QUOTE(natgeo28 @ Jan 23 2019, 08:59 AM)
Thanks for sharing and i wonder how many props have you collected so far. haha
I started investing at 23, inherited a house together with 3 of my cousins, I borrowed money from my parents to buy it out right. It was a double storey terrace in Bangsar. I gave it a clean out and then rented it to a restaurant that used it to house their workers.
2 years later, I refinanced the house and paid off my parents. Then I bought a house at Happy Garden off an aunt of mine. It was a bad shape house. I gave it a coat of paint, bought some 2nd hand furniture and then rented each of the rooms out.
2 years later I bought 2 units of a townhouse at Bukit OUG, 1 was a subsale and the other from an auction, was planning on making 2 units into 1 but ended up furnishing them again with 2nd hand furniture and then renting it out by the room.
A year later disaster struck, the Bangsar house was badly damaged in a fire, one of the neighbours made a deal with me, he would settle my mortgage and he would help me get the keys of a unit of a condo in Bangsar that was about to VP. I didn't need to come out with any money and it was nearly 1/3 off the market price. I thought it was a fantastic idea except it was a very stupid and costly idea.
2 years on, I found out the townhouse was about to have its strata title issues resolved, I quickly bought 2 more units, both from an auction. Both were in terrible condition so I used it as a place to learn some DIY renovations, did most things except the final tiling work. Rented both units out by the room.
A year later, my wife inherited a house in England, except it was stuck in 1972, we moved to England to stay in it, fixed it up and we did most of the renovations on our own as could not afford it any other way. We mortgaged it to do some investments, we sold off the Happy Garden house, we bought an old warehouse together with my FIL in Helsinki, we then had it converted into 4 loft apartments and sold them. We then bought another land that came with warehouse which we converted to 4 loft apartments and a barn that we converted into 4 apartments. Then we bought a row of 2 storey terrace houses, also in Helsinki from a government tender, 12 houses there were, we made it into 20 units of townhouses. All 20 was then sold back to the City government. Alas as we were beginning to make a name my FIL had some health issues and didn't want to continue so we sold off the company and we settled the mortgage and the balance I dumped it into a soon to VP high end condo that was one of the contractor unit, it was a fantastic deal at that time but it also turned out to be a very stupid and costly mistake.
Then there was a bit of a windfall, the townhouses, upon having the strata title and a LRT station being built 400m away the value from sub-RM200k went up to close to RM600k, except rental rates did not really grow much, I let go all of them. Paid off the condo in Bangsar and that's when I found out why it is a stupid idea to invest in high end condos. Upon VP an American MNC signed a 5 year lease for my unit on condition I furnished it and paid for half the ID work. That "half" turned out to be RM190k+
Then came the crude oil price crash and with that came the exodus of Western expats and also came the end of easy money rentals for high end condos. The Bangsar condo that for the past 5 years was lived in by this French family essentially abandoned the place with all their furniture still in there and was no where to be found, even one of their cars was just left at the parking lot till one day a repo-man came looking for it. Gave it a clear out, saved the furnishings that was still in good condition and would let it out through airbnb to earn some money for the maintenance. Finally after 2 years of being empty, an family are now renting it on a 3 year lease. Thankfully they wanted it to be empty and just had to change all the kitchen cabinet doors only but its now being rented for RM3000 less per month than before.
The KLCC place, after the lease was up, they pushed for me to lower the rental by RM2000 per month. I gave in to them as it was still enough to service the mortgage and most of the maintenance fees. Now the lease is going to be up and they are hinting they are looking at either a rent reduction or new ID work. Found out the unit beneath mine that was empty for the last 3 years sold recently for nearly 30% less than the SPA price, owner was very desperate to sell. The unit above mine also been empty for 4 years and just recently a tenant came in for less rent. Now my neighbour unit is also for sale and it is 10% less than my SPA price and her unit is bigger than mine.
Now I look for far more humble places that isn't as so specialized and expensive to rent out.
Recently bought a service residence in Ara Damansara and yesterday signed the SPA for a unit at Sunway Velocity and hoping could sell both the Bangsar and KLCC places as I generally don't like to hold a property for more than 10 years.
QUOTE(aaron1717 @ Jan 23 2019, 09:15 AM)
there are alot of reasons why ppl would wanna save money and manage their finances well and property may not be the priority in his checklist....
It is important to have savings and to be prudent with your finances.
Real estate isn't the only thing I have invested in, also invested in businesses and also invest a lot in stocks.