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Friday, August 7, 2015

Rented Out Fast and Furious

Below chronology of events and I consider myself so very lucky.  I count my blessings.

31/03/2015 - Letter notification from developer on vacant possession
16/04/2015 - Due to work commitments, unable to get to handover office until today to settle balances and get the keys.

And then it is a long waiting period for defects rectification and doing nothing because.... CCC (certificate of completion and compliance) is not ready.
From VP to CCC - 3 months - paying the bank installments and bleeding.

01/07/2015 - Informed by one of the real estate agents that the CCC is ready.  Agents got the news faster than I receive the letter from developer.....

04/07/2015 - Ordered furniture to be delivered on 11/07

11/07/2015 - Exasperating!  Furniture lorry did not come.  Due to the coming Raya, too many orders, didn't get prioritized.  Meanwhile, lights installed.

16/07/2015 - Took leave specially to wait for furniture delivery, luckily it arrived.
                   - Discovered more defects, complained to developer for rectification.

27/07/2015 - Appointment for defects rectification (drainage problems).
                    - One super-agent came to see my unit.  Super hard-working.
                    - Gave him 1 set of key as he has arranged viewing the next day.

28/07/2015 - 04/08/2015  Viewings, viewings, viewings, but no takers.
05/08/2015 -  Viewing and rented!
06/08/2015 - Tenant moved in!

All this thanks to one Super-Agent!  Fantastic.
From CCC to rental - 5 weeks!  Fast and Furious!

Thursday, April 16, 2015

Keys Handover

My sifu, Renesial Leong, once said, there is no excitement greater than when you hold the keys to a newly acquired unit and you open the door.  Well said.

And now, sending the vibration to the universe that I could attract my next good tenant asap.

Saturday, March 21, 2015

Facelift at my Unit

Due to inconsistent rent payments, I gave my tenants at one unit around 3 months' of notice and asked them to move out.  After they left, the condition of the apartment unit looks very shabby and had to be repainted and repaired before I could attract new tenants.  This is not the fault of the old tenants, in fact they had been very tolerant of the unit condition when they moved in 2 years back.

The worst part was the peeling paint from the balconies and the less-than-white ceilings.

So, a facelift had to be given to the unit and I managed to get the painters' contact from my blogger and property investor friend, propertywaltz.

Here are the after-results.  Wall colour changed from white to beige.

Looks so much brighter and cheerful now with the new colour.

Sunday, November 9, 2014

Full House at Domain

Finally, finally, after the improvements, the last tenant booked my apartment's last room for rent.  It was empty for about 5 months!  Lesson well learnt and well remembered.

Saturday, October 11, 2014

Long-awaited Tenant

I think I fell into the trap of complacency as a landlord.  Gone were the days when property rental is hot and fast, and I was too slow to note it.  Indeed, I was puzzled why viewer after viewer rejected taking my room, and then I consulted my fellow blogger, investor and good friend at Property Waltz.

True, the rental market has slowed down for that area due to emerging competition, but she also pointed out a few points when she saw pictures of the room that I sent her.
1. Walls unpainted and dull
2. Bed too close to window
3. Curtains not put up  (I already bought new curtain but I didn't put it up, wanted to let the new tenant have 1st hand new curtain).

Before the improvements

So I listened to her room improvement pointers and here are the results:
Add a picture to brighten the walls

Repainted the wall and moved the bed

Moved the Ikea wardrobe so one wall doesn't look so empty

Hopefully, I am that much closer to attracting my next clean and responsible tenant.

Saturday, August 9, 2014

Renesial Leong's Buy, Sell or Hold Seminar

I'm very thankful to have obtained a sponsored ticket to my sifu's seminar to be able to listen to her again in this current economic situation.  She looked just the same as 5 years ago - a happy, blessed person who has abundance of everything and is spending a lot of time doing charity work. She urges all of us to donate 5% of our passive income monthly to charity.  So many people around the world now need our help and if we are blessed, we then should give some of our wealth to help others.
Renesial in action

OK, back to her sharing today at the seminar.
In our current environment we face certain challenges and opportunities.
1. Rising costs of goods - fuel hike, electricity tariff, withdrawal of subsidies, GST implementation
2.  Rising costs of land - land price, borrowing costs by developers, compliance costs etc
3. Oversupply of certain types of properties - continuous building at neck-breaking speed in certain areas.
4. GST will increase costs of doing business in Malaysia, creating competitive pressure by other lower costs countries.

GST implications:
1. If buying commercial property offplan from developer and the completion stages falls after 1 April 2015, those completion stages will be subject to GST.
2. It is not clear whether rents of commercial properties are subjected to GST or not.  Landlords need to be aware when renewing tenancies that will continue over the GST effective period.

1. Malaysia's ETP that aims to make our per capita income from US7k to US15k per annum.
2. Population has hit 30million in Feb 2014.  Good % of Gen-X and Gen-Y who will demand housing and business properties.
3. Greater KL will hit 10million population by 2020.
4. Low unemployment rates, best highway infrastructure among countries South East Asia.

In summary, given current situation, now is the time to either buy, sell or hold, depending on our individual current cashflow and holding power :-)

Thursday, July 31, 2014

Tenant in, Tenant Out

I am really thankful that my tenant of one of the rooms, practically got replaced on the same day: one moving out and one moving in today.
The current tenant actually gave me very short notice for his leave.  But because he has always been making payments late in the month, I am almost thankful to let him go. Don't get me wrong, among all the previous tenants, he was quite responsible in doing his share of the work and better than the nightmare master room tenant that I had.
Anyway, today he handed over the keys. J and I were busy cleaning up the room and doing general repairs.  J replaced the broken washing machine drain hose which was leaking all over the yard, and I cleaned the yard.  We also rearranged the TV and dining table to spruce up the apartment.  I bought new mattress protectors for the new tenants.  The middle room will also get a new curtain as the old blue one was missing, through change of tenants in so many years.
The new tenant arrived from the airport later today, viewed the room and confirmed move in the same day.  So luckily we had cleaned the room as best as we could.  All in a day's work.

I am sending out good vibes that a good tenant will be found soon for the middle room as well.