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house ownership poll
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Solely from the proceeds of TEFL/TESOL I ....
own multiple properties outright
7%
 7%  [ 2 ]
own one or two properties outright
46%
 46%  [ 12 ]
am paying mortgages on multiple properties
0%
 0%  [ 0 ]
am paying a mortgage on one or two properties
7%
 7%  [ 2 ]
a mixture of the above
0%
 0%  [ 0 ]
am saving to put down a deposit on a property or buy one outright
19%
 19%  [ 5 ]
think I will never be able to buy a property on a TEFL salary
19%
 19%  [ 5 ]
Total Votes : 26

Author Message
edwardcatflap



Joined: 22 Mar 2009

PostPosted: Wed Aug 05, 2015 3:52 pm    Post subject: house ownership poll Reply with quote

Housing poll
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schwa



Joined: 18 Jan 2003
Location: Yap

PostPosted: Wed Aug 05, 2015 8:31 pm    Post subject: Reply with quote

None of the options apply to me. I've banked enough through tefl to buy property but have had no inclination to do so.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Wed Aug 05, 2015 8:39 pm    Post subject: Reply with quote

Good point, I forgot that option. I don't know how to edit the poll though
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wooden nickels



Joined: 23 May 2010

PostPosted: Thu Aug 06, 2015 3:57 am    Post subject: Reply with quote

own one property outright

thinking about selling it
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PatrickGHBusan



Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -

PostPosted: Thu Aug 06, 2015 5:10 am    Post subject: Reply with quote

3 properties outright.

2 generating revenue
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Thu Aug 06, 2015 5:35 am    Post subject: Reply with quote

PatrickGHBusan wrote:
3 properties outright.

2 generating revenue


Unless you bought all those with the proceeds of TEFL the information is not relevant to the poll. If you want to talk about how many houses people have bought through consultancies or whatever it is you do nowadays in Canada, start your own poll.
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Lazio



Joined: 15 Dec 2010

PostPosted: Thu Aug 06, 2015 6:31 am    Post subject: Reply with quote

edwardcatflap wrote:
PatrickGHBusan wrote:
3 properties outright.

2 generating revenue


Unless you bought all those with the proceeds of TEFL the information is not relevant to the poll. If you want to talk about how many houses people have bought through consultancies or whatever it is you do nowadays in Canada, start your own poll.


Married folks should also exclude the income/fortune generated by their spouse unless it's also from TEFL.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Thu Aug 06, 2015 9:40 am    Post subject: Reply with quote

schwa wrote:
None of the options apply to me. I've banked enough through tefl to buy property but have had no inclination to do so.
This. I second schwa.
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goat



Joined: 23 Feb 2010

PostPosted: Sun Aug 09, 2015 8:51 pm    Post subject: Reply with quote

I'm guessing a lot of old timers posting here. A newbie might be able to save 20 million won the first year.
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PatrickGHBusan



Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -

PostPosted: Mon Aug 10, 2015 6:21 am    Post subject: Reply with quote

edwardcatflap wrote:
PatrickGHBusan wrote:
3 properties outright.

2 generating revenue


Unless you bought all those with the proceeds of TEFL the information is not relevant to the poll. If you want to talk about how many houses people have bought through consultancies or whatever it is you do nowadays in Canada, start your own poll.


Initially bought them with TEFL earnings. The first helped with the purchase of the second in Canada. They also helped buy apts in Busan.

I bought the first property in Canada after a couple of years in Korea, well before starting to consult. The second Canadian property was purchased by leveraging the first and by using TEFL earnings as that was still my main source of revenue.

Both Canadian properties were then paid off through the rents we charged tenants and by us putting down extra payments each year...again based mostly on TEFL earnings.

The first apt in Busan was bought with our savings, the second (the one we currently own and rent out) was not.

So this all happened while teaching in Korea. Smile



Satisfied?

Note: to be clear, I think it would harder for a newbie to do this today due to the far higher cost for properties in Canada and/or Korea and due to the higher cost of living vs savings potential in Korea.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Mon Aug 10, 2015 1:53 pm    Post subject: Reply with quote

PatrickGHBusan wrote:
edwardcatflap wrote:
PatrickGHBusan wrote:
3 properties outright.

2 generating revenue


Unless you bought all those with the proceeds of TEFL the information is not relevant to the poll. If you want to talk about how many houses people have bought through consultancies or whatever it is you do nowadays in Canada, start your own poll.


Initially bought them with TEFL earnings. The first helped with the purchase of the second in Canada. They also helped buy uapts in Busan.
I bought the first property in Canada after a couple of years in Korea, well before starting to consult. The second Canadian property was purchased by
leveraging the first and by using TEFL earnings as that was still my main source of revenue.

Both Canadian properties were then paid off through the rents we charged tenants and by us putting down extra payments each year...again based mostly on TEFL earnings.

The first apt in Busan was bought with our savings, the second (the one we currently own and rent out) was not.


So this all happened while teaching in Korea. Smile


Satisfied?


I'm very satisfied thanks. Now read the first line of my poll and, as I suggested ,go and start your own.
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SeoulNate



Joined: 04 Jun 2010
Location: Hyehwa

PostPosted: Mon Aug 10, 2015 3:17 pm    Post subject: Reply with quote

Still saving here,

We have enough to buy a property, but have it tied up in a housing deposit here. In the short term that actually nets us more per month than owning a house here/overseas does, but the eventual plan is to parlay that into ownership of something.
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goat



Joined: 23 Feb 2010

PostPosted: Mon Aug 10, 2015 7:57 pm    Post subject: Reply with quote

edwardcatflap wrote:
PatrickGHBusan wrote:
edwardcatflap wrote:
PatrickGHBusan wrote:
3 properties outright.

2 generating revenue


Unless you bought all those with the proceeds of TEFL the information is not relevant to the poll. If you want to talk about how many houses people have bought through consultancies or whatever it is you do nowadays in Canada, start your own poll.


Initially bought them with TEFL earnings. The first helped with the purchase of the second in Canada. They also helped buy uapts in Busan.
I bought the first property in Canada after a couple of years in Korea, well before starting to consult. The second Canadian property was purchased by
leveraging the first and by using TEFL earnings as that was still my main source of revenue.

Both Canadian properties were then paid off through the rents we charged tenants and by us putting down extra payments each year...again based mostly on TEFL earnings.

The first apt in Busan was bought with our savings, the second (the one we currently own and rent out) was not.


So this all happened while teaching in Korea. Smile


Satisfied?


I'm very satisfied thanks. Now read the first line of my poll and, as I suggested ,go and start your own.


Darn, ed. Looks like you have come up short. No need to be jealous of those who have climbed to the top. Keep saving those coins. One day your piggy bank will be full.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Mon Aug 10, 2015 8:54 pm    Post subject: Reply with quote

Quote:
Darn, ed. Looks like you have come up short. No need to be jealous of those who have climbed to the top. Keep saving those coins. One day your piggy bank will be full.


No idea what you're on about. The poll was a response to a poster who said it was impossible to put a deposit down on a house on a TEFL salary without living like a hobo. Posts by people who managed to do this with help from their wives or by having other businesses are irrlevant to the debate. As the original poster would soon point out. I didn't include the two properties in central Seoul my wife owns, for example.
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goat



Joined: 23 Feb 2010

PostPosted: Mon Aug 10, 2015 11:32 pm    Post subject: Reply with quote

edwardcatflap wrote:
Quote:
Darn, ed. Looks like you have come up short. No need to be jealous of those who have climbed to the top. Keep saving those coins. One day your piggy bank will be full.


No idea what you're on about. The poll was a response to a poster who said it was impossible to put a deposit down on a house on a TEFL salary without living like a hobo. Posts by people who managed to do this with help from their wives or by having other businesses are irrlevant to the debate. As the original poster would soon point out. I didn't include the two properties in central Seoul my wife owns, for example.


You are right about it being difficult solely on a TESL salary. A married NET couple could probably rack up some savings together.

Some TESL workers supplement their salaries, especially those with Korean spouses.

If we are talking about the bottom of the barrel 2.1 salary plus housing, then yes, it's difficult for most people to save $160,000.
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