QUOTE(St0rmFury @ Jun 4 2018, 02:44 PM)
Why scared the leavers will outrage and vandalise property?Buying LELONG property, Advice needed
Buying LELONG property, Advice needed
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Aug 23 2019, 08:51 PM
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#61
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Junior Member
122 posts Joined: Feb 2019 |
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Aug 24 2019, 12:59 AM
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Junior Member
818 posts Joined: Jul 2019 |
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Aug 25 2019, 08:19 PM
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#63
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Junior Member
287 posts Joined: Feb 2009 |
QUOTE(BillCollector @ Aug 4 2019, 04:17 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. Good read bro. Better than most book.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... « Bought one lelong unit too. Regret abit cos I was somewhat rushing at it and dint do much due diligence. But overall I'll will be back for more lelong unit due to massive saving compared to market value and with more experience now haha. This post has been edited by heliozguard: Aug 25 2019, 08:22 PM |
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Aug 25 2019, 09:34 PM
Show posts by this member only | IPv6 | Post
#64
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Senior Member
2,210 posts Joined: Jan 2018 |
QUOTE(BillCollector @ Aug 4 2019, 04:17 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. Wow that's detailed. If you don't mind me asking, how do you have so much money to fund 5 houses?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 26 2019, 06:51 AM
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#65
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Senior Member
4,351 posts Joined: Oct 2009 From: Bintulu, Sarawak |
Parking.
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Aug 26 2019, 09:10 AM
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#66
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Senior Member
4,561 posts Joined: Jan 2003 From: Penangites |
QUOTE(BillCollector @ Aug 4 2019, 04:17 PM) Owner of 5 landed houses that I bought through auctions over the last 10 years. bro, good shit you have there, seriously good shit.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... « wanna ask you 1. you've dumped so much money to redo whole house, is it still worth it ah ? some might eat up 30% of the under-value stuff d 2. you did all these cash dumping things based on first property or from extra source ? like you've started with 1mil then snowball it ?? 3. where you learn those legal yet dirty tricks from ?? damn epic !!! btw, i have a commercial land for sale way below market value. if you can swallow 20acres let me know then. |
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Aug 26 2019, 09:54 AM
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All Stars
18,418 posts Joined: Oct 2010 |
This is 1 of the reasons why there is a supply of Leong units
http://www.enanyang.my/news/20190825/%e5%8...8d%9a%e5%a3%ab/ |
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Aug 26 2019, 01:41 PM
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134 posts Joined: Jul 2019 |
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Aug 26 2019, 02:52 PM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(kbhai @ Aug 26 2019, 01:41 PM) You have to get an eviction order and then have court bailiffs to enforce the eviction order. Will take anywhere between 6-18 months. Better to do a "cash for keys" deal as it will work out cheaper. |
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Aug 26 2019, 03:30 PM
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Junior Member
134 posts Joined: Jul 2019 |
QUOTE(BillCollector @ Aug 26 2019, 02:52 PM) You have to get an eviction order and then have court bailiffs to enforce the eviction order. ok.. provided if they accept it. if not, then have to use illegal ways....Will take anywhere between 6-18 months. Better to do a "cash for keys" deal as it will work out cheaper. |
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Aug 26 2019, 04:48 PM
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Junior Member
818 posts Joined: Jul 2019 |
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Aug 26 2019, 06:21 PM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(Yggdrasil @ Aug 25 2019, 09:34 PM) Having a stellar credit rating does help. I have a fantastic one due to having credit card while at university, phone and utility bills in my own name and making sure I was seen as a good paymaster. I had my first credit card, one issued by Capital One when I turned 18 and then had one by Wells Fargo when I was 19. Before I returned to Malaysia :- » Click to show Spoiler - click again to hide... « When I returned to Malaysia :- » Click to show Spoiler - click again to hide... « shinzen90 liked this post
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Aug 26 2019, 06:28 PM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(AllnGap @ Aug 26 2019, 09:10 AM) bro, good shit you have there, seriously good shit. 1) Yes it is, I dumped the money into it the valuation went up by more than I had dumped into it. wanna ask you 1. you've dumped so much money to redo whole house, is it still worth it ah ? some might eat up 30% of the under-value stuff d 2. you did all these cash dumping things based on first property or from extra source ? like you've started with 1mil then snowball it ?? 3. where you learn those legal yet dirty tricks from ?? damn epic !!! btw, i have a commercial land for sale way below market value. if you can swallow 20acres let me know then. 2) Remortgaging and I did have to pump in some money on my own when it came to maintenance. 3) 18 years of doing it, some American and British tricks. Some I learned from seasoned property flippers and some from lawyer friends of mine. Don't have that type of stamina for 20 acres of commercial land. Single parcel? Am looking for industrial land by a riverside actually. shinzen90 liked this post
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Aug 26 2019, 06:44 PM
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#74
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Senior Member
4,561 posts Joined: Jan 2003 From: Penangites |
QUOTE(BillCollector @ Aug 26 2019, 06:28 PM) 1) Yes it is, I dumped the money into it the valuation went up by more than I had dumped into it. Lol at house number 5. their car got trashed, cafe got disturbed, gate got modified, water and electricity bill got cut also they hog that house. That lady really had serious balls.2) Remortgaging and I did have to pump in some money on my own when it came to maintenance. 3) 18 years of doing it, some American and British tricks. Some I learned from seasoned property flippers and some from lawyer friends of mine. Don't have that type of stamina for 20 acres of commercial land. Single parcel? Am looking for industrial land by a riverside actually. Ya single parcel. |
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Aug 26 2019, 09:43 PM
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Junior Member
818 posts Joined: Jul 2019 |
QUOTE(AllnGap @ Aug 26 2019, 06:44 PM) Lol at house number 5. their car got trashed, cafe got disturbed, gate got modified, water and electricity bill got cut also they hog that house. That lady really had serious balls. She would still be there if it wasn't for all those actions. Ya single parcel. She definitely had zero intention of leaving but for the "kidnap" , it is a history on its own how she became the owner of that house. shinzen90 liked this post
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Aug 26 2019, 10:06 PM
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All Stars
23,688 posts Joined: Aug 2007 From: Outer Space |
QUOTE(MGM @ Aug 26 2019, 09:54 AM) This is 1 of the reasons why there is a supply of Leong units Yes compress loan / multiple submission. http://www.enanyang.my/news/20190825/%e5%8...8d%9a%e5%a3%ab/ Here few example: 1. Cristal Serin, few owners doing buying in bulk: https://forum.lowyat.net/index.php?showtopi...post&p=92475531 2. Seasons Garden + 1 unit at Puncak 7 Shah Alam: https://forum.lowyat.net/index.php?showtopi...post&p=93693864 |
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Aug 27 2019, 04:55 PM
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Senior Member
1,678 posts Joined: Sep 2006 From: Penang |
QUOTE(BillCollector @ Aug 26 2019, 09:43 PM) She would still be there if it wasn't for all those actions. wow ! She definitely had zero intention of leaving but for the "kidnap" , it is a history on its own how she became the owner of that house. i'm fascinated at your sharing . Just wondering, since she is quite rich (several shops, business etc) . and able to wage such such war/battles, which is losing for all parties. why not she just buy up the property instead ? is she trying to drain the bank? (the house get auction , and later she buy back through auction , so bank have losses) by the way, side questions , if u have the time and willing to share. any good ways to get extra income ? (eg properties , stock , etc ) Just buying and sell properties is extremely risky now . Thank you very much for your sharing |
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Aug 28 2019, 03:36 PM
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132 posts Joined: Jul 2019 From: Kelate Master Race |
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Aug 29 2019, 12:46 AM
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All Stars
23,688 posts Joined: Aug 2007 From: Outer Space |
Latest reserve price actually drop to 504k now. Possible to drop further 10% each round if nobody interested.
This post has been edited by AskarPerang: Aug 29 2019, 12:48 AM |
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Sep 3 2019, 10:41 PM
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All Stars
23,688 posts Joined: Aug 2007 From: Outer Space |
Source: https://www.thestar.com.my/metro/metro-news...l-ibs-treatment Launch at 42k rumah selangorku sold in the lelong market today. Ground floor unit. Non bumi lot. Brand new condition. Attracted 32 bidders just now. Here the final price: |
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