Day 2: The beginning
For years my wife and I have been looking at real estate in Korea. So, our first mistake was not investing sooner. We got married in 2010. So it was at the low point of the market. We were very naive at the time and were not sure how long the low point would last.
We rented a studio for two years in a new complex in Seoul. Once our family grew, we decided to move into a larger place in the same complex. That was a 3/1 apartment. It was a great place, but too expensive to sustain. After that we decided the only way to save money and be in a convenient location was to take the dreaded plunge and live with my wife's parents. Luckily, they are great people and very accommodating. They have a 4/2 on the first floor of a complex not too far from where we were living.
My wife used the money we have saved to buy a commercial space (already occupied). The property was purchased 50/50 with my wife's sister. The rent was used to pay off the note and we saved money to also pay off the rest. It took about 3.5 years to pay it all off, but it was well worth it. It is cash flowing and giving us extra savings each month.
I've always wanted to use that commercial space as a jumping point to maybe sell to purchase a whole building. Yeah...it is a great move. But, they like the cash flow and don't want to be risky. But, I'm like....this is the time to be risky and build. It has never gone beyond just that commercial space.
Things are looking up....or so we thought...