ASKING SEAN

Рет қаралды 14,063

3 ай бұрын

Link to join my team in property investment club: bit.ly/3VmJixM
Use promo code: SEANTANMAKEOVER22 for property makeover: wa.link/0ea7rb
In this episode, we discussed about the different loan facilities available from the banks. And it's just very important for us to understand the difference in interest rates between hire purchase, personal loan, and housing loan.
For this audience, I think the strategy will work only after communicating with the family member. But timing of the rebate/cashback is the critical part of the strategy.

Пікірлер: 52

@youtubeattacker 2 ай бұрын

They had a stable and comfortable life. Then they decided to push their limit to go uncomfortable. They need to fix the mentality first.

@annabelleting8364 2 ай бұрын

Agree with you

@iherng 2 ай бұрын

Not mentality lah. It’s just lack of knowledge and information.

@ws4412 2 ай бұрын

Arent property investors the one who always push themselves into uncomfortable conditions every 6 months or 1 year?

@crazyhellfirez 2 ай бұрын

true, but they admit their mistake and seek help/solution yet you call them mental. bravo

@Danzsy 2 ай бұрын

This is very informative, restructuring the loans and a very supportive wife

@ajalil9140 2 ай бұрын

Agree. Make sure the house he bought is completed not another 2 years.

@iherng 2 ай бұрын

But the cashback can be earlier actually, not necessarily the end of the construction process. Thanks for watching!!

@crazyhellfirez 2 ай бұрын

my suggestion, telan je personal loan. 10years kejap je tu. by the time gaji pon naik banyak dah. personal loan settle, then can chase your dream house.

@iherng 2 ай бұрын

Your idea is acceptable if they decide not to invest in a property and move out. The risk is then the property price 10 years later. Not too sure can afford or not at that time:/ Anyway, thanks for sharing!!

@SkitHertz 2 ай бұрын

Hmmm, few thoughts 1) 7.8k take home, 4.7k monthly repayments, kinda high ... though I guess it's 5.3k now anyway. Got money left to spend ah? Unless the wife covers groceries? What if accidentally get a kid? Suddenly need to get a car? What about finding a side hustle that generates additional income or figure out how to increase salary? 2) He currently spends 2k per month on housing (rent), in the future after using the cashback to cover the loan, his housing expenses would see quite a substantial increase to 4.7k. Personal loan is 10 years, but this would mean having to also pay a lot more for housing for an additional 25 years (I suppose there's some equity building). Shouldn't the right move be to reduce expenses until the debt is paid off? 3) 30% cashback sounds insane ... why pay 4.7k monthly for a place that rents out for 3k - 3.5k? Doesn't sound like a great plan to me ... though I'd appreciate it if anyone can convince me otherwise.

@DanielKuay 2 ай бұрын

Need to factor in the fact that by buying the property and use the cashback to pay for personal loan: 1. Able to reduced the interest = savings. 2. RM2k monthly rent will go into paying the property instalment = he's financing his own property. 3. Down the road he might be able to refinance or sell his property = more cash flow. Plan seems sound if assuming (1) wife willing to help (2) the said property price goes up (3) being more prudent in his financing.

@athifsani7352 2 ай бұрын

Point no2 is on point. The 600 savings only lasted for the 10(9) years, then have to service the house loan for additional 25 years. Hmm..

@ledarmband 2 ай бұрын

Bank is not stupid they “allow” cash back happen but once vp the property bank value is below the rebate price . Then u baru rasa and get personal loan cover the mortgage difference and loop again :)

@jacksonlintang2503 2 ай бұрын

Kudos Sean. You are the best!

@iherng 2 ай бұрын

Thanks for watching!!

@ericlai3221 2 ай бұрын

great advice as usual🙏

@iherng 2 ай бұрын

Thanks for watching!!

@goeatflyplay 2 ай бұрын

Interested to know which KLCC project is Mamidesu thinking for the 1m unit.. hmm

@jennielam8522 2 ай бұрын

Great video, please show some properties foreigners can buy with rebates near MRT, thank you!

@bengjiun 2 ай бұрын

Be mindful that banks could claw back the loan amount if the property value slump too much. As rightly mentioned, Malaysian is blessed. In HK for example, you will need to disclose the cash rebate amount and they will issue the loan after deducting the cash rebate. Also, cash rebate in my view is a bad thing for consumer. Developer has essentially cash out their project before they complete the property. They receive the release of loan equivalent to 100% of their actual price before delivery of property. What protection do you have? Make sure u find reputable developer also.

@boonkeatchin119 2 ай бұрын

Make sure always stay employed to pay up the commitment…

@iherng 2 ай бұрын

Well he is just aged 32 working in the government sector. It should be fine but the concern is valid. Thanks for highlighting:)

@ranjinirajainfilm 2 ай бұрын

Excellent info Sean, could you please educate us on the best way to furnish an apartment on how best to source that financing and also what is the ideal range that would fetch a good rent? Much appreciated!

@mw8080 2 ай бұрын

can a foreigner (non Sgrean) join your team Far capital and TPG?

@petiachoo1615 2 ай бұрын

Most of the benefits of bulk purchase applies to first time Malaysian buyers. Foreigners are subject to restrictions and additional tax. Non SG the banks will have issues lending you money too.

@annabelleting8364 2 ай бұрын

Hi Sean, why you laugh hey hey when saying "beautiful malaysia" hmm 😅

@ALI66833 2 ай бұрын

Taking the rental to pay for your installment is not call debt free. When the property is not rented out you the owner has to pay the installment.

@anthonychan3336 2 ай бұрын

Aiyo listen to the video lah. They are currently also renting. Once they got the property, they sendiri live in it lah. Then don't need to pay rent.

@iherng 2 ай бұрын

Thanks for clarifying on behalf Anthony:)

@ALI66833 2 ай бұрын

@@anthonychan3336 i think you have misunderstood what i am saying.

@ALI66833 2 ай бұрын

@@anthonychan3336 if the property is for your own stay is all good. But if you buy a property and use the rental to pay for your installment as an investment then that is risky.

@knfk 2 ай бұрын

@@ALI66833 Obviously your risk appetite is not quite the same. The pros work hard to ensure their properties get rented out almost all the time.

@tangchuengkhai 2 ай бұрын

This Flexi personal loan is it the same formula as housing loan? If yes things are simple just see which one is higher interest costs. Then charge the parent house to the bank to get a 250k loan refinance it to repay it. This dude can be the borrower with his income. No need to raise unnecessary debt, giving flexibility to invest instead getting stuck with the cb property that you might not like and can’t fetch good rate in 10 yrs time (CB property already leveraging future value …. )

@chowweeloon17 2 ай бұрын

Thanks for the informative episode

@chickenchopfriedrice 2 ай бұрын

not sure about personal loan but i think for hire purchase usually bank will use rule 78 for early settlement. can get some sort of discount but the discount is not directly pro rated to the early setttlement period. but at least better than no discount at all

@jync1765 2 ай бұрын

300k personal loan for renovation is crazy, asked for it, live with it.

@iherng 2 ай бұрын

Well that’s why they are seeking alternatives for it. At least they are exploring ways to reduce interest or shortened the recovery period.

@ALI66833 2 ай бұрын

I always believe never work for the bank. The amount of interest you pay makes the bank rich. Just take enough loan and even you are young why would you want to pay loan until you are retiring ie 30 years home loan. The thought of debt free is when you own the property fully without any outstanding with the bank.

@iherng 2 ай бұрын

So you must have a lot of fully paid properties :)

@ALI66833 2 ай бұрын

@@iherng yes

@sytan1119 2 ай бұрын

Any referral code for open house 😅?

@iherng 2 ай бұрын

It’s a free app hahaha. So no need referral to anything :)

@knfk 2 ай бұрын

I wouldn't swap a 300k loan for a 1m loan for the first property. You will absolutely be a slave to your job and probably your wife too. Perhaps go for a property around 500 - 700k first. Good luck.

@Y3llow_Submarin3 2 ай бұрын

continue renting the house now, also rent out the KL sentral property.

@willlowproperty 2 ай бұрын

I think it’s gonna be a good thing for investors and but for pure own stay buyers it’s gonna be tough as everyone needs to work much harder to afford the down payment generally

@daryllim4826 2 ай бұрын

The rule: any cashback project is fishy. Does LV on sales ever? Why u give cashback if the products is selling hot? Common sense U r just crawl out from a shit hole n fall into a bigger shit hole, period

@tanyijing8488 2 ай бұрын

It depends on why the developer is giving cash back hence its up for the purchaser to think how come got cash back , I bought a developer unit with 150k cash-back last year, my instalment is around 4K ++, rental is 6.3k ( a gross profit of 2.3k) When I buy the unit there is like 60 unsold units, I referred some of my friends , then I believe some investor know even after cash-back the rental is able to cover instalment as well hence after 1 month of me purchasing all units are sold. P.S. my friend unit rented out at 6.6k while instalment again is around 4k (We rented out during reno period and already collecting rental for 5th month already)

@ranjinirajainfilm 2 ай бұрын

Hi newbie here. Is this cash back / rebate thingy a con for buyer? In the sense the price today is already a projected price for next five years: so technically not much appreciation in the early years?

@goeatflyplay 2 ай бұрын

@@tanyijing8488never share lobang.. haha

@rafiqmuhamad8251 2 ай бұрын

@@ranjinirajainfilm its not a con. Its a loophole to allow buyer to get cash. But know that your loan amount will be high because cashback is borrowed money.

@syamilfuad17 2 ай бұрын

@@tanyijing8488 I am impressed, may i know which area is your property?