Journey of my first No Money Down (NMD)

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Part 2

Evening came soon and I found myself still waiting for the agent to arrive. I walked around the compound gauging for occupancy and target market. �While waiting for the agent near the guardhouse, I had a chit chat with the guards and asked about the tenancy there, facilities, maintenance, etc. It seems like a quite place even though it is considered high density.

There is a mix of two apartment blocks sitting within the same compound. One is newer and better looking than the other one and unfortunately, the apartment of my interest is the latter one. I made a mental note to check on the figures for the better looking block. From my conversation with the guards, it seemed the rental is pretty low around the area due to market being dominated by the factory workers nearby. Interestingly, there�s a couple who drove into the compound and asked the guard for rooms to rent. The guards directed them to the notice board in front of the management office instead as it�s already after office hours.

The agent arrived alone more than half an hour late and he didn�t offer any apologies. The day was getting dark soon and we went straight up without further delay. On the way up, he briefed me on the details of the unit and I asked about the reason for selling, price wise, and the expected rental. Apparently, he�s an acquaintance of the owner and the owner bought the unit from the developer 8 years ago and never managed it all these while. The owner has quite a number here and there and travels frequently so they don�t want to fit in any tenants to avoid the hassle. Eventually, the owner is tired of waiting for the appreciation and finally wants to sell it off fast since she will be away for quite awhile.

We arrived at the unit on 5^thfloor and I was amazed at the amount of rubble piled in front of the unit. It seemed to have become a public dump spot after all these years of unused.� We tried to move the rubble slightly to the side just enough for us to inch through. My mind braced for the worse when the front door is swung open. I�ve seen enough units to know 8 years can be very damaging even to an empty unit. Doors falling apart, missing windowpane, leakage, light fixture hanging, and the list goes on for units left empty for less than 3 years.

This one came as a surprise to me in the sense that apart from the inch thick of dust lying on the floor, the interior is very much intact. Imagine a bare new unit you would expect from the developer upon handover. We inspected each room, bath, and fixtures, and there are no signs of break in, leakage, damage or whatsoever and I must say I�m quite impressed. At the same time, I realised there�s very little I can use to bargain with except for some minor area which requires touch up. Reflecting on my research yesterday night, I noticed this is the first time in my numerous site viewings that a potential NMD is finally in sight.

Once we return back to the living hall, our negotiation began. I made it clear my intention for investment but the agent knows his facts and figures well. He�s not willing to back down. He reasoned that with the market value versus the selling price, I can easily cash out with the rental just nice to cover it and the he�s throwing in a markup as bonus too. �I retaliated by complaining about the condition of the building, maintenance of the corridor, the competition next door, and I eventually ran out of bullets. Being stubborn and not willing to let him and his cockiness have his way, I pulled out the trump card trick I learned from Mike and flashed him the cheque book. �The trump card�s suppose to let the agent know we meant business.

�He remained unfazed. I asked him to call up the owner right away and to knock off the price further but he said no, just like that. At this stage, he�s already headed out to the main door and I quickly gathered my gear and followed suit. Did I go overboard?

It seemed he�s insulted by my last few sentences.� We headed back towards the lift and I tried to engage him in small talks. He replied in short answers. As we waited for the lift, I tried the cheque book in hand trick once more but again, he�s not interested. This time around at this stage, I�m supposed to give in and pass him the cheque but there�s something in me which stops me from doing so. It feels like the big ego is trying to keep my impulsiveness in check.

The sky is already dark as we reached downstairs in silent. There seemed to be a larger crowd downstairs than earlier. We parted ways once we reach the guardhouse. He did add at last to call if I�m still interested. I reflected on the decision I made and regretted that I didn�t end this better. �I ran a quick check on the remaining concerns I gathered during the site visit and once all of them are iron out, I called my coach assigned to supervise our progress to discuss about it later that night. Her instructions were clear and simple, �Call him back tomorrow morning and seal it�.

I had a pleasant surprise next morning. The agent beat me to it and offered a slightly lower price than what we fought over yesterday evening. He sounded reluctant on the other end but it was music to my ear. I dared myself and asked for the price I offered yesterday and to my further surprise, there�s no monotone and single syllable answer but he answered pleasantly saying that the owner is only willing to go so low but not any lower citing that it�s already below market value, and etc. After his long winded response, we agreed to meet up later to finalise the booking.

Well, that�s basically more or less of what transpired during my site visit of my NMD. The rest is pretty much history and as of now, my unit is being rented out to a family with a yield of slightly more than 8.0%. If you�d like to follow up more on my ramblings, look forward to my next update on how to make your NMD work for you.�

Written By�Kok Weng�RTC005KL
Real Estate�Tycoon�Club (Malaysia)
www.RTClub.my

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Source : http://rtcmalaysia.blogspot.com/2013/08/journey-of-my-first-no-money-down-nmd.html

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