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Thread: Buy and rent out a Condo

  1. #1
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    Default Buy and rent out a Condo

    Hi, I am currently selling my 5 room flat and made a bomb of profit by selling it. I am considering buying a condo and rent it out for few years and then sell it off and settle for hdb flat. For time being, i will stay with my mother.... what is ur comment? I am looking for a condo ard D23 area. Pls gimme ur generous views.... thanks

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    Quote Originally Posted by Ryan Shah
    Hi, I am currently selling my 5 room flat and made a bomb of profit by selling it. I am considering buying a condo and rent it out for few years and then sell it off and settle for hdb flat. For time being, i will stay with my mother.... what is ur comment? I am looking for a condo ard D23 area. Pls gimme ur generous views.... thanks
    my friend has a similar situation ..

    he owns and live in a condo .. if he sells now ..he would make a lot of money

    he is thinking of doing just that .. BUT take the money and buy a HDB instead ... still with spare .. which he would then invest in stocks .. and IF property prices retrace .. he would then liquidate his stocks (maybe losses) to buy back another condo ..

    he could also move in with his parents .. and not buy the HDB ..

    but he hasnt done it yet ..

    my advise to him is to at least buy a HDB

  3. #3
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    best is keep a hdb and buy 2 condos fully paid and collect rental income from any 2 of them. I would think $6k of passive rental income a month should be sufficient for most ordinary folks to retire without working

  4. #4
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    Quote Originally Posted by Ryan Shah
    Hi, I am currently selling my 5 room flat and made a bomb of profit by selling it. I am considering buying a condo and rent it out for few years and then sell it off and settle for hdb flat. For time being, i will stay with my mother.... what is ur comment? I am looking for a condo ard D23 area. Pls gimme ur generous views.... thanks
    Sounds like a good plan.

    Unless you need to borrow a lot of money to buy the condo.

  5. #5
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    Quote Originally Posted by Ryan Shah
    Hi, I am currently selling my 5 room flat and made a bomb of profit by selling it. I am considering buying a condo and rent it out for few years and then sell it off and settle for hdb flat. For time being, i will stay with my mother.... what is ur comment? I am looking for a condo ard D23 area. Pls gimme ur generous views.... thanks
    u shdnt sell ur HDB in the first place....

  6. #6
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    Quote Originally Posted by Regulators
    best is keep a hdb and buy 2 condos fully paid and collect rental income from any 2 of them. I would think $6k of passive rental income a month should be sufficient for most ordinary folks to retire without working
    to acheive tat is definitely not easy....nid to start very young at let say age of 30-35 so tat 30yrs later, u got fully paid house for passive cash cow.

  7. #7
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    Why not? For capital gain, HDB flats won't go far. In fact, I believe it is already peakish now (but probably prices will stay high for quite a while with the paper money printing going on). Sell at peak price and get a condo (but make sure don't pay peakish price for those ulu location - location is key!).

    Quote Originally Posted by devilplate
    u shdnt sell ur HDB in the first place....

  8. #8
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    Quote Originally Posted by proud owner
    my friend has a similar situation ..

    he owns and live in a condo .. if he sells now ..he would make a lot of money

    he is thinking of doing just that .. BUT take the money and buy a HDB instead ... still with spare .. which he would then invest in stocks .. and IF property prices retrace .. he would then liquidate his stocks (maybe losses) to buy back another condo ..

    he could also move in with his parents .. and not buy the HDB ..

    but he hasnt done it yet ..

    my advise to him is to at least buy a HDB
    still possible to take reverse mortgage now? last time can...

    sell liao no more house...high chance plunder in stocks later on. 10 ppl play stocks..1-2 ppl make $ (zero sum game....)

  9. #9
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    Quote Originally Posted by teddybear
    Why not? For capital gain, HDB flats won't go far. In fact, I believe it is already peakish now (but probably prices will stay high for quite a while with the paper money printing going on). Sell at peak price and get a condo (but make sure don't pay peakish price for those ulu location - location is key!).
    i doubt wif tat hdb profit, he can get any nice condo in prime area...ended up with a bigger loan. My fren sold 6mths ago...cannot find an affordable decent 2bedder condo in city area...(may hf enuff profit for 20% downpayment but cannot get loan)

    i wud rather move in to my mom;s place and rent out my 5rm flat or vice versa...save part of the rental income generated and buy condo again at next cycle.

    since he oredi sold...

  10. #10
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    it harder to own multiplle properties ever since the the min sum cash component come in place . It increasing every Jun and multiple house financing possible only by cash (even if u met MSCC for this year, due to max CPF at 4500,...I estimated that there no way to met it for next year unless you do volunatary contribution. just gut feel, no calculation).
    CPF can also no longer be used for commercial ppty since 2006.

    But if cash allowed, for investment, several studio brought over a period of time is probably still do-able.that may explain why studio and 2 bedder are hot..

    nevertheless, for prudent reasons (kids still small, job security), I still sold my HDB (in ulu punggol) to reduce the LTV (80% fine for short period but crazy for long term) of the new apartment I bought. I will plan to acquire 2 more studio once the loan is cleared in next 3-5 years..due to good COV profit from HDB.
    Last edited by marktkt22; 16th May 2010 at 06:47 PM.

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