His path had always been difficult, with all his businesses closing down, but the will to achieve something to call his own drove him towards success
It’s always inspiring to see people who once fell but got back up again finally succeed, especially those who live by the saying, “fall 7 times, and get back up 8.”
Redzuan Effendy was working as a quality engineer for three years before he decided to pursue his passion in life – property investing. His journey up until this day, is still filled with surprises, but these roadblocks are not slowing him down. From losing money to making money, this is a story for the underdogs.
After quitting his job as a quality engineer, he spent a lot of money and time attending one seminar after another trying to learn from those who paved the way before him. At the same time, he was running his own business supplying laptops, but found himself at a loss.
At one point, he decided to open his own car repair workshop with a partner, but was unfortunately cheated of RM40,000 by the same partner he entrusted. A large chunk of that investment consisted of savings for his wedding, which understandably created additional stress for him. Although it was an expensive lesson, he was determined not to give up.
One day he picked up a Robert Kiyosaki book, and thus began his journey into what would be his passion. Two years ago, Redzuan came across Faizul Ridzuan’s book WTF 23 Properties Before 30’ and started attending his property seminars.
He wasn’t sure how to get started, and requested for a one on one session with Faizul. Now Redzuan works for his mentor. Although he is soft spoken, when he speaks, you can hear the dedication and the determination to succeed.
His path had been a difficult one, with all his businesses closing down, but the will to achieve something to call his own drove him towards success. “If you want to achieve something, you have to go get it, no matter how. To each his own.”
His family members were not so supportive of him investing in property as a result of past business failures. “At one point, things started to look up, and they (family and spouse) finally saw what I saw, that this was the one thing that would work for me, and they were supportive once they understood that.”
A couple of years back, Redzuan tried to apply for a loan to purchase a house in Johor Bahru. The loan was rejected due to some technical problems with his PTPTN loan, a loan he never received.
“I studied in Unisel for less than a semester and applied for a PTPTN loan, but I never got it when I moved institutions, so my CCRIS had the PTPTN loan stated as never paid for. That issue took six months to resolve before I could take any further action.”
“My first purchase however is not the Johor Bahru house. I recently bought a house, sub-sale in Cheras. It is a great feeling being able to finally own a property. Especially when you sign the S&P a week before your wife is due with your first child,” he beamed proudly.
Redzuan intends to rent out the house in Cheras he recently bought, and to convert the Johor Bahru unit into Airbnb when he buys it.
“I do a bit of Airbnb here and there in Kuala Lumpur, but these are not my own units. It’s a good business if you know how to please the demographic you are targeting, but it’s also quite competitive,” he pointed out.
He targets expatriates, people on business trips as well as those on holidays as his Airbnb units are all located in the city centre within a 10km radius from KLCC. He started the business three months ago, and now manages five units and does everything from A to Z.
“I do the cleaning, the finances, the accounts, handling the responses, the whole works,” he said.
When asked about the difference between Airbnb and renting out the units the traditional way, he explained that Airbnb units need to look pretty and suit the customers’ appetite. He said, “There is a large pool of suppliers who may offer the same service, so you have to be different and know how to attract your audience.”
When looking for properties, Redzuan relies on data and also gut feeling. “It’s about getting the right information, check for the increase in price from a few years back, and also look for a couple of boosters to enhance the value of your property,” he advised.
In order to get to know an area well, he goes to the area personally and spend time checking out the vicinity. He does this for all the prospective properties he intends to invest in.
“If you want it bad, you have to go all in, do whatever it takes and just go get it.”
“The problem with my peers, and people of my generation is their lack of awareness, and the lack of trust in the industry. Among my friends, no one has any confidence in the industry. When I talk about investing in property, I can feel that they are hesitant,” he stated.
Redzuan advises those who want to venture into property investing to just do it, and never give up. “Read up more on the market, do your research, everyone will tell you that but you must do it. If you have the money, go to well-known seminars that have proven results and a good track record, it really helps,” he pointed out.
The budding investor aims to buy two houses per year from now onwards and to do Airbnb for his own units. Although he had a rocky start, i.e. being cheated of his savings for his wedding, he has since progressed to become a manager of a few Airbnb’s in Kuala Lumpur and buying his very own property. For Redzuan, when there’s a will there’s certainly a way.