yes, it's a done deal.. did the spa in june..

i met this agent about 4 years ago that knew this specific area and property like it's in the back of her hand.. this agent helped me dug out this unit and has almost 8 years dealing with this property alone.
after completing own due diligence, i concurred with alot of her beliefs..

on occasions, we talked about the area(golden triangle) and any policy changes that may impact development (be it price, cost of doing business, or the general rental market). it turned out that she's very pragmatic (with a faint hint of pessimism)..

she's not an ordinary agent, she manages(some as proxies) to a few dozens units there. she only turned owner cum agent recently. we're amongst the pro-tem committee of this said property.. i'm more like a ponteng figure due to work and all that.. but we fought hard to wrestle management rights' control from the developer's appointed team. it was an eye-opening lesson, i'd say.

this year(2009) was a very odd year. she was overly pessimist about the rental rates.. that's a bone of discontention i'll always have when it comes to rental.. she pitched $2.2, and i disagreed.. to cut the long story short.. i found a willing tennant at $2.5

the selling wasn't intentional although i kept my exit strategy in view all the time and bounce it off with my agent once in a while.. initially she laughed at that price. even my good 'ol agent didn't think it was possible to sell above certain price range.. even if that price was back to the original developer's price (that's how pessimistic it is)

i did alot of convincing at pitching to a potential buyer.. (i just didn't know that i can do sales *lol*) i made a risky proposition to go way above appraised rate and stated my points objectively.. it was a calculated risk i would say, because i noticed a huge spike in the equities market earlier and i set my senses on the horde of money coming into properties.. it's easier to sell when you know what's going on and have an idea of the 'flow of money'. the deal was seal and i look forward to collecting my 90% cheque in 2 months' time?

i've yet to tell my good 'ol agent.. i'd like to surprise her.. soon. i didn't want to reveal anything because i have a gut feeling that.. i may have an opportunity to get back into this particular condo again. i'm just gearing up for an re-entry(price) and toying with the numbers..

This post has been edited by lwb: Jul 14 2009, 09:46 PM

see lwb, a lot ppl wish to learn to learn from you. Still recall sometime back when I humbly PMed you to learn but got shot down instead

Anyway, the above sounds like BTS? and that lady agent of yours, think I've meet her before, small world......

This post has been edited by Pai: Jul 14 2009, 09:49 PM

Thanks. I find the richdad website and I manage to find the audio book. It is quite expensive at price USD$140.00. I am not going to buy it now ecause I do not have much money. I am going to buy Azizi Ali's books 1st.

Thanks a lot for your help.

rich dad is rich because of the tremendous support from you guys..
if you're adamant to read about kiyosaki.. consider only 2 of his writings
1. rich dad, poor dad
2. cashflow quadrant

i've read more than 10 of his books (free reading, borrowed from company's library back then).. the rest are similarly evolving around the theme from these 2 books..

i respect this guy for his shrew marketing techniques.. creating derivatives out of his core products and sell them like ramly burgers!!

i only purchased that 2 books mentioned above.. becareful of how you read them.. and you may have to read them more than once to see a different perspective. read critically.

and yes.. don't forget.. the yellow and blue; 2 books *lol* i really like that one!

This post has been edited by lwb: Jul 14 2009, 10:01 PM

Or you can download other free audio book, the link it's at the end of Rich Dad Poor Dad book, Cashflow Quadrant and Guide to Investing..
I learn a lot after listening to it many times.
Example www.richdadbook1.com


BTW, Robert and Kim have 1400 small green house to date, this year his target to get 500 more.
He first started to flip properties when he is in Hawaii, not until Rich Dad pull him aside.
Warning him about flipping properties.

This post has been edited by jasonhanjk: Jul 14 2009, 10:01 PM

i don't considered myself a property expert.. am just thankful that my dealings where lots of hands-on, sweat and have an open mind to listen.. property is just less than 15% of my portfolio (oh, i forgot.. we leverage right? *lol*). the key to that selling opportunity is spelled out in bold above.. i'm sure it's no secret, i just acted upon it.

no, it's not bts (don't know what it means).. i don't know if you've met her.. but she doesn't do mayland stuff.
i don't recalled your pm.. and i guess it's pointless to bring up old score.. if you just want to level 'em.

BTS = Bian Tai Sicko?

sometimes the best advices you'll encounter comes from direct human contact..

go out and talk to property agents, befriend them (not necessarily for the sake of buying from them), go have a drink with them.. i believe they do appreciate a cordial client and a pair of ears to their.. sometimes difficult life.

you'd probably have to meet a/several dozen agents before you stumble upon a good one.. there're agents who're good at selling/buying.. and there're agents who're good at renting (the rare ones are good at both)

it's a networking game.. kiyosaki can't help you that.

BTS--> Berjaya Times Square.

+1

I have the cash flow quadrant and rich dad poor dad. I have several other of his books too. I already read several times and everytime I read, I find myself improve a bit and getting more understanding.

I will surely get Azizi Ali's books.

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Added on July 14, 2009, 10:10 pmThanks for the link but it is not working. I am not going to flip properties. I want to buy and rent them. I want to earn the rent and live free.

This post has been edited by sdas86: Jul 14 2009, 10:10 PM

good for you.. at least your success probability rate improves (not just by having the book la... but reading.. and understanding them)

there was once i stood for almost 3 hours at popular book store to read renesial leong's stuff.. her books are tad too expensive.

i placed a little "smart" bookmark at the page, went for a quick lunch and return to reading till i completed them.. there's an advantage if you're a fast reader.

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Added on July 14, 2009, 10:20 pm
i sincerely doubt kiyosaki is making money from his properties now.. however, his major money making machine is at the educational & training/franchising business..

but he's using his past properties successful ventures as a leverage in his educational & training/franchising business..

if i read the numbers from the states.. properties are fubar-ed there. he would've made a killing if he has sold way earlier last year and vulture around to pick them up later.. if he's still holding them, the taxes will kill his margin.

property-rich people are always in a risky position.. look at trump.. loud and full of display.. but i guess the level of leveraging he took.. puts him in a precarious position.

oh yeah.. property is always a lagging indicator to other asset. so don't merely be so 'sei pan' and read only about properties.. it's akin to having a tunnel syndrome.. read widely as possible.. nobody says that being an investor is easy. it can be like a full time job..

cashflow don't always have to come from rentals.. since properties can't move around.. be prepared and make plans for an exit strategy.. some places DO becomes a cowboy town and demographics DO shift around.. know when to harvest and start the whole process again..

the trouble is.. it's easy to get sentimental.. especially on your first purchase.. the rest, slowly becomes.. statistics.

This post has been edited by lwb: Jul 14 2009, 10:36 PM

afraid not..

I guess lwb is totally against spoon-feeding or the deal is just simply TOO good to be shared to strangers like you and me...

Anyway thanks for the Kiyosaki books recommendation. Personally I think the only book from Azizi Ali that's worth buying is the RM 19.90 "How to Pay Off Your House Loan in Five Years or Less" - great book for beginners like me to understand how housing loans work within the shortest time

.. eerr, actually both. i don't mind sharing if i know you in person.. i only planned to tell my dad about this deal on september (do you think i would tell you now?)

paying off loan in 5 years? if it's a rental.. the better book is still the 'yellow and blue' books.. land-lording is no chicken feet.

Oh, that book.
I won't be buying that one.

It's for people who want to save money, not for those who want to be rich.

The rich control their property but they don't own it.
They take out the money from it's equity and re-invest it.

Backkom - it's always more fulfilling to share your knowledge. It also pays to be generous and charitable, particularly in knowledge.

If one wants to share knowledge - don't share apple pie hunky dory stuff. I can get that by reading "Chicken Soup for the Soul"

Basically - I am not the most intelligent person here.

I am however an investor who knows my stuff, and yet is humble enough to learn or to ask for help or share my knowledge (AND I DO SO SPECIFICALLY)

I smell BS a mile away. And I know who to differentiate who is genuine and who's not. I think u guys know how to smell BS too. Enuf said.

Hmmm...

www.richdadbook1.com

+1 a dangerously smart person indeed

yes, control is the key.. not ownership (took me a couple of years to relent to this idea). it's actually dangerous/risky to own alot of properties held privately.. maybe we can start a syndicate?

a lot of key lessons can be learnt from the corporate world..

+1