First-time Investor: What is my next step?

Q&ACategory: QuestionsFirst-time Investor: What is my next step?
Kee Kiat Lim asked 6 years ago

Hi KCLau,

My name is Kee Kiat. I have just joined your Property Method 1 month ago and completed your 12 modules. I have to say your videos training are very helpful for first-time investor in understanding the basics and common cases of property investment. I have not gone through the Platinum Member videos yet, I will go through them in the future.

My Background:
I am 23 years old and am a fresh graduate with less than 1 year working experience. 
Currently, I am earning about RM 3xxx a month. I try my best to save about RM 800 to RM 1000 a month. I have no capital to start, all I have is EPF and my own Savings. I don’t intend to borrow money from parents. As of now, my capital is at the most, total RM 6xxx.
What would be ideal capital amount to start with?
I assume the ideal capital amount is about RM 30,000 to RM 40,000 for a RM 400,000-RM 500,000 residential property. I would like to hear your opinion on this.
As I need to accumulate my capital for property investment, I can only start my property investment by the end of year 2016 earliest. What do you think?

Loan Amount Eligibility:
With salary amount about RM 3xxx a month, I understand that my monthly installment from loans can be about RM1200, allowing me to borrow a total loan amount of about RM 250,000 (correct me If I am wrong). I have no loan commitments at all.

Property Target and Location:
I intend to invest in residential property as you always mention it is the recommended option for first-time investor. Somehow, in my opinion, I believe that investing in residential properties near College/University are one of the best options because the demand is always there, as there are always new student getting into the college/university. As I live around Subang, I think SS15 near Taylor’s College is a good option to start with, as well as Sunway area near Sunway College and Monash University. What do you think?
But last I check, the property around there are easily RM 500,000. I have not done thorough research on it. I just schemed through iProperty.com.my Residential Sales area for Sunway and SS15.

Find Real Estate Agent:
Since I intend to find residential properties in SS15 and Sunway area, where do I source for these real estate agent? I did a quick google search and that’s a lot of them. I believe it’s hard to know if they are good, unless I go talk to them one by one, also using the question you prepared in your module to determine a good real estate agent.
But the real question is, would they entertain/layan me as a interested buyer, since I have no capital for now?
What do you think?

With all the questions posted, I believe my next step is to accumulate my capital until end of 2016 before I can begin my property investment. What else do you think I can or should be doing?

I would really appreciate if you could provide some feedback or opinions regarding my doubts.
 
Thanks in advanced.

Regards,
Kee Kiat