seems that you're quite "lurus" in this manner..

firstly.. the so called "banker" you're referring to.. are frontliner/customer-facing/sales people. these people know little and have no say towards the eventualities of your loan applications..

secondly.. you're still looking from a buyer's point of view. the successful collusion of such deal requires the seller's buy in, and that's the funky part of the deal.


... oh yes.. 30% below developer's price and purchased from the developer itself. affirmative.

This post has been edited by lwb: Jul 16 2009, 12:35 PM

I suggest you check on what are the implications that might arrise if the bank discovered that you lied n provide false information during your loan application.

another "cheap" advice to you, ts..

if you really need that extra boost(aka top up) just to make money out of this property.. perhaps you may want to re-look the numbers again.

don't get me wrong.. i believe in efficient use of capital.. but when it comes to measures such as this, something tells me.. the numbers are really 'ketat'..

btw, have you heard of something called 'bridging loan'?

Just people doing it, doesn't mean it is legal. People speeding in highway beyond 110km/h is like a norm, a lot of people doing and get away with it, right? But it is not right in the first place, get it?

Whenever you signed the dotted line on legal documentation, it just means that whatever stated information in the contract is correct and exactly what is happening in real deal. So if the actual deal or situation is different in the contract, it is deemed cheating already.

Here is another legal method, seller finance.

Normally you as a buyer, would need to fork out 10% and the bank pay the other 90%; to the seller.

What you need to do is ask the seller to pay for that 10% first and pay him back using installment. The SAP price still remain the same but you manage to borrow 100%.

jason, how does this benefits the seller?

Take a loan from the seller, pay him back in 5 years time with 5% interest or even higher.
It's definitely better for the seller to put the money back in the bank for 2.5% FD and he got his property sold.

This post has been edited by jasonhanjk: Jul 17 2009, 08:28 PM

wonder if any seller in MY would take this option.......they must be dem desperate. Need to more for legal fees somemore...

Pai, dat fella read too much richdadpoordad d laa...in la la land..

But at least is another option ... but I will not do it this way..

The author this time is not Robert Kiyosaki, it's Dr. Dolf De Roos from Australia.

Robert will emphasize a lot on coming up with that down payment.
He believe if one cannot fork out that money, there is something wrong with his / her financials.

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Added on July 19, 2009, 10:00 amYou mean the legal fees for the seller?
Which are?

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Added on July 19, 2009, 10:02 amYou may need to ask the lawyer how to draft out this agreement between you and the seller.
Go get good competent advise.

This post has been edited by jasonhanjk: Jul 19 2009, 10:05 AM

I got different opinion. Even I got cash, I will not dump all into one single investment. I will minimise the cash out
for my investment to the minimum, then I will use this cash for other investment. I think this is the best and faster
way we can get more properties with short period.

The fastest buying record I know is 20 unit in 18 months.
and
The youngest investor to buy a house is age 17.

Just remember to have some reserve in case it went wrong.