Chapter 89: 89
Gun-Ho verified his available cash .
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"I have 16 . 4 billion won left . I started from 19 . 8 billion won that I made from the stocks related to the Four Major Rivers Project . I purchased two condos and an automobile, formed a company, and acquired three OneRoomTels . They cost me about 3 . 4 billion won . "
As soon as Gun-Ho found out that the branch manager of the stockbroking company in Suwon moved to another branch, he moved his stock account to the branch in Gangnam . He put 6 . 4 billion won in his personal bank account and left the remaining 10 billion won in his stock account .
Even in Gangnam District where there were many rich people residing in, the cash amount of 10 billion seemed to be significant . When Gun-Ho visited the Gangnam branch office of the stockbroking firm in order to move his account there, the branch manager of Gangnam office ran to Gun-Ho and took him to his office .
The staff in that branch was whispering .
"Do you know the man who just entered the branch manager's office?"
"It looks like someone with substantial funds came to open an account with us . "
"But he looked young . "
When the branch manager in Gangnam handed his business card to Gun-Ho, Gun-Ho also gave his business card to him .
"You are the CEO of GH Development . Probably a real estate development, I suppose?"
"Haha, that's right . "
The branch manager of the Gangnam office told Gun-Ho exactly the same thing as the branch manager in the Suwon office did .
"We provide a text message service to our VIP clients only . "
A pretty lady staff entered the office with coffee .
"Mr . Gun-Ho Goo, do you play golf?"
"I don't . "
"According to your business card, your GH Development office is around here . Would you like to join me and play a round?"
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"Haha, I don't know . I will have to leave now . I have something I have to take care of . "
The branch manager walked Gun-Ho out to the main entrance and gave him a 90-degree bow .
Gun-Ho started receiving a text message from the stockbroking company about information related to stocks every day . The message was usually about the stock market trend and stock recommendation . They didn't forget to add their reasons for the recommendation .
"The stocks they recommend are all blue-chip stocks . An investor with only several ten million won wouldn't make money by investing in this type of stock . "
The stock brokerage firm didn't recommend stocks that were too risky to invest in such as stocks that were being manipulated or stocks that were being influenced by politics . They only recommended blue-chip stocks that had stable earnings .
"The stockbroking firm doesn't want to be blamed in the future by recommending a risky stock . "
Gun-Ho invested 3 billion won in the stocks that the stock brokerage firm recommended .
Gun-Ho received a phone call from the president of the auction private institution .
"Mr . Gun-Ho Goo? How are you?"
"Oh, sir, how have you been?"
"I'm calling to invite you for a gathering . I'm inviting everyone who graduated from my auction school . "
"Oh, really?"
"There are about 20 graduates, but since many of them are busy and live too far from here in a province, I guess about 10 graduates will be able to attend . I really hope that you could come to the gathering . "
"When is it going to happen?"
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"It will be next Friday in the afternoon at Namyeong Town, Yongsan . I will send you a text with the address and time . "
"Okay . I will be there unless something comes up . "
Gun-Ho went to the gathering for the auction course graduates on Friday . It was held at a Galbi-tang* restaurant . There were 11 graduates attending the gathering . Half of those people were licensed realtors .
Gun-Ho said hi to everyone . Some looked familiar and some looked like he had never seen before . The president gave a speech .
"Umm, I asked you all to come to the gathering hoping that you could get to know each other and share information about the auction . "
People clapped and poured soju to each other's glass . People there started sharing various information .
"I almost bought a townhouse apartment in Jeongreung Town, and I had to give up when I realized there were so many tenants living there . "
"There are several ways you could evict them . "
"I tried to buy a commercial building once, and then I gave up because it was too expensive for me . It was 500 million won . I was thinking of buying it with a business partner or something . "
"I earned a consultation fee by guiding two persons at an auction . "
The place was filled with the clamor of people who were talking about their experiences related to the auction . The president of the institution clapped to make them quiet .
"Attention here . Mr . Gun-Ho Goo sitting next to me, he bought a TowerPalace condo at an auction . "
"TowerPalace?"
People looked at Gun-Ho all together .
"TowerPalace is located in a very popular area . Its appraised value was 1 . 8 billion won, and he bought it for 1 . 5 billion won at the auction . Its current market price is 1 . 9 billion won . Let's give him a big round of applause for his successful auction experience . "
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"Whoa, 1 . 9 billion won! That's awesome . "
People clapped . Gun-Ho stood up and thanked them .
"Are you living there?"
"Yes, I live there . I didn't buy it for investment purposes . I bought it to live there . "
"Oh, I see . "
What Gun-Ho said implied that he had enough money . Everyone in the gathering seemed to be envious of him; especially a woman who looked like in her late 30s and was living in Gwangmyeong City . She was looking at Gun-Ho as if she was admiring him .
The president continued to talk .
"You can participate in an auction whether you have a lot of money, or you have a small amount of money . There are people who started with only several tens of million won and ended up growing it to several billion or several tens of billion won . Let's drink to our success! For the auction!"
"For the auction!"
Gun-Ho had never heard of the saying 'drink for the auction' before . It was funny . A realtor from Junggye Town sitting next to Gun-Ho started talking after gulping his soju .
"I love soju . If I have enough funds I would get that vacant lot in Gangdong District, that just came out on the auction market!"
The president seemed to be aware of that land .
"That one is too big . The appraised value is 4 . 5 billion won . Moreover, it is held in tenancy in common!"
"The tenant in common is an old man, 80 years old . It is a very attractive parcel of land . But I don't have money for it . Sh*t!"
"It's doable as long as you have enough funds . Not many people would go for it since it is held in a tenancy in common . So the auction would fail at its first and second attempts . That would make the price drop to about 2 something billion won . "
"That sounds about right . "
"Whew . Who would have that kind of money? Moreover, once you buy that land, you will need more money to buy the other ownership interests in the land . "
"Maybe a business entity would buy it . That lot is very useful . A 15-floor office-tel building or a hotel could be built in the lot . "
"I don't know… A company would face a lot of restriction if it tries to buy the lot . In addition, if the land acquisition is not directly related to the company's business, they would have to pay a lot of tax . "
"Well, that's a shame . We know its true value, but we can't get it . "
Gun-Ho listened intently to the conversation between the realtor from Junggye Town and the auction institution president .
When Gun-Ho returned to his office, he gave a new project to Manager Kang .
"Search a vacant lot on the auction market . The lot is located in Gangdong District . Its appraised value is 4 . 5 billion won, and it is held in tenancy in common . "
"Gangdong District… Then the Seoul Eastern District Court would handle the case . Okay, I'm on it . "
After spending quite some time, Manager Kang printed out the related information and brought them to Gun-Ho .
"The land is 200 pyung . It is on the main road; it is understandable that many investors are interested in it . However, it is held in tenancy in common, so it won't sell at the first or second try at an auction . Here is the statement about the current status of the land and its cadastral map for your reference . "
"Could you bring the real estate registration and the cadaster of that land? And go visit the land . "
"Okay . I will take pictures of them, and will check if there is any tenant . "
"It is a vacant lot . How could there be a tenant; nothing is on the land . "
"It's possible . Some people would bring a tent and sell stuff there or some people would pile up their belongings on the land . As I see on the cadastral map, the land is on the main road; its location is very good . So there's a possibility that there are people currently using the land . "
"Hmm, I see . Please investigate thoroughly . "
Note*
Galbi-tang – Korean short rib soup