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Buying condos to rent can offer path to riches

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The article made me feel like I was reading the "You too can become a real-estate millionaire" promotions that were flooding the US... just before the bubble burst.

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Posted (edited)

There are a multitude of factors that are not accounted for in this article~if you have connections~no problem

Edited by Redline

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Posted (edited)
On 7/24/2019 at 11:17 AM, lahgon29 said:

Are you OK? 

why ? are you? and farang  laugh at Thais needing a calculator 😂

Edited by madmen

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3 hours ago, madmen said:

why ? are you? and farang  laugh at Thais needing a calculator 😂

Ok.  Let me break out the calculator for the first example.  I’m not even going to need to go into details as it’s so obvious.

 

Purchased in 2004 for @฿1,000,000

 

Rented at ฿10k  ฿6,500 homedebtors payment + extra ฿3,500 applied to mortgage.  That’s good.  It’s always good to pay off debt faster....but...where are the monthly commons fees (homeowners dues, whatever) accounted for?  Income tax on rent?  Agency fees? (unless the owner rented it out themselves)  

 

Were there any special assessments for maintenance or capital improvements during that time? 

 

15 years later, the condo...mortgage free...provides her with only ฿7,000 per month income.  To me, that sounds like rents have fallen over the last 15 years.

 

How much would the condo sell for now?

 

 

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On 7/23/2019 at 11:24 PM, Thechook said:

I thought it was ilegal for foreigners to rent out apartments.  

You thought wrong

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Selling condos to people stupid enough to believe that "buying condos to rent can offer the path to riches" is the path to riches.

 

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23 minutes ago, Airalee said:

Ok.  Let me break out the calculator for the first example.  I’m not even going to need to go into details as it’s so obvious.

 

Purchased in 2004 for @฿1,000,000

 

Rented at ฿10k  ฿6,500 homedebtors payment + extra ฿3,500 applied to mortgage.  That’s good.  It’s always good to pay off debt faster....but...where are the monthly commons fees (homeowners dues, whatever) accounted for?  Income tax on rent?  Agency fees? (unless the owner rented it out themselves)  

 

Were there any special assessments for maintenance or capital improvements during that time? 

 

15 years later, the condo...mortgage free...provides her with only ฿7,000 per month income.  To me, that sounds like rents have fallen over the last 15 years.

 

How much would the condo sell for now?

 

 

I have no mortgage and no tax. Sub 5 million lower Sukhumvit 80sqm  and rent it out on Airbnb 4 months a year at high season 45k per month or in the past rent it 35k per month full time and thats mighty mighty baht money I use when in OZ and travel through Europe

 

Now compare that to some dummy with safe money in the west !! that's rhetorical

 

next question?

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On 7/23/2019 at 4:22 PM, madmen said:

So many dummies claiming that keeping cash locked up in the west is the path to riches 

bahaha idiots losing exchange rate by the minute against the mighty baht

 

The only winners were those that sold up everything and "burned bridges" to catch onto the mighty mighty baht. The rest are losers there is no disputing that fact

Money invested in property in the west is not 'tied up'. It more fluid than money tied up in the Thai property market. Even as property ages it remain its value in the UK and goes up in value and the renting market is busy. The idiot who burnt their bridges  invested in Thailand and now cant rent out or sell are the unwise investors. 

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3 minutes ago, sunnyboy2018 said:

Money invested in property in the west is not 'tied up'. It more fluid than money tied up in the Thai property market. Even as property ages it remain its value in the UK and goes up in value and the renting market is busy. The idiot who burnt their bridges  invested in Thailand and now cant rent out or sell are the unwise investors. 

haha i can sell for what i paid and kill it on exchange rates. plus I have a great portfolio on the set with the baht screaming forward to new heights..the chinese and japs sweeping up everything in sight and Your income is equivalent to death by a thousand lashes and dropping fast with no end in sight..buy a calculator for god's sakes or use an online one!

 

Half the property sector in the whole world got smashed in the sub prime crisis and Thailand untouched so please keep your fantasy stories for those that are clueless

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On 7/23/2019 at 10:22 PM, madmen said:

So many dummies claiming that keeping cash locked up in the west is the path to riches  

bahaha idiots losing exchange rate by the minute against the mighty baht

A few years ago you might be right. Right now you'd have to be a mad man to invest in the baht or condo market. Worst time possible as we're probably at the peak of both for the upcoming years.

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6 minutes ago, madmen said:

and dropping fast with no end in sight

The end is already here. Declining tourism and exports, negative current account balance for the first time in 5 years. If you think this won't take a toll on the baht and condo market you're the one in fantasy land. I know you are happy with your investment and hope it'll continue to lay golden eggs, but all indicators point the other way around.

 

Less foreigners + crap exchange rates = less demand for condos + too much construction = market flooded with empty units. Now all that's left is the initial spark to ignite.

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To me there is no surer sign of business genius than that of the man who has the time to come to the thaivisa forum to brag about his wealth.

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On 7/23/2019 at 10:22 PM, madmen said:

So many dummies claiming that keeping cash locked up in the west is the path to riches 

bahaha idiots losing exchange rate by the minute against the mighty baht

 

The only winners were those that sold up everything and "burned bridges" to catch onto the mighty mighty baht. The rest are losers there is no disputing that fact

 

saupload_Gsh1He-Zle_R6cWjUCTk504inw3t0vDuSWJ0CIOKDMbtotZO4S9S4xZAY-GVy__1fCLFPyYiWPAywP8GblNXRkefiecmwX5hDCtLeD85Myd-PnzLt5EVj0v8C8-BhJf8yCKYKxBT.jpeg

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Seems like the Singha singlet wearing simpletons screaming ‘Sell’ are the majority here.  Usually smart money goes against the herd, and is often right.  Rich get richer and poor stay poor……

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