Originally Posted by
danntbt
...to get an EC he would have to sell one of his 2 HDBs.
Basically its not a BASIC choice, but he is banking on high-stake gamble - going in at a historical peak without willing to dispose of what are in his hand.
His parents are at an age where he is lucky that they are still able to take care of his Home while he and his wife go out to work. (At this point I am unsure if his in-laws are staying with him?) What's more this parents willingly contribute the rental of their HDBs to his income since whenever. He is banking on them to continue status quo.
He is banking on the govt to take care of the parents in event that they fall sick, and willing to put all his savings to buy a 3rd property.
A FH condo with 3 bedroom in Mt Sinai(...he is banking that it will still be in the region of 1.2-1.5 million) ... and the conservancy....possibly about $400-500pm? ( He forgot to list down this additional cost and property tax)
When his children go to school with both parents working, other costs that may not be evident until one realized that good schools are good because majority of the students there are competitive, and competitive means money as majority resort to tuition to stay competitive. Is he banking on his children to be geniuses that are independent learners? And staying near Henry Park, which he is banking on, does not guarantee a place there either.
And when his parents grew old they may not be as strong and he may need to get a maid......hopefully he and his wife's income will grow proportionately during the growing-up years of both his kids and parents. Banking on a bank job that pays when times are good.........
Hope the Bank do not run when the crunch comes, but of course there are success stories from the past, I have a friend who was a teacher together with his wife, used to owned Ixora(this went en bloc, reaping $5m each for the owners a few yrs back) and City Towers at the same time on teachers' salaries...because they borrowed from relative to buy their first PC and moves up from there. There is also another friend, also, a teacher, owns a landed with pool, moving up from a Sengkang flat to Trevorse to another PC and the current Landed by timing his investment well, sacrificing certain convenience like car for a duration etc.
...plus if its a DIRECT deal between landlord/tenant - NO COMMISION involved for both parties and thats a GOOD way to start off a tenancy agreement...
...OF course if unable to rent out on my own then all i need to do is walk into any crowded coffeeshop and SHOUT.....AGENT AGENT...Lai Lai....sure got 3 or 4 come RUNNING to YOU....
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