Saturday, April 29, 2017

Time to put on my Property Hat

A property that I have been stalking has recently had it's hopeless owners panic a bit. I am seeing double the number of listings and some particular unit owners are getting desperate. I've been on the sidelines observing for a while, but I think I need to start getting my act together.


I've got to get back into my property mode with my head screwed on straight. That means me learning about all the recent property developments and re-learning many of the things that I had learnt in the past, which I obviously have no had the chance to use.

First, I'll go backtracking all my previous posts on properties and re-read them carefully because I did leave plenty of information for myself to go remember. Ah, the power of writing. It gives us humans with limited brain memory storage to remember heaps of things. I have some shorts posts, but I also have some really long ones too. Most of my long posts took hours to write, along with all the research and readings that I had to go through to pump out the articles. Sure, it's not research report standards, but it's just for me to suit my purposes. I have quite a lot to read.

Next, I'll be reading Property Soul's book again. I remember that reading her book 2 years ago was one of the more enjoyable book moments that I have had in a long time. She wrote tons of information there in a very clear, cautious and pragmatic way. It would serve me well to refresh my memory on things that I might have forgotten.

Of course, what use is living in 2017 if you don't use the internet? I'll be doing a 2 pronged approach of reading both ends of the spectrum - property reports and also blog posts (gawd help me, even forum posts if I have the energy). Some property reports are incredibly detailed and point out lots of information and links that an average person might miss out. Unofficial sources help give me a good feel of what my "competitors" (other participants in the market) are thinking and planning on doing.

All this will help me in figuring out if I should act NOW or LATER, which is a pretty important decision to make.

Next, I need to equip myself with the skills to buy the property. This is basically all the stuff that you would pay a property agent to do, but I'll be doing it myself. So it will be DIY for as much as I can / want to do. The DIY trend is getting a lot of momentum. Only 11% of HDB transactions in 2010 were DIY, but it already shot up to 23% in 1H 2016. That makes a lot of sense since there are so many online resources to DIY (example: HDB, Direct Home). I just actually have to get my stupid lazy self to go through all the resources and find, if not, compile a proper, complete process, rather than a very unsubstantial check list.

Lots of self studying has to go into loans too, which is actually something pretty urgent if I want to act quick since I need the loan AIP to do anything serious. I need to also figure out about the legal fees and who pays for what and when.

Then I have to come up with a monster timeline to plot my interactions with all the different parties and also to work out the cash flow of everything.

It's going to be a headache... but I think that this is going to be my main project for the month of May, since I have a feeling that the time is coming soon. Like... by 2020, lol.

ANYWAY, this is all information and due diligence that I have to do no matter what, so why not get it all done now when I have time on my side, as opposed to in the future?

I can assure you, I am not doing this because I think that this is fun. I would much rather be looking at the entertainment system and gadgets and furniture that I'd be sticking into my house than to do all this stupid groundwork.

Then again as the famous quote goes, "If you are only willing to do what is easy, life will be hard. But if you are willing to do what is hard, life will be easy."

I just think that if I'm going to drop hundreds of thousands of dollars into a single transaction (GUYS, NOTICE HOW I DID NOT SAY INVESTMENT), I better be damn bloody sure about it and do my homework beforehand.

4 comments:

  1. Go for it. It's not that difficult. :)

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    Replies
    1. pf, did u go the DIY route? any blogpost to read abt the process?

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    2. Yes. No blog post as I don't blog. U can attend the hdb resale seminar talk for $25. They will walk you through the process. :)

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    3. Thanks, definitely will go for it. I've collected a fair bit of articles and resources already, woohoo!

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