Tuesday, January 18, 2011

Book Review: You can become Rich in Property by Peter Yee

While during some Christmas Shopping last year, I came across this book which caught my eye : (yes, it was 50% off if you buy one more >.<)

Watch out world, I'm the next Investment Tycoon!

How was it?

It was a good entry level book into property investments with a good overview of everything you need to know from the why, how, defensive strategies, when, 3 different strategies and short stories on real experiences. It does also identify a few areas in KL and even goes into detail what kind of lots you should be looking at (commercial properties) taking into account say parking lots and even feng shui.

I like the fact that at the end of the chapters, there are bullet points summarising the chapter. That said, it already is an easy to read book and shouldn't take more than an hour to go through.

Just to give you a snippet - Basically, there are 3 strategies:
1) Buy and Hold (buy more for long term capital appreciation)
2) Flipping (short term, improve the home and sell)
3) Positive Cashflow(Buying properties where the rent more than covers the loan payments)

Peter Yee also has a website - http://balancelifesuccess.com/index.php and check out the history where there may be some gems of information there : http://balancelifesuccess.com/in-the-media

In fact, I downloaded the BFM podcast but have not gotten the time to listen to it.

The most interesting thing for me was how Peter Yee's examples seem to take the the property market can be divided into 4 seasons - Summer, Autumn, Winter and Spring. Summer being when markets peak, etc.

In fact, the year 2011 is supposed to be a winter month with alot of property coming online in the market and there is a visible pattern of when the property market heats up and cools down. So, this year apparently will be good year to look into dipping into the property market according to Peter Yee.

This is a view I do share -I think the KL property market - There's an over supply of apartments and perhaps terrace houses too. I won't even go into Bungalows/Semi-Ds because I don't think any of the readers here can afford it like myself!

So, it will be a good idea to keep an eye on the property market these few months. If you're not financially ready for property, don't worry. Be patient and markets will always go up and down. Continue to do research on the market and have some friends

I don't think the book goes into specifics on exactly what to do and I think maybe it's more for a stepping stone to their seminars. For buying the book, I get to go to a free talk and I know they'll try to sell me their other seminars and other products but I will go just to see what they have to offer but maybe I should leave my wallet at home!

My conclusion : A good, easy-to-read, book to get acquainted into the basics and why you should invest in Malaysian Property. If you're just starting or getting your first home, its a book worth getting first. Its the biggest investment of you life.. so best to read up something, no?

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