She Only Cares About Cultivation
Chapter 137 - 90s Cook 137 (Fourth Update)

Chapter 137: 90s Cook 137 (Fourth Update)

After calculating the messy details for 15 apartments, Gong Mingxia found she needed 14.2 million yuan, but she only had ten million yuan on hand, meaning she needed to take out a loan of 4.2 million yuan.

Making fixed repayments over 20 years, she would need to pay back over 28,000 yuan each month, and over 20 years, the principal plus interest would amount to 6.6 million yuan, which meant she would ultimately pay 2.4 million yuan in interest to the bank.

This number was frightening.

If she opted for a fixed principal loan over 20 years, the total principal and interest would also be 6.3 million yuan, with less than 2.1 million yuan in interest, a difference of only 300,000 yuan.

However, fixed installment repayment offers a consistent monthly repayment, well-suited for ordinary people with stable incomes; fixed principal repayment, which decreases over time, is more suited for high-income individuals.

Whether it was 28,000 yuan per month for fixed installment or over 35,000 yuan for fixed principal, neither one was a small amount of money!

But once you calculated the future value of these apartments, no matter how difficult it was, you might have to shoulder this debt.

By 2013, property prices in Beijing’s Inner City Four Districts had already risen to 60,000 yuan per square meter, by 2020, some school district homes in Xicheng District could reach 150,000 yuan per square meter, even properties in Xidan were at 170,000 per square meter, and even the most rundown areas cost 60,000 yuan.

The future prices of the apartments she had chosen to purchase could reach between 100,000 to 150,000 yuan.

So, why hesitate? Go buy them!

In the end, Gong Mingxia successfully got her loan and bought 15 standard rooms of 35 square meters each, subsequently becoming a slave to her mortgage, repaying 28,000 yuan each month.

The complex was scheduled to be handed over by the end of next year, which meant early 2009.

Fortunately, she had properties for rent in Beijing and H state, along with monthly restaurant income, sufficient to manage her future loan payments.

Over the past few years, Meng Xiuying had also made over a million yuan through stocks, but she didn’t buy many, only three apartments; totaling up all her messy expenses to approximately three million yuan, she left one to two hundred thousand yuan for turnover, put down one million yuan upfront, and took out a two million yuan loan, repaying 10,000 yuan each month. Because of her younger age, she was eligible for a 30-year loan, making 10,000 yuan a month manageable.

Together, they chose 18 apartments in the same unit block, making any future issues more convenient to handle.

By the time she returned to H state, after managing these affairs, it was already autumn. She had left at the end of May and returned in September, spending over three months completing perhaps the greatest feat of her life: owning eighteen apartments in Beijing, one could only imagine their value!

She likely would wake up laughing even in her dreams.

Returning from Beijing, her wallet had quickly deflated; adding up all her belongings, she only had ten thousand yuan left. Starting October, she would begin paying interest, a constant reminder that she needed to keep earning money!

This year’s rental income had already been invested into the property, and the next year’s rent would only be credited in the spring.

Regarding the three apartments in Beijing, two 65 square meter apartments were already renting for 3,000 yuan, and the 40 square meter one for 2,000 yuan, bringing in an annual income of 60,000 yuan.

In H state, besides the apartment where her worker lived, the remaining two plus the Old Lady’s were currently renting for 1,500 yuan a month, more than double the original amount, so just from rental income, she could make 114,000 yuan a year.

As the city developed, the urban villages gradually caught the attention of migrant workers; the suburban farmstead still had four empty rooms, which the clever old ladies managed to rent out for 300 yuan each, making 1,200 yuan in total, meaning they no longer needed to send them living expenses.

By the Spring Festival of 2008 when they tallied up the previous year’s income, there was virtually no surplus. The earnings from the first half of the year had been invested in the stock market and the remainder used to pay off the loans, so by the time New Year came around, she only had fifty thousand yuan left.