encouragement to invest

Discussion in 'Investor Psychology' started by kum yin lau, 15th May, 2015.

  1. kum yin lau

    kum yin lau Member

    Joined:
    15th Nov, 2007
    Messages:
    771
    Location:
    adelaide
    Hi, this is about my friend.

    She had to retire at 55 and with no pension but had a lump sum super. This was about 8 years ago.

    She owned her own home jointly with her husband. Had to sell 2nd house [IP] to pay for her 3 children's education. Her husband continued with a low paying maintenance man type of job.

    She bought 3 cheap properties: 50K flats and then a more expensive 180K apartment. She didn't qualify for substantial loans so had to pay most of her super nestegg for the properties.

    She continued working part time as a private tutor. Now she's a property manager extending from managing her own properties. She has 7 properties now.

    Her husband and her children particularly her oldest daughter who's an air stewardess, said disparaging things about her property investing. They've since seen the light I think!!

    When she retired, the eldest daughter wanted her to buy a new car for her father which of course my friend refused which caused a bit of a ruckus. I jumped [heavily] to my friend's defence. Rather loudly I may add. If she loved her father so much, why didn't she buy her father a car? What right had she to tell her mother what to do with her retirement money?

    Eight years have passed and I'm glad to report that my friend is quite comfortable financially and is quietly enjoying her property jaunts. Last year, she scraped together 100K to help her son to buy an apartment.

    If you think it's hard, take a look at my friend.

    KY
     
  2. j_p

    j_p Member

    Joined:
    19th Oct, 2008
    Messages:
    308
    Location:
    Homeless in NSW
    Well done to your friend.
     
  3. Tonibell

    Tonibell Member

    Joined:
    26th Feb, 2013
    Messages:
    323
    Location:
    Sydney
    Hi KY,

    Good story and great result.

    Where did the funds come from to purchase the extra 4 properties as well as the $100K for her son ?
     
  4. Rixter

    Rixter $uper Investor (Retired)

    Joined:
    15th Mar, 2001
    Messages:
    9,335
    Media:
    12
    Location:
    Highton Vic.
    KY, how close are you and how well do you know this friend? ;)
     
  5. kum yin lau

    kum yin lau Member

    Joined:
    15th Nov, 2007
    Messages:
    771
    Location:
    adelaide
    Hi, my childhood friend lives in Kuala Lumpur. Remember I was talking about those crummy flats in Kota Damansara? Two years ago they were selling at 60K each.

    They're probably now about 80-90K and the rent would have gone up from 700 to 850 per month now I guess.

    High end Kuala Lumpur properties went through the roof in the past 2 years.

    Like me, my friend had super [they call it EPF in Malaysia] and she used it to buy her properties. Compared to me, I think my friend's super was far less than mine.

    The important thing is we started quite late & still made it.

    I'm a bit regretful that I thought it was too much trouble to buy those cheap flats in KL!!

    For those who don't know, I borrowed up to my eyebrows 15 years ago & bought properties in Adelaide.

    BTW, another friend's son has 1 Ip and just built a new PPOR, at barely 30.

    KY