I Love Mont Kiara, that the reasons I only service Mont Kiara area...
Many owners complaint
1. Very Hard to get tenant
2. I rented out my others property and move into Mont Kiara now...
***I wish I don't offend anybody, just a personal opinion***
What is the reasons?
IT IS BECAUSE THEY BUY EXPENSIVE AND EXPECT TO GET GOOD RETURN, POSSITIVE CASH FLOW!!!
What the?.......... You are right? Invest must get good rental or else why You invest?
Then I would ask a question? DO you really know what you doing when you start your investment in Mont Kiara?
Do you really think tenant is so stupid? and simply rent an unit regardless of price?
They also human being and know how to compare the price... You will look for the better price unit to BUY IN. What about tenant?
Normally, investor is expect to get at least 7% and above rental return...
that means if you bought 1 property at 1mil in Mont Kiara and expected to get RM 6000 rental... (regardless of partly or fully furnish)
How many people in Malaysia can afford?
Yes, you are right? Expats can afford cause currency convert to RM is very cheap to them...
But do you think Expats is brainless and dont know how to compare price and look for the best unit to suit their financial planning?
It is too obvious that, Too Many followers (second grade investor) see other people success earning in Mont Kiara property investment and they start follow and BUY IN even at higher price and expect can get good return...
So, the price keep increasing, and the rental price also keep increasing until expats also complaint Mont Kiara is overpriced...
At the end, they keep their unit vacant long time -> hopeless to get tenant-> better own stay =.= Mont Kiara is a suck place to invest...
Actually i have a formula guarantee you can rented out your unit,
Try to rent it at RM 1000 and see... You property will be super hot cake in Mont Kiara... Your phone will be spamming by inquiries or phone call...
Am I right? Actually many expats like to stay in Mont Kiara community, Sunrise, Asiaquest, Ireka do a very success job in Building up Mont Kiara.
What i trying to say here is... Think before you invest, dont simply follow other people and make the market out of control... If you bought at high price in Mont Kiara... No Problem... Rent out at lower price first, must cover your installment and management fees... no positive cash flow is fine... Just rent out first... Every Owner keep doing this and make Mont kiara happening first then only talk about rental price...
(Some old building condo owner expect the rental can follow the new condo)
(Some owner simply furnish their property, just buy some IKEA furniture, just put in and expect the rental can follow the best unit on the market)
(Some owner dont even care to upgrade their property and repair the defects and expect the rental can same or other better unit)
MANY MANY OTHERS ISSUE, I have a lot of stories to tell after working 3 years in Mont Kiara market...
What do you think? Please give some opinion... Above are just my personal perspective... NO HARM, NO OFFEND and thank you for reading
For me, if you know how to choose property. Mont Kiara still a good place to invest... THanks
Posted by Joe on 18-May 2011
Very well said ...
Posted by Joe on 18-May 2011
BTW, let me know if you got unit 1,000 sf ++ around RM2k / month (furnished) ... i will be interested ... owners hear me would you rather let it stay empty or take my RM2k?
Posted by PLY on 18-May 2011
for me, if (and only if) i bought a MK unit, ya the strategy is to try to rent it out earliest, will try the bottom line, which is to cover both instalment and maintenance fee. Then if realy cannot, only the bank instalment covered. if still really cannot then only enough to cover interest payment (without principal), If still cannot, no choice but to lower rent by another say 20-30% below the interest payment.
Because imagine if you vacant 3 months, 6 months or even 1 years, your loss will be much greater than if you rent it out at a loss. Somthing better than nothing right...24k per year is better than 0...very obvious!
Anyway, I won't buy MK now, even since the start of 2010...if really craze for one, try to look for old unit...
Posted by Joker on 18-May 2011
Frederick has clearly and accurately addressed the issue of inability to rent. Riding on this issue, is it true that Mont Kiara attracts less expats (caucasian and/or asian) now compared to a few years back? Now, there are more options for expats like Desa Park City.
Just a thought :)
Posted by Barry Low on 18-May 2011
Thanks for all of your sharing,
To PYL: You are absolutely right. If you know how to choose the right property in Mont Kiara...
That description you imposed will not happened...
The most important thing is the BUY IN Price and the BUY IN TIMING... I found that many followers just simply bought their investment property without particular reason... Just hear friend said Mont Kiara is good to invest... and make the price increase dramatically...
To Joker: Yes, some of the expats go to Desa Parkcity... Mostly Korean as I can see... Desa Parkcity still cant attract western people yet... There is no Western community yet in Desa Parkcity... Hope to international school and the hospital can make something different... BUT AGAIN...
The increased price of Desa Parkcity will make western people consider to choose Desa Parkcity or not... Any desa parkcity property touch a million... If same price with Mont kiara... Western People will still consider Mont Kiara as the community already established.
And some choose to go Damansara Perdana, Ampang, Taman Desa (more expats compared to few years ago)
Anyhow... Actually, no harm to those followers... In opposite... I love their Investment strategy too... Property price Increased, means our service fee (agent fees) also increased... ^^ good news to us... But.........................................................
Hey Frederick, you got your points here.
You can see my view from another prowall review as below
meaning rather go for good location right?
Kyliee, You are right... It is very suitable for own stay...
I cant answer your question... Cause We agent view dont know how many showroom per year...
Still MK 28 is nice... Kiaramas Danai 2500sf also nice....
Posted by Sub on 23-May 2011
kylie: instead of potential to growth... i think there's also potential more discount will be given from Sunrise....^_^
Fre: knew u got plenty chances to view nice house, that's why seek for your opinion :P
Sub: How to ask for more discount? give me some tips :)
Posted by LEONG YW on 23-May 2011
NOT EASY TO GET GOOD TENANT ! MY TENANT OWED ME 1 YEAR RENTAL. HE EVEN WENT TO HIGH COURT TO OBTAIN INJUNCTION AGAINST ME CUTTING WATER AND ELECTRICITY SUPPLY. HE WANTS TO CONTINUE STAYING THERE TILL THE CIVIL SUIT FINISHED WHERE IT CAN TOOK AS LONG AS 5 YEARS WITHOUT PAYING A CENT. THINK TWICE OF RENTING OUT.
Posted by Joe on 23-May 2011
What at interesting case? How about hire gangster to settle it? I heard cases that tenants sued owners for breaking into their house for owing rentals. What a world.
Leong, no worry...
If you do it in proper way... You no need to worry at all...
If you need lawyer... I got a pro lawyer specify dealing with this kinds of case...
Actually, You must follow the proper way to cut their electricity and water...
I also have another way to punish failed to act tenant... Legal way of course...
Court will not let him win the case by staying free on other people property...
If judge of the case give him win the case, then tomolo you can move to the judge house and stay for free... What do you think??? ^^
But really no need to worry about this kinds of tenant at all...
Posted by PLY on 24-May 2011
Got such thing? Weird. First is developer hoarding their new property waiting for price increase. Now tenant suing owner even though not paying rental...what the world we are living in!