GPGT - CNY positive vibes success sharing: This PropNex agent owns 9 properties and earns rental income of $525K per year!

[itedino]

I highly doubt each unit is $3 million
2 million maybe

And his commercial properties should be quite costly too

Commercial not all 99 years. Some 20-30 years. There are gurantors in his loans. I dun see why bank should borrow him so much money. How he pass his tdsr

 

[XCalintz]

How mani fortunate families can have each member to hold a property without help from their spouse or parents?

Like that count, I also can say I own 3 properties.

 

[chaiscool]

Cannot sick or simply make any mistakes. Any mistake he will fall in dire situation

Don't say mistake, cannot even be unlucky. Can do everything perfectly and still fail too

 

[itedino]

wonder how much his property tax

If u earn money, why care about this kind of money? Belongs to the government and u cannot do anything but to pay. They already calculated for u

 

[rachoon]

If u earn money, why care about this kind of money? Belongs to the government and u cannot do anything but to pay. They already calculated for u

nearly 200k leh.. then still got income tax... another 60k...

gg if he's paying mort ... the installments can kill..

 

[Joseph12]

Commercial not all 99 years. Some 20-30 years. There are gurantors in his loans. I dun see why bank should borrow him so much money. How he pass his tdsr

Alot of things unsaid and he's only 28 years old
Plus this is Singapore media doing I bet their usual bang up style of reporting

 

[skylink67]

U all mai jelly. He already said his god made him rich.

 

[Dilemma6]

He only promote the side people want to hear.

if each unit $3M take 80% loan $2.4M loan each. Means total 9 units owe bank $21.6M. Assuming 2.5% bank interest p.a is $540k interest costs a year. Haven’t include principle repayment. Rental income indeed $525K but interest $540k and haven’t count principal repayment leh.

So your cash flow is negligible. If include other costs like mcst, renovation, property tax, income tax on rental, etc become negative cash flow.

So in essence is negative cash flow and if you are just hoping property price will go up without any correction for capital appreciation.

but if have correction and bank ask you top up due to revaluation or rental drops or you suddenly have cash flow problem you will have a forced sale.

V high risk to me.

Hype on rental income but never point out whether nett cash flow is positive or negative.

Don’t put religion in the picture. No person w good conscience use religion to sway people for investments. Last time those sunshine empire or gold deposit scams also a lot say God give them enlightenment and cause others to be shipwrecked.

total is 13m

he mentioned in his post

13m with 75% loan = 9.75m
9.75m loan @ 2.5% loan 30 years = 38k a month = 456k a year
525k - 456k = 60k

After tax + agent commission + all those reno, probably left nothing much

he can only bank on the capital appreciation + family got no quarrel and issues

一不小心 his family member A B C dont wanna pay him back in the future = see them in court

but still gonna respect the hustle, not easy.

 

[spinning_quirK]

Lol science and religion, sure boh.

Even if you think so, moi tell you most in your own religion would disagree. Evolution and creationism debate has been ongoing for donkey years liao.

As sure as Julius Caesar invading Britain based on the scanty amount of manuscripts writing about it.
On the other hand, maybe see the context of the word "science" being used here, regarding the authenticity and accuracy of ancient manuscripts, before commenting further..

 

[chaiscool]

As sure as Julius Caesar invading Britain based on the scanty amount of manuscripts writing about it.
On the other hand, maybe see the context of the word "science" being used here, regarding the authenticity and accuracy of ancient manuscripts, before commenting further..

Ah sure science got different meaning for religious ppl. Not surprising.

 

[LocalRider]

total is 13m

he mentioned in his post

13m with 75% loan = 9.75m
9.75m loan @ 2.5% loan 30 years = 38k a month = 456k a year
525k - 456k = 60k

After tax + agent commission + all those reno, probably left nothing much

he can only bank on the capital appreciation + family got no quarrel and issues

一不小心 his family member A B C dont wanna pay him back in the future = see them in court

but still gonna respect the hustle, not easy.

Thanks for clarification @Dilemma6!
13M - 9.75M means 3.25M cash outlay.
Even assuming $60k return is only 1.84% return a year. And as u mentioned need to deduct a lot of other costs.

And agree w u family quarrel and asset split / payment responsibility can be super high risk.

 

[itedino]

nearly 200k leh.. then still got income tax... another 60k...

gg if he's paying mort ... the installments can kill..

I told u he is walking on the cable wire. One slip and fell into ravine. he will be force to sell some of his property to protect remaining property. Banks are not easy to deal with. When we enter the loan contract, we are at their mercy. Once missed installment, they can wack u with high intererest or repossessed your property.

They dun talk friendship with u. Only $$$. U got 2 m cash, they treat u differently.

Where got so easy loan so much money from multiple banks. He put this kind of story inviting the mas to step in to check how he passes his tdsr.

He better pray no check and no deep recession this year. Once into recession, bank ask him pay $1m cash up front. He cry

I believe his parent back him up

 

[itedino]

Alot of things unsaid and he's only 28 years old
Plus this is Singapore media doing I bet their usual bang up style of reporting

MAS will later open a file to investigate the banks.

Something with their policy went wrong.

For me, I can get a condo for myself but I not willing to commit. Singapore not doing well to attract foreign investments.

The banks are the culprits that sue u

 

[itedino]

Thanks for clarification @Dilemma6!
13M - 9.75M means 3.25M cash outlay.
Even assuming $60k return is only 1.84% return a year. And as u mentioned need to deduct a lot of other costs.

And agree w u family quarrel and asset split / payment responsibility can be super high risk.

He stretching himself to the max


Debt ratio more than his salary

 

[itedino]

U all mai jelly. He already said his god made him rich.

I not jelly but good luck to him. Finger crossed

Hope he makes it

 

[itedino]

How mani fortunate families can have each member to hold a property without help from their spouse or parents?

Like that count, I also can say I own 3 properties.

Not easy. Must go through a lot of hardship if u solely owned property by yourself. Unless the property is fully paid,else nothing to haolian

 

[silent_espy]

A lot of people I know do property in Singapore become rich leh. Most are those ITE grads or Poly grads making more than those uni grads that study engineering, computer science and accounting.

Singapore one of the rare countries where the bo tak caks earn more than those who study most. I have PhD friends who don’t make as much also. PAP encourage future gens to make a living as agents? Leave all the PMET jobs for FTs? Then when bubble burst how? All supermen?

 

[beano]

He didn't disclose the amount of property tax he pay? It'll be at least 100k.

 

[Kwein]

waiting for his sob story and need crowd fund videos in future


Read HWZ Forum Rules!

 

[drkcynic]

LOL, some people are still missing the plot.

In the past 5 years on average any SG unit also make at least an average of 200-250k gains.

He is probably sitting on at least 1m in capital gains for his local units.