Golden Print [EN]: Chapter 43

**The Hidden Gold in Old Buildings**

Redevelopment and reconstruction. Big words, right? You’ve probably heard them. But have you ever thought about them as a way to make money? It’s a type of house investment you can’t ignore if you’re serious about real estate.

Most people know these words, but not many have actually bought houses or apartments that are part of redevelopment or reconstruction projects. It sounds complicated. Lots of strange terms and steps. It can feel too risky to put a lot of money into something like that.

But Woojin saw it differently. He thought redevelopment and reconstruction were maybe the *easiest* way to invest in houses.

“It’s not just about value,” he thought. “It’s simple. You’re just buying time with money.”

*Wait for the development to happen, and watch the prices go up. As long as the project doesn’t fail, it’s almost guaranteed profit.*

Investing in houses is different from investing in stocks or other money things.

Some people buy houses only to make their money grow, but most also think about needing a place to live.

Most people want a house that’s a good investment and also a nice place to live.

For these people, living in a run-down house can be a problem.

“Giving up the present for the sake of future happiness is, after all, not an easy thing to do.”

But Woojin was different.

He had lived through redevelopment as a renter in a run-down area. He had also been part of reconstruction as a member of the association in Gaepo-dong.

Plus, he had watched the development happen many times as a construction company employee.

He knew more about reconstruction and redevelopment than almost anyone.

“I’ve been envious because of reconstruction, I’ve been wronged… and around the age of forty, I benefited greatly…”

And, because he was Woojin.

He understood the situation of the Seyoung Apartment reconstruction.

The memories of his past life helped a lot.

“In a way, it’s a common occurrence. Lawsuits being filed at reconstruction sites…”

Reconstruction isn’t just about the people who live there.

It’s a project that involves tearing down the old apartment and building a new one.

Many people have a stake in the land, and their interests are sure to clash.

Shop owners in the back streets of the apartment will lose their businesses.

And not all residents want a new apartment.

Woojin knew that someone always loses out.

So, people who are against the development often form a committee and sue the association.

“Of course, it’s not common for a lawsuit to invalidate the establishment of the association to be lost in the first trial.”

The fact that the association was approved in the first place meant that the government thought the project was possible and gave permission.

So, it’s hard to overturn that decision.

The Seyoung Apartment Reconstruction Association’s loss in the first trial was a big deal.

The moment the project was canceled, the apartment price, which had gone up because of the development, would crash.

So, in this situation.

In this situation where investors are selling apartments cheaply, shaking with worry.

Why was Woojin thinking of buying those apartments?

“Really… you’re going to sign the contract, CEO?”

“I told you I would.”

“But, if you don’t mind me asking, can I ask you a few questions?”

“Ask away.”

Mr. Kim spoke as if he had been waiting for Woojin’s answer.

“You knew this would happen in advance, didn’t you?”

“Well, something like that.”

“Then in this situation… why are you buying it?”

Mr. Kim’s question was natural, so Woojin smiled and spoke again.

Mr. Kim would be helpful to Woojin in the future, so he decided to tell him a little.

“What do you think is the reason why an investor buys something?”

“Of course, to see the difference in price, right?”

“That’s right.”

Woojin paused and then spoke in a low voice.

“The Seyoung Apartment Reconstruction Association will win again in the second trial, and in the end, the non-executive committee will lose.”

“……!”

Mr. Kim was a real estate agent and a professional investor.

As soon as he heard Woojin’s words, he understood what Woojin was trying to do with this investment.

‘If things really go the way this man says, I’ll make a lot of money in a short time…’

Woojin continued speaking to Mr. Kim, who was lost in thought.

“In fact, investors knew it secretly. The Seyoung Apartment Non-Executive Committee is very strong. That was holding down the market price of Seyoung Apartment. The market price has been stuck around 600 million for several years, right?”

“That’s… right.”

Saying that the non-executive committee is strong means that the forces against the reconstruction project are strong.

So, even though the Seyoung Reconstruction Association had everything it needed, the project was stuck.

That was the main reason why Seyoung Apartment couldn’t go over 700 million.

But.

“If the association wins this time and the non-executive committee falls apart, how will the project go?”

It’s not just turning a bad situation into a good one, but also removing the obstacles that were blocking the project.

Woojin asked, and Mr. Kim knew the answer.

“Like a boat with sails in a tailwind, the project will move forward quickly.”

“Then will the market price just go back to where it was?”

Mr. Kim shook his head and answered.

“Of course not. Units starting at 700 million won will start to appear right away.”

Woojin nodded at Mr. Kim’s answer.

Woojin knew that the market price would jump to over 800 million won or even 900 million won, but he didn’t need to say that.

He didn’t want to be seen as a prophet or a cult leader.

“You know it well. That’s my reason for investing.”

“I see…”

After Woojin finished speaking, there was silence.

But Mr. Kim still had one question left.

The biggest question of all.

“Then finally…”

As Mr. Kim started to speak, Woojin spoke first.

“You’re wondering how I knew, and how I’m so sure. Is that what you’re wondering?”

Mr. Kim nodded with an awkward look and answered.

“Th… that’s right.”

Woojin smiled and answered.

“Let’s just say that I knew the inside story well. Anything more than that is a bit… difficult.”

Mr. Kim scratched the back of his head with an awkward expression after hearing Woojin’s answer.

He didn’t ask Woojin any more questions.

Instead, he was thinking one thing.

‘I’m feeling it again… he’s definitely something special… I need to keep in touch with him no matter what.’

Today, Mr. Kim was convinced.

Whether Woojin’s investment worked out or not, he was a goose that laid golden eggs.

The contract went smoothly.

“The deposit must be at least 350 million won.”

“That’s not a problem. The Han River-side units already have tenants with a deposit of 400 million won.”

“For a reconstruction apartment that’s almost 40 years old, the deposit rate is very high.”

“The school district here is good.”

If an apartment worth 600 million has a deposit of 400 million, you only need 200 million to buy it.

The 400 million deposit that needs to be returned when the tenant leaves is like a ‘debt’, but when you buy the apartment, you also take over that debt.

So Woojin was able to buy a great unit with the money he had.

The best unit that will have a clear view of the Han River when the reconstruction is done.

Of course, Woojin didn’t plan to keep the Seyoung Reconstruction until it was finished.

He bought it to sell it before autumn.

But he bought the best unit so he could sell it quickly and for a good price when he wanted to.

“If you have the seller’s account, I’ll send the down payment right away.”

“Of course, I have it. Just wait a moment.”

Woojin got the seller’s account from Mr. Kim and sent 50 million won as a down payment.

Then Mr. Kim asked with a surprised look.

“You’re sending this much for the down payment?”

Woojin smiled and answered.

“Because I don’t want the deal to fall through.”

“……”

The down payment sent with a record has legal power.

If the seller wants to cancel the contract and return the down payment, they have to pay back twice the amount, 100 million won.

The 50 million won sent by Woojin was like a warning not to even think about canceling the deal.

Woojin finished sending the down payment and got up from his seat.

He had achieved his goal, so there was no reason to stay in the real estate office.

“Please set the contract date as soon as possible.”

Mr. Kim nodded.

“I think the seller will want to sell it as soon as possible.”

“I hope to finish the final payment within 15 days.”

“You have all the cash ready.”

“That’s right.”

Mr. Kim looked more relaxed after hearing Woojin’s answer.

The longer the final payment is delayed, the more problems can arise for the broker.

If the market price goes up or down a lot after the contract date, either the seller or the buyer might want to cancel the contract.

And Woojin didn’t want that to happen.

‘I’ve seen people yelling and swearing in real estate offices.’

The person who sold the unit to Woojin will feel sick in exactly one month.

He thought the development would fail and put the unit on the market cheaply, but he’ll realize he made a mistake in just one month.

Is it wrong to buy a unit that was sold so cheaply? Of course not.

The seller put the unit on the market cheaply to sell it quickly before buyers found out about the lawsuit loss.

He can’t blame anyone.

“I’ll only charge 1 million won for the brokerage fee.”

“Is that okay?”

“I think we’ll be seeing each other often.”

“Haha. I won’t say no.”

Investing is like that.

Whether it’s real estate or stocks.

Some people earn, some people lose, and you are responsible for your own investments.

‘If there’s money that works hard, there’s also money that doesn’t work.’

Woojin, who had even gotten a discount on the brokerage fee thanks to Mr. Kim, left Munjeong-dong in a good mood.

Outside, the sun was starting to set, painting the sky in shades of orange and pink as Woojin walked quickly towards home, his mind already planning his next move.

But on Woojin’s phone, another call came in.