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 Buying LELONG property, Advice needed

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SUSTheOnly1
post Aug 23 2019, 08:51 PM

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QUOTE(St0rmFury @ Jun 4 2018, 02:44 PM)
Pro
-cheap

Con
-

*
Why scared the leavers will outrage and vandalise property?
SUSBillCollector
post Aug 24 2019, 12:59 AM

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QUOTE(TheOnly1 @ Aug 23 2019, 08:51 PM)
Why scared the leavers will outrage and vandalise property?
*
Many people buy these auction properties on a shoe-string budget hoping to turn it around for profit.

A vandalized property cost money to put right and they are hoping to avoid that.
heliozguard
post Aug 25 2019, 08:19 PM

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QUOTE(BillCollector @ Aug 4 2019, 04:17 PM)
Owner of 5 landed houses that I bought through auctions over the last 10 years.
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... «

*
Good read bro. Better than most book.

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
Yggdrasil
post Aug 25 2019, 09:34 PM

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QUOTE(BillCollector @ Aug 4 2019, 04:17 PM)
Owner of 5 landed houses that I bought through auctions over the last 10 years.
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... «

*
Wow that's detailed. If you don't mind me asking, how do you have so much money to fund 5 houses?
mohdyakup
post Aug 26 2019, 06:51 AM

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Parking.
SUSAllnGap
post Aug 26 2019, 09:10 AM

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QUOTE(BillCollector @ Aug 4 2019, 04:17 PM)
Owner of 5 landed houses that I bought through auctions over the last 10 years.
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... «

*
bro, good shit you have there, seriously good shit.

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.
MGM
post Aug 26 2019, 09:54 AM

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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/
kbhai
post Aug 26 2019, 01:41 PM

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QUOTE(St0rmFury @ Jun 4 2018, 02:44 PM)
Pro
-cheap

Con
-

*
If face with such people who don't want to leave, legally what we can do?
SUSBillCollector
post Aug 26 2019, 02:52 PM

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QUOTE(kbhai @ Aug 26 2019, 01:41 PM)
If face with such people who don't want to leave, legally what we can do?
*
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.
kbhai
post Aug 26 2019, 03:30 PM

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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.

Will take anywhere between 6-18 months.

Better to do a "cash for keys" deal as it will work out cheaper.
*
ok.. provided if they accept it. if not, then have to use illegal ways....
SUSBillCollector
post Aug 26 2019, 04:48 PM

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QUOTE(kbhai @ Aug 26 2019, 03:30 PM)
ok.. provided if they accept it. if not, then have to use illegal ways....
*
That's why you must always do your due diligence and be extremely thorough on it before raising your hand at the auction.
SUSBillCollector
post Aug 26 2019, 06:21 PM

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QUOTE(Yggdrasil @ Aug 25 2019, 09:34 PM)
Wow that's detailed. If you don't mind me asking, how do you have so much money to fund 5 houses?
*
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... «

SUSBillCollector
post Aug 26 2019, 06:28 PM

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QUOTE(AllnGap @ Aug 26 2019, 09:10 AM)
bro, good shit you have there, seriously good shit.

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.
*
1) Yes it is, I dumped the money into it the valuation went up by more than I had dumped into it.

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.
SUSAllnGap
post Aug 26 2019, 06:44 PM

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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.

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.
*
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.

Ya single parcel.
SUSBillCollector
post Aug 26 2019, 09:43 PM

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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.

Ya single parcel.
*
She would still be there if it wasn't for all those actions.

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.
AskarPerang
post Aug 26 2019, 10:06 PM

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QUOTE(MGM @ Aug 26 2019, 09:54 AM)
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/
*
Yes compress loan / multiple submission.

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
paogeh
post Aug 27 2019, 04:55 PM

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QUOTE(BillCollector @ Aug 26 2019, 09:43 PM)
She would still be there if it wasn't for all those actions.

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.
*
wow !
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 smile.gif


Wanie404.
post Aug 28 2019, 03:36 PM

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QUOTE(Yggdrasil @ Aug 25 2019, 09:34 PM)
Wow that's detailed. If you don't mind me asking, how do you have so much money to fund 5 houses?
*
to start .. need a bit money to roll
AskarPerang
post Aug 29 2019, 12:46 AM

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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
AskarPerang
post Sep 3 2019, 10:41 PM

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user posted image

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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