How to Tell If You’re Rich

[Temperament]

for shoebox units i think its easier. cos its smaller. less likely got children. more likely singles or just a couple. go for expatriates if poss. sign 2yr if poss. i went thru agent so less hassle. everything stated in agreement. 1st$150/item tenant pays thereafter its landlords. so tenant dowan to anyhow spoil things. must go inspect every 3mths. a bit curry favourvwith tenant useful so he more likely will take carevof ur unit. each time u go visit, buy him a small token eg box of chocolates. remember he's ur cai shen ye!

Talking about housing agent, from your experience, is it better to use an "exclusive agent or open to the market to source for tenants?

My two cents, hope this helps.

For renting out to tenants this is what i make sure i do..

Build into the agreement these clauses:

-late payment % - dont' be afraid to execute this (after 3 -4 times late payment) depending on your discretion. I find that usually when I execute the clause, from that point onwards they won't be late anymore

-to check each 3-4 months - vital to know if your home is still your home. Also to see signs of him using it for other purposes.

-allowing / disallowing pets - really up to you, usually i kiasu a bit and put disallow.

-sub-letting to others - depending on your preference you might want to avoid this

-air con servicing, to be done quarterly / half yearly.

-condition to leave the house as it is.

-clause on use of deposit money to fix the house in the even there's some damage, etc



Inventory:
-helps to take photo graphs of keep inventories at your unit. Things liks your expensive cupboard, tables, TV, etc etc so that there is no dispute on the condition. I once found my tenant dismantled my dining table and i wasn't able to fix it back as some parts were missing.

-share this list with the tenant. They'll think twice of damaging it.


Install:
- Smoke detectors
- sink/washroom capture device - to capture all those rubbish, etc I had an experience whereby a tenant keep dumping cigarettes into the sink.
- put a timer alarm nearby the kitchen - to me this helps the tenant keep time on things he/she is cooking. Make it a habit for them to time their stuff and not overcook (or worse left it on and went to sleep, etc).

Thanks for all the info, brothers.
i think the first thing to remember is vacant property is better than "bad tenant". The money you lose by a vacant property is nothing compare to the headaches and the more money you lose , incurred upon you by a "BAD TENANT".
PEACE can not be compensated by Money or Litigation.
Of course there are "BAD LANDLORDS" too.

[paullow]

with population increase as more or less a sure thing, investing in stocks which appreciate n gives dividends which are the beneficiaries of this increase is becoming a necessity. otherwise one may lag further behind. thats my feel.
if u can't change the garmen decision, then must go along with it such that u also a winner.

[Ben]

Thanks for all the info, brothers.
i think the first thing to remember is vacant property is better than "bad tenant". The money you lose by a vacant property is nothing compare to the headaches and the more money you lose , incurred upon you by a "BAD TENANT".
PEACE can not be compensated by Money or Litigation.
Of course there are "BAD LANDLORDS" too.

Sometime it is hard to tell if a potential tenant is good or bad until he/she becomes your tenant. It is therefore important to have rules clearly spelled out in the tenancy agreement. In case of dispute, a give-and-take attitude is important.

[Temperament]

Thanks for all the info, brothers.
i think the first thing to remember is vacant property is better than "bad tenant". The money you lose by a vacant property is nothing compare to the headaches and the more money you lose , incurred upon you by a "BAD TENANT".
PEACE can not be compensated by Money or Litigation.
Of course there are "BAD LANDLORDS" too.

Sometime it is hard to tell if a potential tenant is good or bad until he/she becomes your tenant. It is therefore important to have rules clearly spelled out in the tenancy agreement. In case of dispute, a give-and-take attitude is important.

Yes agree. Give & TAKE to reach a compromised settlement is always better than litigation. Even the $ amount in damage maybe a 4 figure sum or worse , >. After all, no matter how careful we are, we will meet some "Chow Kwan" tenant.

[gimbeng]

Wow thanks guys! Sorry I hardly post, just pop by to read once in a while. very very inspired by some of the posts.

I am in my early thirties, and still in the rat race now. Gotta work to put rice on the table right? But I am lucky that the HDB I share with my mum is paid up, we share a toyota car, my tiniest apartment is being rented out.

Except that I am accumulating cash but not seeing very much opportunities now to harness it.. any suggestions?

and the strangest thing is that something came over me, ?epiphany recently. Now I wanna give back to society through fund gathering via grassroots and purchase provisions for underprivileged families. Do any of you have relevant experience in how this is best done?

Any advice is welcome!

---

and paullow, your posts are inspiring! financially well off and still very very grounded!

[paullow]

Wow thanks guys! Sorry I hardly post, just pop by to read once in a while. very very inspired by some of the posts.

I am in my early thirties, and still in the rat race now. Gotta work to put rice on the table right? But I am lucky that the HDB I share with my mum is paid up, we share a toyota car, my tiniest apartment is being rented out.

Except that I am accumulating cash but not seeing very much opportunities now to harness it.. any suggestions?

and the strangest thing is that something came over me, ?epiphany recently. Now I wanna give back to society through fund gathering via grassroots and purchase provisions for underprivileged families. Do any of you have relevant experience in how this is best done?

Any advice is welcome!

---

and paullow, your posts are inspiring! financially well off and still very very grounded!

thanks gimbeng. actually i've been most influenced and shaped by certain prominent people to be able to get to where i am today

Not in the order of importance:

1) KTP -"when no one wants them, its the time to buy a few million."

2) LKC/TKK-frugal ways and living far below their means

3) OHL -"the problem of investors is that they are just not buying deeply and holding long enough

4) PL-when u are holding stocks, when they go up, don't be too happy. when they come down, don't be too sad. otherwise how? ur life will also be fluactuating and u will die of a heart attack.

5) PC-margin of safety

1-4 are local
5-overseas

hope this can be of some use to u.

happy cny!!!

[georgelee]

i am in my thirties. no inherited monies. i have 2 condos purchased 10years ago, a healthy sum in the bank and a seven figure investment portfolio. i drive a 8 year plus lexus fully paid.
some of my clothes are picked from people who throw them away. i use a happy feet penguin wallet which comes from buying colgate foc. i use a solar powered casio watch bought from cash converter. i cut my hair $3.50 at bedok block 85.
my staff buys vegetable rice costing $2.30 everyday for me.
my only big expenditure is a >100 year old car plate S_ _ which i spent a six figure to acquire 6years ago which led to a big fight between my wife and I.

i just live simply though i can afford more than what i use now.

just sharing.

This is true. Every man have a different way of looking at things. Doesnt mean u dress expensive means u are rich. u are probably just paying above your neck every month.

[brattzz]

for info, there's a new hair cut group joints sprouting all over singapore, near MRTs, "snips avenue", $2.80 per hair cut, 5 mins!
I have been trying for past 3 times, so far so good! cheap, good, fast!!

They even gave me a receipt, $2 for labour, $0.80 for the chair rental..

[clogswork]

for info, there's a new hair cut group joints sprouting all over singapore, near MRTs, "snips avenue", $2.80 per hair cut, 5 mins!
I have been trying for past 3 times, so far so good! cheap, good, fast!!

They even gave me a receipt, $2 for labour, $0.80 for the chair rental..

I know this "Snips Avenue" , but near my place it is $3.80 and during Chinese New Year it went up to $4.80. I am actually okay with the price increase but the service was bad!!! The haircut was kind of uneven and worst, even when I tell them to cut it short, the end result was more like a quick (and bad) trimming. I guess they do not want to cut it too short so that you would have to return soon and pay them again. I do not plan to return any time soon. Sorry for the ranting but I just want to alert people to the fact that this place may not qualify to be "cheap and good". Just sharing my experience. :-)