Auction properties
Auction properties
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Aug 5 2019, 05:54 PM
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All Stars
23,688 posts Joined: Aug 2007 From: Outer Space |
Opening of lelong unit at Casa Kiara 2:
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Aug 5 2019, 05:56 PM
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Senior Member
2,494 posts Joined: Feb 2009 From: Kuala Lumpur Dataran Merdeka |
QUOTE 5 months had passed. this very cruel , hahhaa 5 meter tampered , after checking confirm > RM10k saman damageI had the SPA, I changed the TNB and water account to my name, then ordered for the electric and water supply to be terminated. While at the TNB I gave them a tipoff to check the premises where the cafes, the house, her condo and her insurance agency operated from and said I know they were tampering with the electric meter. They were more than happy to go check and 4 days later I checked back with the girl asked if she sent someone to check and whether "ada rezeki" and she said all 5 premises were checked and all 5 confirmed had tampered meters. |
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Aug 5 2019, 06:01 PM
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Senior Member
2,494 posts Joined: Feb 2009 From: Kuala Lumpur Dataran Merdeka |
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Aug 5 2019, 08:18 PM
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All Stars
18,419 posts Joined: Oct 2010 |
QUOTE(BillCollector @ Aug 4 2019, 04:12 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. After hearing all these horror stories, who else dare to buy auction units.All of them were below market value and for a reason. Some had been through several rounds at auction. Some pros and cons as well as tips :- +You can get a house below market value and sometimes you do strike gold. +You never know what you get inside. It isn't always as empty as you would think it is. -You cannot check out the interior. If you own a drone you could use it to take a look from the windows which might give you some clues. -You have to move very quickly. -You do need to do your ground and home work thoroughly and know what you are getting yourself into and who assumes what, this is especially so with unpaid taxes, utility arrears and strata maintenance fees. -Have to check for caveats. -Is the owner still living in there? If he is expect trouble. *If you are using leverage and will need rental to cover the mortgage or require a quick turnaround time you better not buy at real estate auctions and you might want to consider if your stamina can last up to a year with no income. *Do you think you are smart? Many are smarter than you. Check out why it hasn't sold in previous rounds. *Visit the premise more than 1 time and especially at nites. *Plenty of frauds going on lately as the whole industry is beset with syndicates and crooks. You can read about my experiences in the spoilers if it is off interest to you. House 1 » Click to show Spoiler - click again to hide... « House 2 » Click to show Spoiler - click again to hide... « House 3 » Click to show Spoiler - click again to hide... « House 4 » Click to show Spoiler - click again to hide... « House 5 » Click to show Spoiler - click again to hide... « |
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Aug 6 2019, 12:01 AM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(icemanfx @ Aug 5 2019, 09:46 AM) Great sharing. A student of similar business model in property; buy when blood is knee deep on the floor and there is no short cut to make good money. Correct, there is no such thing as a short cut to make money small or big. If you are not in the construction industry, will need a reliable partner and a lot more effort and time. QUOTE(joe8489 @ Aug 5 2019, 05:52 PM) Far from it. QUOTE(Hunakadoo @ Aug 5 2019, 05:56 PM) You can't get a saman from TNB for tampering with a meter. You can attempt to "settle" with TNB but it won't be cheap to settle. For the House #5 the "settlement" to not go to court was around RM20,000 which she did not pay and it went to court. Why I know it went to court? That is because I was one of the witness called. I followed it with some interest as it made me curious too as I was very curious how much she would need to repay. They took a difference in the bills from the time the meter was tampered versus the readings up until the date she was evicted from the house. You can do the calculation yourself, a 4 bedroom house with 4 1.5HP air conditioners and they kept the air conditioners and lights switched on 24/7 for 2 months as she knew it was in my name and she had no intention of paying for the bill. The last bill was RM1,250 versus the times where it was tampered where the bill was RM50-100 consistently. They used the last 2 months bills as an average bill, then asked her to pay the difference between the RM2,008 average and the average bill of RM83.60 she had been paying for the past 6 years plus cost and interests as well as late payment charges. It was definitely enough to buy a new Honda Jazz. I am guessing for the commercial meters it would be a lot more? QUOTE(Hunakadoo @ Aug 5 2019, 06:01 PM) Free Porsche that you can sell for parts because you won't be able to register or change ownership. QUOTE(MGM @ Aug 5 2019, 08:18 PM) I will definitely still buy at auction. |
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Aug 6 2019, 07:54 AM
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#1486
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Junior Member
133 posts Joined: Mar 2017 |
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Aug 6 2019, 03:01 PM
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Junior Member
410 posts Joined: Sep 2018 |
QUOTE(BillCollector @ Aug 6 2019, 01:01 AM) Correct, there is no such thing as a short cut to make money small or big. boss, Far from it. You can't get a saman from TNB for tampering with a meter. You can attempt to "settle" with TNB but it won't be cheap to settle. For the House #5 the "settlement" to not go to court was around RM20,000 which she did not pay and it went to court. Why I know it went to court? That is because I was one of the witness called. I followed it with some interest as it made me curious too as I was very curious how much she would need to repay. They took a difference in the bills from the time the meter was tampered versus the readings up until the date she was evicted from the house. You can do the calculation yourself, a 4 bedroom house with 4 1.5HP air conditioners and they kept the air conditioners and lights switched on 24/7 for 2 months as she knew it was in my name and she had no intention of paying for the bill. The last bill was RM1,250 versus the times where it was tampered where the bill was RM50-100 consistently. They used the last 2 months bills as an average bill, then asked her to pay the difference between the RM2,008 average and the average bill of RM83.60 she had been paying for the past 6 years plus cost and interests as well as late payment charges. It was definitely enough to buy a new Honda Jazz. I am guessing for the commercial meters it would be a lot more? Free Porsche that you can sell for parts because you won't be able to register or change ownership. I will definitely still buy at auction. since the electricity under your name, you still need to pay for the said 2 months? so she is a bankrupt now?! after losing the battles and ultimately the war with u..... |
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Aug 6 2019, 03:21 PM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(joe8489 @ Aug 6 2019, 03:01 PM) boss, Anything that is in your name remains your responsibility. Does not matter if it was your tenant or squatter that raked up the bill. since the electricity under your name, you still need to pay for the said 2 months? so she is a bankrupt now?! after losing the battles and ultimately the war with u..... The agency she is operating is no longer at the premise she was operating from but I do not know if she is a bankrupt or not, my guess is she isn't a bankrupt as it is rare for TNB to commence bankruptcy proceedings. |
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Aug 7 2019, 06:28 PM
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#1489
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Senior Member
1,757 posts Joined: May 2011 |
QUOTE(BillCollector @ Aug 4 2019, 04:12 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. Bro this is off topic but what do you think about land purchases? Am looking into plantation land mainly for capital appreciation and wealth preservation. All of them were below market value and for a reason. Some had been through several rounds at auction. Some pros and cons as well as tips :- +You can get a house below market value and sometimes you do strike gold. +You never know what you get inside. It isn't always as empty as you would think it is. -You cannot check out the interior. If you own a drone you could use it to take a look from the windows which might give you some clues. -You have to move very quickly. -You do need to do your ground and home work thoroughly and know what you are getting yourself into and who assumes what, this is especially so with unpaid taxes, utility arrears and strata maintenance fees. -Have to check for caveats. -Is the owner still living in there? If he is expect trouble. *If you are using leverage and will need rental to cover the mortgage or require a quick turnaround time you better not buy at real estate auctions and you might want to consider if your stamina can last up to a year with no income. *Do you think you are smart? Many are smarter than you. Check out why it hasn't sold in previous rounds. *Visit the premise more than 1 time and especially at nites. *Plenty of frauds going on lately as the whole industry is beset with syndicates and crooks. You can read about my experiences in the spoilers if it is off interest to you. House 1 » Click to show Spoiler - click again to hide... « House 2 » Click to show Spoiler - click again to hide... « House 3 » Click to show Spoiler - click again to hide... « House 4 » Click to show Spoiler - click again to hide... « House 5 » Click to show Spoiler - click again to hide... « |
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Aug 7 2019, 10:31 PM
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Junior Member
818 posts Joined: Jul 2019 |
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Aug 8 2019, 02:10 AM
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Senior Member
1,924 posts Joined: Jan 2019 |
QUOTE(BillCollector @ Aug 4 2019, 04:12 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. A brave man with deep pockets. All of them were below market value and for a reason. Some had been through several rounds at auction. Some pros and cons as well as tips :- +You can get a house below market value and sometimes you do strike gold. +You never know what you get inside. It isn't always as empty as you would think it is. -You cannot check out the interior. If you own a drone you could use it to take a look from the windows which might give you some clues. -You have to move very quickly. -You do need to do your ground and home work thoroughly and know what you are getting yourself into and who assumes what, this is especially so with unpaid taxes, utility arrears and strata maintenance fees. -Have to check for caveats. -Is the owner still living in there? If he is expect trouble. *If you are using leverage and will need rental to cover the mortgage or require a quick turnaround time you better not buy at real estate auctions and you might want to consider if your stamina can last up to a year with no income. *Do you think you are smart? Many are smarter than you. Check out why it hasn't sold in previous rounds. *Visit the premise more than 1 time and especially at nites. *Plenty of frauds going on lately as the whole industry is beset with syndicates and crooks. You can read about my experiences in the spoilers if it is off interest to you. House 1 » Click to show Spoiler - click again to hide... « House 2 » Click to show Spoiler - click again to hide... « House 3 » Click to show Spoiler - click again to hide... « House 4 » Click to show Spoiler - click again to hide... « House 5 » Click to show Spoiler - click again to hide... « All the best with your next property auction and looking forward to reading about it. |
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Aug 11 2019, 08:50 PM
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Senior Member
9,616 posts Joined: Dec 2013 |
Any landed property buyer can advise on this case?
What can buyer do if bought landed property, ex owner astortion paying him 25k or he will destroy the house. This post has been edited by heavensea: Aug 11 2019, 08:51 PM |
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Aug 11 2019, 11:15 PM
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Senior Member
4,156 posts Joined: Jan 2003 |
QUOTE(BillCollector @ Aug 6 2019, 12:01 AM) Correct, there is no such thing as a short cut to make money small or big. will u interested Bangsar Park, 2.5 storey landed semi-d? RP 4milFar from it. You can't get a saman from TNB for tampering with a meter. You can attempt to "settle" with TNB but it won't be cheap to settle. For the House #5 the "settlement" to not go to court was around RM20,000 which she did not pay and it went to court. Why I know it went to court? That is because I was one of the witness called. I followed it with some interest as it made me curious too as I was very curious how much she would need to repay. They took a difference in the bills from the time the meter was tampered versus the readings up until the date she was evicted from the house. You can do the calculation yourself, a 4 bedroom house with 4 1.5HP air conditioners and they kept the air conditioners and lights switched on 24/7 for 2 months as she knew it was in my name and she had no intention of paying for the bill. The last bill was RM1,250 versus the times where it was tampered where the bill was RM50-100 consistently. They used the last 2 months bills as an average bill, then asked her to pay the difference between the RM2,008 average and the average bill of RM83.60 she had been paying for the past 6 years plus cost and interests as well as late payment charges. It was definitely enough to buy a new Honda Jazz. I am guessing for the commercial meters it would be a lot more? Free Porsche that you can sell for parts because you won't be able to register or change ownership. I will definitely still buy at auction. |
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Aug 11 2019, 11:30 PM
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Senior Member
4,156 posts Joined: Jan 2003 |
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Aug 12 2019, 04:50 PM
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#1495
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Senior Member
4,999 posts Joined: Jan 2003 |
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Aug 12 2019, 08:19 PM
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#1496
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566 posts Joined: Oct 2012 |
QUOTE(heavensea @ Aug 11 2019, 08:50 PM) Any landed property buyer can advise on this case? Agree first, ask some time. Meantime, go process court order. You can get it around 10-12k. Delay until the court order is out.What can buyer do if bought landed property, ex owner astortion paying him 25k or he will destroy the house. Then fuck him great time take all his belongings! |
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Aug 12 2019, 08:33 PM
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Senior Member
9,616 posts Joined: Dec 2013 |
QUOTE(thenazek @ Aug 12 2019, 08:19 PM) Agree first, ask some time. Meantime, go process court order. You can get it around 10-12k. Delay until the court order is out. In desperate situation, worry the owner will destroy house / revenge in the future.Then fuck him great time take all his belongings! Really difficult option to give or not to give. Give owner 25k also not guaranteed he won't make another threat again. |
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Aug 13 2019, 10:03 PM
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All Stars
20,146 posts Joined: May 2011 |
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Aug 14 2019, 11:14 AM
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Senior Member
1,131 posts Joined: Jun 2015 |
QUOTE(BillCollector @ Aug 4 2019, 04:12 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. House #5 definitely are Hollywood material! Keep on and good luck for hunting! All of them were below market value and for a reason. Some had been through several rounds at auction. Some pros and cons as well as tips :- +You can get a house below market value and sometimes you do strike gold. +You never know what you get inside. It isn't always as empty as you would think it is. -You cannot check out the interior. If you own a drone you could use it to take a look from the windows which might give you some clues. -You have to move very quickly. -You do need to do your ground and home work thoroughly and know what you are getting yourself into and who assumes what, this is especially so with unpaid taxes, utility arrears and strata maintenance fees. -Have to check for caveats. -Is the owner still living in there? If he is expect trouble. *If you are using leverage and will need rental to cover the mortgage or require a quick turnaround time you better not buy at real estate auctions and you might want to consider if your stamina can last up to a year with no income. *Do you think you are smart? Many are smarter than you. Check out why it hasn't sold in previous rounds. *Visit the premise more than 1 time and especially at nites. *Plenty of frauds going on lately as the whole industry is beset with syndicates and crooks. You can read about my experiences in the spoilers if it is off interest to you. House 1 » Click to show Spoiler - click again to hide... « House 2 » Click to show Spoiler - click again to hide... « House 3 » Click to show Spoiler - click again to hide... « House 4 » Click to show Spoiler - click again to hide... « House 5 » Click to show Spoiler - click again to hide... « |
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Aug 14 2019, 11:32 AM
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Senior Member
852 posts Joined: Jan 2003 |
QUOTE(BillCollector @ Aug 4 2019, 11:51 PM) I would put it this way, real estate auctions are not for the novice and it isn't anywhere near as easy to spot something that could yield a profit. Nice sharing, Before there are scammers, during there are scams and after it is over you might just have to deal with a scoundrel of a previous owner. Agents will tell you buying the worst of their listed is a bed of roses but reality will be far from it especially if someone is still occupying the premise and nothing is worse than trying to deal with someone who knows they have nothing to lose from the situation. Having said that, things have improved a lot with the advent of e-bidding but it is still no substitute to doing your ground and homework. Both of which are essential. That SS2 was a major wake up call. It definitely made me become 3 times more cautious than before and it also made me seek far more information on the property to analyse before a bid. I only buy landed and freehold houses that are in need of TLC. I don't like houses that someone else renovated or has been done up by the previous owner as you don't know whether something is lurking beneath those sheen of nicely painted walls, House #2 is a perfect example of this, no way I'd have guessed a mere 10% of the problems the house had under those plaster. Was it worth it? House #1 = Yes. You ask me about American or British buildings I can tell you A-Z about it as I am an American trained architect and urban regeneration consultant. However at that time I wasn't familiar with Malaysian buildings and I had newly returned to Malaysia. It was a good learning experience and from designing that house I had 5 house owners in the area that asked me to design something for them. The value of it has appreciated to the point where it is has delivered a very healthy return. House #2 = No, this house wasn't worth the time or the effort. There was nothing to learn or amend in any significant manner and no one was able to notice anything about it. The house I bought while everything was designer about it, in reality it looked nice but reality of it 99% of was either nice because someone choose to splurge money to buy the most expensive thing out there or it was a situation where it was nice to look and possibly touch but that was about it, much of the nice panelling were veneer on chipboard or an expensive tile that was poorly fitted. Returns has been okay at best but it was a learning experience that sometimes what you see isn't what you think it is once you dig beneath the skin. House #3 = Yes, the amount of items I salvaged from the house more than paid off the cash for keys deal I made with the previous owner. After it was completed I had 3 house owners ask me to design their house and flattery of all flattery someone did an exact replica of this house 2 streets away. Had some good offers on it but I have no plans to sell this house. House #4 = This house I always feel is very special. As a piece of land I scored an absolute bargain for it. As a house it has won 2 architectural awards and an award for its landscape. It did cost a lot to get where it is now but well worth it. Returns? I'm not interested in selling it anytime soon but most recently someone made an offer to buy it off me twice of what I have put into it. House #5 = It is easy to dismiss this as something not worth it. I view it very differently. I don't consider it that I lost a lot of money on the house as I viewed not being able to collect rent on it sooner was more of a case that I had not earned the money, you only lose money if you had it to begin with and then it went out of your hands, since the money never came into my hand therefore I never had it. Yes I did spend quite a bit of money using some rather high handed techniques but in the end it taught some lessons, it made me do better homework and due diligence as well as finally I was thankful it wasn't a case where I had taken a loan to buy this house and relied on the rental payment to service the loan. I was also thankful relative to the other properties I own this wasn't the most expensive of properties to have to learn such a lesson on. 6th was supposed to happen in May but was withdrawn from auction. The other target was also withdrawn from the auction presumably because someone purchased it. Let's see if am successful with one that will take place end of this month, its in the same area as house #5 but this is a corner that was abandoned during renovations. Hoping to strike gold here. Your comments stands out like a hero comparing to lot of BS lurking around prop forum nowadays. And i like how you used the word "LEARN" instead of lost. #respect |
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