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Author Topic: You have ₩100m...  (Read 864 times)

Offline Savant

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Re: You have ₩100m...
« Reply #20 on: October 17, 2018, 03:19:51 PM »
Depends on your current housing situation. First priority is to live rent free. You can use it for jeonse to pocket the housing allowance. If you you already live in jeonse or own your place, you can buy a second property for investment. I would suggest buying your own place first though. Owning is much better than jeonse.

For a second property, 100 million is plenty enough. Just use the system to your advantage.
Avoid the already overpriced areas and look for yet affordable, upcoming neighborhoods with a lot of development in the future. New subway line opening, big apartment complexes constructed etc. In Seoul but more likely surrounding cities.
Look for apartments where the difference between jeonse and the purchase price is no more than 100 million. Let's say the apartment is worth 500 million and the jeonse is 400. You need only 100 million and the jeonse tenant will be covering the rest. The beauty of it is that you don't pay interest to the bank or anything. If the apartment's price goes up 20 million in a year (which is very little compared to the 500million) that is a very nice return on your 100 million that you invested.
Moreover, if prices go up, a few years later you could ask for 20-30 million more from your tenant or collect a small monthly rent on top of the jeonse.
There is some risk involved but you can keep it to a minimum by doing your homework and carefully choosing an upcoming area.

Wouldn't you need to have actually bought the apartment before you can rent it out and get jeonse, though?

No, you don't. Well, technically you do buy it before you rent it out but it happens on the same day.
In many cases the landlord is selling the apartment with the jeonse tenant living in it. That's even easier because you don't need to find a new tenant.
But even if the owner/tenant moves out when you purchase it, it's totally doable. You just have to make sure that your new tenant moves in on the same day when the owner or previous tenant moves out. That is when all the money is moved around.
People do this all the time. As a matter of fact, we just purchased an apartment recently this way.

In the situation where you buy a "Jeonse" apartment from the current landlord, isn't the new landlord allowed to set a new Jeonse price? So, if the Jeonse rises dramatically the current tenants may not be able to afford the increase and thus, new tenants would be needed.

Offline funkmaster99

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Re: You have ₩100m...
« Reply #21 on: October 17, 2018, 03:23:31 PM »
Bitcone

Offline alexisalex

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Re: You have ₩100m...
« Reply #22 on: October 17, 2018, 04:23:19 PM »
Bitcone

I can sell you some pinecone.

Nah Bruh. Bitcone going to the moon!

Joking aside I'd definitely advise people to invest some money in Bitcoin.  No going crazy and throwing in your life savings but I think it's prudent to have some.

Online williamwhite

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Re: You have ₩100m...
« Reply #23 on: October 17, 2018, 06:11:35 PM »
Put every last won in Dogecoin.

Online Lazio

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Re: You have ₩100m...
« Reply #24 on: October 17, 2018, 06:48:11 PM »

In the situation where you buy a "Jeonse" apartment from the current landlord, isn't the new landlord allowed to set a new Jeonse price? So, if the Jeonse rises dramatically the current tenants may not be able to afford the increase and thus, new tenants would be needed.

That would be a sweet problem to have.
I think you should honor the original contract between the previous owner and the tenant. At least that would be the decent thing to do.
It's for less than 2 years anyways and after that you can set whatever price you like.

But even without selling the place, landlords can be in the same situation if the prices increase a lot during a 2 year contract. Just wait untill the contract is up and set a new amount for jeonse.

Online ESLTurtle

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Re: You have ₩100m...
« Reply #25 on: October 17, 2018, 08:36:08 PM »
I wouldn't start over because I went through the gates of hell  :huh: and came back to be where I am today.  8)

However, if I were to start over...  :-*

I'd make my own 백반 restaurant in 명동 because all the establishments there are full of 날랄리 and is not satisfactory at all.  :P

Offline Dave Stepz

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Re: You have ₩100m...
« Reply #26 on: Yesterday at 03:28:12 PM »
I think ₩100m is the going price for a Tous Les Jours cake with tomatoes and grapes on. 

Offline Kayos

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Re: You have ₩100m...
« Reply #27 on: Yesterday at 03:38:11 PM »
Buy a Mcdonald's. Then rake in the profits. then buy another mcdonald's. And repeat a few times.
Then retire on the crazy profit's owning a bunch of McDonald's brings :P
Back home, in my province, 1 guy owns all the McDonald's in the province, and he is crazy rich (I mean, not bill gates level, but well enough that his grandchildren's grandchildren will never need to worry about money).