Risky Maneuver... Where would you buy and why?

[maximusprime]

I would like to draw upon the wisdom of the forum once again. I have this plan. Im thinking I'll take a personal loan from the bank and use it as a downpayment on an offplan chunk of property. Make a couple payments, and flip it after 2 months or so. Its risky, if I cant sell, I'll get stuck with the payments and I'll be on a rice only diet for a while. If it works though I'll have some money to play with, I can get the ball rolling, finally be able to make a down payment on a finished property and stop renting. If it were your money, where would you buy? what would you buy? Why would (or wouldn't) you buy? You may have seen a few of my other hypotheticals on the forum. It really sucks seeing everyone playing ball and not having the means to get a peice of the action.

[Ali786]

good idea take atleast one million loan.

[maximusprime]

Originally Posted by Ali786

good idea take atleast one million loan.

Well, given my financial situation, I can only afford the pmts on a 600,000dhs place if I have to make payments on a personal loan too. Im thinking studio in JVS or something similar.

[sheray]

Well i would advise you to hold your horses for a moment. Market may go any where. Its my personal guess only. So i might be wrong to.
Oil prices; Residency issue ; Iran war threat. etc etc.

To be honest i intended to do the same what you are planning. but i am lil scared now to invest.

[Roshan]

Originally Posted by maximusprime

I would like to draw upon the wisdom of the forum once again. I have this plan. Im thinking I'll take a personal loan from the bank and use it as a downpayment on an offplan chunk of property. Make a couple payments, and flip it after 2 months or so. Its risky, if I cant sell, I'll get stuck with the payments and I'll be on a rice only diet for a while. If it works though I'll have some money to play with, I can get the ball rolling, finally be able to make a down payment on a finished property and stop renting. If it were your money, where would you buy? what would you buy? Why would (or wouldn't) you buy? You may have seen a few of my other hypotheticals on the forum. It really sucks seeing everyone playing ball and not having the means to get a peice of the action.

I remember your case, you have been trying to invest for sometime now.

Hunger is the key to success. Chances are to be taken in life. If it works, you are done for life and that gives you the motivation to go one step further. However if the flipping part does not work, then be prepared for the consequences.

Flipping is difficult at the moment. A lot of interest is generated with Emaar & Nakheel projects. Try buying directly or with small premium.

Buy where the Rich like to stay. The Rich do not mind paying premiums to buy something that they want.

Find like minded investors and divide the risk instead of taking it wholly on yourself.

I am reading the book " screw it, let's do it" by Richard Branson and he followed his dreams and took chances which could have put him out of business. The rest is history.

Good luck.

Regards

Roshan



Now for some "Food for thought" . Some nice sayings to help you.

Accept responsibility for your life. Know that it is you who will get you where you want to go,
no one else ( Les Brown )

You are the only problem you will ever have and you are the only solution ( Bob Proctor )

There are two primary choices in life. To accept conditions as they exist, or accept the responsibility for changing them ( Denis Waitley )

Fear is only as deep as the mind allows ( Japanese Proverb )

Only those who dare to fail greatly can ever achieve greatly ( Robert F. Kennedy )

You can't have a better tomorrow if you are thinking about yesterday all the time ( Charles F. Kettering )

A strong positive mental attitude will create more miracles than any wonder drug ( Patricia Neal )

The will must be stronger than the skill ( Muhammad Ali )

People often say that motivation doesn't last. Well, neither does bathing-that's why we recommend it daily (Zig Ziglar )

[really_true]

Dude by all chances go for it !!!!!!!!!!!!!!!

Ill motivate you . Go ahead .
Lets see how well you can do it .
Take a risk . A well calculated Risk.


I have always been a proponent of risk taking . Yess u will be able to make it provided the
market conditions dont change drastically against ur favour.

So expect a worse case scenario in which u will make a down payment plus and ur property wont sell now what do u do ?
Pump in more money . or cut ur losses -- This is ur risk taking ability my friend .
Will u have enuff money to mange the invest ment .

Yes u are right start small and sell quick
if u take a loan and cover the intrests cost with ur first deal then u are scot free.
You reminded me of my self when i was thinking of buying property and i thought i would need the whole money upfront .

hear this i am taking thre personal loans back to back ie i too one loan and started paying for my property .2 years over loan over . still 2 more loans to go and in 2 years my property will be ready . Yes i had a initial chunk to start with which was the 10% down payment required and i had taken the loan months before i bought the property and started makeing the payments . This gap helped me . In ur case work out the numbers and the time

Take a risk .. PM me ill help u . If u need details we can work them out .Ill be glad to assist

[maximusprime]

Yea, thats the right attitude I think. So where can I get a prelaunch or something with a low premium?

[maximusprime]

So can you guys tell me where to find out about the launches and launch prices so I can get a good spot in line?

[rudeboy]

maximus newspaper, internet and find some Emaar registered real estate agents.

[Roshan]

Originally Posted by maximusprime

So can you guys tell me where to find out about the launches and launch prices so I can get a good spot in line?

You have to start contacting developers and establishing a rapport with them. Visit the top developers and keep tabs on what is to be launched.

Emaar & nakheel, no choice but registering on line.

On taking loans, I will post details on Sharia based loans. No much info as yet, but it could be batter than the conventional loans you take from banks. More details tomorrow.

Regards

Roshan