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Two years ago, I blogged about someone telling me that there was a way to own properties with very little money or no money at all. Two months ago, I updated in the comments section of that blog post that he lost quite a bit of money doing it.
Today, I came across a blog post by Gerald Tay in Propwise.sg on "No Money Down" properties. His family is in property development and he shares his views on the claims by "gurus" that people could own properties with no money down at all.
I am recommending the blog post as a must read although it is a little bit of a teaser because there is a Part 2 yet to be published.
"Would you like to discover “Secrets of how to own properties with little or no money down?” or “How to own three properties with just one property?” The “gurus” will have you cough out thousands of dollars just to attend workshops or seminars that teach questionable investment techniques, claim you can own properties with no money down, pepper you with lots of crappy motivational talk, then sell you properties at the end of the workshop saying you must take action now and can soon be millionaires upon graduation."
Read blog post by Gerald Tay in Propwise.sg:
http://www.propwise.sg/no-money-down-properties-legit-scheme-or-scam/
Money is hard to make. We must make it hard to lose.
Related post:
Be a real estate owner the easy way.
Bloggy Award
10 comments:
Seriously and logically thinking, a deal so good to be true that is shared around easily ? The originator would have keep this idea and the profit/gains rolling in for themselves non-stop.
Hi SnOOpy168,
Yes, it sounds like something only a step away from programs like Genneva Gold et al...
Hi AK,
I have attended a preview of one of these 'No Money Down' talks before and it's nothing but hype.
Some of the strategies would work only under certain market conditions and these so-called gurus make more assumptions than money. Make at least $100K p.a. buying 1 property each year for consecutively 10 years with no money down! Wow. Somebody has sent a fairy godfather? More like a nutty professor run loose from the mental institution, I felt! Hahaha.
I stick to the age old adage - What is too good to be true, really is. Greed is the father of all scams.
Cheers,
Endrene
Somehow unrelated to the content, but more for the title of this post.
Buying shares (mall developer and operator like cma and reits) are my way of being a co-owner of commercial properties with the little money that I have. :)
Hi Endrene,
Good of you to share your experience. Always better to hear from people who have first hand experience. More credibility. :)
The claims simply defy logic.
"Greed is the father of all scams." Greed coupled with ignorance will make people fall prey to scams.
Hi opal,
I like the way you think! :)
You have given me an idea. I should advertise in the newspapers to make some money too because using your line of reasoning, I co-own a few hundred buildings in Japan, Korea, Malaysia, Singapore, Indonesia and Australia!
AK & Opal
Loved the way you phrase it.
Yes, you do indeed own perhaps that door knob or that square foot tile of that mall whose owner, you have some shares in.
Thats what I told that HK couple who was laughing at me, taking pictures of T3 on this opening day when we landed.Ahemmmm... I just couldn't find that cantonese word for stakeholder (as Singapore citizen, who "owned" Tamasek Holdings) and shareholder.
I finished off by saying, if you have a microscope, you see that my name is lasered behind the serial number of that door knob.
The men were laughing and that HK 婆 was stunned silenced.
Hahhaaha
Hi SnOOpy168,
Hopefully, one day I will own a full cubicle in a mall's toilet. Hahahaha... ;p
Hi AK, any comment for this?
"The government is also prepared to release land for around 315,000 square metres of commercial space and 1,740 hotel rooms during the first six months of 2013, the Ministry of National Development said in a statement."
http://www.jackphanginvestment.com/2012/12/singapore-government-to-keep-land-sales.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JackPhangInvestment+%28Jack+Phang+Investment%29
Hi Ah John,
I just updated the comments section in another blog post of mine:
See: Comments section.
I believe that property prices will correct in time.
Building takes time. All the record building now will translate into record completions in future.
By 2014, we will see more obvious signs of overbuilding. By 2015, it should be worse. Now, we are already feeling the winds of change as vacancy levels have been rising.
Unless I am able to find undervalued propositions now, I won't be buying.
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