Appreciate much Reeshau & Sokoloff, you ask really important questions!! :)
My take :
1. You mention $800 per month expenses, but I find it hard to believe that includes your real estate.
Singapore
Food $110 (x22 working days, limits to $5/day )
Transport $396 (expensive due to cross border travel)
Spore apartment maintenance $42
Total $548
Malaysia (relatively lower cost hence the move over and purchase of a local house)
Food & groceries & transport & little ciggies $100 (mostly only venture out during weekends due to work and 3 hour commute daily)
Water $5
Electricity $0 (Subsidized fully as my usage below national average)
Internet $45
Facilities (house clubhouse pool & gym etc) $36
House maintenance $63
Phone (prepaid cards, one sim for each place) $4
Total $253
Grand total $801
2. What are you netting from your apartment? Do you make money after taxes and utilities?
$1850 excluding maintenance fee of $42 which I am paying.
Otherwise, the tenants are paying for their own water, electricity and internet.
My yearly housing tax for this apartment is about $800, which I usually pay off at one go.
Once I quit my job, my yearly personal tax will be $0 even with this rental income, due to it being below national average income.
3. Do you have some money earmarked for repairs and possible vacancies?
Yes, thus trying to save up some e fund now without touching core savings.
4. Do you feel you have sufficient insurance in case of disaster?
Really good point, cos' I don't have anymore for the apartment and house after I paid up the mortgage. :(
Health care wise, I do have coverage by own Medisave (mandatory savings allocated to such) and by national insurance schemes Medishield in event of sickness and hospitalisation.
5. Finally, with so much of your money in real estate, bow confident are you in the values / rental prices where you are? If your local market is at a peak, as many are, you may need to think about their average values, or more likely what kind of rent they will generate at a market bottom.
It seems easy to rent out my apartment in Singapore but I am aware that nothing is forever. My first tenants been renting from me for the past 3 years. For my house in Malaysia, I was advised by property agents that it may be easy to rent out for $1000 monthly. Thinking of airbnb if this doesn't pan out.... :P
6. You have a lot of cash, but will you expect to leave that alone for an emergency, or will you expect to use it If the economy is depressed and the houses don't rent?
I am trying not to touch the core savings.
Maybe just relying on fixed deposit interest for survival if both properties are vacant.
7. While it seems quite low, will it stay exactly the same when you retire? Will your goal require some investment in (paid) learning, or travel? If you rent out your house, what will your living arrangements be?
I plan to travel more for spiritual learning and thus renting a room in Southeast Asia after FIRE, if my 2 properties are rented out. Expenses will surely be higher, if I do travel.
It's hard to get advice from my friends/coworkers cos they generally don't buy into the concept of FIFE and think I am crazy. :( So advice from this forum is valuable to me. :)