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Digger
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Posts posted by Digger
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Umm
I guess I have done a bad thing according to the above post.
Here it goes.... I just recently had a 7 Town house complex built much like you described. It is a 2 story complex. 2bdr,1 bath, Living room area, an attached wash area for clothes no kitichen, no AC, no Hot water.
It cost around 80K, land, dirt work, taxes, build etc. I had it built along Clong 6. It ran about 16$USD to have built, and again that includes everything.
Provided you have used your own capital and not borrowed money I would not be worrying at this moment. Just concentrate on getting the units let quickly and get cash coming in.
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I often wonder where i can find good Thai business partners.
For example there must be some Thais out there with loads of experience say in a CAFE operation but not much capital who are looking at starting a business.
Where can i find someone like this? Who has the motivation,experience but not the capital?
You have about as much chance of finding one as a motorcycle taxi driver with an MBA
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Having just paid a visit to the local OrBorJor with my prospective builder to submit the drawing and the bung, was a bit taken aback when subsequently received call from said builder asking for another 10 thousand baht for 'book from architect'. The architect relocated GodKnowsWhere and have had a devil of a time getting the thing into a 'working drawing', the circumstances of which the builder is fully aware. Can anyone enlighten me as to whether, in their experience, this is requisite? I would have thought it unnecessary, given all the God Awful 'self designed and 'just pulled off a computer' houses littering this area. Don't want to write builder off as a lying bastard before giving him a fair trial.
You need a full set of blueprints extending from memory to about 8 pages of A3 size technical drawings of the property. Without that you will not get approval, unless you submit some other blueprints of another house. Cant really tell from your message what it is your missing but thats what you need. A a4 sketch is not going to cut it.
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Lesson number 1 - guys go to beer bars because of the girls, cheap beer and to look at girls at other beer bars. I have never come across someone who goes to beer bars because the 'owner' is a great guy.
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There is a good opportunity for anyone wishing to purchase land in Pattaya. It is the second stage of an existing development along Soi Country Club. All electricity, water, telephone, cable etc has already been installed and is ready for connection. The total land measures 7 rai and is reasonably priced. The land can be split into smaller development lots if necessary as all paperwork has been processed. Land transfer fees are included in the sale price.
Anyone interested please PM me for contact details.
Do you mean its on Soi Siam Country Club? If so, I have a couple of questions.
1. You say its sub divided already in the header and then say it can be split again. When was it originally sub divided into its current state and how many chanots are there?
2. Are the utilities already connected, I mean properly connected - i.e
a) electric transformer on site and carrying in electric from the mains supply on the street?
Actually connected to the city water supply or its own wellc) Have phone lines coming into this part of the project or just done some wiring from land plots to a central point? Telephone lines are near impossible to get along Siam Country Club, thats why I ask.
d) Cabling? What does that mean - cable TV, underground electric cabling? Pls clarify.
3. Do you own this land (via a company or as a Thai national) or are you acting on behalf of someone else?
4. Does the 7 rai actually front Soi Siam Country Club or is it down a sub soi?
5. Finally what is the price?
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Khun Jean - in Thai companies and others for that fact, all the power is vested in the director(s). They can sign away the company in an instant. If I wanted to, I could sell any of the assetts of my company for a $1 including land. The other shareholders are not empowered to do anything in the company. You really need to look hard at how a company is legally structured.
You are right and wrong. It is all about how much power is given to the director.
If setup right a director can sell his own shares, not somebody elses!
I quess you are familiar with a foreigner owned company that is typically 49% owned in shares but has 99.9% voting rights. In my scenario this is impossible. Never it will be possible for a person to sell something else than his own shares.
Khun Jean - In direct response to this point, you have to seperate directors from shareholders. In law they are different. A director could sell the land and still have an intact company with all your little shareholders still owning their piece of the company - the scenario I described is of a bad director doing the worst kind of thing - now the odds of this happening are quite small but it is possible. In this scenario he would not need to touch the other shareholders shares. A share is a part ownership of a company, not the assets that that company owns. Therefore the 'company' may sell an asset at a directors instruction without any reference to the shareholders. This is the area that needs to be very tightly controlled and which is why I suggested you get some very good advice in order to make things as tight as you can but to still allow the company to operate so that it does not get caught up in its own articles of association and mean it cannot function.
However the point you need to consider is are you trying to make it so complicated that it becomes un-saleable. You have probably already got your Thai family members totally confused and the danger is that this could turn full circle and bite you - all I am saying is keep it simple, easily understood and rationale. I really believe you are making this too complicated for your own good. Its your choice of course, but if your scheme does not work, you might have some very upset family members to contend with who just wanted to sell a piece of land and walk away with some cash in their pocket. Generally these are not educated folk and with respect you must remember that.
There you go, I have rung the warning bell for you as someone who has bought and sold many pieces of land, split land and been directors and shareholders in many Thai property owning companies. I find it too difficult and unmanageable as you describe it, but you may get there. Good luck with your endeavours and I hope it works out well for you.
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Isn't this the same guy who trashed a bar a few weeks ago?
He was probably out shopping for some new clothes for his court appearance
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Look, there really isn't anything weird about what Khun Jean is talking about. It's more or less the same structure as the co-op form which is used for virtually every building in New York as well as a goodly number of buildings in San Francisco, Paris, London et al. There's probably a hundred years of solid legal history behind such a structure and hundreds of billions of dollars of property held in that form whether you guys understand it or not.
And what relevance has that got to Thailand? Different legal system, different laws on landowning and this is not repeat not a condo, mansion building etc. In the UK, properties like this are held under leases, secured in law and precedence. Show me any kind of precedence for this being done before in Thailand. It aint going to fly and the costs for this kind of huge commercial structure will be like an out of control co-operative.
Take this scenario. In the rules of the company, everybody has to approve something that binds the company. Say owner number two wants to put up a UBC satelitte dish in direct view of owner number 3. So owner number 3 objects and can effectively block any contract being entered into with UBC. As due to the rules of the company, everybody must agree and sign. One more additional problem could be that owner number 4 is actually only using his house in the European winter. So, nothing can be approved by the company until he comes back and signs all the papers. Your UBC contract, telephone contract, electric contract are all in the company name - an absolute nightmare waiting to happen. Who pays these suppliers? How does this company generate an income? It is a legal company with all the obligations that go with it. How are they going to handle withholding tax payments? Keep all the cash in a jam jar? Company bank accounts can only be set up by a Thai or a farang with a work permit. How are you going to get 10 signatures on a company cheque? Shareholders cannot sign for the company, only directors can. To protect everybody, each must be a director not just a shareholder. Absolute lunacy.
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Also the condo comparison is flawed. Condo's are sold Freehold with the land vested into a Juristic Person. They are registered at the land office as such but these are Houses. Whole different set of rules. The juristic person is normally a major comapny such as a big developer or a real estate management firm like CB Richard Ellis.
A question dreived from this answer:
What will happen to the land in case the Condominium Building gets teared down? Who owns the land (and has a right to sell it or build a new Condo or houses ...) then?
The group of Condo owners? Or this Company? In the latter case they might have an interest to tear it down, construct a new, more profitable condo, and sell it again, even after a few Years? What does stop them from legally doing so?
Sunny
Condo law is very different from the law that governs a house sitting on a piece of land. The juristic person cannot just tear down the condo, as they do not own it - every condo if a freehold purchase owned by its individual owners.
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How could someone sell the whole lot without the approval of the shareholders? I don't see that problem. Even if it is sold the new owner is under the same contracts as the original owner. The owner(s) by the way are the shareholders! The director will be responsible for everybody. He will be chosen by the shareholders. But the big decision making power is not with one individual, it will be shared amongst the shareholders. Obvious or not?
What do you mean a shareholder has no legal power? I think just the opposite. The shareholder will have a lot of legal power/protection.
I know this is not a easy thing to set up. But properly done it will protect everybody, more so than starting your own company and that whole route.
There will be no problem with electricity water etc, because everyone would have their own meter. Every shareholder will have the right to use the land, that is the written deal. It is not a lease, so no 30 year limit!! Nobody can change that! Or am i completely missing something here?
Can you not compare it with a appartment building. Everybody that owns an appartment actually owns the space between the four walls,floor and ceiling. It is agreed upon that people can use the facilities. Same would apply here. Everybody can use the road, security etc..
With business i allways expect the worst, that was the start of this whole idea. To protect the shareholders (buyers) from difficult land ownership constructions. I am one of the potential buyers, so i will be very carefull about it all
What do you think about it now? I am interested in your thoughts. Not only a don't do it. But how to make it better and legally solid for everybody. I know/feel it can be done right , i want to have things clear for myself first before i go to a laywer and work out the details.
Khun Jean - in Thai companies and others for that fact, all the power is vested in the director(s). They can sign away the company in an instant. If I wanted to, I could sell any of the assetts of my company for a $1 including land. The other shareholders are not empowered to do anything in the company. You really need to look hard at how a company is legally structured.
Also the condo comparison is flawed. Condo's are sold Freehold with the land vested into a Juristic Person. They are registered at the land office as such but these are Houses. Whole different set of rules. The juristic person is normally a major comapny such as a big developer or a real estate management firm like CB Richard Ellis.
I truly believe your on a non starter - split up the land into different chanots is my recomendation otherwise I suspect you will not be able to sell anything. Now if you go down this route and place the land in a company and it does not work, you will have to split it up again, at which time you have another set of land office taxes and declare the income through your company. From that you then need to pay corporation tax of 20-30% on something that has not actually been sold. Furthermore, if you register the company for VAT, which is likely based on its size, then you have to pay 7% vat as well. VAT is a serious business and they are very thorough in examing any companies where they smell some kind of tax evasion. Now are you going to provide a work permit for the project director - thats the person the Tax authorities will be wanting to talk to. Company taking an income from others is working - if a foreigner he or she needs to be paid a salary out of the communal charges and then you need to look at other requirements such as 4 Thai employees.
I suggest you really need to go and see a VERY specialist property lawyer, most likely in BKK, describe your plan in detail and ask him for an opinion. If they do not agree with me that its a non starter I will be very very surprised. Thats not to say you could not set something up, but for example, I could set up a sandwich business, selling 1000baht sandwiches - but it does not mean anyone is going to buy those 1,000 baht sandwiches. I have bought, sold and own lots of property in Thailand and I for one would not go near this. You might be lucky and get somebody to do so but your storing up a heap of problems for the future in my opinion.
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I dont think this will work out well at all. Im sorry you put so much trust into these people. I have heard thousands of stories of farangs getting ripped of in land deals, over the years.
I dont care about this being politically correct or not, but when any foreigner buys land in Thailand, use a Foreign Broker or Lawyer to do all of the due dilligance.
In my experience 99% of foreigners who have been in the business for at least 5 years (or reputable) will tell you everything you need to know, instead of, anything you ask about, if your using a Thai.
Yes, this is Thailand and people can say what they like, but a foreigner, will save you more money and headaches, if you use the right ones.
I hope it works out for you.
With respect Tornado, I have come across more crooked farang 'developer wanabees' and 'land agents' than Thai one's. Selling chanots without the land even being split is one of the prime examples, Upping the owner pirce is another very widespread practice invariably done by a farang. The smooth Farang and his Thai 'lawyer' mate are some of the worst examples I have seen. Granted a lot of this has happended in Chonburi but Phuket is just as bad - at least in Chonburi the chanots when they are granted are correct and legal. Dealing with the absolute owner of the land is critical and never believe anything any intermediary be it Thai or farang says - speak it through with the owner, include it in the sale contract and be honourable. Most Thai landowners are VERY nervous of Thai and farang land agents as none of them have a good name. Build the credibility with the owner and time after time of doing it I have never come unstuck. Also very important to have a lawyer on your side that is highly regarded and LOCAL to the area.
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Digger, thanks for your thoughts.
I think i was not clear explaining the purpose of this company.
The company will be the owner of the land and the plan is to NOT split the land in different chanots but keep it in 1 piece. Buyers are free to decide how much they wan to buy although there is a minimum of 800 m2. Land will NOT be transfered so no 7% tax involved.
A buyer then buys shares and has the right to use a part of the land. For instance each share is 1 sqm.
The buyer has the big advantage that he don't have to start his own company to control the land with all the costs, administration and risks that goes with it.
Every buyer will develop his own piece. The company all the shared infrastructure like roads, electricity, water which are underground by the way. There will be rules like no high concrete walls around the house, no shops except at a designated piece at the front, etc..
This will give the buyer assurance the place will not change into a typical bangkok soi. And the buyer will be a shareholder too, so any decisions will be voted upon.
Calculated maintenance fee for infrastructure, cleaning and security 1000 baht a month.
In this scenario i don't think the company needs a development licence. I still have to find out many things.
Nobody in their right mind would buy it. Your effectivley a minority shareholder with no legal power. Unless your planning on making everyone a director in which case one director could sell the whole lot out from under the others. VERY VERY dangerous. What happens if one 'shareholder' does not pay their portion of the electric bill? You could never get it out of them. Also nobody can ever sell their house as nobody else is ever going to buy this idea. Its a really really bad idea and I would never touch with a barge pole, nor I suspect would any lawyer worth their salt. The best thing you could do in this scenario is lease the piece of land but even that is fraught with problems.
You cannot assume the best in people, always assume the worst case scenario and you will not lose.
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Someone in my wifes family owns 10 rai of land in Samui.
He is interested in selling it.
My input was that it is more likely to sell smaller plots of land than the whole 10 rai in one time. And he will get a better price for it.
After a long discussing we concluded it would be a possibility for him to start a company that will own and manage the land. Building through this company could give better prices for building material etc. Later the shareholders will be responsible for maintenance of the land.
As land (shares) are sold his influence gets smaller and smaller and finally disappears unless he keeps some land for himself. A "manager" should be elected by the shareholders.
At that moment 7% tax of the land price has to be paid. But as he will be selling it to "himself" would that still be necessary and if yes can you actually put a low price (not too low!) on the land when you do the transfer.
When there is a buyer, the buyer buys shares from this company and will be a co-owner.
Can you have 10x1600 shares (1 for every sqm) in a company setup?
An effort has to be done to keep the 49/51 foreigner/thai ratio. Is there a good solution for that? Like shares with more voting "weight". You also want to prevent from someone buying 5 rai and have the absolute vote.
From my limited knowledge this transfer of shares is tax free and an easy way for a foreigner to actually own the land. Also the land will not be transfered to a new owner so no tax has to be paid for that too. Is this correct?
When in the future somebody decides to sell, the shares can be sold with again no transfer fees, correct?
Are there any problems with this scenario?
Feedback will be appreciated.
Jean
I think you are going about this the wrong way and likely end up going broke before one piece of land has been sold. Using companies for development is the MOST EXPENSIVE way of doing anything. Your better off having an architecht take the chanot and draw up a plan of how its to sub divided. Then ask the land office to split this chanot into smaller chanots based on the architecht plans. This could take 2-3 months to do. Then you have multiple chanot still in the original owners name and dont forget to make one chanot for the roadway.
If your serious about this, build the roadway and the surrounding walls and using tape mark out the plots using the land office chanot posts. If you have more than 9 plots, you need a developers licence - only obtainable by a Thai person or a substantial Thai company however outside of BKK this requirement is often ignored.
Now at this stage you have something to sell. Determine your selling price per TW and price up each chanot accordingly - every chanot will already show the number of TW for that piece of land so its pretty simple.
Then, based upon whoever comes along, they may wish to transfer the land into a Thai name or a Company name. Typically as the seller of that kind of land, you need to pay the land transfer tax. Transfer it before anything is built and the transfer tax is just on the size of the land not the house and land. You should also consider covenants on the land determining how far back from the perimeter wall they can build and the maximum height that they can built to., but thats up to you. Also determine upfront what are the communal charges for the village and make out a contract where they agree to pay for these charges, otherwise their access to the house is closed off.
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Last year I bought land of about two thirds of an acre in Hang Dong just outside Chiang Mai. When I say "I bought" in fact I mean that the purchase was arranged by my English sister, S***** and her husband, my brother-in-law, J***. The latter, being a Thai citizen, became the legal owner.
I came out to Thailand after Christmas and started clearing the land in preparation for planning and development. It started to look so good that my sister started to invent all sorts of obstacles for me.
The very fact that J*** legally owned the land was like a gun held to my head. But J*** and S**** fell back primarily on the excuse that the presence of a farang working on the land was causing villagers to make complaints. This they felt was a problem for them because they could be blackmailed. Can you believe that? They told me that at the time of purchase they had both had to sign a legal document denying that any of the purchase moneys had been imported from overseas. Well, of course, I had wired them the whole 1.7 million Baht and in fact I have the wire confirmation with me now to prove it. Anyway I suspect this was all bullshit because they have told me other lies as well.
Has anyone bought land through a Thai owner and heard of any sort of block on using overseas funds?
My inclination is to turn the whole matter over to the police, apart from anything else the whole business is probably a fraud, but before I do this has anyone any hard information on foreign funds not being allowed for land purchase? If there is truth in J*** and S****'s pretext could my report, unintentionally, land them in jail?
They have broken no laws - you stand to lose whatever you have invested - well infact in Thai law, its does not matter where the money has come from, basically you have nothing and nobody is going to be able to change that.
As for you working yourself on the land, that is a punishable offense and if convicted of working without a work permit (as of course its not your land) - you can be deported and denied future entry into Thailand.
The only way out of this as I see it is to get the brother in law to agree to transfer the land into a company. But he is under no requirement to do so as basically you have just given the 2 odd rai of land and odds are sounds like he is unlikely to give it back. Now of course, you could offer to BUY it from him but that may be throwing good money after bad. The last thing you should do is do anything else on that land, such as build a house.
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Digger..Cannot disagree with your assessment on the hotels other than what you said about the Hard Rock Hotel. Yes its always full of kids as you say, because thats where the occupation of rooms is directed at. Also the rooms on the top two floors are very big. With both floors having there own private waitress, & cocktail lounge, complete with internet.
The Imari, Dusit,and Marriott, all great hotel. The Royal Cliff lets itself down with it lobby, reminds me of a Russian train station.
I have never stayed on the top two floors (Club type rooms) but I would hazzard a guess they are outside of this guy's budget. Even std rooms are approaching US$100 once you add in taxes and service charges.
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Never been to Pattaya before and I would appreciate some recommendations - not wanting to spend more than USD100 per night at most.
I recommend you spend less money. Only a fool would spend $100 / night in Pattaya. $30 tops. Sandy spring on Soi 13 is first rate for about $30
If you want to budget $100 dont waste your time in Thailand. Thailand is for cheap living and there is no place worth $100 / night in Thailand.
Your right with the comments you made here Khun Larry and the Sandy Spring is a top choice. Any one who spends more than $40 US on a hotel in Pattaya is wasting money. So prestige give the top end hotels a miss and don't take any notice of the people who recommend them.
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Bigmike.
Hi everybody,
Thanks for all the info but everyone seems to be worried about the money side of things but this is a company sponsored vacation and is not costing me a cent so the best is what I'm looking for - company credit cards - what a marvelous thing.
If you want the hotel to be in walking distance of the main nightlife and beach - the Marriott is the best choice. It has lots of tropical palms around the large pool, pina colada's from the little service girls by the pool, big and well equiped gym, many restaurants including probably the best breakfast setup anywhere in Pattaya (note, not the cheapest breakfast, but the most extensive with chefs cooking stuff to order, multiple choices of breads, croissants, fruits, juices etc).
It is a true 5* resort that also happens to be located bang in the centre of Pattaya.
Are there better hotels, yes for example the Royal Cliff or the Dusit but both are more expensive, not as well located for the nightlife and less guest friendly. The Amari is also a nice hotel, but its very guest unfriendly unless you have just one girl with you for the whole time and she is with you when you check in. Also Amari rooms are not as good as the Marriotts and they are just about to start to build a huge extension and demolish half the restaurants that stand in the way.
The other one to consider would be the Hard Rock Hotel but in my experience its always full of kids, Koreans and the rooms are small and basically furnished. In its favour is the pool but I reckon little else.
I have stayed in almost every decent hotel in Pattaya and the Marriott wins hands down for me as a resort that represents very good value for money for the price it charges. The same style of hotel in Hawaii would be US$300 per night. Biggest plus is your 2/3/minutes from all the main nightlife areas on foot along the beach road.
Oh and by the way they take any credit/charge card without supplements unlike the other cheaper hotels in town. Thats no discredit to the other suggestions and for the money they are VERY good value, but it aint comparing like for like.
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You would probably be better off spending 2 days in BKK sourcing this kind of gear and then having it shipped up to your house. the mattress could be tailormade by someone like Slumberland or Sealy local brand owners in Thailand - both of which could be organised through the Emporium dept store. It wont be cheap as its custom made, and by that, it will probably take them a month to make them. They could also make divan bases to the same size as opposed to having to buy seperate bed frames. If you prefer bed frames, they will also be able to have these made to order to fit the mattresses.
Whilst your in Emporium, walk over to their electrical section for the TV/DVD etc you want - they have pretty much the most extensive range of mid-high range gear from major manufacturers e.g Sony, Panasonic, Sharp etc.
Lazyboy recliners and sofa sets are also sold extensively in Thailand so most likely stocked in Emporium including the sofa sets that have the pop up footrests. Again Emporium also has lots of occassional furniture tables.
End result is that you may be able to get it all in one store. If the total is big enough, they will deliver it for either free or a relatively small charge. Another option is the Central department store further down Sukhumvit in Chidlom.
Neither of these are the cheapest options, however it will save you doing a lot of running around and the quality of the these stores is generally very good.
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View Talay would be in your price range...I am not sure about adsl, and some rooms have cable others not....It is on Tappraya road a 5 baht songthaew ride to Pattaya....A stones' throw from the Blues Factory ...
Yeah, with a rocket propelled catapult
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Probably best combination of services, quality,location, price and guest tolerance is the Marriott. You can walk to almost everywhere, has nice rooms, located next to the beach and a shopping mall. There are better hotels but they are not so guest friendly or convenient or reasonably priced. I would imagine you can get a rate of about 3,000 baht a night or about 70 US$. There are lots of chepaer hotels, sometimes much cheaper but if your budget is US$100, thats the one i'd go for.
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Try this ..Pattaya Realty Co Ltd. tel 038 412 301-2
email [email protected]
www.propertypattaya.com
they haven´t answer my e-mail sofar....sent an request to them 3 days ago (should go faster now when we have the net)
I'd hazzard a guess to say they are not interested in short term stays in 15,000 baht month apartments. Its actually not what they do - they sell condo/houses and rent for more than 1 year.
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There is a barbers right near Nana station inbetween 8 and 10 (I think) If you walk down the exit from Skytrain on the same side of the road but the opposite exit to Landmark Hotel (if that makes sense), it's just there.
Haircut is 200 baht and it's a proper Western haircut. All the girls speak good english, all are stunningly beautiful and all wear sexy red uniforms.
I've been having my wig trimmed there for ages
I think your refering to a place called 'friends' hair shop. Just next door to BKK Bank between soi 10 & 8 on Sukhumvit Road. Pretty together operation, fast and convenient. The girl has owned it for at least 4 years but it used to be in the Soi 10 beer bar complex.
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If you intend to use the office, make sure that you actually go and see it. The examples I have seen range from very professional to downright dowdy. Particularly important if you have any plans to actually have clients visit you.
Fortune tower is almost a victim of its own success - infuriating waiting for the lifts in that building, but I suspect its either got good feng shui or its cheap. Its certainly not in the deluxe office category by any stretch of the imagination but of course that will reflect in the price.
I think Regus are still in M Thai Tower but I would hazzard a guess that they are way more expensive.
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Why ????
If you are on holiday, you are there to relax and forget about home for a while
If you are living in LOS....you have left your old life behind
Now I am going to cop flak here....
We have Poms that have lived here for 20 odd years that still buy their Pommie papers......cant they cut the apron strings....(ducking for cover)
Perhaps thats why ABC had shown the British Journalism drama "State of Play" 3 times in the last 2 years - British investigative journalism at its best is unsurpassed in the world and makes the Sydney Morning Herald or the Australian like a comic in comparison. These newspapers are not worth reading outside of your home country. Also an interesting article on ABC news last night was how the Australian people actually have no bill of rights unlike US and UK, hence Australian people are subject to body searches and dog sniffer tests and the rest by police just for going into a concert or walking in the park.
Interesting that last night ABC also spent 15 minutes on the Lateline show talking about British Royal weddings and a mere 4 minutes talking about how inadequate the Australian armed forces are going to be that get shipped from Darwin to Iraq. Who cant cut the apron strings......
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If they don't pay, kick them out. It's not like the west where there is an involved process to evict a tennant.
Absolutely wrong.
It's effectively impossible to get people out of (or off) property here by legal means, even squatters. The standard method used by Thais to accomplish the trick is to hire thugs to beat the occupiers up and trash their property (remember Chuwit's property on Sukhumvit?), but as a foreigner, I would certainly think a very long time before going that route.
In the lease I have written, if there is non payment of rent, he has 30 days to leave and the amount is deducted from the deposit. Any damages are deducted from the deposit as well. If a lease is written well and he refuses to leave according to the agreement after the 30 days, I can have the police remove him.
It's not too complicated really.
All of you nay sayers to to buying anything here can have your opinions, but so far I have felt I got an even deal that is making a decent return in a good central area. The unit has only gone up in value the past year. Maybe you'd all be better
off opening language schools or beer bars. Do as you will.
But are you declaring on your tax return the 15% govt rental tax on rental value? If so your return of 15,000 month would reduce to 13,000 which is 156,000 year, less say 10,000 misc repairs so about 146,000 baht on an investment of 2,200,000 baht would equal annual return of 6.6% - not sure where you are from, but a Brit could get 5% on that kind of investment in a bank savings account.
By the way, dont misundstand me - I have over 40,000,000 baht of investment property rented out in Thailand, but its not primarily condo based and is held in legally structured companies with work permits, vat registration and outsource management agreements. If we cannot achieve a 10% nett income after taxes and expenses we walk away and look at something else - the risks just outweigh the potential downsides, of which there are a lot if your not carefull
Land Sale Opportunity In Pattya
in Real Estate, Housing, House and Land Ownership
Posted
Thanks for the answers you provided. 12,000 TW is in my opinion too expensive for that area by about 50%, even with the services provided. 7 rai would equate to a cost of 35,000,000 baht which leaves virtually no profit for a developer.
Might be of interest to someone wanting to buy just one plot and pay that price as its about the going rate for Soi Siam Country Club on a retail basis but not for that size of land.