Am I Too Much I (The Trouble Property)

Bought a small property during the time I was young and financially capable, hoping that it would give me old age protection by a steady rental income. My wife and I, we were working hard of the harder, day in and night out till morning most of the days during those years back.

Right now at this moment, we still mortgage the property to the bank and we are receiving rental of RM550.00 per month, deducting the quit rent RM93.00, assessment RM1390, Insurance RM100 and management fees and RM600.00 totaling per year of RM 2183.00 against the revenue estimated at RM550 by 12 months of RM6600.00.  It is indicated my net income of RM4417.00 a year and by one month, it is only RM369.00.  It is lucky for us if we could have full year rental revenue. However, it is more than often, zero revenue per year or it is just only a couple of months’ rental revenue per year.

Having such a financial hiccup, it is not enough, we have to face problems from the management companies who are on and off give us worries, heartsick with sadness of sleepless nights after nights. They are threading to take actions against us one after another to whom we do not have their authorities being verified.

 One of those days, it was  company ABC demanding management fees by sending us only their invoice and statements indicating few months arrears of which we have no knowledge of who they are. One of these days, it is company BCA sending us only a letter of demand, telling us we have own so much and this much of which it is double and double changes and yet the letter carbon copy to the local council authority.

We bought the property from another states and it is about 100 miles apart from our home address. We are hardly visiting the property and all rental transactions are being done by the housing agents.

The first management company, it was under the sale and purchase agreement, the housing development would be the management company initially. The management company under the developer, it was fine and having no problems, they sent invoice and statement to my home address and I paid them punctually without failed.

It was out from nothing and no warning whatsoever that we received threading letter from management company ABC, telling us we owed them months of arrears.  The letter quoting the local council authority and it was having no attachment of any letter of authorization.  The letter caused us sleepless nights as we were uncertain that they were the authorized management company.  Luckily, it was resolved by the next course of actions by the developer. The developer sent us a letter, telling us they had resigned and the new management company was introduced which it was Management Company ABC. Problems solved and we paid them punctually whenever there were demanding invoices and statements.

Months ago, news from one of my formal tenants, the ABC management company ran away and there were no more management company taken over.  It was no news whatsoever from any of my formal tenants, my present tenant and any other source.  May be we were not constantly in contacts with the situation there as we were trying to getting new tenants and rental collections.

Am I too much of not wanting to get to know better of the situations there and by only care for rentals collecting? Bear in mind, I am 66 years old and going to 67 and retired with no steading income!

Suddenly, new management company of CBA, sending another threading letter and demanding amounts of not informing the details, again quoting and cc to the local council authority and actions would be taken against us. Asking us to pay within certain time limit for the amounts that I could not ascertains. There is no letter of authorization from whomsoever; there is no indication of the date of starting to operate. It is only a lump sum as per what they like and we have to pay up as they have the backup power of the local council authority.

Am I too much to say and form such an opinion? Do I not entitled to have worries and sadness which creates a sleepless nights after nights? Do I not to have a further worry of what would happen in the future that such a problems will repeating all the time?

Am I too much to hope that the local council would help us by imposing a bylaw or rulings that the new management company compels to enclose a letter of authorization from the local council?

Am I too much to seek assistance from the local council to insert a line in the letter of authorization, the starting date of the management service? It will definitely help us to ascertain the true management fees that we have to pay; I do sincerely believe it will, so long as I am concerned.

In the case of the runaway Management Company ABC, Am I too much to have worry sick that we would have kept on paying the runaway management company? Am I too much to have such a situation of getting lost of what to do and protect our little finance at our disposers?

Please, whoever it may concern, help us, the poor old man and woman as we are and possibly many others in the same dilemma.

Next Topic:  will only know Tomorrow or the day after Tomorrow.

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