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simon43

14 Rai Of Rice Land For 150,000 Baht

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My wife comes from a Moobahn near to Sakhon Nakon in Issan and we get on very well with her family.

Today her mother called her and said that an old couple in the village had borrowed money some years ago (for an unstated purpose). They were now being hassled to make the full loan repayment. They did not have sufficient funds to do this, and wanted to sell 14 rai of rice land for the sum of 150,000 baht, so that they could repay the loan. But no-one in the village has that sort of money to buy the land.

So they have asked if I am interested in buying the land! The 150,000 baht is not a problem for me to pay, but I have no plans to go and grow rice in Issan :o

What could I do, as an absentee owner, with 14 rai of rice land? I presume just grow rice.... Unless I could find someone in the Moobahn to look after the land, grow rice on it and pay me some small rent, it seems like money down the drain, (or a white elephant).

Furthermore, when I say 'I' own the land I mean my wife owns the land :D

She has gone off to sulk because I won't help out this old couple. 'I'm not asking you to give the money to them, you will get 14 rai of land' she says...

The price seems very low, but I suspect it could cause me more problems in the future. What about buying the land and then donating it to the local wat, for the benefit of the poor or something?? (I'm sure this has a lot to do with 'face' and my wife would like to own this land, but I prefer to think of more practical and samaritorial (I know there is no such word!!) uses for this land.

Anyway, your advice, comments, flames are most welcome!

Simon

PS - No mention of any sick buffalo . . . . . .

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My wife comes from a Moobahn near to Sakhon Nakon in Issan and we get on very well with her family.

Today her mother called her and said that an old couple in the village had borrowed money some years ago (for an unstated purpose).  They were now being hassled to make the full loan repayment.  They did not have sufficient funds to do this, and wanted to sell 14 rai of rice land for the sum of 150,000 baht, so that they could repay the loan. But no-one in the village has that sort of money to buy the land.

So they have asked if I am interested in buying the land!  The 150,000 baht is not a problem for me to pay, but I have no plans to go and grow rice in Issan :D

What could I do, as an absentee owner, with 14 rai of rice land?  I presume just grow rice....  Unless I could find someone in the Moobahn to look after the land, grow rice on it and pay me some small rent, it seems like money down the drain, (or a white elephant).

Furthermore, when I say 'I' own the land I mean my wife owns the land :D

She has gone off to sulk because I won't help out this old couple. 'I'm not asking you to give the money to them, you will get 14 rai of land' she says...

The price seems very low, but I suspect it could cause me more problems in the future.  What about buying the land and then donating it to the local wat, for the benefit of the poor or something??  (I'm sure this has a lot to do with 'face' and my wife would like to own this land, but I prefer to think of more practical and samaritorial (I know there is no such word!!) uses for this land.

Anyway, your advice, comments, flames are most welcome!

Simon

PS - No mention of any sick buffalo . . . . . .

I sympathise with your dilemma. Must have happened to me half a dozen times. So far have not given in. Not because of the money, and yes the purchase price seems OK, but because of the problems I thought it may cause. Did it once on bargain land I leased for a year. After paying everybody to work on the land lost 10,000 baht. OK it was worth that to shut the missus and family up, but other than that just a job creation scheme for locals :o

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If you buy the land for 150k and then give it away do not expect any

respect from anyone in the future.

You will be classed as an idiot.

If you must buy the land (which I am not recommending) then let someone else grow the rice and take half the rice as rent.

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Do it once and then watch the floodgates open.

If you don't want the land, then why even consider it?

The price of land, the same as other commodities, is dictated to a certain extent, by supply and demand. Also by what someone is willing to pay for it. As there is no-one willing to pay 150,000 Baht for this land, then it is too expensive.

You are not responsible for bailing out other people's irresponsible borrowing.

Why won't the people who are owed the money accept the land as settlement?

I'm sorry to say it, but I think your wife is sulking because she wants to be a landowner and not because you won't help the old couple.

I would advise you to put your foot down now, before you set a precedent.

Don't feel guilty about it, it is not your problem. You did not force the couple to borrow money that they cannot repay. This attitude, in Thailand, of borrowing money, giving no consideration to how to repay is, in my opinion, a major factor in holding back growth in Thailand.

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The price is right, your wife will own the land and you can have 1/2 the rice product as rent. If the money is no object to you I do not see any problems at all with the deal.

Do not donate it you will not nro your wife earn any respect at all.

I would go for it

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You could rent it out. Around here its about 1000 bhat/rai/year, but dont know about there. Its fairly common in rice growing areas to take a cut of the crop rather than money.

Plant some trees for a long term investment. Plant it with teak for a retierment fund

Use it as colateral ( if it has a chanot) with the bank for any buisiness ventures. You still get to use the land

Just put it up for sale at 300,000 and wait :o

Dont try and grow rice or anything labour intensive your self and pay someone, its better just to rent the land out or take a crop share.

The buying price sound cheap enough, has it a chanot, its there water supply, can you sink a bore hole? I would of thought not for the last two at that price.

Its quite comman to be able to pick up land cheaply where people have taken loans out and the bank is finnaly foreclosing.

Edit.... the above is only about what you can do with it. The question of whether you want to buy it I'll leave to yourself and others :D

Edited by RamdomChances

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RandomChances, tell me more about the teak bit! I nothing nothing about teak :o Is this a serious statement from you? :D

cheers - Simon

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"Is this a serious statement from you?"

Yes mate it is.

If you register the planting of the teak with the forestry commision ( dont know what its called in thai) you can legaly cut it and sell it at a later date. You need at least 10 years though better for twenty. Even at 10 you can sell it to the furniture industry for making teak vaneere(SP). I've got some links somewhere I'll dig them out.

Been thinking about planting them around my boundry as it would still leave all the land free for crops. I've heard that you may be able to get the seedling free. There are a few places here doing it, but you'd have to find out what can grow up there.

RC

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The price is right, your wife will own the land and you can have 1/2 the rice product as rent. If the money is no object to you I do not see any problems at all with the deal.

Do not donate it you will not nro your wife earn any respect at all.

I would go for it

Yes agree 100%, with all of what you say, thats how it works around the place. Someone "rents" the land for a crop and you get half the rice.

Also the land does seem a good price @ about 10,000 a rai.

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150k for 14 rai is very cheap, even by isaan standards, I guess the people rather want to get a little bit more than they borrowed, before the lender takes it for free.

if you don't want to do anything with it, same suggestion as from others, rent it out, take rice - depending on the deal you will get between 21 and 30 pack (your share) in a normal year, that should repay the buying amount within less than 15 years, and then you can still sell it for much more.

it should have chanot, land with other papers is not allowed to be sold, but thai's are doing it for the last 50 years, and it shouldn't be a problem either.

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You could rent it out.  Around here its about 1000 bhat/rai/year, but dont know about there. Its fairly common in rice growing areas to take a cut of the crop rather than money.

Plant some trees for a long term investment. Plant it with teak for a retierment fund

Use it as colateral ( if it has a chanot) with the bank for any buisiness ventures. You still get to use the land

Just put it up for sale at 300,000 and wait :o

Dont try and grow rice or anything labour intensive your self and pay someone, its better just to rent the land out or take a crop share.

The buying price sound cheap enough, has it a chanot, its there water supply, can you sink a bore hole? I would of thought not for the last two at that price.

Its quite comman to be able to pick up land cheaply where people have taken loans out and the bank is finnaly foreclosing.

Edit.... the above is only about what you can do with it. The question of whether you want to buy it I'll leave to yourself and others :D

Isn't life funny I have been looking for that deal for two years now. The only way you are going to get a good deal on land in Issan these days is if there is an emergency, that requires cash.

Random Chances is absolutely right, farm land within 20 KMS of Udon sales for 300 K a ria. That is because more and more farrangs are retiring here. The same will happen in that area.

As more farrangs come into Issan to retire these lands just get more and more expensive.

You want to be a hero let the family farm the land or arrange renting it for farming until you are ready to do something wiht it. Be it sale or move on whatever.

You don't want it give me PM and I will go look at it, clear title amd I will invest in it. That is the perfect area for cattle raising if conditions are right.

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"wanted to sell 14 rai of rice land for the sum of 150,000 baht,"

Too cheap. In the province of Mahasarakham 14 rai would cost at least 400 000 Baht.

There must be something hidden in this story.

Be careful and try to find out.

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land title is the main issue to check out

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