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BANGKOK 21 February 2019 22:30

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 Hi. Any landlords out there in TV forum? I have a condo in Bangkok which I rarely use as I am now living abroad. Its just sitting there vacant for most of the year, so I thought about renting it out.

 

My juristic admin manager, who manages several units for absent farangs, says he will handle everything (for a "reasonable" fee) -- finding the tenant, preparing the lease contract, and depositing the rental payments to my bank account every month.

 

Sounds fairly simple and straight forward. But what is the downside... what could possibly go wrong, besides the tenant defaulting on his rent or damaging my property?

 

For example, could there be issues for me with the Tax Office or Immigration Dept (TM30) or some other problems. Any advice and suggestions from TV forum landlords welcome and appreciated.

 

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9 hours ago, smutcakes said:

I would never let the Juristic Management or Building Management do it. They are paid by all Co-owners out of Common Fee to manage the common areas of the property, not waste time dealing with private individual unit business at the expense of the common area. It is unfair on other Co-owners.

Indeed. Building management should not be doing this at all and only a very badly-run building would allow it.

 

That said, there is no reason to assume that an external agency would necessarily be any more or less competent, or any more or less honest. And one could argue that the building management might be a safer bet as they are less likely to run away than some outside agencies.

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9 hours ago, Ganador said:

My juristic admin manager, who manages several units for absent farangs, says he will handle everything (for a "reasonable" fee) -- finding the tenant, preparing the lease contract, and depositing the rental payments to my bank account every month.

How much is "reasonable"?

 

As long as you insist on only long-term tenants, and as long as a suitable deposit is taken then you probably wont have too much trouble. Short-term tenancies are bound to go wrong sooner or later and will probably result in money going astray, as mentioned. They may also be contrary to your building regs.

 

You are supposed to declare the income at the tax office. You also have the responsibility of reporting any farang living in your condo to Immigration, though the agent would probably do that for you as part of his job.

 

Never trust anyone and always assume that you are being lied to.

 

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Think very carefully before you do this, especially when your not

even going to be in the country,so many things can go wrong and

do,bad tenants and suspect agents that promise the World,but

don't deliver,if you don't need the income from it don't bother,

who are you going to get to do any repairs if say the water leaks,

problems with electricity , etc,etc, 

regards worgeordie

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They can also rip you off with sudden repairs. 

 

Hey Mr. Overseas Moneybags, your AC went out and it was 5,000 for a new compressor. Meanwhile there was never anything wrong with your AC.

 

Why don't you just sell it if you aren't using it anymore?

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Where in Bangkok is condo and can you walk to the BTS? 

I rented my one bed out for 8 years for 6-9 months when I was away. It was near Chong  Nonsi BTS between Sathorn and Silom. I used Craigslist and it was easy. Had foreign tenants always who paid a great rent 21k to 25k for 54 sq meters. Had a Thai friend who picked up rent ( but a direct deposit is probably ok) and he called management if their was a maintenance issue. I was ALWAYS the person who picked my tenants before I left and I know this is probably why I never had a bad one. I also returned every security deposit because my condo was never left in worse than normal wear and tear condition. My feeling about shorter term AIR BNB is just let’s say “ not good” too maybe people who don’t care.  I know my experience was perfect and many posters who actually offer advise on here have probably never even owned a rental before and just like to complain so take these messages lightly. 

As a side note I sold my condo in less than 30 days when the building was 20+ years old for a very nice profit ( plus all the rent $$$) to a single FEMALE Thai professional who about 90% of posters on here say would NEVER buy an older condo lol.  

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18 minutes ago, alex8912 said:

Where in Bangkok is condo and can you walk to the BTS? 

I rented my one bed out for 8 years for 6-9 months when I was away. It was near Chong  Nonsi BTS between Sathorn and Silom. I used Craigslist and it was easy. Had foreign tenants always who paid a great rent 21k to 25k for 54 sq meters. Had a Thai friend who picked up rent ( but a direct deposit is probably ok) and he called management if their was a maintenance issue. I was ALWAYS the person who picked my tenants before I left and I know this is probably why I never had a bad one. I also returned every security deposit because my condo was never left in worse than normal wear and tear condition. My feeling about shorter term AIR BNB is just let’s say “ not good” too maybe people who don’t care.  I know my experience was perfect and many posters who actually offer advise on here have probably never even owned a rental before and just like to complain so take these messages lightly. 

As a side note I sold my condo in less than 30 days when the building was 20+ years old for a very nice profit ( plus all the rent $$$) to a single FEMALE Thai professional who about 90% of posters on here say would NEVER buy an older condo lol.  

You make a good point about you meeting the tenants directly. I do find even executives in the company i work seem to be incapable of really analyzing farangs when they 1st meet them. The amount of times they employ farangs who any other farang could see as totally unsuitable within an instant is alarming. If executives find this difficult i imagine that other Thai's also find it difficult to pick up telling signs on whether a tenant is likely to be a pain in the ass or good.

 

 

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23 minutes ago, alex8912 said:

Where in Bangkok is condo and can you walk to the BTS? 

I rented my one bed out for 8 years for 6-9 months when I was away. It was near Chong  Nonsi BTS between Sathorn and Silom. I used Craigslist and it was easy. Had foreign tenants always who paid a great rent 21k to 25k for 54 sq meters. Had a Thai friend who picked up rent ( but a direct deposit is probably ok) and he called management if their was a maintenance issue. I was ALWAYS the person who picked my tenants before I left and I know this is probably why I never had a bad one. I also returned every security deposit because my condo was never left in worse than normal wear and tear condition. My feeling about shorter term AIR BNB is just let’s say “ not good” too maybe people who don’t care.  I know my experience was perfect and many posters who actually offer advise on here have probably never even owned a rental before and just like to complain so take these messages lightly. 

As a side note I sold my condo in less than 30 days when the building was 20+ years old for a very nice profit ( plus all the rent $$$) to a single FEMALE Thai professional who about 90% of posters on here say would NEVER buy an older condo lol.  

I bold another pertinent point. I am 99% sure those who are the most vociferous in their comments regarding leasing out have never owned or tried to lease out a property here.

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How much is "reasonable"?

 

As long as you insist on only long-term tenants, and as long as a suitable deposit is taken then you probably wont have too much trouble. Short-term tenancies are bound to go wrong sooner or later and will probably result in money going astray, as mentioned. They may also be contrary to your building regs.

 

You are supposed to declare the income at the tax office. You also have the responsibility of reporting any farang living in your condo to Immigration, though the agent would probably do that for you as part of his job.

 

Never trust anyone and always assume that you are being lied to.

 

Actually in BKK you don't need to report to immigration. I had been reporting for years before finding out its not necessary.

 

No reporting last 2 years and no fines. I believe I got the info from Ubon Joe but it was a while ago so not totally sure

 

https://forum.thaivisa.com/topic/973943-tm30-at-bangkok-immigration/

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