TS.
You still don't have a right plan when to attain financial freedom.
At the rate you are going, my guess would very likely during your retirement age.

Most wealthy people own at least 4 property. Try to hit that target first.

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Added on September 13, 2009, 4:45 pmMake a choice everyday. Ask yourself this when you wake up in the morning:
Why I need to get up, go to work every weekday and not retiring today?
How do I get out of the rat race?

This is the most important step, not many willing to do it.
As being rich and enjoying retirement is a hassle to many.

This post has been edited by jasonhanjk: Sep 13 2009, 04:47 PM

I won't give you a direct answer but rather, a question.
Attach a picture of a financial statement.

The question to you is:
How do you create an asset in the asset column without having the money?


[color=fofoff]

This post has been edited by jasonhanjk: Sep 13 2009, 07:52 PM

Yes, you can loan at 100% or more, putting nothing down.
I don't recommend you to start doing it this way if your personal finance is not in order.

Some say it's illegal, there are legal ways in doing it.
Just state in the SAP that the seller will rebate back 20% of the purchase price to the buyer after closing.
There are other ways, you have to be creative, creating assets out of nothing.

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Added on September 14, 2009, 7:42 pmOne word:

"Start"


Start by looking at 20 deals around your area.

This post has been edited by jasonhanjk: Sep 14 2009, 07:42 PM

Exactly.

If your rental is 125% higher than your expenses, you are quite safe for taking another loan.
Some banks look at tenancy agreement, some also wanted to look at the money being enter into your account.

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Added on September 15, 2009, 4:59 pmNot all banks give unlimited loan, they are some that do give.
I have yet to find them but I know they do exist.

This post has been edited by jasonhanjk: Sep 15 2009, 04:59 PM

That would be number 3.
The total expenses for that property, including vacancy.

If your expenses is RM1k, you need at least RM1250 in rental.

It's a guideline given by one of the US banker.

Treat it as a safety valve.
Just in case your property is vacant for 1 month, you still can break even in 4 months.

If it's 100%, one month vacant will show a loss in that year.

Err.

I didn't bid and earn some profit.
Which is something illegal so I won't say much.

This post has been edited by jasonhanjk: Sep 15 2009, 10:19 PM

You can try searching this forum but I don't recommend newbie to start buy auction property.
If you really want to go ahead, find an agent that is trustworthy to guide you.
A few thousand commission is worth it for a hassle free package they can offer.