How can I buy a property with no savings?
I bought this property in Apr 2019, the problem I had was
What does this have to do with you?
I like to take you through step by step:
This was what I did. We have our first house purchased in 2008 at 1.95mil. Maybe you don’t have a property. Please read on because maybe your parents do, you just need to do the right calculations.
I apply for a remortgage with that first house so that to pay for the downpayment.
What you have to do
You need to know if your parent can remortgage their house so you can make a downpayment and know how much it cost them. You promise to pay them back. You can use different mortgage calculator to know the monthly payment.
Then, I apply for remortgage to get 1.4 mil for my first house. The monthly repayment is 4768. So 1.4mil= 4768 monthly repayment
What you have to do
Keep this remortgage figure in mind because you will pay back parents or I m in trouble 🙀
Then, I apply for another mortgage for my second house. Purchase Price 2.2 mil x 60%, so I get another 1.32 mil mortgage. Monthly payment is 5710.
What you have to do
Find any property to do a calculation. To determine your price range for me. I target 2 mil to 3 mil on my second property.
The best case scenario is you can find a property that the rent cover both parent’s mortgage plus your new mortgage. This isn’t easy you need to search.
For my second house, this is the calculation
Total mortgage is 1.4 mil + 1.32 mil = 2.72 mil. My property prices is 2.2 mil. I have 0.52 mil on hand.
Total repayment is 4768+ 5710= 10478 per month
I was able to collect a rent of 9300.
I need to pay 10478- 9300 = 1178 per month to own my 2.2 mil house. Plus, I got cash 0.52mil cash on hand.
What Rich Dad Taught Me
Best case scenario “Rent > Mortgage”
As taught by Rich Dad, your should produce a cashflow that is greater than your mortgage. That is your rent is high enough to cover your mortgage and other expenses that allows you to generate income from the property.
Go to my website www.dadDAYout.com to find out more
Day 718: Have you asked yourself: why am I sitting at the same work desk day after day? ( Mar 27,2020)
Have you ever asked yourself: Why am I sitting at the same work desk day after day? Could my life be any different? If you have, you are not alone. I went down as a business failure 5 years ago to up 2 properties.
The second property I bought in Apr 2019.
I like to show you 3 steps to outperform in Life. Watch the video for STEP 1....GO!
I like to offer you 3 steps, maybe something totally different from what you learnt in the past.
Something that you may never aware because it hides deep inside your brain that drives your action. It is those thoughts that drive you to take action or non-action.
I will help you to discover yourself what’s stopping you, turning those thoughts and beliefs into a powerful message to motivate you even in face of difficulties.
If you still reading, go ahead and watch the video right now!
I have been spending my last 4 years studying psychology and I just taken a course to learn about public speaking and be a motivation speaker.
The mentor taught us 4 steps in structuring our presentation
Short Speech: Better be Weak than Angry
The feeling of being angry
Those who are angry and yelled. They appear to be strong and tough. It looks like they are always right and others are always wrong. It does appear this way, but is it really true?
Anger is indeed Anxiety
These emotions reflect fear and anxiety, I feel that as if they were taken over by their emotions. I discovered they were not at peace, anxiety and fear were exaggerated in their mind. If an incident happen to them, they have also big emotions and likely to be hurt. It reminds of my friend when he was eating at a Chinese restaurant. He often feels that the waiter is not helping him with filling the tea bottle and the waiters ignored him purposely when he waved them for help. I can't confirmed if the waiters ignored him on purpose. He would often yell at them, he appears to be at a superior position. In fact it was insecurity that hurt them and caused the anger.
He is so poor
We are often a victim of these angry howlers not once but for an extended period of time. You think you are sick, in fact the howler's life is much worse. The angrier he gets, the poorer he gets. The angrier they yell, the worse fear they have inside. What it means is every time they yell at you, they suffer a lot from their inner emotions. I wouldn't think they would particularly yelled at you and you alone, the list seems endless, so he must get 10 times more depressed than you. The worst thing is they don't even realize such fear, that's really the worst that could happen in such situation.
You are the big winner
The reality is "being calm and peaceful" carries so much more than anger alone. Those who needs treatment are the ones who exploded and it is NOT YOU! My conclusion is "Better Be Weak than Angry". If you know and you are already following the peaceful path. You deserve a round of applause, You are the winner!
Think yourself to win. If you act like everybody. You become a nobody.
The ability to increase rent is through value creation. As the property size getting smaller and smaller, the room for using our creativity is also becoming smaller. I see opportunity in Mui Wo property because the price is cheaper, the size is bigger which allows creativity to run much wilder than the tiny 400 sq ft in Hong Kong Island. This is just a small demonstration. I 'm looking for an entire village house 2100 sq ft to go through this change therefore increasing value for the property as well as for the tenant who lives inside it
Living Room 2
Under the Staircase
These few days I was thinking if I can skip a day or 2, or skip an item for a day or 2, e.g how about exercise other time, not in the weekend. I m taking care of my kids. How does that sound?
It sounds all logical. It is all the seemingly logical and sensible “explanation” that we get out of our commitments.
it is often these excuses or poor habit that kept someone being successful. I don’t want no part of that. I m successful, man!
I haven’t hold on to something for longer than a year. That might be the reason I m not successful. Recently I did much better. I finish 100 blogs but it took 9 months more than I planned. We often overestimate ourselves short term and underestimate ourselves long term.
By the way, I m making purchase of my second property in Mui Wo no matter what. I m working on it.
Inspired By Hal Elrod after his book Miracle Morning, I was crazy and honest enough to write a letter asking for feedback about my weakness. The letter below is what I wrote. I sent it to 10-11 family, friends and colleagues. I was brave enough to send within my company, to my immediate supervisor and team member. However, they didn’t feedback to me ( I desired their feedback actually)
The crazy letter....
Subject: Would love to get your opinion
Dear friends and family,
Thank you so much for reading this email. This isn’t an easy one for me to send, but it is extremely important to me, so I sincerely appreciate your valuable time reading ( and hopefully responding to) it.
This email is going out to only a select group of people. Each of you knows me well, and I’m hoping will give me honest feedback about my strength and most importantly, my weakness ( also known as ‘area of improvement’)
I’ve never done anything like this before, but I feel that for me grow and improve as a person, I need to get a more accurate picture of how I’m showing up to the people that matter most to me. In order to become the person I need to be to create the life and contribute to others at the levels that I want, I need your feedback.
So, all I m asking is that you just take a few minutes to email me back with what you honestly think are my top two/ three ‘ area of improvement’. If it will make you feel better to also list my top two / three ‘strengths’ ( I m sure it will make me feel better), you are definitely welcome to. That’s it. And please don’t hold back anything. I will not be offended by anything that you share. In fact, the more honest you are, the more leverage it will give me to make positive changes in my life.
Thank you again, and if there is anything else I can do to add value to your life, please let me know.
With sincere gratitude,
The crazy letter....comes powerful feedback ( I love it)
If you like to know how I start writing the letter (go here) , it is how I found my fear and act upon it
Herbert Yau, property entrepreneur and a motivation speaker
Motivation blog: http://www.daddayout.com
If you agree what i am talking about. please like me below.
My first presentation at BNI - May 27, 2014
我的第二部是在英國投資房地產及開設房管公司 （Property Management )，我看到了一個金錢秘密，更加促使我需要加快投資於房地產。
在我再決定應該投資在那一個地方的時候，我選擇了曼徹斯特城 ( Manchester) ，你可以不選擇曼徹斯特，更加可以不選擇英國，這只是一個例子，正在告訴我們一個事實...
我從很久以前不懂做生意，到現在更清楚自己。我覺得我開始成功了。我還投資了我第一間屋，我要找下一間屋投資，我以前是一瞬間的成功，例如：帆布鞋生意，籃球生意，現在是最後的travel blogger 。現在，我要學持續的成功，Jamsports，Olivia & the breeze沒有持久力。我買梅窩就是我成功的證明，當時我看到梅窩。我決定要投資多一間屋，我知道了可以套現 - 樓價的六成。我便先從律師的名轉出來，卻因為太太的貸款紀錄不好，不能在恒生借貸，但當時律師已經啟動了，所以事情便停住了。
人際焦慮來自什麼 - 金句功課
如果我幸運贏出，請把triple o 卷留起，讓我下次領取，因為我有工事不能來，但我仍抱著勝出的盼望，謝謝。哈哈
A project about being a property entrepreneur and motivation speaker. How I work from a job transforming into a business. I went through 3 business failures, broken relationship and on Apr 24, 2019. I invested my first property with 100% mortgage