You guys got any good solutions to this problem ??..

[ikan bilis]

just went makan and talking to the hawker selling me noodle...

- he has a 2+1 condo at hillview, FH, loan ~700K, monthly instalment 2.6K paying for about 5yrs liow, condo maintenance about S$300
- Bought the condo when he was running some business last time. There is already some huge profit inside condo. And he is hoping to hold the condo for another 3yrs, if possible.
- his income now about 1.8-2.3K/month. Will be having difficulties to pay back bank loan in future. Wife sometimes helping him at noodle stall
- he is asking any good way to rent out condo, and rent another place for his family (him+wife+son).
- he checked a 3rm hdb at teck whye already asking $2.3K. And his condo could only be rented out for about ~$2.7K
- he is saying not worth to rent out condo room, the best could fetch around $7-800...

others, what i think...
- his loan is already at low interest rate. And not easy (or impossible) for him to refinance and taking equity loan.
- i did not ask if he has parents to take refuge
- age of about 50, will have problem to get an ec even wanna sell his condo now (financing/loan will be difficult)

i told him let me try find some good solution... but likely me got no solution.... :ashamed1:
You guys got any good solutions to this problem ??.. :beats-me-man:

[roly8]

i assume his home is HDB. And this condo is an investment? if he rent out $2.7k per month minus $2.6k installment minus $300 mnt fee .. he earn nothing..

and his cashflow is pretty weak w/ just $2k+ !

[RCT]

I think that is only property ba

[ocean68a]

cash out the condo and buy a resale 3-room HDB?

tks

[Regulators]

where is his hawker stall located?

[Sleepyhead]

Rent his condo out for $2.8k, can cover mortgage.

He & family move to 3 room HDB at Bukit Panjang for $1.5k.

[sherlock]

If got good profit cash out the condo lor, after all you can only make $$ in a bull run. Wait for interest rates to go up and prices come down he peng san

[ikan bilis]

where is his hawker stall located?

bt batok, he is moving to somewhere else soon. don;t know where next but should be around bt batok area...


Rent his condo out for $2.8k, can cover mortgage.

He & family move to 3 room HDB at Bukit Panjang for $1.5k.

i told him bt panjang has cheaper 3rm hdb, but that's still around 2k. not worth renting out condo. meaning need to pay condo maintenance, and risking condo tenant damage the flooring...


If got good profit cash out the condo lor, after all you can only make $$ in a bull run. Wait for interest rates to go up and prices come down he peng san

he is already a smart biz guys, and that's is some bigger decision he has to make himself, and that's already within his few considerations,... i do not have to or want to kaypoh him on that.... i only want to give him any good solution to hold tight tight to his condo, that's what he is hoping for... ;)


cash out the condo and buy a resale 3-room HDB?

tks

... might not be able to buy back a condo forever, not even ec... i think... :beats-me-man:

[dtrax]

In short he is quite screwed. Pay loan for 5yrs could only mean he bot at peak during 07. He rent condo negative cashflow, buy ec need to wait top n spend money on 3yrs rental, sell condo n buy HDB also tio insane cov n high hdb prices. In short he seems totally screwed left right n center

N not to mention his age is not on his side plus other family/biz commitment.

I suggest sell his current condo n take up the new scheme for affordable rental if his chewren is less than 16yrs old

Can ask him refer to HDB priority schemes

[Ricade]

Personally I feel mkt will still be good condition for the next 3-4 years..

Maybe give him this solution. Rent out the condo first.. He needs to cover the installment no matter what. Find cheaper housing. Up to him whether he wants to rent HDB, or just rent room.. Or stay with in laws.. He find his own solution.

This phase for ard 1-2 years..

The next phase, on 3-4th year.. Start marketing the Hs to sell. At this point in time.. The STI will hit new high and even further. Use this as barometer. If STI don't hit new high, don't sell. Only start marketing the unit when STI hit new high and ard 2016/2017.

Once property sold, keep the cash and wait for mkt to crash. Ard 2018 shd be a gd time for bargain buys. A lot of ppl MOP from SSD also just nice finish that year. Shd have some desperate sellers.

Gd luck.

[buttercarp]

Let out his condo.
Go rent a place in JB :D .

[dtrax]

Wun work..hawker early go work, return late.

[buttercarp]

Wun work..hawker early go work, return late.

I agree... hawker usually need to wake up early, so can beat jam if commuting from JB to Singapore in the wee hours of the morning.

I don't think he sell until so late, right?
Otherwise his salary would be more.........

[ikan bilis]

hello, guys....

alamak! you guys always thinking you are smarter,
- so making conclusion that he made the wrong move... and talk so big here,... does that help with those "canon behind horse"??...

i do NOT make that type of conclusion.
- i think that was some correct move 5yrs ago, that's why he got extra may be $500-600k (i guess) profit now. nothing wrong, and if putting $$ into stocks might be already all capital gone.
- it could be recently then he biz is going down, and need to be in hawker biz. He is in hawker biz for 6months only.
- only thing i could say is his bet 5yrs ago a bit too big. if he placed lower bet at say LH99 2+1 Regent Height at 500+K 5yrs ago, his instalment now is halved, and could rent out higher at S$3K

and, my position is NOT to tell him to sell/keep properties
- he is more capable to make that decision than we... and he should be the only one knowing himself most !!..
- he has to face his wife + son and telling them "we have to sell this condo and not coming back for good, and might not be able to buy back another condo in future"...
- i believe he will have problem buying back a condo or ec in future, not easy to loan
- i'm not a property anal-yst... may be i can tcss here but i do not go outright telling him when property price is expected to stay firm or come down later. he has to place his own bet, he is a biz guy...
- i repeat.... i do NOT go tell him to sell/keep properties... i no go act kay-kiang...

if short, i only want to kaypoh this: "if there is solution to solve the instalment problem for next 3yrs",... :beats-me-man:

[howgozit]

People like this hawker is in no position to be playing around with condos. His priorities are all wrong.....

This is what is so wrong with the current "boom" in the property market. A lot of Yowetans around

[buttercarp]

alamak! you guys always thinking you are smarter,
- so making conclusion
that he made the wrong move... and talk so big here,... does that help with
those "canon behind horse"??...



Hi ikan bilis, you asked us for suggestions and we gave you, at the expense of our precious time.
I hope you can value our time as much as we value ours.

[howgozit]

Hi ikan bilis, you asked us for suggestions and we gave you, at the expense of our precious time.
I hope you can value our time as much as we value ours.

Well said....

[ikan bilis]

People like this hawker is in no position to be playing around with condos. His priorities are all wrong.....

This is what is so wrong with the current "boom" in the property market. A lot of Yowetans around

i repeat again...
- there is nothing wrong for him to be in property 5yrs ago. He did make ~500K-600K paper profit now
- biz guy "operates" differently from employed guy. i'm in also in the income of ~2.5K/month for last 10+yrs... i'm having loans of >S$1mil, except i'm having rental income of S$6-8K in navigating across this stormy water + infested with piranhas...

and, i do not think there is of any help with those above comments by howgozit... in 2007 property market is not even overheated, it was just started to get hot....

[minority]

just went makan and talking to the hawker selling me noodle...

- he has a 2+1 condo at hillview, FH, loan ~700K, monthly instalment 2.6K paying for about 5yrs liow, condo maintenance about S$300
- Bought the condo when he was running some business last time. There is already some huge profit inside condo. And he is hoping to hold the condo for another 3yrs, if possible.
- his income now about 1.8-2.3K/month. Will be having difficulties to pay back bank loan in future. Wife sometimes helping him at noodle stall
- he is asking any good way to rent out condo, and rent another place for his family (him+wife+son).
- he checked a 3rm hdb at teck whye already asking $2.3K. And his condo could only be rented out for about ~$2.7K
- he is saying not worth to rent out condo room, the best could fetch around $7-800...

others, what i think...
- his loan is already at low interest rate. And not easy (or impossible) for him to refinance and taking equity loan.
- i did not ask if he has parents to take refuge
- age of about 50, will have problem to get an ec even wanna sell his condo now (financing/loan will be difficult)

i told him let me try find some good solution... but likely me got no solution.... :ashamed1:
You guys got any good solutions to this problem ??.. :beats-me-man:


Well 2 choice.

1. sell his place. cash out. and get a 3bed room. and have some addtional cash flow.

2. rent it out move in with relatives.

[yowetan]

i repeat again...
- there is nothing wrong for him to be in property 5yrs ago. He did make ~500K-600K paper profit now
- biz guy "operates" differently from employed guy. i'm in also in the income of ~2.5K/month for last 10+yrs... i'm having loans of >S$1mil, except i'm having rental income of S$6-8K in navigating across this stormy water + infested with piranhas...

and, i do not think there is of any help with those above comments by howgozit... in 2007 property market is not even overheated, it was just started to get hot....

Hi...any reasons/tricks to share to make the bank(s) loan you >1mil SGD when your monthly income is approximately 2.5k SGD? TIA.

[buttercarp]

and, i do not think there is of any help with those above comments by howgozit... in 2007 property market is not even overheated, it was just started to get hot....

Wah, today ikan bilis become sambal ikan bilis izzit?
So fiery hot :hell-hath-no-fury: ! :D

[Arcachon]

Hi...any reasons/tricks to share to make the bank(s) loan you >1mil SGD when your monthly income is approximately 2.5k SGD? TIA.

Before CM5.

Your house is a liability

http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/August-2010/Repeat-After-Me--Your-House-Is-Not-An-Asset.aspx

[Santro]

Consider renting out individual room of condo instead of whole condo. Since his is a small family of 3, he should be able to hold on to the condo + get some extra money to tide the monthly installment and still enjoy condo facilities.

[PropertyNewbie]

Ask him spend more time and effort on this business. Try to innovate and make his noodle stall stand out from the others.

Try to make the noodles nicer, by taking feedback from customers.

See whether can get food critics/newspapers/shows to visit his stall.

[ikan bilis]

Hi...any reasons/tricks to share to make the bank(s) loan you >1mil SGD when your monthly income is approximately 2.5k SGD? TIA.

very simple, at my time >2yrs ago bank was not so strict...
- the loan officer told me they don't even have to look at my rental income, and all my monthly income can be used for mortgage servicing (DSR=100%) if LTV=70% and if 2nd home.
- for about 3K income (yr 2007-9 was better, yr 2003-6 was shxt), they can issue about 800K, then another guy offer me 1100K
- i took about 500K loan, added with previous other mortgage loans, it increased to about 1.1mil, and i still stuck with it now...
- also, my total LTV was low at about ~30% before the loan, after the loan is like ~50%,... and now is like gone down to ~30% again (thanks to industrial properties)...

but hor,... bro, sorry, think you cannot have that now, CM7 specifies low HDB DSR, and private sure kena affected also... :beats-me-man:

[roly8]

cash flow so weak...
i wonder why he take the plunge in the first place?

[ikan bilis]

Wah, today ikan bilis become sambal ikan bilis izzit?
So fiery hot :hell-hath-no-fury: ! :D

sorry-lah... sis,... :beats-me-man:

[yowetan]

very simple, at my time >2yrs ago bank was not so strict...
- the loan officer told me they don't even have to look at my rental income, and all my monthly income can be used for mortgage servicing (DSR=100%) if LTV=70% and if 2nd home.
- for about 3K income (yr 2007-9 was better, yr 2003-6 was shxt), they can issue about 800K, then another guy offer me 1100K
- i took about 500K loan, added with previous other mortgage loans, it increased to about 1.1mil, and i still stuck with it now...
- also, my total LTV was low at about ~30% before the loan, after the loan is like ~50%,... and now is like gone down to ~30% again (thanks to industrial properties)...

but hor,... bro, sorry, think you cannot have that now, CM7 specifies low HDB DSR, and private sure kena affected also... :beats-me-man:

I miss the boat...

[Ricade]

bro all of us here already gave you best solution ah..

this guy needs to increase his cash flow. hope that can be a food for thought for him.

[taggy]

that's why he got extra may be $500-600k (i guess) profit now.
if short, i only want to kaypoh this: "if there is solution to solve the instalment problem for next 3yrs",...

er... can get equity loan since got paper profit now? the cash can be use to slowly repay his instalments for the next 3 years...
or maybe cannot get equity loan due to his age 50yr old ?

(paisei, dun shoot me if mine is a stupid idea)

[ikan bilis]

I miss the boat...

you need to build up what the banks want to see, from long ago... for e.g.
- the bank will easily see if i stay in condo, rental from all other properties enough to cover all mortgages + tax + mcst and positive cash flow
- can take interest rate increase to 5-6%
- after the loan, LTV about 50%, bank's own backside is well protected
- i paid all my bills/credit card promptly all the time
- i got no car/no car loan, i got only my own mouth to feed
- and, i gave them some "fact sheet" when they come down: all mortgages, early redeemed loans, tax+mcst charges for each property, cash flow/P&L on properties, estimated market valuations and etc

it is not just show show payslip/iras return can liow...
and, i do not believe banks trust my iras assessment numbers... i can "massage" my a/c book anytime... they no stupid, they will trace my bank a/c for past few years, then sit down and think if this fish can be trusted...

you have to prepare something,... ;)
(and pls don;t ask me for your case, what you need to prepare,.. as me no loan officer)...

[ikan bilis]

bro all of us here already gave you best solution ah..

this guy needs to increase his cash flow. hope that can be a food for thought for him.


er... can get equity loan since got paper profit now? the cash can be use to slowly repay his instalments for the next 3 years...
or maybe cannot get equity loan due to his age 50yr old ?



that's the problems for most small biz holders
- few years good $$, another few years bad $$... tie over bad time is important
- if DSR already failed for basic mortgage liow, there is no way to stack another equity loan on top of basic mortgage.
- i have seen self-employed people very precious of the properties they own, they won;t sell. Once sold cannot buy back.

all guys,.. thanks,... and nevermind liow, if i see him next week, will just tell him 2 things,...
- little/no advantage to leverage on whole condo or rooms renting out... cannot think of anything else also... i do not have a solution for him to hang on to his condo for another 3yrs (that's what he is hoping for)
- from last few new CMs, likely he got no chance to buy back a condo/ec in future after selling this current one.
- (anything else is his own decision liow)

and,... hmmm,... i do not even know his name, never ask him also...
me boh-chap liow,... i did try searching for answers/solutions, my job done, though lousy... :beats-me-man:

[ysyap]

So many helpful forummers for this thread... well me just another extra but here is my suggestion (not sure if someone earlier has mentioned)

Sell the condo with the beefy profit now. Split profit for a 4 rm HDB and then wait 5 yrs for a studio investment unit or something. Not sure what CM holds in the future...

[howgozit]

Who is talking about 2007?

I am talking about now....

What is a person with $1.8k-$2.3k/mth income doing dabbling with property speculation?

What is so difficult to think? Just sell it. If he bought it cheap... well and good. If he bought it expensive... all the more.

Good luck to you too... for a person who only has a 2.5k/mth income with >$1million in debt... the bank officer must have been on a narcotic medication when they approved your loan/s.

At first I was not sure if there was a property bubble... after reading your thread, I am almost certain that there is.




i repeat again...
- there is nothing wrong for him to be in property 5yrs ago. He did make ~500K-600K paper profit now
- biz guy "operates" differently from employed guy. i'm in also in the income of ~2.5K/month for last 10+yrs... i'm having loans of >S$1mil, except i'm having rental income of S$6-8K in navigating across this stormy water + infested with piranhas...

and, i do not think there is of any help with those above comments by howgozit... in 2007 property market is not even overheated, it was just started to get hot....

[buttercarp]

Howgozit..... I agree with u that for such a salary he should not be playing with property.
It is indeed scary .......
I believe that we should follow the hdb n ec salary ceiling unless there is financial backing from other sources.

[Regulators]

My solution for him:

(1) Let his wife tend to the hawker stall and hire a part time helper and he find another job somewhere, like that he will have double income and should have enough to pay the condo mortgage.

(2) Sell his condo and downgrade to a hdb. Again after selling, he need to rent for 2.5 years before he can buy hdb again under the law so he may have to think that one carefully. If he live in hdb, he can enjoy his money but forget about buying condo again for another 5 years.

(3) If he has relative with a big flat, he can run a room from them for less than $1k a month and rent out their condo. the few hundred dollars more can pay from their income.

...I would go for option 1 with my character

:2cents:


just went makan and talking to the hawker selling me noodle...

- he has a 2+1 condo at hillview, FH, loan ~700K, monthly instalment 2.6K paying for about 5yrs liow, condo maintenance about S$300
- Bought the condo when he was running some business last time. There is already some huge profit inside condo. And he is hoping to hold the condo for another 3yrs, if possible.
- his income now about 1.8-2.3K/month. Will be having difficulties to pay back bank loan in future. Wife sometimes helping him at noodle stall
- he is asking any good way to rent out condo, and rent another place for his family (him+wife+son).
- he checked a 3rm hdb at teck whye already asking $2.3K. And his condo could only be rented out for about ~$2.7K
- he is saying not worth to rent out condo room, the best could fetch around $7-800...

others, what i think...
- his loan is already at low interest rate. And not easy (or impossible) for him to refinance and taking equity loan.
- i did not ask if he has parents to take refuge
- age of about 50, will have problem to get an ec even wanna sell his condo now (financing/loan will be difficult)

i told him let me try find some good solution... but likely me got no solution.... :ashamed1:
You guys got any good solutions to this problem ??.. :beats-me-man:

[Judas]

Sell partial stake since pty already appreciated 500k (to sibling if CPF is used).
Redeem loan (or partial redeem).
Pay the new stake holder rental for stake.
ie. need a partner to invest.

Can?

[sgbuyer]

Personally I feel mkt will still be good condition for the next 3-4 years..

Maybe give him this solution. Rent out the condo first.. He needs to cover the installment no matter what. Find cheaper housing. Up to him whether he wants to rent HDB, or just rent room.. Or stay with in laws.. He find his own solution.

This phase for ard 1-2 years..

The next phase, on 3-4th year.. Start marketing the Hs to sell. At this point in time.. The STI will hit new high and even further. Use this as barometer. If STI don't hit new high, don't sell. Only start marketing the unit when STI hit new high and ard 2016/2017.

Once property sold, keep the cash and wait for mkt to crash. Ard 2018 shd be a gd time for bargain buys. A lot of ppl MOP from SSD also just nice finish that year. Shd have some desperate sellers.

Gd luck.


What if the market crashes before 2018?

[ikan bilis]

Who is talking about 2007?

I am talking about now....

What is a person with $1.8k-$2.3k/mth income doing dabbling with property speculation?

What is so difficult to think? Just sell it. If he bought it cheap... well and good. If he bought it expensive... all the more.

Good luck to you too... for a person who only has a 2.5k/mth income with >$1million in debt... the bank officer must have been on a narcotic medication when they approved your loan/s.

At first I was not sure if there was a property bubble... after reading your thread, I am almost certain that there is.

hmm,... heya,... bro, for my case, you can always insult me,... is ok... i myself don;t even bother to look at those loans and etc bcoz everything is treated as a separate 'investment biz'. as long as LTV around 30-50% or lower, positive cashflow and profitable, i leave it in that way. (no difference from a reit. already told you biz-guy operates differently from employed-guy) :beats-me-man:



but hor, main difference between you and me is:
- if someone bought some property 5yrs ago, already made some paper profit
- he might be retrenched now, lost of income or biz not good. No longer able to afford instalment.
- he did tried to look into renting out condo and etc, and asking me any other solutions...
- for some reasons, he would like to hang on to the property for another few years, if possible...

and,... i do not go outright and screw that guy's face with:
"What is a person with $1.8k-$2.3k/mth income doing dabbling with property speculation? What is so difficult to think? Just sell it. those are rich guys' games only"... ;)

[Regulators]

I respect this hawker for having the balls to buy a condo with his income. Is he planning on a firesale? If yes, I am very very interested. Do you happen to know which condo he is living in?


hmm,... heya,... bro, for my case, you can always insult me,... is ok... i myself don;t even bother to look at those loans and etc bcoz everything is treated as a separate 'investment biz'. as long as LTV around 30-50% or lower, positive cashflow and profitable, i leave it in that way. (no difference from a reit. already told you biz-guy operates differently from employed-guy) :beats-me-man:



but hor, main difference between you and me is:
- if someone bought some property 5yrs ago, already made some paper profit
- he might be retrenched now, lost of income or biz not good. No longer able to afford instalment.
- he did tried to look into renting out condo and etc, and asking me any other solutions...
- for some reasons, he would like to hang on to the property for another few years, if possible...

and,... i do not go outright and screw that guy's face with:
"What is a person with $1.8k-$2.3k/mth income doing dabbling with property speculation? What is so difficult to think? Just sell it. those are rich guys' games only"... ;)

[imjason]

All solutions have been provided... Take it or leave it...

I would say downgrade loh!!! won't die 1... no money still want to act rich meh ???

[Ricade]

What if the market crashes before 2018?


Err.. Suay lor.. Haha well only god will know man. Otherwise my name is zhugeliang, not ricade.

[roly8]

i hope the uncle have the health to tahan another downturn if it happened..

got $$$ , no health = no point of living.

imagine you have to take pills every 3 times a day? wah piang! this is the worst meal one will take!

[fan]

I tink tis uncle wants to hold on to the property for the sake of his child. Uncle 50yrs old, child might b graduating in a few yrs time, then he can share the monthly instalment, all stay happily ever after. 天下父母心

[howgozit]

What is this nonsense about "biz guy" and "employed" guy?

Oh please..... Owning a couple of properties on a razor thin margin does not make you a "biz guy".

You make too many assumptions about how people think according to what their professions are.

You are a Yowetan, the hawker you are talking about is also another Yowetan.

No wonder the government has to step in with all the cooling measures..... there are too many Yowetans in Singapore and the banks have not done their due diligence. The government is right to step in to protect you guys from yourselves.

If the hawker has already made money, he should just cash out and go sort out his life. With $1.8k-$2.3k/mth, he is in no position to be "playing" with property..... you don't need a "biz guy" or "employed guy" to tell you this.


hmm,... heya,... bro, for my case, you can always insult me,... is ok... i myself don;t even bother to look at those loans and etc bcoz everything is treated as a separate 'investment biz'. as long as LTV around 30-50% or lower, positive cashflow and profitable, i leave it in that way. (no difference from a reit. already told you biz-guy operates differently from employed-guy) :beats-me-man:



but hor, main difference between you and me is:
- if someone bought some property 5yrs ago, already made some paper profit
- he might be retrenched now, lost of income or biz not good. No longer able to afford instalment.
- he did tried to look into renting out condo and etc, and asking me any other solutions...
- for some reasons, he would like to hang on to the property for another few years, if possible...

and,... i do not go outright and screw that guy's face with:
"What is a person with $1.8k-$2.3k/mth income doing dabbling with property speculation? What is so difficult to think? Just sell it. those are rich guys' games only"... ;)

[DC33_2008]

That could be why he has to give up his business to become a hawker.
What is this nonsense about "biz guy" and "employed" guy?

Oh please..... Owning a couple of properties on a razor thin margin does not make you a "biz guy".

You make too many assumptions about how people think according to what their professions are.

You are a Yowetan, the hawker you are talking about is also another Yowetan.

No wonder the government has to step in with all the cooling measures..... there are too many Yowetans in Singapore and the banks have not done their due diligence. The government is right to step in to protect you guys from yourselves.

If the hawker has already made money, he should just cash out and go sort out his life. With $1.8k-$2.3k/mth, he is in no position to be "playing" with property..... you don't need a "biz guy" or "employed guy" to tell you this.

[yowetan]

What is this nonsense about "biz guy" and "employed" guy?

Oh please..... Owning a couple of properties on a razor thin margin does not make you a "biz guy".

You make too many assumptions about how people think according to what their professions are.

You are a Yowetan, the hawker you are talking about is also another Yowetan.

No wonder the government has to step in with all the cooling measures..... there are too many Yowetans in Singapore and the banks have not done their due diligence. The government is right to step in to protect you guys from yourselves.

If the hawker has already made money, he should just cash out and go sort out his life. With $1.8k-$2.3k/mth, he is in no position to be "playing" with property..... you don't need a "biz guy" or "employed guy" to tell you this.

Hi...Please refrain from associating me with other(s).

I am only interested in Mt Sinai, and my plan is to house all my family members under one roof.

[Rosy]

The best way is to increase his income. Think of ways to increase his hawker stall revenue. Food quality? Service attitude? Or even relocating.

[chiaberry]

The wife can take a job. This will help to supplement the family income. Unless she is mentally or physically incapable.

[henryhk]

MRT coming, just hang on, .price will surge...don't need to tink of renting condo, as finding another place to rent also equally expensive, I tink for him just tong for 3 years, ....as long still got income, should be ok....,..after 3 years he can choose to cash out is up to him......as I am waiting also 😜😜😜😜

[Shanhz]

guys, lets not get personal nor dabble about how he got into current position. all this is irrelevant and not going to help. based on his given parameters, the best is still to rent out one room in the condo to get some $$$. even if $400-600 also good mah. then think abt how to improve his income from either hawker biz or do other part time job. perhaps even a taxi driver job may net more $$$.

[hyenergix]

just went makan and talking to the hawker selling me noodle...

- he has a 2+1 condo at hillview, FH, loan ~700K, monthly instalment 2.6K paying for about 5yrs liow, condo maintenance about S$300
- Bought the condo when he was running some business last time. There is already some huge profit inside condo. And he is hoping to hold the condo for another 3yrs, if possible.
- his income now about 1.8-2.3K/month. Will be having difficulties to pay back bank loan in future. Wife sometimes helping him at noodle stall
- he is asking any good way to rent out condo, and rent another place for his family (him+wife+son).
- he checked a 3rm hdb at teck whye already asking $2.3K. And his condo could only be rented out for about ~$2.7K
- he is saying not worth to rent out condo room, the best could fetch around $7-800...

others, what i think...
- his loan is already at low interest rate. And not easy (or impossible) for him to refinance and taking equity loan.
- i did not ask if he has parents to take refuge
- age of about 50, will have problem to get an ec even wanna sell his condo now (financing/loan will be difficult)

i told him let me try find some good solution... but likely me got no solution.... :ashamed1:
You guys got any good solutions to this problem ??.. :beats-me-man:

Looking at e pop increase n crowded+unreliable mrt/buses, taxi drivers can ear more than $3k net easily. I won't b surprised if some hit $5k. So changing a job is e best option.

[radha08]

i got solution to ur problem...ask ur hawker friend to join condo.singapore forum...his nick can be hawker08.....:D:D:D...then we ca all advice him directly...:D:D:D