Time really fly fast. Today mark a 1 year which I seek a JV partner to buy Mont Kiara Arcoris project.
I booked this unit during the Penang Property show at Gurney.
After I booked the SoHo unit (booking fees is $20 000), I start to look for JV partner which able to loan 90% margin of finance. Otherwise, it will be hefty for me to fork out the subsequent payment.
I know my JV partner for about 8 years. I shared with him the deal and he straight away agreed for JV. Before that I had pre-alert him I will look for JV partner if found any good deal. So it is not hard for me to convince this deal.
We had worked about 2 months for the loan applications. We did not very familiar with the KL agents or bankers procedures.
After several roadblocks, finally we cancel the deal.
However, even tough we did not work out successfully on this deal. But my JV partner start to "LOVE" the game. Since then, he has been alert on the property deal either on the New Launches or sub sale.
Last year, he had bought a sub sale unit and already rent out today.
He also take a property investment course last month through my recommendation.
Guess how is his portfolio after 1 year? Let me make some rough estimation below:
1) 1 rental unit at Penang, bought at $260K @ 2013
2) 2 rental units at JB, June 2014
3) 2 rental units at Penang bought at $270K July 2014
4) 2 new launches in Penang, $340K and $440K in March and July 2014
Amazing achievement for my JV partner. Really glad that he took massive actions and willing to learn and pick up all the relevant skills required. He even form a mastermind team to accelerate the process in current cooling measured imposed.
If he keep continue at this rate, he will be one of the "Tycoon" in 5 years time!
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