itaewonguy
Joined: 25 Mar 2003
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 Posted: Mon Aug 16, 2010 6:15 pm Post subject: Re: Anyang area |
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| indramayu wrote: |
I'm thinking of buying property in the Anyang area. Apparently, the government has long-term plans to develop the area. It looks attractive but there's so much key money involved that the rental income looks low. It will take me years to pay off that key money (i.e., earn enough myself to pay back the key money to the tenants and charge higher rent).
My finanical goal: to own it and collect rent for maybe 10 or 20 years and then sell it. I hope not to have to retire in it.
In |
emmmm.. why do you need to pay if off??? why not just throw down the deposit.. get a note on it...carry the note until you want to sell it..
the tenants will cover the interest payments on the note and maybe still come left over for you.. when the property market goes up and you have found the price which you want to sell it at.. you sell it, and take the profits! with the money you would have saved by not putting in into the property you could use that money to invest in a different property and repeat the process... its a numbers game. flipping and moving on and building capital... don't think buying one place puring all your cash into it and sitting on that for 30 years then selling thats the old school way.....
its best to carry notes.. use a small amount of cash just enough for the tenants to cover all the costs and then a little left over for you.. and keep your cash elsewhere for the next venture... |
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