Lowyat.NET: Latest topics by kswong77

How to finance investment property

kswong77 — Sun, 15 Jan 2012 14:59:32 +0800

I have never invest in property, and planning to purchase property for investment purpose. Will like to seek for opinion.

Currently, I have 1 property for own staying and has been fully settled. The market value is about 350K to 380K. Saving in Cash + FD is about 85K. EPF account 2 is about 30K, and no withdrawal before this.

My plan is to purchase 2 units of low or mid cost apartment, is either newly launch or from subsale, total budget is 380K. And expect future monthly instalment for these 2 units not exceeding 2K per month.

So, my question is:
Should I refinance my existing house at 380K (assuming I could get this value) to purchase these 2 units by cash?

Or should I use my saving + EPF for these 2 units?

Or is there any other better way?

And what is the pro & con or saving & expense need to be incurred in each of the above financing method?

Thanks

Pioneer Home Theatre Problem

kswong77 — Sat, 11 Sep 2010 22:58:49 +0800

Hi all, my pioneer DVD home theatre HTZ 282 got some problem. when switch it on, the display screen will appear "SU B COM", and then keep blinking

have checked with harvey norman people, but they dun know what is this and ask me to check with the pioneer people. when i request the phone number, they also not very helpful

pls let me know if u could help on this. many thanks.

New home entertainment

kswong77 — Thu, 18 Jun 2009 12:28:21 +0800

just moved in new house and planning to get a DVD player. but i not sure how to choose among the HIFI, home theatre.

my budget is below RM2K. pls help. thanks.

Need curtain recommendation

kswong77 — Tue, 21 Apr 2009 14:18:04 +0800

any recommendation for curtain? preferably nearby shah alam, klang and pj

Carpentery Work

kswong77 — Sun, 21 Dec 2008 23:13:31 +0800

Hi, which type of materials most suitable to use in the kitchen cabinet, wardrobe, TV rack, study table? anybody knows how to differentiate the
(i) ABS
(ii) melamine
(iii) medium density fibreboard
(iv) block board
(v) others u knew.

And what is the best material for kitchen cabinet's door? What is the difference for:
(i) 3G
(ii) acrylic
(iii) high gloss
(iv) others u knew.

And what is the difference between
(i) laminated
(ii) formica.

Delivery of vacant possession

kswong77 — Mon, 15 Sep 2008 14:10:21 +0800

Dear All,

I have just received the notification from the developer last week regarding the completed of final stage construction of the property and the application for the Certificate of Fitness for Occupation has been submitted to the appropriate authority. Therefore, the vacant possession can now be delivered to me.

In this letter itself, it also mentioned that upon full settlement of purchase price, interest charges and all outstanding miscellaneous payment, they will then arrange the actual day convenient to both parties for collection of key.

So, may I know what is the procedures up to collection of key and matters should I pay attention to?

And I am don't understand why the developer charge me the maintenance of services for RM300 and quit rent of RM17.26. The maintenance services amount is charged by developer for provide services, such as refuse collection, cleaning of public drains and grass cutting, as from the date the purchaser takes vacant possession until such services are taken over by the appropriate authority (i.e MBSA). Do I really need to pay these?

Thanks for your advice.

Offering partnership in an accounting firm

kswong77 — Mon, 08 Sep 2008 23:50:46 +0800

Recently, my friend offering me to join partnership in his own accounting firm. Basicaly, this accounting firm has been setted up for 4 years + already and is providing accounting services, company secretarial, taxation, audit and etc.

In order for me to join, I would need to pay him a lump sum amount which we are calling it "Goodwill". Please bear in mind this lump sum will be paid to him instead the company account. FYI, the goodwill could be considered as the compensation to him as he has run the firm since starting, while I am joining half way to share its profit.

My concern is how is this goodwill to be calculated? Me and my friend have checked with many people in this industry and noted normally the goodwill will determined by the following formula:

Goodwill = % of share x Total portfolio fees per annum

E.g If I am taking up 50% of the partnership and this accounting firm has earned RM500K fees (only take in the fees from recurring jobs, which mean one off job will not be considered) in 2007, then the

Goodwill to be paid = 50% x RM500K
= RM250K

So, I would think this goodwill is a significant amount.

On top of the goodwill, I will still required to pay for the Company's net tangible assets (mainly those fixed assets) based on the % of partnership to be taken up.

Appreciate if anybody could share whether the above method is correct. And if it is correct, how is the payment term I should propose to my friend?

You may also give opinion whether I should join this partnership.

Thanks.

Renovation

kswong77 — Sun, 07 Sep 2008 16:18:50 +0800

I am planning to renovate double storey house (18’ x 65’ end lot) located in Setia Alam, Shah Alam. Appreciate someone to break down the pricing for the below items. I believe these estimation costs will help me a lot in selecting the contractor and plan on my budget.

1. Extension of the back of house (18’ x 5’) for both floors. Second floor extend to make a balcony for clothes drying (and how much the cost needed for relocating 1 bathroom)
2. Change of tiles for whole house
3. Lay new tiles for car porch
4. Plaster ceiling in living room (and how much the cost needed for whole house)
5. Master bedroom built in cabinet
6. Paint whole house
7. Electrical wiring
8. Plumbing

And because this was an end lot unit, there was an unoccupied area of 5’ x 65’. Any idea or suggestion to fully utilize these areas.