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Growing Your Wealth Exponentially

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BY JAMES OH

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LETTING GO AND MOVING ON BY JAMES OH

LETTING GO AND MOVING ON BY JAMES OH
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MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR

MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR
BY JAMES OH

Wednesday, November 17, 2010

AUCTION PROPERTIES AND ITS TRAPS PART 2

AUCTIONS PROPERTIES AND ITS TRAPS 2

In conjunction with my previous article on Auction Property and its traps, I must say that the article below is also relevant to substantiate my advice not to touch those properties that are tenanted and the people living there are not willing to move out – no matter how cheap the property is. Choosing another property seems to be a better choice.

To refresh your memory, you may click at the title of this article to access to its previous article.

I say so because the tenants may use similar plot to trap its new owner. As such, I advise you to read the article below. For your easy reference, I also append the article for your easy reading.  


Beware the property trap, Chong tells owners

By HIU CHII FEN in the Star Newspapers dated April 16, 2010



KUALA LUMPUR: Do not break into your own property even if your tenant fails to pay the rent. It could be a trap.
This was the warning given by MCA Public Services and Complaints Department head Datuk Michael Chong to landlords who were thinking of doing this to reclaim their property.
Chong said any move by a landlord to break into the property, even when the tenant failed to pay the rent, was against the law.
He said many landlords had been brought to court by tenants for breaking into their properties and were sued for the loss of their tenants’ assets including cash.
“This could be a trap laid by tenants who are looking for easy cash. They could be conmen,” Chong told a press conference at his office in Wisma MCA here yesterday.
In the past three months, three such claims were made by tenants – all of them Malaysians – against their landlords.
Their claims amounted to a total of RM117,000 in cash and assets.
During the same period, he said he received 12 complaints of tenants who failed to pay a total of RM57,000 in rent.
Lawyer Leong Pak Yiew, who is a member of the department, advised landlords facing this problem to file for a distress order at a court.
“Under this order, landlords will be able to legally seize the premises and the tenant’s rent will be recovered through auctioning all assets found within it,” he said.
However, this process could take up to two months and might be costly in terms of legal and court fees.

Hope you find it relevant and helpful. Thanks and look forward to hearing from you,
James Oh
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