We’ve all heard stories of someone who has invested in Malaysian property and got burnt. From horror stories of the estate not having enough funds to pay for a working lift, or to developers running out of money to leave the development half-built, it does seem like investing in Malaysia isn’t for the faint-hearted.
“I’m just glad my wife was so supportive of me. This was out of the norm at that period of time, and I felt really terrible for not being able to provide her a house then. We stayed at my parents’ house for a good four years after we got married. We definitely overstayed our welcome”. “People think my achievements are an overnight success, but they don’t see the stress and turmoil I had to endure for many years. I felt like giving up many times and I’m not ashamed to say I almost declared bankruptcy a few times due to my carelessness or bad timing. There was even a period of time when I lost more than RM1,000,000 just in KL properties alone. We all learn from our mistakes.”
Ken then further explained that he doesn’t mean for people to stray away completely from these high-yield properties, but for them to be confident enough to say that these unique deals can grant you a positive result when exiting in the future. Ken whips out his iPad and wrote down a scenario for me. “Imagine that you’re Bob’s friend and both of you are trying to strategise his finances for a deal. Bob doesn’t have much equity and has to take up a huge mortgage just for a two bedroom deal in Florida. The bank currently offers him a 13 per cent because of his subpar credit score.
“The initial expectation I had was to rent the unit out within two weeks of receiving the keys. That two weeks turned into almost two months of no revenue. Not to mention, I didn’t have that amount of cash on me since most of my assets were stuck in real estate. I had to refinance a part of my other property just to pay for this $60,000. I was lucky that I even had something to refinance. I wouldn’t have known what to do otherwise”, shared Ken.
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