Savvy doctor gets passive income from property

 

Tuesday, Apr 15, 2014

Rachel Scully

The Straits Times

Medic, mum, businesswoman and investor - whatever hat she wears, Dr Lim Luping is driven by a desire to help people.

That motivation inspired the 45-year-old, who used to run a family practice, to introduce aesthetics to her patients in 2008 to provide them a complete suite of services.

Her aim was to help people avoid the trauma and distress she suffered from acne as a teenager.

"Growing up with acne during the 1980s was a trying period for me and many of my friends," she says. "Skin issues can affect your self-esteem and even job opportunities.

"Likewise, a broken relationship or marriage may affect an individual's self-worth and cause him or her to seek aesthetic treatments."

Outside of work, Dr Lim seems like a "supermum" although she merely describes herself as a hands-on mother.

Without a maid, she and her husband raise their two sons - John and Ariel, who suffers from dyslexia - and share the load of household chores on top of their work commitments.

"I make it a point to spend quality time with my children, especially during their impressionable years," she says.

She is a firm believer in property when it comes to making her money work hard for the family.

"The most basic rule that you should bear in mind is to be prudent and spend within your means," she says.

"If you can't get that part right, how are you going to find the funds for investment purposes - much less buy a property?"

Q: Are you a spender or a saver?

I save at least half of my salary, and will invest the money when the opportunity arises. Otherwise, I am pretty generous when it comes to spending on my loved ones and friends.

Q: On average, how much do you charge to your credit cards every month?

I charge $3,000 to one credit card per month. That goes to the children's enrichment lessons, household expenses and my occasional indulgences. I've a soft spot for sweet treats such as cakes, pastries and macaroons.

Q: What financial planning have you done for yourself?

I'm a conservative investor so I've the essentials such as health and life insurance policies.

I've a commercial property that is rented out and acts as a source of passive income.

My husband and I also look out for property investments - and appreciate old or small condo projects that are more likely to be put up for en-bloc sales.

In 2012, I started Mint Medical Aesthetics with another doctor. We have since partnered a psychologist and are preparing to open a slimming and face aesthetics boutique.

Q: Moneywise, what were your growing up years like?

I come from a comfortable middle-class family, where both my parents were primary school teachers.

Being educators, they invested heavily in education for their three daughters but also taught us to be prudent.

I got 10 cents a day in Primary 1, and that could only get me one proper meal, with no spare cash for snacks.

It wasn't till my undergraduate days that I spent a little more on clothes and the now-defunct "Go" magazine.

Q: How did you first get interested in investing?

My parents were the biggest influence; their property investments rubbed off on me, my husband and his parents.

I watched how they provided for our family of five and grew their retirement nest egg through buying and renting out properties or buying into developments that were likely to be put up for en-bloc sales.

Naturally, I started sussing out similar property investments too when I started working full-time.

Q: What property do you own?

During the global financial crisis, when most held onto cash, my husband and I bought our current home for $1.4 million.

It is a three-bedder, 1,500 sq ft apartment along Bukit Timah Road, that comes with a balcony.

I also bought a 400 to 500 sq ft shophouse unit along Sunset Way in Clementi in 2004.

Q: What is the most extravagant thing you have bought?

A Prada bag that cost $2,500. I limit myself to buying one designer bag every two years.

It is an extravagant purchase because I often use the same bag and stash the rest away.

Q: What is your retirement plan?

I used to think that I'd retire one day, drop all my work commitments and travel the world.

But becoming a mother and entrepreneur changed my perspective.

I intend to grow the skincare, health and aesthetic business with my partners.

I'd like to expand our corporate social responsibility efforts to touch the lives of more women and children who might need a headstart in life.

When the boys are older, I also hope to use excess cash to invest in other local start-ups.

Q: Home is now...

Our apartment along Bukit Timah Road where I live with my husband and two sons.

Q: I drive...

A BMW 330.

This article was published on April 13 in The Straits Times.