I have sold my toxic asset. My Apartment. Funny things I bought asset that I cannot enjoy it yet. The apartment ready to use at Dec 2010. I have paid installment since Aug 2009 til April 2011. And when I wanted to sell it, it's so hard even the unit was sold out since Feb 2010. I don't know if I am lame on marketing it but there's no interested buyer at all. wtf!!! There's apartment building hysteria in my city. Lot of them. Every website offered 2nd or new apartment, none of the site looked for buying apartment. Not even one, none at all.
This is when I realized I was trapped on top of property booming. We already had business district boom, shopping centre boom, now apartment boom. My cousins bought a little kiosk long ago for investment, and there's noone to buy it. Even free-use it. Tragic...so I sold my apartment, with quite a big loss. I don't care. Too much supply, less or little demand. I advertised at the most famous newspaper and only have 5-6 calls per day. None of them potential.
Money is funny things. I gain some, lost more, gain some, lost more. This is it. June is my last day of my stupid trading. The vicious cycle ended this month. I am a profitable trader. My profit target :::: $5000 per month.
I always feel invest in RE is much more higher risk than invest/trading in FX. Too bad there is no enough trading instrument for housing, the future index has very low volume and hudge spread. Why don't people hedge on the housing? I guess compare to stock market, housing is really a BUY-AND-HOLD market.
ReplyDeleteYes indeed, RCM...
ReplyDeleteI thought sold out units will be easy to sell.. Wrong!!!
Thanks for coming RCM, fell much better right now :)