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Thinking to buy an old house:, Rent to students:
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TSRyk
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 Aug 2 2020, 01:20 PM, updated 6y ago
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Getting Started
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Hi all! Recently I found an old house (build around 1970), around rm 330k. I’m thinking to buy as my first home for rental purpose. But I got a lots enquire:
-I have a car loan now about 40k to settle and credit card debt about 3k.
a) Usually bank loan is 90% of sale price of home? Or any difference during this covid season?
b) I’m thinking maybe I can apply Skim Perumahan Belia offered by BSN, but a lots rumour I found on net said it was not that easy can got the loan and limited units.
c) I have the last backup plan which is borrow with parents about RM 150k to settle my current home, and use it to refinance (change to my name) and use that amount to buy the new home. Is this a good solution?
Can anyone help to answer? So much appreciated for you guys to read all my questions.
This post has been edited by Ryk: Aug 2 2020, 04:26 PM
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TSRyk
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Aug 2 2020, 01:40 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 01:28 PM) 1. What is your current nett salary? 2. What is the current monthly rental of a similar house ? 3. Old house ? ...how much cost to repair for rental purpose. ? a) about 6k b) I think around 1.2-1.5k c) budget around 35k |
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TSRyk
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Aug 2 2020, 02:15 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 01:59 PM) Apparently, you are still pay installment for a car and a current house. How much are those monthly ? car about 1k and credit card 250 |
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TSRyk
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Aug 2 2020, 03:08 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 02:26 PM) Financial .. you are ok. Now ... 1. How much has the house appreciated since new. 2. Easy to rent out ? 3. How is tenant quality ? ... low or mid income ? a) It is a semi-d about 3900 soft, interior of the house just need some easy touch up like paint and some light furniture, jut the exterior of the house have some minor problem like car porch need repair, and new fence. Next week will go site visit again with agent b) I cannot estimate for this yet. My first plan is actually looking a house under 200k for student, till few days ago I saw this unit then my plan changed. c) I’m thinking make one of the room for my staff (so he can help to monitor the rest tenant), what do you think? |
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TSRyk
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Aug 2 2020, 04:21 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 03:21 PM) Renting individual rooms can be messy esp on bathroom usage, utilities and cleaniness. You need basic furnishing like bed, tables, chairs, kitchen things, etc. Cooperation between roomates are important. Students from uni ? Where about is this house, if you dont mind. It is four bed rooms with individual bathroom. Yea I’m quite worried as I never have that experience before. It is in Terengganu. |
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TSRyk
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Aug 2 2020, 08:10 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 04:35 PM) Sometimes, each room tenant may bring outsider occaionally to sleep over which you cant control 24 hours. You cant stop their friends from visiting them to do assignments etc. Do consider carefully whether you want messy few tenants or 1 only. Your max 1.5k rental is based on 1 or few tenants ? You are right and agreed with you  Few tenants as impossible one room can have that high rental haha. Do you think I should pay attention on location more than the condition of the house? |
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TSRyk
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Aug 2 2020, 09:03 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 08:53 PM) Location is important for higher rental and capital appreciation. Unless the SD, you have plan to live there in the future. Beside the dead end, the main concern is about loan. As I heard is not easy can get a loan now. |
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TSRyk
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Aug 2 2020, 09:09 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 09:06 PM) Not true. Bank need to survive by giving out new loans. If your ctos is good, should have no problem. Previously have due on car loan and credit card repayment |
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TSRyk
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Aug 2 2020, 09:27 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 09:14 PM) After 1 year, should be ok and if your current repayment is prompt. I think less than a year, like few months back only😂 |
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TSRyk
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Aug 2 2020, 09:38 PM
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QUOTE(mini orchard @ Aug 2 2020, 09:35 PM) Then have to wait to increase back credit score. With your current nett salary of 6k, why you have repayment issues previously ? Just found new job ? Some debt to issue that’s why😂 |
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TSRyk
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Aug 2 2020, 11:41 PM
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Getting Started
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QUOTE(mini orchard @ Aug 2 2020, 09:43 PM) Understand. Then hold on till your score improved. But the house can’t wait haha |
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