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Tiger Beer
Joined: 07 Feb 2003
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 Posted: Sat Mar 12, 2005 8:09 am Post subject: Re: What to do with your money now. |
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| nrvs wrote: |
| But: any loan officer is going to want to see proof of income before you get a mortgage. That's going to be tough. Private language tutoring in Korea -- while lucrative in the short-term -- is a lot different in a conservative loan officer's eyes than a steady job paying an equivalent salary at home. You don't have pay statements, you don't have receipts, all you have is cash flowing in from a foreign country. Suspicious, and a unworkable risk for any lender |
How about if you are legally working in Korea? With proof of income and work contract, is it relatively easy to get a bank loan for a mortgage and buy property? |
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Derrek
Joined: 15 Jan 2003
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| Posted: Sat Mar 12, 2005 6:01 pm Post subject: |
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| Gord wrote: |
| itaewonguy wrote: |
| if you get caught doing privates and you have money in the bank here and invested. you can kiss it goodbye! |
Untrue. |
Dude, if they have evidence of how many privates you're doing, they will fine your butt to match.
In that way, you can kiss your money goodbye. |
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Derrek
Joined: 15 Jan 2003
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| Posted: Sat Mar 12, 2005 6:08 pm Post subject: |
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You make 6 to 7 million won a month teaching??? And no jobs paying over 50,000 per hour?
I did the math.
To make 7 million per month at 50,000 for EVERY hour you teach, you'd have to do 5 hours per day of strictly privates. Knowing that not all privates are in the same place, and you'll have at least an hour in between them to travel, you'd be working a 7 day week and putting in at least 10 to 12 hours per day -- not counting lunch/dinner breaks.
HOW did you line up so many privates?
Not ripping on you -- just exceedingly jealous of your money. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Sat Mar 12, 2005 9:23 pm Post subject: |
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Yeah...I've been in Korea over 3 years.
So because of all my connections basically I can pull about 12 million won a month because i know the president of LG, Samsung and Sk so they like to line my pockets.
also in my spare time I do privates and charge 250 000 won an hour per person because everyone in the whole country knows how good i am at teaching English so they are lining up at my 92 pyeong apartment.
and that is just all declared....man you should see the envelopes i get under the tables. They are stuffed full of cash, i can't even fit them in my backpack, i go down to the bank and the bank teller girls just sit their with a stunned disbelief as they give me their phone numbers and we meet later on and do things i just can't describe on here
The possibilities in korea are just endless  |
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the_beaver
Joined: 15 Jan 2003
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| Posted: Sat Mar 12, 2005 10:51 pm Post subject: |
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| Derrek wrote: |
You make 6 to 7 million won a month teaching??? And no jobs paying over 50,000 per hour?
I did the math.
To make 7 million per month at 50,000 for EVERY hour you teach, you'd have to do 5 hours per day of strictly privates. Knowing that not all privates are in the same place, and you'll have at least an hour in between them to travel, you'd be working a 7 day week and putting in at least 10 to 12 hours per day -- not counting lunch/dinner breaks.
HOW did you line up so many privates?
Not ripping on you -- just exceedingly jealous of your money. |
I think it's possible. There wouldn't be time to do much else and prep time would be seriously lacking but if I took advantage of all of the opportunities I have, didn't care about how shitty my teaching would be (due to lack of prep time) I think I could do about 5.5 during the semester. I have made made 6,000,000 in one month during semester break. |
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endo
Joined: 14 Mar 2004
Location: Seoul...my home
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| Posted: Sun Mar 13, 2005 5:41 am Post subject: |
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Hey nrvs,
Isn't it best to pay off all debts first before putting money into Social Security and investments?
I don't understand your logic  |
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guangho
Joined: 19 Jan 2005
Location: a spot full of deception, stupidity, and public micturation and thus unfit for longterm residency
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| Posted: Sat Mar 19, 2005 7:27 am Post subject: |
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| can a non-new zealander buy property in new zealand? same question for australians.... |
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chronicpride
Joined: 16 Jan 2003
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nrvs
Joined: 30 Jun 2004
Location: standing upright on a curve
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| Posted: Sat Mar 19, 2005 10:43 pm Post subject: |
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| endo wrote: |
| Isn't it best to pay off all debts first before putting money into Social Security and investments? |
You know what? You're right. I got the order screwed up.
That should come second. I think that having emergency funds is still number one. The absence of a financial safety net is what causes a lot of people to rack up huge credit card balances in the first place. Cash advances to pay the rent, and so on.
My mistake was putting the retirement savings goal ahead of paying off consumer credit debt. I don't know what I was thinking. High interest debt first, investment later. |
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nrvs
Joined: 30 Jun 2004
Location: standing upright on a curve
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| Posted: Sat Mar 19, 2005 10:53 pm Post subject: Re: What to do with your money now. |
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Another post brought back from the dead! 
| Tiger Beer wrote: |
| How about if you are legally working in Korea? With proof of income and work contract, is it relatively easy to get a bank loan for a mortgage and buy property? |
The OP was going on about making 6-7 million p.m. with privates. 1.8-3.7 million or so, with pay receipts, records of income tax paid, a contract, and a proper visa? That's an entirely different situation; I'm sure that'd be acceptable. Especially if the documentation is coupled with a hefty down payment (which could be derived from private work, of course). |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Sun Mar 27, 2005 8:36 pm Post subject: |
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| You can't buy anything in Korea for 30-50 million, but you can put down chonse (key money) and then sublet. Officetels can be had for that much easily, but the most you can expect for rent would be around W500k a month (with a 5-10mil chonse). Furthermore, most Koreans would rather put down a larger chunk of chonse and pay less wolse (monthly), so you're most likely looking at a monthly return somewhere in the W200-300k range. Therefore, if you have W50mil to invest, you'll probably earn more putting it into a mutual fund (for a few years - you're not going to rent a house for only a year anyway, right?) More importantly, one can't discount the hassle (yes, it's a big goddam hassle) of dealing with renters, budongsans, etc. |
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Kimchieluver
Joined: 02 Mar 2005
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| Posted: Mon Mar 28, 2005 4:34 am Post subject: |
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just because wrote:
| Quote: |
Yeah...I've been in Korea over 3 years.
So because of all my connections basically I can pull about 12 million won a month because i know the president of LG, Samsung and Sk so they like to line my pockets.
also in my spare time I do privates and charge 250 000 won an hour per person because everyone in the whole country knows how good i am at teaching English so they are lining up at my 92 pyeong apartment.
and that is just all declared....man you should see the envelopes i get under the tables. They are stuffed full of cash, i can't even fit them in my backpack, i go down to the bank and the bank teller girls just sit their with a stunned disbelief as they give me their phone numbers and we meet later on and do things i just can't describe on here
The possibilities in korea are just endless
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Are you serious? Or are you making an impossible figure just to see the reaction? I don't know if I hope you are joking or not, but please enlighten me on how you know the presidents of the biggest companies in Korea in just 3 years. As for paying 250,000 won per lesson, the person would be better off going to an English Immersion camp in the most expensive city in the world. |
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Universalis
Joined: 17 Nov 2003
Location: Seoul
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| Posted: Mon Mar 28, 2005 4:48 am Post subject: |
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He was just being facetious.
I hope...
Brian |
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riverboy
Joined: 03 Jun 2003
Location: Incheon
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| Posted: Mon Mar 28, 2005 5:38 am Post subject: |
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Posted: Sun Mar 27, 2005 8:36 pm Post subject:
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You can't buy anything in Korea for 30-50 million, but you can put down chonse (key money) and then sublet.
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Actually you can. The Villa market is rock bottom. I am currently renting out a villa that I bought in that price range and am making good money of it(no Chonsae) |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Mon Mar 28, 2005 7:51 pm Post subject: |
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| Quote: |
| The Villa market is rock bottom. I am currently renting out a villa that I bought in that price range and am making good money of it(no Chonsae) |
The villa market has never been anything other than rock bottom. Koreans don't like them for a number of reasons, the main one being they don't appreciate in value like the big apartment buildings. Even if you make OK money via rent, villas are still not a wise investment in Korea. |
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