?

You are lucky you're parents took care of it all for you, but it would have been a good learning experience if you did it yourself. You should take the reins now if you really to buy another condo in the future. There is something to learn from every purchase.

I can tell you once your condo TOP its very likely we gonna hit a sh*t of a rental market so you better be prepared for it to stay empty for awhile. Take the time to workout your obligations and be aware of your finances and how much you should save for that rainy day.

Your folks can bail you out of course but they shouldn't have to at the end of the day.

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