With Malaysia’s property prices skyrocketing every year, purchasing a property may seems daunting when our salary may seems so little while our daily expenses are increasing day by day. However, when everyone is dreaming of possessing their own property, this young man, Muhamad Iqbal Hafifi, who is fresh out of his tertiary education has already owned 3 properties with a starting salary of just RM2, 400. Can you believe it?
Many people have approached him for his secret of achieving the impossible, and he is kind enough to share his wisdom and secret through Facebook.
He started out by saying, “Where there’s a will, there’s a way”. He was downright honest about the cash in hand, and other incoming cash flow he had. Maybe by following his method step-by-step, you will also own 3 houses soon!
Muhamad Iqbal Hafifi’s basic profile
- Basic Salary: RM2,400
- Date Started Work: Feb 2014 (fresh graduate)
- Part Time: Sublet 1 unit (RM200/month)
- *Don’t need to pay rent as he is sharing the sublet unit.
- Asset on hand: 15g Gold Bar (savings since student days)
- Cash on hand: RM1,000 (savings from 5 months of internship – RM200/month)
First Property Acquired (June 2014)
- Apartment Harmoni, Damansara Damai (4th floor)
- Selling Price: RM55,000
- Bank Value: RM65,000
- Down-payment Required : RM5,500
Method to acquire down payment: Net salary – RM2,100 (save RM1,200, Balance RM900 = RM500 for parents + RM400 for daily expenses, food drinks, gas money, and so forth
- *RM400: RM100/week (be really frugal in everything)
Bonus Tips: Save as much as you can and live as poorly for 3 months. Put aside RM200 from the sublet in case of emergencies. In any desperate cases, pawn off the 15g gold bar.
Saving up for your first property is pure discipline and self-control. However, it gets better in time.
Accumulated Savings: RM1, 200 x 4 months (February – May) = RM4, 800
Total Cash on Hand: RM4, 800 + RM1, 000 = RM5, 800 (use as down-payment)
Second Property Acquired (January 2015)
- Apartment Mesahill at Nilai
- Price of Property: RM169,000++
- Loan Approved: 100% (10% discount by the developer)
- Booking Fee: RM3,000 (refundable)
- Method to Acquire Booking Fee: Similar monthly savings as the first property
Once the ball starts rolling, the road ahead eases up.
Third Property Acquired (June 2015)
- Apartment Kenanga, Putra Perdana, Puchong
- Price of Property: Rm118,000
- Bank Value: RM155,000
- Loan Approved: 70% (RM108,500)
- Down-payment Required: RM11,800
- Method to acquire down payment: RM9,000 from the first property, presumably rental, RM2,000 from the monthly savings.
This is the methods shared by Muhamad Iqbal himself. He also advises people that before buying a property, one must have some knowledge on the subject. The most common and efficient way to learn more in-depth about buying a property is to enroll yourself for seminars and workshops or simply buy a book. This young man has proven to all of us that his very own down-to-earth method has kept him going in life.
‘Cara saya, pergi MPH atau Popular, lepak sejam setiap minggu, cari buku pasal property, dapat ilmu free.’
Are you guys inspired already? Check how much do you have in cash, and start accumulating it for your dream house today!