Chapter 68
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Gun-Ho read an economic newspaper every day and surfed on the Internet in his office-tel in Yeongdeungpo District ("Yeongdeungpo") .
"Since I made a lot of money by investing in real estate in China, let's do that in Korea too . Let's start by researching the real estate market in Korea . "
Gun-Ho wanted to buy a condo located in Gangnam .
At that time, TowerPalace in Dogok Town was the most popular condo, and RaemianFirstige in Banpo Town was under construction .
"Sh*t! They are too expensive!"
Gun-Ho thought he wanted to buy a condo in Gangnam and run a small business, or get a job just like he did when he was in China . However, the condo price was not affordable .
"I won't be able to buy even one condo with the money I made from China!"
Gun-Ho was disappointed .
"When I was living in a OneRoomTel in Dujeong Town, Cheonan City, I was jealous of people living in a new condo there . The condo price of Gangnam is five times of that condo in Dujeong Town . The housing price polarization is so extreme! Should I get a loan to buy it? Who's going to pay for the interest then? I don't even have a job . "
Gun-Ho had no idea what to do .
He was sure that the price of a condo in Gangnam will increase, but he couldn't afford to buy one . That made him sigh . He started searching on the Internet again .
"What is this? They are photos of the current Apgujeong Town and the same town 60 years ago where there was a pear tree farm . It's a black-and-white photo . Who uploaded this kind of comparison photos?"
There was a description of the photos below it .
[Oh my goodness, father . You should have bought the land there at that time . ]
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Gun-Ho chuckled .
"There still has to be a land like that . We just don't know which one . If it is easy to find out, everyone will be rich . "
Gun-Ho bought an economic newspaper every day from the convenience store downstairs in his office-tel building . One day, he saw an advertisement there .
[Lecture for auction, you need a skill for auction . ]
"There is a private institution for auction . I've always wanted to learn it . Maybe I should take the course . Oh, there is a profile of the instructor . "
Gun-Ho read the instructor's profile .
[He started with only 20 million won and within three years he purchased a building . Bruce Kang is the legend in the auction field . He has the hand of Midas]
"Did he really start with 20 million won and bought a building with the proceeds? What kind of name is it? He has probably been in the U . S . , huh? The course fee is 400,000 won per month . Let's try it . The institution is not far from here; it's in Yongsan District . "
Gun-Ho registered for the auction course .
Gun-Ho didn't buy a car yet .
Since he used to ride an Audi in China, he didn't want to get any car less than that . He used public transportation to go to the private institution in Yongsan District .
"The course starts at 2 PM which is not the usual commuting time for work, so the bus is almost empty . "
There were many housewives and old retired men in the auction class .
The instructor, Bruce Kang came out and started talking about his success .
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"I started with 20 million won and bought a villa at an auction . I loaned the amount short from a bank . After acquiring the villa, I repaired and renovated it a bit before putting it back on the market . Once it was sold, I purchased another real estate at an auction with the proceeds . After repeating this process ten times, I finally had significant seed money . "
Someone raised a question .
"Since you repeatedly purchased and sold the real property several times in a short time, shouldn't transfer tax be a problem?"
"If you worry about transfer tax, you can't do an auction . There is a way you can avoid transfer tax though . "
"What if a tenant or a creditor refuses to vacate the property?"
The instructor chuckled and said,
"That's not a problem at all . There is a way to handle it . I will tell you all about it . "
Bruce Kang continued his story about acquiring a building with the proceeds he made out of purchasing and selling a villa repeatedly . He said the price of the building was now exceeding 10 billion won . Gun-Ho looked around .
"The housewives and retired old men were all drooling over his story . "
Finally, the auction class started after Bruce Kang's introduction .
Another instructor came out and started the class . He brought a copy of a real estate registration and explained about the different sections in the registration: 'Gab Gu' and 'Eul Gu' .
"You can request to receive a copy of a real estate registration from a website of Supreme Court, so you can do it at home . "
"Can anyone do that? It doesn't have to be the owner of the real property to request it?"
"Of course . "
Gun-Ho thought that he would get a copy of the real estate registration of the townhouse apartment where his parents were living . The instructor continued to explain something about a real estate registration .
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"Okay, look at here . This section here is called 'Gab Gu . ' It shows the ownership of the real property . You can see who actually owns this real property . "
"If there is a loan from a bank, it will show on the 'Eul Gu' then . "
"That's right . Any changes in the rights, other than the ownership right will be recorded in this section . If you loan money from a bank and used this real estate property as a security for the loan, or your credit card company seized the real property because you defaulted in your payment, then those facts will be shown in this 'Eul Gu' section . "
Gun-Ho gradually learned about real estate .
"I didn't know anything about it when I invested in China . I was just lucky . "
Gun-Ho felt a sense of relief .
When Gun-Ho came back home, he opened the Supreme Court website to request a copy of the real estate registration of his parents' townhouse apartment .
"What is it? Download and install a security program?"
"Okay, I did . It's now asking the name of the owner . "
Gun-Ho called his father and asked the owner's name .
"The owner's name? Why do you need his name?"
"I just need it . "
"Let me look at the lease agreement . Hold on . "
Gun-Ho's father gave the owner's name to Gun-Ho .
Once Gun-Ho entered the owner's name, it allowed Gun-Ho to print out a copy of the real estate registration .
"Hmm, the owner's name is the same as the name on the registration . It's convenient . "
Gun-Ho took a close look at the registration .
"What is this? The owner loaned 30 million won from Shinhan Bank and he has another loan of 10 million won from a credit union . "
Gun-Ho started analyzing the real estate registration .
"If this townhouse is sold by auction, can my dad take his security deposit back? I believe he told me that the security deposit was 20 million won . I guess he can get it back since that townhouse is worth 100 million won according to my mom . I believe I heard that the area would be redeveloped soon, but no one talks about it anymore . Is it canceled?"
Gun-Ho took out a cigarette and started smoking .
"Should I buy a condo for my parents? I can use 100 million won out of 1,100 million won I have . Then they don't have to pay the monthly rent . I can buy a condo under my name . "
Gun-Ho closed his eyes and thought for a second, and then opened his eyes again .
"No, it's not the time for it . I can do it later . They are fine with the apartment for now . "
Gun-Ho made a call to his mother .
"Mom, are you okay with the apartment you are living in right now?"
"This apartment? I wish this was my own apartment . "
"Just wait for a few years, mom . "
"You became mature, my boy . Thank you for saying it . Haha . "