trying to buy a condo under 1000000

[Leaver]

On 11/17/2019 at 10:06 PM, newnative said:

If a developer owns 51% he can outvote both foreign and Thai owners in the project--so no difference there. 

Like I said, that's a god as having no vote at all.

 

On 11/17/2019 at 10:06 PM, newnative said:

I never buy in company name but I think the foreign owner has control of the company and has the condo voting rights in most cases despite what the company paperwork might say.  

That's my understanding as well, however, being it's illegal for a foreigner to set up a Thai Company for the purposes of owning property here, one could be in a precarious position should there be any conflict between condo owners, Thai and / or foreigners. 

 

On 11/17/2019 at 10:06 PM, newnative said:

It seems clear that you will never be buying a condo in foreign name, Thai name, or company name but, instead, seem to be worrying inordinately about all the various things that you can dream up that might possibly befall those of us who have bought--none of which is worrying me. 

It's not about being worried.  It's about being legal, and consumer protection. 

 

Owning a property in a Thai Company name is illegal, and owning a property in your own name offers very little consumer protection here. 

 

Either way, buy a property here and you are exposed. 

 

On 11/17/2019 at 10:06 PM, newnative said:

Why not relax, pat yourself on the back for being a smart renter, and enjoy the rest of your weekend.  

My comments are not designed to criticize property owners.  As I have said, it's an individual choice.

 

We all have different levels of risk versus reward. 

[Peterw42]

19 minutes ago, Leaver said:

It was sometime ago, so I forget the finer details, but one of the more interesting methods I discovered was a foreigner who set up a Thai Company.  That Thai Company paid his Thai wife a salary way over the menial work she did in their business, and most probably more than the daily profits of the business, however, that large salary allowed her to eventually go to a bank and get a loan for a house they liked. 

 

She bought the house in her name, and they both lived in it together.

 

At any stage, if she decided to end the marriage because she now had a house in her name, the foreigner husband, through the Thai Company, fires her, so she loses the big salary, so then she could not make the mortgage repayments, and she loses the house. 

 

I suppose you could say the interest he was paying was his insurance policy against being scammed.  ????

You would be paying to setup and run the company and tax and social security on the wifes made up wages. Seems an elaborate way to get a loan, most Thais can get loans with just regular cash into an account, lots of Thais have market stalls etc for their income not necessarily salary from a company.

Once the wife owns the house she could probably service the mortgage by herself with a job, rent spare room etc.

Who would own the other 51% of the bogus company ?

[Leaver]

11 minutes ago, Peterw42 said:

You would be paying to setup and run the company and tax and social security on the wifes made up wages. Seems an elaborate way to get a loan, most Thais can get loans with just regular cash into an account, lots of Thais have market stalls etc for their income not necessarily salary from a company.

Once the wife owns the house she could probably service the mortgage by herself with a job, rent spare room etc.

Who would own the other 51% of the bogus company ?

Like I said, it was sometime ago, and I forget the finer details, but I remember asking him if she could go for the Thai Company, and he told me she was not a shareholder, but the Thai Company was not a big money business.  I didn't get into whether she had rights to his 49% of Thai Company ownership through marriage. 

 

I got the feeling that even after being divorced, and going for every baht she could, and even if she was awarded every baht she could get, it would still not pay for the house, or keep up the monthly repayments.

 

You may know more about this than me.  Would him setting up a Thai Company to own the business protect the business from divorce?

 

Edited November 21, 2019 by Leaver

[Peterw42]

12 minutes ago, Leaver said:

Would him setting up a Thai Company to own the business protect the business from divorce?

I think it would come down to when the company/business was set-up, anything you have before marriage remains yours during or after marriage. Assets/company etc, set-up/acquired during the marriage are marital assets and subject to divorce split.

[jacko45k]

3 hours ago, Leaver said:

but the fact I have not put millions of baht into a property here, and those millions of baht are earning me around 6%,

Could have put it into Thai property and earned 30% over the last ten years in Sterling terms! Actually tongue in cheek, you could never sell!

[fhickson]

heres a pic of a stairwell at nirun. thats leading up the back way to the 3rd floor pool. just a fyi. mant units for sale here for around 1 million.

 

 

[parafareno]

ewwwww

[jacko45k]

12 hours ago, fhickson said:

heres a pic of a stairwell at nirun. thats leading up the back way to the 3rd floor pool. just a fyi. mant units for sale here for around 1 million.

 

Haha, well that is convenient and might induce someone with a full bladder making his way up to his cell because the lift isn't working. 

[Leaver]

22 hours ago, jacko45k said:

Could have put it into Thai property and earned 30% over the last ten years in Sterling terms! Actually tongue in cheek, you could never sell!

Exactly. 

 

Those gains are theoretical gains, and are not realized until the property sells, and good luck selling, especially with more and more new builds coming onto the market. 

[Leaver]

15 hours ago, fhickson said:

heres a pic of a stairwell at nirun. thats leading up the back way to the 3rd floor pool. just a fyi. mant units for sale here for around 1 million.

 

 

Looks like that stairwell floods as well. 

 

I can see the green moss, and looks like those paving stones are to step on to keep out of the water. 

 

Definitely a good investment at 1 million baht.  They should sell in no time.  ????

[jacko45k]

3 hours ago, Leaver said:

Exactly. 

 

Those gains are theoretical gains, and are not realized until the property sells, and good luck selling, especially with more and more new builds coming onto the market. 

And the proceeds are repatriated and one goes with them!

[Leaver]

22 hours ago, jacko45k said:

And the proceeds are repatriated and one goes with them!

My understanding is the original purchase price can be moved out of Thailand, but any gains can not.

 

Of course, I am aware of ways to move all of it out, but one would be lucky to be able to find a willing buyer at the moment, let alone make a gain on sale.

[jacko45k]

3 hours ago, Leaver said:

My understanding is the original purchase price can be moved out of Thailand, but any gains can not.

 

Of course, I am aware of ways to move all of it out, but one would be lucky to be able to find a willing buyer at the moment, let alone make a gain on sale.

Well it will be evaluated in Thai baht, so the gains in Sterling I talk of are transparent. People will be dropping their prices. Some seem to sell though, couple of friends sold their places (condos), but houses near my place aren't moving. 

 

[Leaver]

32 minutes ago, jacko45k said:

Well it will be evaluated in Thai baht, so the gains in Sterling I talk of are transparent. People will be dropping their prices. Some seem to sell though, couple of friends sold their places (condos), but houses near my place aren't moving. 

 

I agree with what you are saying. 

 

It will be interesting to see what percentage one must drop the price by in order to sell.  Only after a sale, can we see if there is a gain, or loss, even with currency exchange.

 

Let's not forget, many paid over the odds for property here.

 

It's the old guys who bough decades ago that could drop a lot in price, and still make a gain, but the property would be decades old and most likely undesirable, so, once again, without a buyer / sale, any gain or loss is theoretical, until a willing seller and buyer agree on a price, and then it becomes a market value. 

[Leaver]

On 11/21/2019 at 2:55 PM, Peterw42 said:

anything you have before marriage remains yours during or after marriage. Assets/company etc, set-up/acquired during the marriage are marital assets and subject to divorce split.

Is this your opinion, or is it written in Thai Law? 

[jacko45k]

10 hours ago, Leaver said:

Is this your opinion, or is it written in Thai Law? 

I believe it to be correct, along with you being responsible for her debts during the marriage and the likelihood of you being treated equally under the law is poor, not impossible.....

[Peterw42]

10 hours ago, Leaver said:

Is this your opinion, or is it written in Thai Law? 

I believe thats what the law says.

 

http://www.thailawonline.com/en/family/divorce-in-thailand/separation-of-assets.html

Edited November 27, 2019 by Peterw42

[Leaver]

4 hours ago, Peterw42 said:

I believe thats what the law says.

 

http://www.thailawonline.com/en/family/divorce-in-thailand/separation-of-assets.html

Interesting.

 

Makes it even more laughable that so many guys get done over here by a Thai woman. 

[beautifulthailand99]

To the OP here you are fill your boots ..

 

https://www.bahtsold.com/quicksearch2?c=11&ca=88&pr_from=0&pr_to=1000000&top=0&s=

 

You could buy 2 at Flybird and in foreign name as well. Certainly better than a prison if you want to look on the positive side. 

 

https://www.bahtsold.com/view/cheap-26-sqm-condominiums-flybird-south-pattaya-362200

 

http://www.flybirdcondo.com/

 

 

[parafareno]

On 11/23/2019 at 1:34 AM, sunnyboy2018 said:

Why would I need a map? I live there. Its on Pratumnak opposite big buddha, Soi Rachawaroon, AKA Soi Cozy beach which start near kasetsin soi 11. Just walk from the 7/11  on the corner down Soi CB towards the beach. There are a few fruit stalls and the farmers trucks turn up late morning.

this flybid looks like <deleted>

[moontang]

view from 700k studio..

[parafareno]

23 minutes ago, moontang said:

view from 700k studio..

bkk?

[beautifulthailand99]

50 minutes ago, parafareno said:

this flybid looks like <deleted>

Not for me and no lifts but in the  old days before the inexorable rise of the baht and ever tightening immigration rules it was probably an ok gaff for the single working class retiree to eke out their final days on a modest pension and budget. That  flybird has long since flown though. 

 

Is FlyBird...
...a good place to live?
Yes! We are a diverse community of approx. 2000 un-pretentious and close-living individuals. But ok, if you prefer isolated luxury then a condo in a skyscraber would probably suit you better.

...friendly?
Yes. The community is very diverse, so we are open to everybody.

...safe for kids?
Yes. There is no throughgoing traffic, and there are even speedbumps to keep speed low.

...safe at night?
Very safe, 24/7! Random attacks on persons are exceedingly rare.
When something happens it is always between people who have some kind of personal conflict between them. And even that is rare.
Here are people around, and there is no hang-out place for dubious personalities

...safe for my belongins?
Burglaries and theft happens but this is rare too. But act responsibly regarding your values.

 

http://www.flybirdcondo.com/about.php

[fhickson]

8 hours ago, parafareno said:

this flybid looks like <deleted>

true, but if you put a bunch of fancy furniture in there it looks great ????

 

apartments are just empty rooms.

 

flybird looks like nirun. there is a different vibe to these community type places with low end rents. they are kind of like what the "projects" are in the usa for poor people, but without the heavy drug, safety and crime problems.

 

they tend to be much more social, rather then exclusive. in particular there is not as much privacy and people will get in your business etc, or cause problems if they dont like you etc vs more wealthy condos people will mind their own business and dont expect much of you as long as you pay your dues.

 

this actually makes them a great option for low income people if they can manage to leave the usa, which most cant envision as a possibility. its hard to believe a way out exists when your in a poor environment.

Edited November 29, 2019 by fhickson

[moontang]

7 hours ago, parafareno said:

bkk?

No.

[Leaver]

On 11/29/2019 at 8:48 PM, beautifulthailand99 said:

To the OP here you are fill your boots ..

 

https://www.bahtsold.com/quicksearch2?c=11&ca=88&pr_from=0&pr_to=1000000&top=0&s=

 

You could buy 2 at Flybird and in foreign name as well. Certainly better than a prison if you want to look on the positive side. 

 

https://www.bahtsold.com/view/cheap-26-sqm-condominiums-flybird-south-pattaya-362200

 

http://www.flybirdcondo.com/

 

 

That's pretty much what the Thai's rent here for 4000 baht a month.

 

If that's what someone is going to spend 1 million baht on, they are better off renting it and keeping their 1 million baht in their home country.