Top 10 Myths Preventing People from Succeeding in Real Estate
Right, here is something that some of us may like to ponder over the long Chinese New Year break. I got this from Legalwiz.com, quite a nifty site with some interesting articles.
This one is about Top 10 Myths Preventing People from Succeeding in Property (or as they say in America, real estate). In summary, the ten myths are as follows:
Reason #1: No Cash
Reason #2: No Time
Reason #3: Everyone says this stuff doesn’t work
Reason #4: Too much competition
Reason #5: It doesn’t work in my market
Reason #6: The recession is coming
Reason #7: Realtors won’t cooperate with me
Reason #8: I have bad credit
Reason #9: I might lose money
Reason #10: I don’t know what to do
Kind of sounds like what a lot of people are saying, isn’t it? If you’re interested, you can check out the full write-up here.
Well I think #1 Cash is very true in this country and this is coming from an American. In the US, with good credit, I could get a loan for 500k in 30 mins. Here I found an excellent rental property being sold for 20% below the appraised value (appraisal done 3 mos ago). Now if I put 20% down and the loan is already 20% less than the value, thats a 40% upside for the bank. Additionally, the rental income was plenty to cover the loan plus some and it was only 35% occupied. It was like pulling teeth to get a loan. The banks say they have TOO MUCH MONEY and thats why FD rates are so low but they dont seem to be interested in growing their loan portfolios. So much different than the US.
Comment by JAM — January 24, 2006 @ 9:26 am
Puchong making the news for the wrong reasons again.
http://www.thestar.com.my/news/story.asp?file=/2006/1/24/central/13187436&sec=central
With regards to the Solid Waste Transfer Station, there is already a website to protest against the said Station and a meeting has been setup with the Operator.
http://nowaste.multiply.com/
Just wonder why is Puchong being hit with so many “negative” projects.
Comment by preacher — January 24, 2006 @ 11:19 am
thanks for the links preacher. Very useful!
Comment by Administrator — January 24, 2006 @ 11:21 am
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Trackback by qfyi — March 6, 2006 @ 9:27 pm