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snoop1130

Buying condos to rent can offer path to riches

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1 hour ago, madmen said:

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?

Happy I don´t live in that "Ghetto Condo" - and have to deal with stupid tourists invading my home every f.... day - AND NIGHT!

 

Been there, done that out in Rama 9 somewhere, now in the sticks, happy, happy and more happy.. no f... Airblablabndbullsh.t here..

 

 

 

 

Edited by wilailuk

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2 hours ago, madmen said:

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?

If you had kept your property back home , how much would you be renting it for and much would the property have appreciated in value ?

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    My partner and I bought 4 condos over the years to rent out here in Pattaya.  All 1 bedrooms bought new from the developer with 1 each at Lumpini Park Beach, Lumpini Seaview, Centric Sea, and The Base.  Our timing was good and were able to buy all 4 at bargain prices.

    We actually did find long-term tenants for them and rented each one once for a year.  Lumpini Seaview being the smallest only rented for 10,000 a month; Park Beach 20,000, Centric 22,000, and The Base 25,000.

     With each condo, we decided to sell after a year as landlords.  It seemed to make more sense to sell and make a profit all at once rather than wait to make the same amount of profit in rent. 

    For example, with the profit on the Lumpini Seaview condo--which actually did have a seaview, by the way, it would have taken over 3 1/2 years renting it out to make the same amount of profit.  Why not save ourselves the trouble and just take the money and run, which we did.  Plus, the condos were just a year old and still in good shape.  Same story for the other 3 with The Base condo earning us the most profit, on top of also the most rent for the year.  

     Right now we don't have any rental condos.  I'm not sure I want to buy another condo as a rental property and be a landlord again.  Two of the tenants were good and the other two were not good.  If we got back into it at some point we would have to buy very carefully. I may be too lazy for all the work and hassle involved with being a landlord and the relatively small monthly payoff.  Definitely will never do the illegal daily rentals.

     Does anybody have any experience with those advertised guaranteed rental returns that Nordic and others have been offering?  I've been getting emails for various investment plans where you get a guaranteed return for 3 or 5 years and wonder if there is any feedback from TV'ers on them.  

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6 hours ago, sanemax said:

If you had kept your property back home , how much would you be renting it for and much would the property have appreciated in value ?

    Good question.  Thailand has been good for my partner and me with regard to buying condos, flipping them, and making a profit.  We've done 17, all at a profit.  The last one, a small Bangkok condo, sold about a month ago to the first buyer to see it.  Some profits were large, some small, some in between.  It's been a lot of fun and we have enjoyed it.

     However, one big regret was selling a 1 bedroom condo I owned in northern Virginia, near DC.  I had been renting it while living here  and netting about $500 a month after paying the mortgage, taxes, condo fee, and management.  

    I had bought it as a foreclosure and got a pretty good price but the downturn in the real estate market meant I couldn't sell and make a profit until the prices inched back up--which they finally did.  When the market turned around enough, I sold and made about $10,000 profit.  This was about 5 years ago. I didn't like being a landlord halfway around the World and it seemed, at the time, that selling it made sense.  

     In hindsight, I should have kept the condo and not sold it.  The real estate market in that area has continued to rebound and rents have increased as well.  I could rent for more and definitely sell for more now.  Instead of making $10,000, if I sold today the profit would likely be $50,000.  Merde.  As I said in another post, I should have my head examined.

     Everybody's situation is different, with many things coming into play with decisions a person makes.  But, if you are lucky enough to own property in your native country, and can afford to keep it, I would think carefully before you entertain any ideas to sell it--even if you think, as I do, that you likely will not be returning.

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14 hours ago, sanemax said:

If you had kept your property back home , how much would you be renting it for and much would the property have appreciated in value ?

In Oz? would be taking a 30% bath as the bubble has burst and add in taxes on rent and the collapsing currency it would be the worst thing to hold onto 

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On 7/23/2019 at 12:44 PM, snoop1130 said:

 

Wipa, 48, bought her first condominium to rent out in the year 2004 at Ratchada road at a cost of Bt990,000 for 30 square metres of unit size. 

 

She opened for rent at the price of Bt10,000 per month for the first two years after the condominium completion, while continuing to pay Bt6,500 monthly instalments to the bank. That left her with Bt3,500 per month in extra income that she put against the mortgage. Now the condominium unit already belongs to her, and provides her with Bt7,000 per month in income.

 

She then expanded her investment to buy two new condominium units. The first at Phetchaburi-Thong Lor road was a one-bedroom unit of 32 square metres and cost Bt2.5 million. The room is renting for Bt15,000 monthly, higher than her Bt11,000 monthly mortgage payment to the bank.

 

The second unit is located at Soi Lasan on Sukhumvit Road and cost Bt1.3 million. It is already renting at Bt6,500 monthly, equal to her monthly Bt6,500 payment to the bank.

 

“I decided to invest in condominiums when I saw the business opportunity to generate recurring income for the long term in a period of rising residential prices, especially in those locations close to the mass transit system,” Wipa said

Hardly splitting the atom again is she .. In theory if it all comes together then yes .. But the slightest hiccup like non paying tenants or one's who don't return it in the same condition or no tenants at all can also put you on schizen strasse .. 

 

On 7/23/2019 at 12:44 PM, snoop1130 said:

The area is usually quiet on weekends when I jog with my dog in the mornings,” Vasin said.

She needs to rephrase that abit to avoid any possible misunderstanding .. 

 

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A personal attack has been removed

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