Four years ago, I was so happy I got to acquire the property before the price increase which would make it vatable. Then of course, the Moa area back then was just starting to boom, with the proximity to the entertainment city, the airport, the continuous development including the office buildings, more commercial spaces, etc.
My plan was simple. In order to pay the monthly ammortization, I needed to sell a specific amount (on the average) of new properties from then on. That has always been how I buy things that I want. I need a new phone, I need to rent out three porperties long term. I need a new iPad, I need to make at least 100 US dollars more every month (I usually use my credit card to buy stuff and get it on maximum number of months allowed).
So anyway, with the property in Moa, at the peak, the rental rate reached around 800-850 USD a month. I felt elated because my units (two) were supposed to be turned over last July 2019. I calculated that I would get my initial investment back, plus my properties will pay for themselves.
Then of course, shit happened. Not only was the turnover delayed (thank you very much, SMDC! NOT!) but also the rental rates plummeted because of the pandemic. So after 1 unit was turned over last January, I finally signed the contract earlier, at half the rate during the peak period.
It certainly was not the way I wanted things to turn out, but in life, we rarely get what we want. Not even what we need. Yes, I needed that, and call me greedy, but I needed the higher rates and earlier contract.
Today, however, I settled for plan b. Which was what is available at the moment. I remember a saying I heard some 15 years ago, 50% of something is still better than 100% of nothing.
Any settling down stories this pandemic?