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TSgenius100
post Jan 25 2014, 12:30 AM, updated 11y ago

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I would like to seek your suggestions. I already got few loans from banks up to maximum and banks mostly will not approve my new loan application. If I quit my boring job now, I will able to get RM2m cash. I don't plan to find new job anymore or setup my own company. How should I continue to invest in properties without full time job income? fyi, I don't have passive income due to current loans are all under construction projects. Thanks.
Minolta
post Jan 25 2014, 12:39 AM

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2M edi wanna quit job? Lol. Later many people will ask u what property u invested in, what u gonna do when "bubble burst", what job u do, how old r u yada yada yada. Then turn into another UUU vs DDD thread! Good to increase post count.
TSgenius100
post Jan 25 2014, 01:05 AM

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QUOTE(Minolta @ Jan 25 2014, 12:39 AM)
2M edi wanna quit job? Lol. Later many people will ask u what property u invested in, what u gonna do when "bubble burst", what job u do, how old r u yada yada yada. Then turn into another UUU vs DDD thread! Good to increase post count.
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if put 2M into worst investment which is fixed deposit of 3%, it is RM5k per month. For some families, that is enough but not for me. Anyway, that is not my question. I would like to know is there any way for bank to continue to approve my loans in such situation where no full time job but with 2m cash? possible like put the fixed deposit in the bank and get the loan, let's say 50%?
TSgenius100
post Jan 25 2014, 02:16 AM

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QUOTE(661188 @ Jan 25 2014, 01:40 AM)
bangKok bank pre approve home loan 5x of your fd amount.
promo till end of jan only
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Let's say my current total monthly instalment is RM10k. If I quit my job, I will not have any income. Will Bangkok bank still can pre approve home loan 5x of my fixed deposit amount or they need to put the RM10k monthly instalment into consideration?

Btw, do you have Bangkok banker's contact number? Thanks in advance.
BEANCOUNTER
post Jan 25 2014, 02:17 AM

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Banks are selfish biz.
If u dun hv reoccurrance income, they dun even hiew u or replying yr email say sorey bro, loan rejected. They just silence....

What u can do is buy subsale property w rental agreement n +ve cash flow....but they arent many out there...u need to look hard.

Yes u can pledge fd w loan...but its not a wise move bcos they cant give u 1m loan w say 200k fd.
tongyk
post Jan 25 2014, 03:13 AM

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you can consider to become a full time stock trader to generate income and get more loans ...
forever1979
post Jan 25 2014, 06:17 AM

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RM2million investment in property is really not much in view that the illiquid nature and higher transaction cost (i.e legal, stamping fee, etc) compare with share.

2-3 landed property already cost 2million, so once you buy 2 unit , u are basically doing nothing then. or you decided to buy RM300K apartment, also can buy 9 units only...
Kevin Chan
post Jan 25 2014, 07:50 AM

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2m FD rate is 3%(you go nego with bank) it would give you 60k one year... RM5,000 a month. If your loan payment less then RM5k... Can survive. rclxms.gif
Showtime747
post Jan 25 2014, 07:58 AM

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QUOTE(genius100 @ Jan 25 2014, 02:16 AM)
Let's say my current total monthly instalment is RM10k. If I quit my job, I will not have any income. Will Bangkok bank still can pre approve home loan 5x of my fixed deposit amount or they need to put the RM10k monthly instalment into consideration?

Btw, do you have Bangkok banker's contact number? Thanks in advance.
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No you can't. If you do not have income from job, business or passive investment income, then you cannot get loans even if your loans are 100% with collateral. Because the banks want you to repay them not only the principal, but with interest also. If you don't have income, sooner or later you will not be able to service the installment

Not only that, if your bank that give you existing loan knows about you are out of job, they can recall the loan. Of course, if you don't tell them, they won't know lah
BTimes
post Jan 25 2014, 08:05 AM

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$2 mil for retirement is not much. Some medical treatments and long term medications can easily wipe out your savings within a few years.
linkor
post Jan 25 2014, 08:31 AM

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2M cash is quite a lot of cash.
I would suggest the following.

1) Put 500k as multiple FD of 100k. This will be use as a tool to show bank you have liquidity.

2) Create a dummy company, be it Sole proprietor or Sdn Bhd. Use money to pay yourself via bank. less say RM36k a year. You won't get taxed for that because of low income. But it gives u an easy "income" to trick the bank.

3) If you still have quota for 90% loan. Buy first 2 houses with 90% mof which will give u highest yield return you can find. Suggest ready tenanted property below 500k.

4) By now, you will have rm36k income + 2x tenancy on hand. Use that as the basis to buy more property, new launching or subsale tenanted, it's up to you. It is ok to use more cash for downpayment because what you should looking for now is cashflow + capital gain.


Good luck ~~
bart80
post Jan 25 2014, 09:33 AM

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QUOTE(linkor @ Jan 25 2014, 08:31 AM)
2M cash is quite a lot of cash.
I would suggest the following.

1) Put 500k as multiple FD of 100k. This will be use as a tool to show bank you have liquidity.

2) Create a dummy company, be it Sole proprietor or Sdn Bhd. Use money to pay yourself via bank. less say RM36k a year. You won't get taxed for that because of low income. But it gives u an easy "income" to trick the bank.

3) If you still have quota for 90% loan. Buy first 2 houses with 90% mof which will give u highest yield return you can find. Suggest ready tenanted property below 500k.

4) By now, you will have rm36k income + 2x tenancy on hand. Use that as the basis to buy more property, new launching or subsale tenanted, it's up to you.  It is ok to use more cash for downpayment because what you should looking for now is cashflow + capital gain.
Good luck ~~
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Excellent recommendations above thumbup.gif


SUSNew Klang
post Jan 25 2014, 09:40 AM

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TS, I want to follow your footsteps. How did you profit 2m?
CK15
post Jan 25 2014, 09:40 AM

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QUOTE(linkor @ Jan 25 2014, 08:31 AM)
2) Create a dummy company, be it Sole proprietor or Sdn Bhd. Use money to pay yourself via bank. less say RM36k a year. You won't get taxed for that because of low income. But it gives u an easy "income" to trick the bank.

Good luck ~~
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boss, mind to share is it pay as salary, director fee, or .. ? Pay slip required?
TQ
enteryourusername
post Jan 25 2014, 09:44 AM

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how much loan do you think bank will approve by just showing a mere 36k/year + 500k FD.
nakedtruth
post Jan 25 2014, 09:44 AM

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why you want to get property loan? investment?
with that cash you can just buy and sell and repeat until you satisfy.
with no income bank will not give you loan.
SUSUFO-ET
post Jan 25 2014, 10:04 AM

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QUOTE(genius100 @ Jan 25 2014, 12:30 AM)
I would like to seek your suggestions. I already got few loans from banks up to maximum and banks mostly will not approve my new loan application. If I quit my boring job now, I will able to get RM2m cash. I don't plan to find new job anymore or setup my own company. How should I continue to invest in properties without full time job income? fyi, I don't have passive income due to current loans are all under construction projects. Thanks.
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Are you early 30's?
Since you decide to quit yr job, and you need to invest property to sustain yr future expenditure, my advice to you is become a property negotiator.
Advantages :
1. Buy / Sell / rent yr property without paying agent's fees
2. Gain better property knowledge, involve in daily tradings will boost yr sensitivity 5X compared to books / talks
3. Can manipulate yr salary to get loan

In short, you need to be firm to make such dicision, property investment is just another investment option, it will make rich, it will burn you gao gao. You really need to hv good mkt coverage and knowledge

As linkor tk said, GOOD LUCK!!

P/s : I am not soliciting, I dun recruit agent

This post has been edited by UFO-ET: Jan 25 2014, 10:06 AM
linkor
post Jan 25 2014, 11:07 AM

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QUOTE(CK15 @ Jan 25 2014, 09:40 AM)
boss, mind to share is it pay as salary, director fee, or .. ? Pay slip required?
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Just bank in cash 3k , 5k every month into your bank account will do. Prepare a simple job offer letter stating monthly pay will do.

For sdn bhd, it will be director fee for easier manage.
linkor
post Jan 25 2014, 11:08 AM

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QUOTE(enteryourusername @ Jan 25 2014, 09:44 AM)
how much loan do you think bank will approve by just showing a mere 36k/year + 500k FD.
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It depends on timing, bank and your banker ability.
BTimes
post Jan 25 2014, 12:38 PM

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QUOTE(linkor @ Jan 25 2014, 08:31 AM)
2M cash is quite a lot of cash.
I would suggest the following.

1) Put 500k as multiple FD of 100k. This will be use as a tool to show bank you have liquidity.

2) Create a dummy company, be it Sole proprietor or Sdn Bhd. Use money to pay yourself via bank. less say RM36k a year. You won't get taxed for that because of low income. But it gives u an easy "income" to trick the bank.

3) If you still have quota for 90% loan. Buy first 2 houses with 90% mof which will give u highest yield return you can find. Suggest ready tenanted property below 500k.

4) By now, you will have rm36k income + 2x tenancy on hand. Use that as the basis to buy more property, new launching or subsale tenanted, it's up to you.  It is ok to use more cash for downpayment because what you should looking for now is cashflow + capital gain.
Good luck ~~
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Better to continue working. $2mil is not a lot seriously, unless you are already in your 60s.

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