10 years financial strategy

some residents talked to us...what!!! RM740K!!! how to get the money? sound a bit worry, sigh..., this is not the purpose we posted the last article, instead we try to convey the message that let's get ready for next 10 years, also indeed we do hv some plan to counter the challenge.

oh, right, good question, where to get the money? here we go....

of course as we know, we still have abt RM400K with developer, the sinking fund, it's long battle to get back the money, as we hv got the court order for them to return the money to us, but as they haven't do that even after nearly 2 months, now we took further action to force them to release the money, the hearing of application done on 19/6/12, the court fixed the trial on 5/7/12, we can't guarantee how soon they will give back the sinking fund, but will update our residents abt the development thru' this blog.

we also writing to state government for 80% of the cost of the 4 lifts control system upgrading, or RM160K (as the total cost is abt RM200K), this is gov't policy & commitment to help those low/medium low cost apartment, the MC committee are talking to YB Yeoh abt this, thank God we have good relationship with him, so it's easier to approach him for help. Now to make the chance looks brighter, we just found out there's a blk k resident who also contractor for CM (or his office), we took advantage of it & ask him to present our case to CM, let's pray & hope for the good news.

well, as the above 2 options are actually (partly) depending on developer/state gov't decision to release the fund, this following 2 sources of income are more secured one....

at the moment our rental parking lots are like the hot cakes, demand much more than offer, we do managed to rent our abt 40 lots, which means the annual income of this us RM50*40*12 = RM24000, so for 10 years is RM240K, soon we will set aside this money & bank it into FD account, RM240K if we have it now is good enough for building painting :)

also if go by current patent of income & expenses, say full collection is RM27500 per month, minus those regular item like TNB 6500, PBA 1000, lift contract 1400, pool 800, management 3000, guard 4000, Electrical/genset 500, cleaning service 2000, maintenance repair & others 4300, total is RM23500, which means monthly surplus is RM4000, annual should be abt RM48000, or 10 years RM480K!

oh ya, to make thing little bit better, at the moment we still have defaulter's old debt, RM50K.....

so those money which more tangible to be received are RM240K + RM480K + RM50, total is RM770K for the next 10 years, sound good, huh?

what we try to say here, is we need to have good system & discipline in this whole thing of financial planning, for this we are still in the process of improving ourselves, one nice thing is those major repairs which need to be done urgently & big money needed for attending to it, are mostly being covered already, especially bomba facilities, water tank leaking, CCTV, T&G system, etc, even old debt to the vendor abt 50K already completely settled abt 1 year ago..., so now we more comfortable in doing the financial planning for next 10 years.

of course we won't just keep those surplus for painting or lift upgrade, still remember the vision of making vista a real condo by yr2013? we would definitely spend some money for facilities upgrade & beautification when time is right.

any suggestion or feedback are most welcome :)

thanks.