Holiday home Rental/Lease in Issan

[Damian Murray]

Can anyone tell me if building a 2/3 bedroom house on an island on Red Lotus Lake would generate income? Was considering building a 2/3 bedroom house with private swimming pool and either offering a  long term or a short term rent or lease scheme, included in the rental would be free Thai cooking classes, free scooter rental and an experience of true original Thai village life.

I've seen rental charges ranging from £350/month in Udon Thani up to £5000/month for a property 20 min from Red Lotus Lake, so tell me, is there a market for holiday home rental on Red Lotus Lake?

Thank you

[DJ54]

Depends what you build but if you’re thinking foreigner would rent maybe but there’s not a lot foreigner where I’m at near Kumphawapi. 

 

Most locals wouldn’t pay much for rent. Udon Thani which I know is not the countryside or a house. New apartments furnished good

location, swimming pool, gym... @ $340.00 USD a month.

 

There was discussion on the forum 2 or 3 days ago that talked 

whether or not to buy a condo rent it etc.  Check the forum it

would give you some idea. 

 

Does your partner own the already? As foreigners we can’t own 

land you can lease the land long term.

 

forum has a lot of information....

[Damian Murray]

Yes, my partner owns the land and other land around the lake, we are just outside Kumpawhapi also and were just thinking about the condo/house rental situation around the lake, is it a good or bad idea, would it make money or prob end up costing us money. I see a lot of posts here and on facebook where farangs have asked for a recommendation for a nice place to go to in issan for a quiet holiday and most people have always suggested red lotus lake as a popular place to go and visit, so I'm just trying to capitalise on these suggestions

[baansgr]

Your partner could possibly make a lot of money but you.....not owning anything are unlikely to make a single penny, in fact if you are paying construction costs could invariably loose a shed load of money

[geoffbezoz]

Are you sure you understand the rules of land ownership in Thailand ? If as you say your GF owns land that is irrefutable evidence of ownership and hence allows her to build what she wishes then she will have a Chanote document issued by the the relevent land department.  Anything else is subject to question of not only title but what can be utilised on the land in terms of anything other than agricultural usage.

 

As for renting it out then red lotus flowers can be seen in numerous places including my wife's own lakes so apart from Thai hype then I would suspect not many educated farangs would be interested in renting your potential property at premium rates.

Edited January 14, 2019 by geoffbezoz

[BritManToo]

The chances of a foreigner making money from a business owned by a Thai lady are very small.

If it was a good idea, a bank would lend her the money.

 

What record of previous earnings and competent business management does she have?

[CharlieH]

Do the Maths, what it will cost to build, what you could realistically get in rent, frequency and duration.

 

Balance that against what you could get if you invested the money for 20yrs.

 

Also, if your health or your relationship goes sour you can walk away with the money.

The alternative is you got nothing.

 

Bottom line, dont spend/invest any more than you are prepared to walk away from.

 

Just an opinion.

[Lacessit]

I hate to think how much red tape the OP is going to run into with the local authorities. He would have to make sure they were all on side first.

Thais will be looking for rentals in the range 2000 - 3000 baht/month. I doubt they are interested in a "Thai village" experience.

My experience with living in a Thai village is a week is quite enough. It's actually very mundane, unless one is well located as a springboard for interesting locations. Scooters are only for things close by.

There may be someone advertising a property for 5000 GBP a month. Whether they are getting it is a different question.

[delphioracle]

Old Everly brothers song springs to mind.

 

[Damian Murray]

Everyone seems concerned about my wellbeing, about getting ripped of by a Thai lady, I have been with my partner/soul mate for 15 years now and have never had to question her motives about anything that she has ever done for me, we have an understanding, what's hers is mine and what's mine is hers, we share all responsibilities towards home and family life, my qusetion, if you read it again was aimed at farangs, if local Thais want to rent then that's good for me but I'm not aiming at them, and the idea of free Thai cooking is for a tourist interested in thai food, and free scooter hire is also aimed at the tourist so he or she can go and visit the local villages and markets when they feel like it, the reason for this post is that I want to try and get an understanding to see if there is any type of demand for a small resort like this so I can weigh up all the pros and cons before investing time and money into something that could well end up, going tits up

[Lacessit]

33 minutes ago, Damian Murray said:

Everyone seems concerned about my wellbeing, about getting ripped of by a Thai lady, I have been with my partner/soul mate for 15 years now and have never had to question her motives about anything that she has ever done for me, we have an understanding, what's hers is mine and what's mine is hers, we share all responsibilities towards home and family life, my qusetion, if you read it again was aimed at farangs, if local Thais want to rent then that's good for me but I'm not aiming at them, and the idea of free Thai cooking is for a tourist interested in thai food, and free scooter hire is also aimed at the tourist so he or she can go and visit the local villages and markets when they feel like it, the reason for this post is that I want to try and get an understanding to see if there is any type of demand for a small resort like this so I can weigh up all the pros and cons before investing time and money into something that could well end up, going tits up

IMHO there are thousands of resorts/B&B's/hotels all over Thailand trying to offer the same product to farangs. What makes you think you can rise above the pack?

I have extensive experience of living in a Thai village. It can get very boring for a tourist looking for excitement and new experiences. Perhaps someone with writers' block.

Bear in mind the difference between high season and low season. High season is three months of the year. One of my best holidays was doing a big loop from Chiang Mai down to Korat, then back up through Buriram, Udon Thani and Loei. In low season. The hotels I parked in had about 3 guests for 500 rooms. Never paid more than 600 baht a night.

It's not about your soulmate. I haven't mentioned her. You're asking if it's a practical proposition. Sorry, I don't think it is.

[CharlieH]

57 minutes ago, Damian Murray said:

Everyone seems concerned about my wellbeing, about getting ripped of by a Thai lady, I have been with my partner/soul mate for 15 years now and have never had to question her motives about anything that she has ever done for me, we have an understanding, what's hers is mine and what's mine is hers, we share all responsibilities towards home and family life, my qusetion, if you read it again was aimed at farangs, if local Thais want to rent then that's good for me but I'm not aiming at them, and the idea of free Thai cooking is for a tourist interested in thai food, and free scooter hire is also aimed at the tourist so he or she can go and visit the local villages and markets when they feel like it, the reason for this post is that I want to try and get an understanding to see if there is any type of demand for a small resort like this so I can weigh up all the pros and cons before investing time and money into something that could well end up, going tits up

Yes, and probably all based on experience and what we see on this forum year in year out.

The 15yr is admirable and I know some who thought the same at that time but it all went "tits up" as you put it in year 17 and later.

Its your money your decision, you asked for feedback and its been given, the way to make a small fortune in Thailand is start with a large one.

I seriously doubt it will work.

[Damian Murray]

54 minutes ago, CharlieH said:

Yes, and probably all based on experience and what we see on this forum year in year out.

The 15yr is admirable and I know some who thought the same at that time but it all went "tits up" as you put it in year 17 and later.

Its your money your decision, you asked for feedback and its been given, the way to make a small fortune in Thailand is start with a large one.

I seriously doubt it will work.

Yes I asked for feedback on the rental market in Udon Thani, not feedback on if I will get ripped off by my gf or feedback on how im not allowed to own land or property in thailand, i appreciate everyones comments but can you all just give me some info on if renting a house on red lotus lake is a viable option or not, it won't make a fortune, but if it makes a living then I'm happy with that, thank you.

[Damian Murray]

1 hour ago, Lacessit said:

IMHO there are thousands of resorts/B&B's/hotels all over Thailand trying to offer the same product to farangs. What makes you think you can rise above the pack?

I have extensive experience of living in a Thai village. It can get very boring for a tourist looking for excitement and new experiences. Perhaps someone with writers' block.

Bear in mind the difference between high season and low season. High season is three months of the year. One of my best holidays was doing a big loop from Chiang Mai down to Korat, then back up through Buriram, Udon Thani and Loei. In low season. The hotels I parked in had about 3 guests for 500 rooms. Never paid more than 600 baht a night.

It's not about your soulmate. I haven't mentioned her. You're asking if it's a practical proposition. Sorry, I don't think it is.

This is the type of feedback i am looking for, whether it's good or bad it's still feedback, I'm glad to hear that you have the experience of "been there done that" I need to hear everyones story and i dont care what your experience was, but its good to know if my idea will work or not, i dont know if i can rise above the pack or not, maybe a novel attraction would be helicopter tour flights, I am a rated helicopter pilot and if available, I could offer tours over the Udon Thani area

[delphioracle]

Sadly the financial future and the dreams of many a  small resort owner both Thai and non Thai have become nightmares. In a village near to  our house in Surin a Non Thai opened up a beautiful  small resort  near Sangkha in Surin, near to the town, 10 minute drive or about a 30 minute walk,inter province buses  passed by the doors  some 100 metres away on the main road. In the end  it  failed, prices were fair surroundings and service amenities fine.. However the I want  local colour  foreign tourist  just didn't arrive. bit of passing trade Thai wise but  just not enough to  make ends meet. Such dreams are sadly the reverse of the American dream of rags to riches, said  dreams become nightmares of riches to rags.

[Lacessit]

11 hours ago, Damian Murray said:

This is the type of feedback i am looking for, whether it's good or bad it's still feedback, I'm glad to hear that you have the experience of "been there done that" I need to hear everyones story and i dont care what your experience was, but its good to know if my idea will work or not, i dont know if i can rise above the pack or not, maybe a novel attraction would be helicopter tour flights, I am a rated helicopter pilot and if available, I could offer tours over the Udon Thani area

That might work, if you can get a work permit to fly in Thailand. I have no idea how large the market is. The topography around Loei would be interesting from the air.

Not "was", "is". I still spend a week in the Thai village; however, I then have to get back to the city to preserve what sanity I have left.

[jackdd]

Red lotus lake looks like on the pictures only for a short amount of time each year, most of the time it's just some random sea

[CGW]

On 1/14/2019 at 8:11 PM, Damian Murray said:

This is the type of feedback i am looking for, whether it's good or bad it's still feedback, I'm glad to hear that you have the experience of "been there done that" I need to hear everyones story and i dont care what your experience was, but its good to know if my idea will work or not, i dont know if i can rise above the pack or not, maybe a novel attraction would be helicopter tour flights, I am a rated helicopter pilot and if available, I could offer tours over the Udon Thani area

I thought - & I'm not sure why I think so? but I thought airspace in Thailand was reserved for the military, apart from scheduled flights off course, never seen a private helicopter flying here.

I have previously thought about renting out as you propose, I have a large house set in 3 rai of manicured gardens, could easily rent out half the house to guests, I only got as far as the thinking stage as came to the conclusion that be near impossible to attract customers.

Try run an advert in ???????? magazine and see if you get any prospects?

[rumak]

On 1/14/2019 at 5:14 PM, baansgr said:

Your partner could possibly make a lot of money but you.....not owning anything are unlikely to make a single penny, in fact if you are paying construction costs could invariably loose a shed load of money

always gotta weight the risk to reward.....and everyones different......especially women

[bwpage3]

On 1/14/2019 at 6:05 AM, Damian Murray said:

Everyone seems concerned about my wellbeing, about getting ripped of by a Thai lady, I have been with my partner/soul mate for 15 years now and have never had to question her motives about anything that she has ever done for me, we have an understanding, what's hers is mine and what's mine is hers, we share all responsibilities towards home and family life, my qusetion, if you read it again was aimed at farangs, if local Thais want to rent then that's good for me but I'm not aiming at them, and the idea of free Thai cooking is for a tourist interested in thai food, and free scooter hire is also aimed at the tourist so he or she can go and visit the local villages and markets when they feel like it, the reason for this post is that I want to try and get an understanding to see if there is any type of demand for a small resort like this so I can weigh up all the pros and cons before investing time and money into something that could well end up, going tits up

You need to have a sound business plan, instead of trying to think about money.

 

Look at the total investment involved and then try to make an educated determination how long to recoup your investment. Maybe never in this case.

 

First of all understand the mentality of tourists to Thailand? Who they are, where they are going, what they want to see.

 

Look around right now. Do you see a multitude of tourists hanging out locally? Enough tourists to make a go of your plan? Probably Not!

 

Do you think they want to look at that lake for an entire week? No, no and probably never.

 

Red Lotus Lake is something to see, not a location to stay.

 

Overall I would say find some other avenue to make money or be prepared to invest and not recoup your investment.

 

Not sure the latest Thai laws on Air BNB, that might be a long shot, however, I just do not see anything other than viewing the lake for an hour as enticing people to stay a week or more in Isaan when they rather be at the beach, in Bangkok, Phuket, Pattaya, Chiang Mai, you name it other than Isaan.

 

Before any investment is made and lost, hire some college kids that can do a professional business plan for you. I think the plan would prove without a doubt there are not enough tourists or people interested for you to make money.

 

Is someone going to do completely out of the way to Udon Thani area to see that lake? Not me, that is for sure. It is too far from all the other main attractions in Thailand that get the majority of tourists.

 

it is good to dream about building a resort house and make fistfuls of cash, however, this is Thailand and the reality is zero.

 

Save your money and heartache.

 

Just not enough customers to make it worthwhile.

 

 

 

 

[bwpage3]

On 1/14/2019 at 8:12 PM, Lacessit said:

That might work, if you can get a work permit to fly in Thailand. I have no idea how large the market is. The topography around Loei would be interesting from the air.

Not "was", "is". I still spend a week in the Thai village; however, I then have to get back to the city to preserve what sanity I have left.

 

Edited January 17, 2019 by bwpage3
wrong post

[bwpage3]

On 1/14/2019 at 8:11 AM, Damian Murray said:

This is the type of feedback i am looking for, whether it's good or bad it's still feedback, I'm glad to hear that you have the experience of "been there done that" I need to hear everyones story and i dont care what your experience was, but its good to know if my idea will work or not, i dont know if i can rise above the pack or not, maybe a novel attraction would be helicopter tour flights, I am a rated helicopter pilot and if available, I could offer tours over the Udon Thani area

To fly over any city or populated area in Thailand, helicopters have a requirement to be twin engine. (unless that has changed recently). However, over the years, the majority of helicopter tour operators, even in the popular beach areas, have gone out of business. Insurance costs, maintenance, fuel, etc. simply not enough customers to make a financial go of it. This is Thailand, people come to Thailand because it is cheap, cheap, cheap to do things. Remember that!