Monday, April 6, 2009

Property Trends – It can make you or break you.

So at last, property prices have just started to correct. Quite a few of you have started to ask me, when to buy, when to buy. My opinion is the cracks have just started to appear, and prices will continue to be on the downturn until at least middle of the year.

You need to be very, very cautious when it comes to large ticket investments like buying a property. Such an investment can break you if you are at the wrong end of the cycle. To be sure, you need to go back to basics, YIELD is the name of the game.

I have reiterated in class time and again. To be rich and I mean really rich, you do not have to be a genius and do too much work.

You need to just play your cards right and DO NOT take too much risks. For those of you who took my advice and liquidated out of your residential properties, good on you. Do not go into the market now! There is more pain to come, you know it, so stick to your belief.

Your objective is to get really rich so that any recession do not bother you too much. Lamborghini’s new launch was a sold out event! They collected 20 plus orders for a car costing over $1.5 million. What does this show? There are people with money on upturns and downturns, and it is really your choice which side you want to be in.

On the personal side, I had a very nice weekend, just chilling and caught 2 movies, which is a rarity for me. Of the 2 movies, Shinjuku Incident and Detroit Metal City, I prefer the latter. This is a laugh a minute Japanese flick. I know the title is not very eye catching but I am confident that you will like this one. Life is sad enough, so I prefer comedies to take away the fatigue in my first weekend in Singapore for the last 2 months.

Your Friend,
Andy Ong