Asked by k***@gmail.com
#AskGuruIherng
Hi all,
Just wanted to ask on a couple of queries.
To provide details towards my financial background:
I am currently 28 years old, working with a monthly salary of RM6,000.00.
I have a car loan of RM675 per month.
Other monthly expenses such as own insurance, utilities (telco, maxis fibre, TNB, etc) will be around RM600.
I have placed my funds/assets into several areas:
1. TD with banks (30k)
2. Stashaway (30k)
3. savings account which works like a flexible TD (10k)
After watching Sean (iHerng)'s podcast and videos on property, I have decided to start my journey on property investment.
And knowing that my CTOS report is above 750 (after self-check).
I am confident that I would be able to obtain a decent amount of housing loan (but unsure on the exact amount).
And I am deciding to make my first property an investment property, with price range of max RM300,000.00; and in Klang Valley area.
I am also planning to engage with The Makeover Guys in attempting to furnish the property in hopes of high rental returns.
I am also planning to reach out to property specialist (FAR Capital) to find which property actually suits me for my first investment property.
Hence, my question are:
1. Is this thought too unrealistic, or is there any adjustments needed. (i.e. Do I need more savings in place of emergency funds, or is 300k property out of my reach).
2. Am I potentially over-gearing myself (the costs involved in The Makeover Guys / FAR Capital / etc); and if so, what would be the necessary steps required to rectify this.
Hoping to seek your responses on this.
Apologies on the long context.
Regards
Ken.
Hi all,
Just wanted to ask on a couple of queries.
To provide details towards my financial background:
I am currently 28 years old, working with a monthly salary of RM6,000.00.
I have a car loan of RM675 per month.
Other monthly expenses such as own insurance, utilities (telco, maxis fibre, TNB, etc) will be around RM600.
I have placed my funds/assets into several areas:
1. TD with banks (30k)
2. Stashaway (30k)
3. savings account which works like a flexible TD (10k)
After watching Sean (iHerng)'s podcast and videos on property, I have decided to start my journey on property investment.
And knowing that my CTOS report is above 750 (after self-check).
I am confident that I would be able to obtain a decent amount of housing loan (but unsure on the exact amount).
And I am deciding to make my first property an investment property, with price range of max RM300,000.00; and in Klang Valley area.
I am also planning to engage with The Makeover Guys in attempting to furnish the property in hopes of high rental returns.
I am also planning to reach out to property specialist (FAR Capital) to find which property actually suits me for my first investment property.
Hence, my question are:
1. Is this thought too unrealistic, or is there any adjustments needed. (i.e. Do I need more savings in place of emergency funds, or is 300k property out of my reach).
2. Am I potentially over-gearing myself (the costs involved in The Makeover Guys / FAR Capital / etc); and if so, what would be the necessary steps required to rectify this.
Hoping to seek your responses on this.
Apologies on the long context.
Regards
Ken.
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