Anytime, I will wish you the best in your future and in property investment,
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Originally Posted by Unregistered
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.
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Just want to add on this, Ironically I think its important to strike a good balance of partying yet future planning. You're only 20 once and once you hit 30 your energy and commitments to other responsibilities will not give you the same opportunity to do so..
I started owning and managing one property like you did, now I am mid 30's and I own 3 investment properties (2 residential, 1 commercial) and I can tell you with every purchase I learnt something be it good it bad (bad ones I had to pay 1000's to find out). Always good to start early. If you are serious about property investments as a approach take time to hone your property picking skills (i.e what location, old or new, rental potential, en bloc etc) and always keep a list of contacts like agents, handymans and bankers. There are many good local property blogs you can read on for more details especially marking timing.
More importantly it will feel good when you're hit 40's and know you have financial security despite your job.
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Originally Posted by Unregistered
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. |
Contributing to the savings thread purely liquid assets.
Liquid Stocks: 150K
Cash/
CPF and equivalent - 2M
Outstanding Debt obligations - 1.4M