September 29, 2009

My property investment story : Unlocking idle land

Before I go further into how I managed to make more money from my own property, let me tell you how I managed to help my mother unlock the land which she had wanted to make something out of it, other than plant some trees on it. Granted, when we were still just some wee lads, my parents always went there to plant some fruit trees, fertilized them and then we enjoyed the fruits (pun intended) of their labour. There were some durians, rambutans, manggis and all the normal local fruits you can find in Malaysia. That was between the time I was still small untill the day I went to law school.

When we schooling, we were asked to go to that piece of land which doubled up as an orchard and within it there was also 2  two-bedroom single storey rental unit, build like a long-houses for my parents to rent out and get the benefit of a steady cash flow. My siblings and I were always complaining of having to 'work' in maintaining the orchard. When my parents saw all of us off to universities, they decided to unlock the potential of the place. That was in 1997 when I was nearing the completion of my law degree. I was the one my parents turned to go through the intricacies of a joint-venture to develop the land into bungalow plots.

That picture up there with one 2-storey bungalow and a car there? The car is where I owned the last piece of bungalow plot which we had just sold off. That bungalow you see was sold long ago by the developer. The whole land was just 2.5 acres and the A to Z of how it was done was supervised by me. I learned the ropes of managing joint venture with a land developer long before I was even a lawyer. Maybe then, it was a prelude of the things to come.

To be continued...

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