From a Humble Beginning to Property Investor

Lee is my Property EDU member which I started many years back. He contributed to my upcoming property book. After reading his story I felt so touch. A true property investor indeed. As I always said in all my seminars, you must do a proper financial planning. Buy what you can afford. You do not need 100 properties to be a millionaire as the risk is extremely high. Like Lee, he do it one at a time. Yes he takes longer, but he sure will get there. I do thye same by buying one by one. I only will buy if I can afford and I only will take calculated risk.Do get proper property education before embarking your property journey.

Please read Lee’s property journey to understand better.

 

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 by Lee Soon Keong

Cockroaches, snakes, centipedes and iguanas are my companions. They often come to visit my bedroom. This was the housing provided by my father’s employer. I was born in 1978 to a poor family. I can still remember the days when every morning we would surely have an argument over breakfast. Imagine having to share 1 pack of hokkien mee among 3 of us (mother, sister and me). Since young I have desperately wanted to move out from this place and to have a better life.

lee            lee1

 

 

 

 

 

 

Lived here for 21 years

After graduating with a Diploma I was lucky to be sent to Melaka for a job as a technician where I earned a decent income. I saved every single cent I earned.

After 1 year of working, most of my friends chose to buy themselves new cars. At that time a Wira Aeroback cost RM60,000. Me, I was torn between getting a car or a house. Now after 10 years I know that I have made the smarter decision. My house’s price has doubled in the span of 8 years while my friends’ cars have depreciated by almost 90%.

My first house was a 700 s/f apartment which cost RM135,000 back in 2004. Most people tend to renovate their houses after getting their keys. But my philosophy was a bit different. I couldn’t get myself to spend money on renovation work while still having a bank loan to service. I convinced my wife that it wasn’t the right time yet for us to do it.

I always tell my wife that the nicest house in the world is one that is mortgage free. Because we chose to delay the enjoyment of a renovated house, we were able to pay off the house in 5 years. After that, we are able to get our 2nd house.

How did I pay off the mortgage so quickly?

I worked 7days a week and 12 hours a day to earn as much money and as quickly as possible. Normally I will dump in all my OT money into the mortgage loan. Every year I would reward myself to a smaller bonus. Normally my company gives out 2 months bonus. But I would spend 0.5 month’s bonus instead of 2 and dump everything else into my mortgage loan. After 5 years (lock in period) I paid off my loan completely. I use this formula for my 2nd … 3rd ….4th properties and so on.

Having 13 years of involvement and experience in buying and investing in property (Low cost, apartment, condo, landed and shoplot) I am happy and satisfied with my results. I transitioned from living in a run-down shack to a nice and comfortable paid up 1800++s/f condo.

lee4lee3

 

 

 

 

 

 

 

After 16 years of hard work

This is my principal that I apply in property investment:-

  1. I don’t renovate while having a mortgage to service
  2. Just move in and do a painting, lighting by myself (Zero labor cost)
  3. I always convince myself and my wife that the nicest house in the world is one that is mortgage free
  4. I work 7 days a week and 12hrs a day to earn $ to pay off my mortgage
  5. I will rent out my most beautiful property (higher rental) and stay at the ok property (lower payments)

 

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