If you had read properly, my advice to him is to play safe. Be prudent.

For a guy who's probably much older than me, you are unable to debate rationally

You know what they say about arguing with idiots, and this is not Kopitiam. So I 'll stop replying to this thread. Peace.


Btw. SleeplessEyes, I am just a very small-time investor,. I own 3 properties ... so I know what I'm talking about. good luck.


This post has been edited by Spartacus 2.0: Feb 25 2009, 09:22 PM

Should always go for completed or nearly completed properties if possible. With this global economic crisis, I don't really trust those developers, big or small.

I think 5k not enough. (Know that you can withdraw money from your EPF account 2 for this?)
There will be all kinds of legal and stamping fees to pay.
Sometimes they free you legal fees, but you'll have to pay stamping fees.
So ask carefully.

Then somewhere down the road, legal fees for the strata title.
Every month, maintenance fee and sinking fund.
Every 1-2 years, maintenance office will try to get an increase.
Yearly/Bi-yearly quit rent for the DBKL/MPSJ or whatever.
Indah Water payment.

But anyway, don't give up easily.
Everyone has got to start somewhere.
Unless you have other 'abnormal' expenses.
If the bank approve your loan, then believe that you can do it.

I guess irrational debating is as bad as debating without much substance. You win bud Yes, u can't argue with yourself. I certainly won't argue with u too.

Peace.

Well, one can choose to pay 0% down for their own stay. Nothing wrong or right, just a matter of choice.


The problem with it is bad debt, debt that make you poor.

I would prefer to have good debt, debt that make me rich.

Its not a separate issue. Whats the point of buying a house now only to loose it 12 months later IF you lost your job and could not afford the installments?

Good point there, yea.. apartments requires to pay maintenance fee also.. For a decent RM150k apartment, the fee can be some where between RM80 to RM150 permonth.

Other expences can be insurance either MRTA or MLTA..

Bro Spartacus and Bro Phoeni_142,

1 is a investor (Spartacus) and another is a banker.

I was watching the fiery debate between the both of you. Both of you are trying to contribute the best answers to my problem.

There is no losers or winner in gaining the best answers. It's the answers that I appreciate the most, that matters.

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Added on February 25, 2009, 9:33 pmWell not to worry, I am not gonna buy it this month,this year or even next year.It's a future planning, my friend.
I was putting RM 5K as a minimum base line downpayment. I am also geared to have more for downpayment.
I'm a man, and I must plan for the future to settle down together with my future wife.

This post has been edited by SleeplessEyes: Feb 25 2009, 09:35 PM

Mr. Sleepless eyes,

Don't worry about it. Debates like this happen all the time. Those that know me well will know that I'm just frank with my words.

By the way.....I'm an investor first.....and a banker second. I have a number of properties (small time only lah) - But I do NOT know what I'm talking about sometimes.....That I have to humble enough to admit.

So, let's learn together.....There are many wise men here like Pai, JasonTOh, JasonHan - that are willing to give u constructive advice.....

Good luck mate.

im 20 years old this year and I planned to buy a apartment at wangsa maju area. probably at metroview or plaza prima setapak.

with the income range from 2300-3500 permonth, do u all think I can get the load easily by next year?

nowadays i know many investor using one method of paying their loan by renting out the apartment and then get the rental money every month and pay their loan. is it the smart way to invest?

pai had a legit question which you need to consider.
Or if you don't want to consider that, do you have any savings at all for starters?
Can you survive or not for the next 30 years after you get the loan?
It's either you survive or you suffer because of this commitment.
Honestly since you're in this section, I guess no sane guy would agree that RM5k is a sound downpayment; especially when you're buying it for own stay.

Those who knows my opinion would already knew that my opinion on buying property for own stay is to be considered a liability where money goes out and not inwards.

oh, then its a diff story. Then you should do what both phoeni and spartacus advised :

1. Buy a property using as low DP as possible. RM0 DP is possible if you can find the right deal.

2. Have some reserves in the bank, 30k is a starting point. Dont forget u need to pay legal fees, furnitures etc, and also u need some basic cash reserves, just in case.

I didnt have 30k when i bought my 1st property (more like 2k only) but I always had a backup plan to raise 30k, just incase.

Lastly, plan together with future wifey. Just bcoz u r a man doesnt mean u have to bare everything on your own. Leverage...............my fren

Hey Pai, sorry if I was abit harsh on you on your first posts. I was rather overly-concerned about the future.
But I really must and must thank you (and Phoeni_142 too) for the contributions.

I felt that your idea is rather suitable to my conditions. I will work on it for this one .

hi sleeplesseyes, i am just like you 26. i am getting married soon this june and just to share my experience that i recently just purchased an aparment, Initially i wanted to get loan 90% but end up approve only 80% of the loan amount. I think you should project more money for some unexpected incident, like bank might not approve your desired amount of loan and you need to top up the diffrences, also then some money for renovation if needed and household item plus furniture it is also costly (i know you can slowly add ). Having extra or surplus money is always the best bet imho. Dont just have money barely to cover the cost or else you will really be strugling.

This post has been edited by Eng_Tat: Feb 25 2009, 11:14 PM

I'm turning 26 this year and I never worry about buying properties. I'm curious...since you are not planning to buy anytime soon, why do you open a thread? The correct answer now might be not in the near future, all depending on the economy situation. Like now, the BLR rate is so low....so it is advisable to get as much loan as possible. But if maybe the BLR increase near future....this might not be the answer or the suitable solution. Just act according to the situation. Anyway, I know it is possible to get loan more than 100%. A lot of people have been doing this, and I assume, this Najib guy will come out wif some plan to help the property developer. Else, we can all wait to get bargain soon

Any chance u can share which property u bought? I hope its not somewhere where i intend to buy.

Pai has a legit point.

If you have only 5k savings you shouldn't be buying a property. It's rather risky and with the current economy climate, it's not advisable to commit on big purchases like a property.

I would say 30k would be the minimum, to be on a safe side.

Loan is easy but to keep it might not.


Metroview Condo priced around RM240K - RM280K.
Metroview Condo can rent out for RM1200.
Maintenance fee for Metroview Condo is RM160.

I had calculated that if I give downpayment of RM60k and loan RM200K for 40yrs.
It was around RM830 permonth + RM160 maintenace = RM995 per month


But after deduct your car installment, and other expenses such as water/eletricity/gas/streamyx/petrol/gf..
How much you have left ? My salary is around yours, and I cannot afford it if I doesnt rent the unit out.
Aftter all my expenses i left around RM300 only, excluding entertainment and emergency.

And worse come to worst, what if nobody rent your condo for a few months ?
How you gonna pay for your car insurance and cukai tanah for the next year ?

I opted to purchase RM200K house, and estimate renovate around RM30-RM50K.
Loan installment around RM600+ permonth, I can say it was quite comfortable.

However you are still young, 20 only, you might make RM5K next year.
FYI, Im already 24.5 years old.

Basket, all so young!

Hi sonic, the the apartment is in Bandar Seri Alam, Johor.

how long have u been doing this?

by the way, im still single and planned not to getting gf, no car yet, gas.... do u think i afford it?
rm200k property at wangsa maju, could be those desa setapak double storey house?

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Added on February 26, 2009, 8:30 amis it any prob? i din find any cuz we're still cuz only we must plan smtg like this. dont u wanna think all this when u reach 40 years old?

This post has been edited by saddient: Feb 26 2009, 08:30 AM