Tuesday, April 26, 2011

Article by the Expert: Success Loves Speed by Robert Ringer

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Article by the Expert: Success Loves Speed
by Robert Ringer

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I've written a lot about the importance of acting sooner rather
than later, without waiting to figure out everything in advance.
Human motivation certainly plays a role here. Nothing says this
more succinctly than marketing guru Joe Vitale's aphorism:
Money loves speed.

When I mentioned this in a recent teleseminar, one of the
callers asked if I could be more specific. He wanted to know
why money loves speed.

Before I answer that, let me say that this is not just true
about money. It's true in all areas of life. I don't recall
ever succeeding at something because I got there last.

* If you want to buy tickets from a scalper for a big game
that's sold out, get there first. Tickets love speed.

* If you want a job that you just found out about, get
there first. Jobs love speed.

* If you want to win the guy or gal who has your heart
pounding, get there first. Guys and gals love speed.

* If you want to get the investment property that just
came on the market, get there first. Investment
properties love speed.

And so on. Because success, in general, loves speed.

So, why does success love speed? The answer is to be found in
the dictionary. Action is defined as "the causation of change."
Whatever result you want, it's a change from what you now have.
By definition, then, a change has to take place for you to get
from your present status to that result.

Following are some of the more important reasons why I believe
action begets results.

1. When you do too much planning, there's a tendency to think
of one reason after another why what you're contemplating
won't work.

Many of the reasons you come up with may be correct. But the
important thing is that it doesn't matter. Why? Because, as
you move forward, circumstances continually change -- and
those changes often render irrelevant many of the concerns you
may have had before taking action. In other words, don't try
to figure out steps two, three, and four before taking step
one.

The legendary Joe Karbo once told me that he ran his first ad
for The Lazy Man's Way to Riches (a million-copy seller)
before he even began to write the book! In fact, he told me
that the ad he wrote served as an outline for the book itself.
Talk about going against conventional wisdom...

2. When you procrastinate, you tend to lose your enthusiasm.

Homeostasis -- the tendency to live with existing conditions
and avoid change -- sets in. You get comfortable with the way
things are and allow your great idea to fade into the comfort
zone of oblivion. But when you take action, your creative
juices flow faster, your resourcefulness kicks into high gear,
and the things, people, and circumstances you need to
accomplish your objectives are drawn to you almost like magic.
As a result, your motivation to succeed becomes elevated.

This is not hocus-pocus. I've done it enough times to be able
to assure you that it really works.

3. Even though changing circumstances often negate many
initial concerns you may have had, they can also place new
obstacles in your path.

If you wait too long before taking action, the opportunity may
become less and less appealing to you as those obstacles start
to make their appearance. I wrote about this danger in my book
To Be or Not to Be Intimidated? under the auspices of the
Fiddle Theory. The Fiddle Theory states: "The longer you
fiddle around with a deal, the greater the odds that it will
never close."

Time is your ally when you take action, but time is a
two-sided coin. If you hesitate or procrastinate, time becomes
your worst enemy. As a general rule, I assume that if I take
action, perceived problems will tend to disappear and that the
more I hesitate, the more time there is for new obstacles to
make their appearance.

4. Perhaps the most important reason of all for taking action
now is that time is finite.

No matter how proficient you are, you can only accomplish so
much in a lifetime. Every second that's wasted reduces the
totality of what you can accomplish by one second. Some people
maintain that a constant feeling of urgency to accomplish more
is stressful, but I find the opposite to be true. I feel more
stress when I procrastinate -- when I'm not doing what I know
I should be doing. There's not a worse feeling in the world
than to be conscious of the fact that your finite supply of
time is ticking away while you focus on straightening your
desk drawer.

Of course, nothing in life is perfect. There will be times
when moving too fast can end up hurting you. But, on balance,
the empirical evidence derived from my own experience has
convinced me that what I gain from moving fast far outweighs
the losses I may incur as a result of too little planning.

That being the case, when you fall -- and you will fall --
simply pick yourself up, dust yourself off, and take more
action. Success could care less about mistakes. Success loves
action -- and human motivation leads to action.

Tuesday, April 12, 2011

The Power of Words (Simple but Impressive Video)

Wow, simple but impressive video! Watch it Now!

You Have More Courage Than You Think - by Noah St. John

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      Article by the Expert: You Have More Courage Than You
                            Think - by Noah St. John

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My fiancee Babette and I recently rented the "Karate Kid"
movie starring Jaden Smith and Jackie Chan.

She really really wanted to see it, but I was pretty sure it
was going to be cheeseball. I never saw the original, and was
fine with missing this remake.

But something happened while we were watching the movie. I
started to become emotionally involved with the characters:
Dre (played by Jaden), the small kid who is bullied by bigger,
older kids. And Mr. Han (Jackie Chan), the kung fu master
disguised as a maintenance man.

As the story played out, I realized it was not about punching
and kicking. It was about courage and love.

Now I realize this movie may, indeed, be kind of mawkish. But
I found myself moved to tears -- even when we watched it a
second time.

Afterward, I thought about the real-life Jaden Smith, son of
rapper turned TV star turned A-List movie star Will Smith.

I have been a Will Smith fan since the '90s. As a student of
success and its causes, I have studied him carefully, because
he has a unique claim to fame.

He is the only person who has hit the top of the charts in all
three major entertainment categories: music, TV, and movies.

Elvis didn't do it. Sinatra didn't. Madonna didn't. Mariah
Carey didn't.

Only Will Smith, the Fresh Prince from Philly, did it.

And watching Jaden on the screen, it's easy to see his father
in him. His facial expressions, mannerisms, even the way he
moves his mouth -- you can see his dad's influence.

That got me thinking about where courage really comes from.

Imagine how confident young Jaden must be to have someone like
Will Smith believing in him.

Of course, if you ask Will, I bet he'd tell you that Jaden has
more confidence than he himself had at that age.

And that's the way it should be. Will Smith built on the
example of his parents, who built on their parents, and so on.

The word courage comes from the Latin cor, "heart." And isn't
it interesting how many times we refer to the heart when
talking about people who act with both kindness and courage:

"He spoke from his heart."

"She's all heart."

"Follow your heart."


Follow your heart. It sounds so simple. And maybe it is
simple -- but it isn't always easy.

Sometimes following our heart is the last thing we want to
do -- because our HEAD tells us we're crazy!

For example, when I launched SuccessClinic.com in 1997, I had
no business skills, no money, no contacts, and no idea how to
run a profitable business.

Every day, I'd wake up and ask God, "Okay, God, what do you
want me to do today?"

Twelve years and tens of thousands of students later, we're
still here. And I'm still asking the same question. (Only I
have a little more experience and a lot more help these days.)

1. Listen to your still, small voice.

You know, the voice I mean. The one that doesn't make any
sense. The one telling you to take that leap and do the thing
that doesn't make any sense. That one.

2. Write down all your crazy ideas.

I'm not saying you should do all of them. But what the heck,
they're rattling around in your head anyway. Writing them down
gives you the chance to examine them and stop the rattling.

3. Share your crazy ideas with a Loving Mirror.

A Loving Mirror believes in you more than you believe in
yourself. Like Mr. Han did with Dre. Like Will did with Jaden.

Your mentors believe you into being.

4. DO SOMETHING.

Here's a great example: Most of the people who audition for
American Idol can't sing. But they have a dream, and at least
they showed up for it. They took action. They did something.

Sure, maybe they'll embarrass themselves. But it's better than
sitting around thinking, "If only I'da..."

And who knows? Someone's gotta win the thing.

5. Learn from people who've already been where you
want to go.

Mr. Han was a kung fu master, but if Dre hadn't had the
courage to ask for his help, he still would have been beaten
up by bullies.

Find 5 people who've done what you want to do.

Contact them and show them how, why, and that THEY will
benefit from helping you.

Remember The Power of WIIFT: What's In It For THEM! Things get
very easy when you're always talking about how the OTHER
person benefits.

6. Ignore everyone else.

"The only people who can tell me I can't do something are
people who've tried it and failed."


People love to criticize, because it makes them feel important
and justifies their not taking action.

Ignore them, feel sorry for them, let their non-belief spur
you to more action. The only thing not to do is let them stop
you.

7. Do the thing you're afraid of.

Will Smith has said over and over: "When I'm afraid of
something, that's the thing I do next."

I loved it when Jaden's character in the movie said the same
thing, nearly word for word.

I know you've had the experience of being deathly afraid of
something...

Then you did it...

And went, "Hey, that wasn't so bad after all. What was I so
afraid of?"

Follow your heart and you'll discover that you have more
courage than you think.

What are you waiting for?

About the Expert:

Noah St. John, Ph.D., is a lifestyle expert and #1 bestselling
author of The Secret Code of Success: 7 Hidden Steps to More
Wealth and Happiness
. In the words of Stephen Covey, "Noah's
Secret Code of Success is about discovering within ourselves
what we should have known all along -- we are truly powerful
beings with unlimited potential."

Find out more about The Secret of Success at

Sunday, April 10, 2011

Learn & Share: Things about You & Your Partners that Cost Your Biz Forever by David Kwan

Hi Everyone,
I attend David Kwan's session yesterday, which was more of a casual sharing session held at Makarios @ Drama Centre - National Library at 7pm. This was the agenda of the session. See below.
Here's some of the things You'll Get:

► Uncover & Tap on Your own Hidden Biz Potentials Instantly
► #1 Costly Misperception that Most Entrepreneurs made about themselves & their Biz Partners
► 3 Killer Mistakes You made unknowingly with You & Your Biz Partners that slow, stop & kill your Bizs Forever
► Direct & Practical Insights that You can apply to Start & Grow Your Biz
► Real Business Opportunities for You to Grab and Explore Quickly
► Network & Connect with like-minded Biz People who will support You & Your Biz

This "Learn & Share" session is for Biz People who're Committed to:
► Take Serious & Massive Action to Start or/and Grow their Biz
► Learn Real & Practical Biz Insights & Apply them to their Bizes Quickly
► Share & Explore Biz Possibilities with Opened Hearts & Opened Minds
► Create Great Value for everyone now and the future meetups, sessions & workshops



The whole event started at about 7.30pm. There were about 20 persons who attended.
For the start, everyone did their introduction - Name, what are they doing, & why they are here.
David mentioned that this meetup although in a casual setting, is for serious entrepreneurs.

Once everyone done their introductions, David Kwan then introduced himself. 
Here's his story:
David Kwan started his first business 9 years ago.  They were a group of 5 partners working together. Then in the first 3 months, the first big project came within the first 3 months.
Profits was very good, and thought that this was the big thing!
But what happened was, the business went into trouble. Not because of business. Profits were good.
It was the conflict among partners, thus the business died.


A lady who runs 3 businesses, commented, "Before one even considers starting a business with their partners. Before signing any contract, it is very important to trash out any differences, opinions or disagreements. Do not keep to yourself. If not, eventually in the future, when there are some disagreements, your relationship will break and your entire efforts that you put into business is wasted."



Now, David told us to do this first activity: Write down the qualities of your perfect business partner.
1) Intelligent (knows how to strategize)
2) Integrity
3) Passion & Drive to succeed
.... blah blah...

After all the discussion about the perfect business partner, David said that doesn't that sound like looking for a Man-Women Relationship. Well, all these qualities may not come true in your business partner.


Business is also about Timing. You need to Capitalise on the market direction. 
- Going against market direction/trend just makes it harder to make money.


3 Mistakes People Make When Choosing Their Business Partners
Mistake #1: We tend to choose our family, friends, community and relatives to go into business with us.
David said, "Business is a weird game, that we get everybody in and die together with us. We ask everybody to put in some money & then if business die, all die together."
Business is a tough game to play, only 90% of businesses survive after their first year. Those businesses that survive after the first year, only 90% of them managed to survive through their 5th year.


We may have our goals and vision in business. But there may be the occasional big contract that may get you so worked up and excited that it may get you off your track and be distracted. 
Thus, you need to focus and keep on to your track and move progressively. Don't take on projects that you will not have the capacity to manage even though the money may seem good.


David Kwan mentioned about the Backbone behind a successful business will need:
A) Cashflow
B) Net Profit
C) Business System

Mistake #2: People tend to choose partners who are technicians.
Example: People in IT business, then to have an IT wizard partner. People in the F&B business, tend to have a chef partner.
At least one of the partners must have a business mindset. We may want to let what these people who have strengths in work in areas where they are strong in. If he is good being a chef, then let him be a chef and respect & acknowledge his position.  

You can't get an Engineer to become an Artist. You can't get an Musician to become an Engineer.


Mistake #3: People tend to work with partners who are similar to yourself.
You need to have partners to serve different functions or certain roles in a business. 


Find Partners who has same vision as you.
-Everybody wherever they are, will always think they are working the hardest.
-If you want to earn more, think of how you can innovate or add value to the company.
-Each person in the company usually think that they work alot but earn little. 


David shared a Story of 3 Monks who went together and found a very old deserted temple.
All 3 monks have their own thoughts and ideas about how to get more people to come here to pray.
1st monk - thinks that he needs to market and give out flyers so people will come to pray
2nd monk - thinks that the temple lack content to teach, so create more scriptures to give out.
3rd monk - thinks that temple is not clean and poor design, & starts to clean the temple and do the structure.

Soon after, people start to come in to the temple and started praying more often.
Then one fine day, the monks started to talk among themselves and start becoming calculative about who put in more efforts. Everyone said that they put in more effort than the other. Eventually, they quarrelled and left the temple and the temple went back to its old deserted state again.
Moral of Story: Nobody is right or wrong. Individually they are right, but everyone is wrong.
Now you have 5 fingers that make a fist, every finger big or small plays a part to create that full fist. Imagine if you lost any one of your fingers, all your other fingers will be slightly uncomfortable. That's because, it still takes 5 fingers to create a fist. No one wins, when one of them is gone. All will be affected in some way.


David said, "In business, you need a System to Communicate."
People needs to understand when he do what, what the other guy is doing etc. They need to understand the purpose of why they are doing certain tasks and the purpose of achieving it.

In Business, there are a few key roles and you need to understand who is doing the Operations, Marketing and Administration.


4 Things to Take Note of to Run a Successful Business
1) How Feasible (Ride on Trend)
2) How Profitable (how to get more customers, more sales & profit)
3) How Sustainable is your business
4) Why you and your Team


After the sharing session, David Kwan also shared with me on some business issues. He said that in business, you need to strategize to WIN First, Then Fight
Not Fight first to Win.
In Business, the odds of failure is too high.
There are ways to set your business to start so strong that Failure Is Not An Option for you even when you have strong competitions, no cash and few customers.
Don't waste you and your friends resources to test whether you can succeed or fail. Once you start, you start all the conditions so you won't fail. Otherwise, don't start at all.


Time is Luxury and Speed is an Essence.

I told him that I seem to have many things on hand, and David said, "List down all you activities. 
Break them into: 
"Easy to Do", "Not Easy to Do", "Important for Direct Results", "Not Important for Direct Results", "Urgent" & "Not Urgent"

Some of the tasks may be in more than 1 category.  

#1) Do the tasks on "Important", "Easy to Do" & "Urgent".
#2) Next work on "Important", "Not Easy", "Urgent"

That's all folks! Hope this is good value to some of you!
Cheers:)

Saturday, April 9, 2011

Review of 'Secrets of Property Millionaires' by Rayney Wong (Part 2)

Below is the details, continued from the previous blog post, http://beinspiredbeachampion.blogspot.com/2011/04/review-of-secrets-of-property.html

Chapter 5 - Property Sharing Arrangements (cont'd)
Methods of Property Sharing
3) Pte Ltd Companies
-Inconvenience of incorporating a Private Co & running it.
-Having to obtain corporate loans
Benefits: You'll treat property investment as a genuine business.

Property Sharing Agreement - Most significant clauses.
a) Name of Co & objectives - carry on a business as a property investment and property management Co.
b) Company's amount of paid-up capital for my property sharing companies.
-Every co-investor will be responsible through loans to Company for investment funds involved in the company's operations.
-Loan amount proportional to agreed shareholding.
-Once investment property sells, loan amounts returned to co-investors. After-tax profits paid to shareholders after co-tax is reserved.
c) Specified directors will have full power to manage the Company's business. Other shareholders shall not interfere with Company's management or with sale of any properties the company own.
d) Shareholding of each co-investor is clearly specified against their names.
e) Company shall neither lend or advance money nor guarantee the indebtedness of any person.

Chapter 6 - Using Private Limited Companies as Investment Vehicles
-Property Investment is a business.
-Never let yourself develop any emotional attachment to any property.

Have a Professional Corporate Secretarial Company to provide you accounting services, prices range from $1k to $2k.


Multiple Benefits through using P/L Company as Investment Vehicles
a) Fine terms of agreement between/among the property investors can be easily stated in a Company shareholders agreement.
-Any addition/reduction to such shareholding must be documented in the minutes of meetings and in official resolutions.
b) No great fear of a stalemate in event of death, bankruptcy etc affecting one of shareholders
- Company can continue to operate.
c) All expenses incurred by a Company in its management of the investment property are considered corporate tax deductible.
-Renovation and upgrading charges, maintenance bills electrical water supply.
-Even furnishings and electrical appliances can be written off as expenses via depreciation over a few years.
-This may not be the case if expenses are incurred by an individual owner of a property.
d) You can apply for your property holding private limited Company to be GST registered.
-Do this especially if you purchase commercial properties that require GST payment
e) Singapore corporate tax regime allows new Singapore incorporated startups to enjoy tax exemption for the first $100,000 of normal chargeable income for each of the company's first 3 consecutive financial years.
-A further 50% tax exemption is given on the next $200k of normal chargeable income in the same first 3 consecutive financial years.
-Effectively new startups with a net income of $100,000. Prevailing tax rate stands at 17%.

Chapter 7 - The Essence of Mortgage Planning
-Mortgage planning goes beyond a loan.
-Mortgage planning is a comprehensive financial blueprint of an investor's intended property purchase.
-Afterall, property purchase is all about affordability and budget.


Obtain Expert Advice by Alfred Chia, CEO of SingCapital Pte Ltd
-Engage a financial advisor, not only knowing mere info of latest bank mortgage loan packages.
-He/she should align recommended mortgage package to your financial plan.

The ABCs of Mortgage Planning
A for Affordability
-Must be financially able to pay deposit for your property purchase and enough funds to pay stamp duties and legal costs and GST (if applicable).
-You must also make provisions for payment of up to 12 months worth of management corporation maintenance fees, property tax, power and water supply charges.
-General Rule of Thumb: Your monthly home loan installments plus all your current long-term debts such as car loans and credit card rollovers, should not be more than 40% of your gross monthly income.

Debt-Servicing Ratio (DSR)
-varies from bank to bank.
-If your investment property has a rental income, the stamped tenancy agreement must be produced to enable the bank to assess your DSR.
- Most banks take account of only 70% of your rental income of your ability to service your monthly home loan instalments.

B for Budget
-Must take your other financial goals and commitments into consideration.
-Set realistic budgets

C for Credit
-Important to check how much you an borrow before you start shopping for a property.
-If you are setting out on the property investment path, I recommend you to secure on in-principle  loan approved from a bank or financial institution.
Aka Approval In Principle (AIP)
-with principle loan approved confirmation in hand, you may then with certainty of the approved loan amount, seek out properties within your appropriate price range.
-AIP given based on investors financial standing.
-Your financial standing from Income Tax Statements for the past 2-3yrs, your payslips for the past 3-6mths, CPF statements for the past 12mths and other documents to show income such as tenancy agreements or bank statements.
-your DSR worked out taking into account your current and long-term debt situation.
-Good credit standing.

AIP + Financial Planner Assessment = Essential of Investors' Property Investment Journey

Types of Loan Packages
The Fixed Interest Rate Package
-Lock-in period usually up to 3 years. Penalty fee up to 1.5% of loan amount imposed.

 The Floating or Market-Pegged Interest Rate Package
 -Banks are more inclined to peg their floating interest rates loas to the Singapore InterBank Offer Rate (SIBOR) or Swap Offer Rate (SOR)
 -Some do not impose any penalty.

The Interest Offset Mortgage Package
-Allows an investor to operate a current account that is linked to the mortgage loan account.
-The current account balance you maintain will enjoy the same interest rate as your mortgage loan account.
-The interest you pay on mortgage loan account will be offset bu the interest earned in the current account.
Cons: Interest rate for such a package usually higher.

Repricing or Refinancing Your Loan
-Though the process is not free, interest savings are substantial.

Property Valuation
-Valuation is both a science and an art.
-It's common for the purchase price of a property to exceed the property's valuation, so you have to set aside more cash.

Insure Yourself & Your Property
-When we own a property, we often focus on the positives - high appreciation and high returns.
-There is a tendency to ignore the "what if" elements.
"You buy insurance to protect your money. You spend a small amount of money on insurance to prevent spending a high amount on catastrophes."
-Owners can take up home content insurance and public liability insurance. The cost of replacement and repairs may be substantial.

Chapter 8 - Know Your Property, Know Your Sellers & Know Your Contract
Know Your Property - Must Know Your Property Facts
-The real estate agent, at the very least must know the details relating to the property.

Chapter 9 - Property Analysis
-Rayney advises young Singaporean friends to fully enjoy government's offer of new flats at subsidised prices or resale flats that come with grant of up to $40k.
-Citizenship has its privileges.


Property May Be a Mirage

-If you think you are going to make $100k profit for $1.5mil property. Don't forget stamp fees and legal costs.
Industrial Properties
-Leasehold land of up to 60 years.
-Lower psf compensates for the shorter leasehold.
-Businesses of your potential tenants and their reliability as good paymasters, cannot be ignored.

"Property investment is more than a profession, more than a discipline. It is a passion."
- Rayney Wong

Thursday, April 7, 2011

Review of 'Secrets of Property Millionaires' by Rayney Wong (Part 1)

Hi Everyone,
I recently read through one of Singapore's property gurus books, which is Secrets of Property Millionaires by Rayney Wong.

Basically I noted and highlighted some info that I feel is good and informative for most of us. This blog post is more or less the summary of Rayney Wong's book.

In Chapter 1
The book mentions that the Average Joe usually have no knowledge and thinks that you need a lot of money to invest in property. Rayney also mentioned that in land-scarce Singapore, what else but property?
"Knowing your enemy is your first giant step towards conquering your enemy."

Properties are an excellent hedge against inflation.
Property Investment is a form of forced savings, which would appreciate over time.
- Rental returns are also a good source of income.
- Pay off capital and interests.

Rayney also mentioned that we should leverage on bankers' money to buy properties. e.g $1mil property need outlay of $20k only.
-No capital gain tax in Singapore.
-Properties create and maintain wealth for long-term investor.
-Rich become richer because they know how to invest in real estate (e.g.Walmart, Mcdonalds)

Chapter 2 - Timing Your Entry
Note: Bargain buys may not be Bargains.

Rayney's story --> In 1996, I purchased 3 semi-D houses at Limau Garden, each costing $1.8-1.9mil.
Only had 99-year leases but were part of prestigious Kew Vale Collection.
-Thought that it was a bargain as bought at bulk purchase discounts of up to 18% off their listed prices. Land area approx 2800sqft, with hudge built-up areas of about 3770sqft.

Back then, it seemed like a great buy. It turned out that these houses are bought at close to peak of the 1993-1998 property cycle. 2 years after purchase, there's the economic downturn. Rental from $7000/mth drop to $2600/mth. 1 year later, Rayney sold one of the 3 houses at $1.2mil, a loss of $600k.
 --> The house was sold to reduce liability, as don't have the holding power.
In 2007, the next property boom came and sold the houses at $1.2mil each. But total loss is $1.3mil. If held on till 2010, it would increase to $1.4mil.
This is a live example of a property disaster.


Property Tips1
-Buy during window periods --> just when property market begins to turn upward.
-Monitor the Market, to know what properties are good buys and what prices you should seek to buy them at.


2 Visible Factors when you call a BUY
1) Property prices you have been monitoring Must have fallen close to or below the previous transacted prices during previous down turn.
2) Spot the first sign of upturn or recovery.

Be on the Constant Lookout for Good Buys!

Guidelines in Monitoring Market
1) Check out classifies Adverts in Straits Times and check Internet for latest transacted prices.
2) Befriend real estate agents specializing in the same development or condo.
3) Visit as many new launches as you can.
- Make effort to view properties that are for sale in resale markets
- Make every effort to monitor property prices in a falling market.
- On a daily basis, make comparisons between the current property prices and prices previously witnessed during the downturn of the last property cycle. It's most important to feel the market's heartbeat.

First Signs of Recovery often goes unnoticed.
- Be aware that properties you monitor have sold more quickly with less haggling of prices.
- Property prices then firm upwards.

Overnight Changes
It is during such terrifying times (crisis) that we must double our efforts to sense the 2 Factors that signal entry into the property market.


Chapter 3 - Flipping properties for Quick Profit
- Flip only with minimum outlay of 1% of property purchase.
- Option-to-purchase is sold for a quick profit in a flip.
My Comment--> However, I feel that in the new property rules implemented, it is not profitable to do a flip.
Stamp duties payable within 14 days from date of sale and purchase agreement.

Differences between Developer Projects and Resale Market
Developer Projects - easy availablility.


Chapter 5 - Property Sharing Arrangements
Investment in percentage stake in shareholding.
Important guidelines for Group Power.
-All partners must possess high integrity.
-Don't run afoul of rules relating to solicitating funds from public, only can approach friends, relatives and business partners.
-Joint property sharing ventures often take the form of Pte Ltd companies. All property JV must at the start provide specific terms in an agreement to bind all involved parties. Term must be well though out, and even the most remote and obvious term must be included and put in writing.

Methods of Property Sharing
1) Co-Ownership by individuals
a) Joint Tenancy - aka Joint owners;
- law relating to rights of survivorship pverride any will executed by a joint owner. (family co-own usually suitable)
b) Tenancy-in-common - shareholding of property is specified from beginning when property is transferred to them. Death of a co-owner, his share passes to his estate or to his executors and beneficiaries in accordance with his will or by the law of intestacy.


Yup, that's all for now. I'll continue on the summary and review of 'Secrets of Property Millionaires' by Rayney Wong, in my next blog post. Keep in tune!