Enjoys reading, he got the idea to invest his money in the property sector when reading the work of the author and certified financial consultant, Azizi Ali.
"For me and my wife, Fadzilah Isaac, 59, property investment is a way for us to sustain life after retirement.
"Although not much, but enough to live comfortably each month," said 65 year-old man at the auction event organized by Ehsan Auctioneers Sdn. Bhd.. in the capital recently.
AUCTIONEER reserve price before the auction began.
IF hammer salesman knocked last, selected properties will be yours.
Not choosing new homes, these couples prefer a property auction.
"Auction house, for us, given the value of money. Not only homes purchased are much cheaper than market prices, but they return to buy again even if forced to make modifications or repair the house.
"In addition, gains were also obtained even forced to take housing loans from the bank," said Abdul Rahim, who admitted regularly participate in the auction event with his wife.
Bought and then rented out, this pair has successfully bid for eight homes around the Klang Valley, including in Petaling Jaya, Shah Alam, Port Klang and Puchong.
"The important thing when buying the auction house is having enough capital and know how to choose a location.
"For us, not just bought a house in a good location but also has the facilities to attract tenants," he said.
To give an example, they had to buy a condominium in Kelana Jaya to the market price of RM430, 000 but the successful bid at a price of RM172, 000.
"In two to three kilometer radius of the condominium, there are primary and secondary schools, tertiary institutions, shopping malls, food courts, banks, post offices, stadium and park.
"It is also connected with public transport including light rail transit (LRT) and bus services. It's a very worthwhile purchase," he informed residents that will be occupied by his son.
Although fond of buying the auction house, Abdul Rahim insists that it is not done arbitrarily but requires initiative buyer before making the bid.
"Before coming to the auction event, we will go see the situation as well as residential locations.
"We will also meet some local residents to get feedback on the neighborhood and the value of their leases. When satisfied with that we bid," he is engaged in property investment since the auction last year.
His wife, Fadzilah, interjected: "At times, the auction house was unoccupied. Therefore, as a prospective new buyer, it takes two parties to the discretion of getting a win-win."
Not to take drastic measures such as forced eviction, they sometimes provide compensation to residents for the residential lots to be vacated at the set time or when the purchase is successful executed.
According to Azizi Ali, who met at its offices located in Kelana Jaya recently, today almost all goods can be sold at auction.
"In 2004, the amount of goods and services sold through auctions in the U.S. continues to be worth U.S. $ 217 billion (about RM760 billion)," said Azizi.
Touching on the auction properties in Malaysia, he said: "Over the last five years have been changing the perception of real estate auctions can be viewed.
"Before this property received a negative connotation, such as auction houses are not paid, spooky or unlucky.
"First property auction notices in the newspapers is very small and rarely seen, but now, it is clearly a lot and can be found on the website or brochures distributed to the public."
He added that the public is now aware of the potential of the auctioned properties.
Does not deny the huge investment opportunities in real estate auctions, motivational expert who recognizes her individual investors who like to visit the real estate auction event, Azizi believes that all that is offered is a good unit purchased.
"Virtually 95 percent of the offer does not meet the requirements of the public. First, the units are auctioned it must have market value.
"In addition, there would be problems associated with the unit causing it auctioned off," said Azizi.
Among the problems to which the original owners, including the inability to pay loans and the related utility costs, including maintenance costs if he lived in condominiums or apartments, electricity and water bills.
Make sure you're really interested in a home before making a bid price of the auction.
According to him, those who bought the auction house also must be willing to incur additional costs such as repair of the property.
"Usually the buyers are not buying a property is auctioned off for the first time. What happens, they will buy at auction because the price of the unit so it continues down to be attractive," said Azizi is informed if the price falls below the actual loan amount or the price level unreasonable, it will buy the bank.
However, he said, many do not know the basics of buying real estate auction.
"Buying real estate auction is an easy task but is often taken lightly and this in turn will cause losses to the buyers themselves.
"The main mistake made is to buy property in the wrong location as far from public facilities and amenities, to pay the higher price of purchase for any additional costs and did not have enough knowledge."
According to him, one need not have knowledge that is too high to buy a property auction, but enough with the basic knowledge, such as doing research on the desired properties first, see how auction events take place, determine the terms and conditions of the bank and saw the potential of the market.
"Buying property is a great investment for individuals, so even if taken lightly, but buyers should do their homework first," he said, let not all the desired individual bids would be successful.
Sure, he says, is bidding to be priced higher than you.
Although the capital needs of about 10 percent of the value of the property, Azizi said, property investment auction also provides a great return to the buyer.
When is the best time to buy?
"If you have knowledge, no specific time that can be said to be the perfect time to buy," said Azizi.
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