buy condo in pattaya for investment / which one ?

[nomad2019]

5mill sitting gathering dust , im thinking about buying condo and renting it out, maybe 5M could get me a return of 30k baht per month ?   

i need advise

was staying in city centre residence in pattaya , lovely development but can see the place falling apart allready , tiles coming off walls in pool and buildings, gardens unkept, management is crap it seems so i wouldnt want to waste money on somewhere like this.

 

maybe a large house with pool would be better  ????

[AlexRich]

Sure, buy a large house with a pool ... what could possibly go wrong?

[DaRoadrunner]

35 minutes ago, nomad2019 said:

can see the place falling apart already

Ah amazing Thai construction.... and the developer's done a runner too. The bank wants to repossess as said developer hadn't paid back the loan he took out to build the place. Where have we heard all this before.

[madmen]

serious question. why cant TV management ban 1st post threads until they have made 50 posts. ?

[LomSak27]

[Delight]

 You asked for advice.

Buy  a property for the sole purpose of living there.

Assume that you will die before you sell.

This way everybody is happy!

[Destiny1990]

Go for the house with land and expect everything you touch to turn into gold.

[johng]

Put the 5 mill in to a "high interest" bank account while you look for the "perfect" condo.

If it where me I'd possibly buy a 1.3 (ish) mill condo with minimal furniture and try to rent it out for 5,000 (ish) per month..even then its a big risk the renters don't pay water/electricity and "trash" the place...not necessarily deliberately trash it just totally neglect to clean or take care of anything from the day they moved in...broken taps,shower head,toilet seat,blocked drains,light switches and plug sockets broken,aircon never cleaned ,kitchen covered in grease, every wall grubby and needs repainting etc etc etc.

[Happy Grumpy]

Bangkok along the BTS line would be a better investment than Pattaya. 

 

Last time I went to Pattaya we stayed in a condo and about 70% of the units were empty, except for the banners and signs in Russian offering them for sale or rent. 

[thaitero]

Forget renting..
All kind of potheads, alcholics and sort of people you do not want to try your chances..

Buyers market so most of the money is made when buying,, When you find a good deal you have to decide fast..
 If possible add value to your new  condo without spending too much money and time and back to market with pricing you make money..
As for "which one, what price" etc you have to figure that one yourself.. I am pretty sure you are not given winning formula here for very obvious reasons,,..

Edited May 10, 2019 by thaitero

[AtoZ]

17 hours ago, madmen said:

serious question. why cant TV management ban 1st post threads until they have made 50 posts. ?

plot twist - most of the posters ARE TV management

 

they have the data on what goes viral, would be good ROI to keep it in excel and recycle after certain time

[scubascuba3]

I don't know any expats in Pattaya who pays 30k a month rent, usually 20k max. Tourists are paying 30k a month for a month here and there, unlikely to be continually rented, probably mainly high season.

Better to stick the money on the stock market, very liquid investment where you can get your money back within days

[madmen]

7 minutes ago, scubascuba3 said:

I don't know any expats in Pattaya who pays 30k a month rent, usually 20k max. Tourists are paying 30k a month for a month here and there, unlikely to be continually rented, probably mainly high season.

Better to stick the money on the stock market, very liquid investment where you can get your money back within days

yeah right tell that to the millions who lost there entire life savings when the market collapsed in 2008 and literally fell off a cliff so fast that stop losses were unable to be triggered. I bought a condo here at the time but was told I was an idiot. Those same guys are back in The usa stocking shelves at walmart at 60 and I find that amusing.

[scubascuba3]

yeah right tell that to the millions who lost there entire life savings when the market collapsed in 2008 and literally fell off a cliff so fast that stop losses were unable to be triggered. I bought a condo here at the time but was told I was an idiot. Those same guys are back in The usa stocking shelves at walmart at 60 and I find that amusing.

2008 was great i piled loads of money in, obviously someone investing in the stock market need to tread carefully

[MiNombreEsFicticious]

Thailand's property market is one of the few in the world that has zero risk. There is absolutely no risk of anything good happening after you buy property here. . 

[gk10002000]

17 hours ago, madmen said:

yeah right tell that to the millions who lost there entire life savings when the market collapsed in 2008 and literally fell off a cliff so fast that stop losses were unable to be triggered. I bought a condo here at the time but was told I was an idiot. Those same guys are back in The usa stocking shelves at walmart at 60 and I find that amusing.

People only lost money if they sold.  Except for the few companies that actually went under, most people have more than recovered in the decade since.  Some people had to sell because they got nervous, had retired, etc.  Timing can be really bad sometimes.  Me I finally started making decent money in 2009 so I was lucky to get some great equity prices, most of which I still hold.  Gosh I bought ATT at 26 and have been adding and collecting dividends since then and now hold like 7,000 shares!  The best thing is to be prepared.  Now buying a property in Pattaya or Thailand in general and expecting to make net money on it by renting is a tough proposition.  Does he live in the area so he can over see and check in on it?  A foreigner will quickly find that the laws in Thailand do not necessarily favor him.  Bad tenants, utilities not paid, damages, the condo infrastructure has issues that aren't fixed but you are powerless to do anything about.  As a money making scheme, buying and rental is uber risky.  Now if you are living or spending a lot of time in Pattaya or Thailand, then sure maybe buy a modest place for 1.5 mil baht maybe.  Then go invest the money somewhere else

[Rimmer]

A flame has been removed and the topic moved to Pattaya forum for local input

[KittenKong]

On 5/10/2019 at 12:38 AM, nomad2019 said:

im thinking about buying condo and renting it out, maybe 5M could get me a return of 30k baht per month ?   

i need advise

If you can find a condo being sold at a 50% discount to the average asking price (and they do exist), and if can find an agent who wont rip you off, and if you like dealing with Thai tradesmen and paying way over the top for everything, or if you like the idea of doing all the donkey work yourself, then it might be worth doing.

 

Personally I can think of a thousand better and easier ways to earn money. Owing a rental condo in Thailand would be the second to last thing I would want to do, just before owning any sort of business here. Nothing but downsides and no advantages at all.

[CGW]

1 hour ago, MiNombreEsFicticious said:

Thailand's property market is one of the few in the world that has zero risk. There is absolutely no risk of anything good happening after you buy property here. . 

Utter nonsense! buy sensibly and you can make money, lots of us have ???? 

[SheungWan]

IMHO the nearest target for what the OP wants is probably View Talay 6.

[madmen]

18 minutes ago, KittenKong said:

If you can find a condo being sold at a 50% discount to the average asking price (and they do exist), and if can find an agent who wont rip you off, and if you like dealing with Thai tradesmen and paying way over the top for everything, or if you like the idea of doing all the donkey work yourself, then it might be worth doing.

 

Personally I can think of a thousand better and easier ways to earn money. Owing a rental condo in Thailand would be the second to last thing I would want to do, just before owning any sort of business here. Nothing but downsides and no advantages at all.

Complete nonsense. Bought a rental condo off plan 12 years ago before The Chinese  got here Asoke BTS sub 5 mill 78 sqm currently rented on air bnb 45k/month  and have a full time tenant moving June 37 k/month...try and get that return from your bank. 

LOCATION !!! I know many farang renting out full time unlike the west we dont lose 30% in taxes ????

Edited May 11, 2019 by madmen

[KittenKong]

2 minutes ago, madmen said:

Complete nonsense. Bought a rental Asoke BTS sub 5 mill 78 sqm currently rented on air bnb 45k/month  and have a full time tenant moving June 37 k/month...try and get that return from your bank. 

LOCATION !!! I know many farang renting out full time unlike the west we dont lose 30% in taxes

Fine, if that suits you.

I prefer investments that give a decent return on which I pay no tax and come with no charges or costs and which above all require no effort at all from me. I dont want to deal with AirBnB, or tenants, or tradesmen, or agents or indeed anyone else. And I dont want to have to think about what will happen next month, or whether my tenant is trashing the place, or which microwave to buy when the current one breaks, or how much it will cost me to sell my rental unit when the time comes (if indeed it can be sold).

 

Like I said, if you like doing all that donkey work then buying a rental condo might be a good idea. Personally I would hate every second of it and I am very thankful that my income from other investments is high enough that I can stay well away from it.

[madmen]

What donkey work? Your being a drama queen. I use an Agent she does donkey work, thats what shes paid for. Microwave breaks she buys a new one, as Im out the country a lot

had a  tenants rent for 5 years...never paid a bean in tax last 12 years , one of the best buys I ever made. 

I also have a stock portfolio that does no where near as good as the rental but I want a balanced portfolio and certainly not all property

Edited May 11, 2019 by madmen

[AtoZ]

3 hours ago, madmen said:

never paid a bean in tax last 12 years

So you are a tax criminal?

 

As far as I know rental income in Bangkok is income generated in Thailand which is taxable.

[champers]

3 hours ago, madmen said:

What donkey work? Your being a drama queen. I use an Agent she does donkey work, thats what shes paid for. Microwave breaks she buys a new one, as Im out the country a lot

had a  tenants rent for 5 years...never paid a bean in tax last 12 years , one of the best buys I ever made. 

I also have a stock portfolio that does no where near as good as the rental but I want a balanced portfolio and certainly not all property

If you are not paying tax on your rental income you are breaking the law. It is nothing to brag about, nor should it be encouraged.

[madmen]

3 minutes ago, AtoZ said:

So you are a tax criminal?

 

As far as I know rental income in Bangkok is income generated in Thailand which is taxable.

I pay the same tax Thais do ????

besides earning an income would require a work permit 

[AtoZ]

3 minutes ago, madmen said:

besides earning an income would require a work permit 

No, you don't need work permit to rent a condo.

 

But legally you are obligated to pay tax on the income.

[champers]

2 minutes ago, madmen said:

I pay the same tax Thais do ????

besides earning an income would require a work permit 

If a tenant has a dispute with you and reports you for not paying tax you will not be laughing then. I think you need to acquaint yourself with the law.

[madmen]

1 minute ago, AtoZ said:

No, you don't need work permit to rent a condo.

 

But legally you are obligated to pay tax on the income.

The only time a Thai will pay tax is if its forcefully deducted from their payslip. So Im in good company.. tens of millions of Thais dont pay tax. Not a single air bnb listing pays tax..No farang I know pays tax on rentals . Be damned if Im going to be the only one. When in Rome...????

[madmen]

3 minutes ago, champers said:

If a tenant has a dispute with you and reports you for not paying tax you will not be laughing then. I think you need to acquaint yourself with the law.

oh come on, thats grasping at straws..How would a tenant know?  get real