Is this a good time to buy a Condo?

[how241]

Just now, HauptmannUK said:

Sure. As I wrote earlier, my wife gets 7% renting out some basic rooms to Thais up by Sukhumvit. I think 5%+ is attainable. Nirun seems to be a convenient location.

Yes, Nirun's location is very good.  The 'haters'  can't or won't accept that good money can be made with rentals. Especially the very low priced condos as you can always rent them out to Thais.  Lots of girls share a room and that makes their monthly cost very low.  Being that they sleep out many nights,  the small room is no issue. 

[ianezy0]

If I was younger, say 30/45 range, I would definitely buy at those prices. Even if you treat it as a base, 30k for your own property can’t be ignored. Either rent it or leave it empty and secure, it’s a great investment over 20+ years.

I am in Pratumnak and love it here.

[ChaiyaTH]

4 minutes ago, how241 said:

Yes, Nirun's location is very good.  The 'haters'  can't or won't accept that good money can be made with rentals. Especially the very low priced condos as you can always rent them out to Thais.  Lots of girls share a room and that makes their monthly cost very low.  Being that they sleep out many nights,  the small room is no issue. 

Got nothing to do with what one accepts, it is about being realistic too. One could earn even 10% for 5 years, to then not get it rented out for many years + downgrade of value of the unit + maintenance damages. Seen this happen so often with Thais who thought getting rich sleeping.

So easy to have a big mouth about returns in the good years, not so much on long term. Often people are closer to 3% than 7% then.
Unless one was lucky to buy in the good years, but that is a different subject.

Edited February 25, 2020 by ChaiyaTH

[scubascuba3]

19 minutes ago, HauptmannUK said:

Never been to Nirun but it doesn't look so bad in those photos. I might be interested at ฿500k as a rental investment. I think there will be a growing bottom-end rental market to cash-strapped elderly British - a lot of the British guys I know seem to be struggling financially these days....

If I could get 5%+ I'd be happy.

that market is killed if they bring in compulsory health insurance. If paying 5k a month rent and 70+ the insurance will be unaffordable to many

Edited February 25, 2020 by scubascuba3

[how241]

2 minutes ago, ChaiyaTH said:

I know of units in CM that cost around 1M baht and their rent value now is only 4K baht after paying building fees. 
 

Many pay even Half of that 1 million price so renting it out at 4,000 still gives a nice return.  Even using your numbers,  that still gives you a return of 4.8%.  Better than the bank.  There is always potential negative, if you're looking for it. 

[ChaiyaTH]

1 minute ago, how241 said:

Many pay even Half of that 1 million price so renting it out at 4,000 still gives a nice return.  Even using your numbers,  that still gives you a return of 4.8%.  Better than the bank.  There is always potential negative, if you're looking for it. 

You do not pay half of that 1 million price today, that is what matters. What one could do 5 or 10 years ago is not relevant today, neither guarantees future returns.
Easy to say it is attainable to get 5%, it is indeed. But if you rent out for a year and then have the unit empty for a year, that makes it 2.5% in reality.

[how241]

3 minutes ago, ChaiyaTH said:

So easy to have a big mouth about returns in the good years, not so much on long term. Often people are closer to 3% than 7% then.

I've owned condos for over 10 years and have NEVER has one empty for more than 1 month.  Think what you want but with a very low monthly carrying cost there is little risk.

[HauptmannUK]

Just now, ChaiyaTH said:

Got nothing to do with what one accepts, it is about being realistic too. One could earn even 10% for 5 years, to then not get it rented out for many years + downgrade of value of the unit + maintenance damages. So easy to have a big mouth about returns in the good years, not so much on long term. Often people are closer to 3% than 7% then.

Well I'm just mulling this over. I don't really have any money invested in Thailand (beyond a hifi, TV etc) - everything is the wife's. My money is in property in the UK, UK banks and various investment funds. I think I could take a risk on a ฿500k condo rental in Thailand - it costs that to refit a kitchen in the UK these days!

[bkk6060]

1 minute ago, how241 said:

You would have needed to buy at Nirun 5 or more years ago to find that price.  

Another Thailand real estate expert?

If you know the market and what is available, there are properties in Nurin currently for sale for less then 500,000 b. Several. Do some investigating.

I know it is difficult to get information as there is no multiple listing, no sale/forsale information, and no transparency in real estate here.  It is just a <deleted> shoot trusting the word of some real estate agent or online site.  All this is why I would never ever buy anything here.

 

And your 1-2% in a bank is exactly the ignorance of most people. Afraid and unwilling to educate themselves.

US stocks up almost 60% in the past 3 1/2 years. Average of the last ten years 10% so up 100%+.

All the while, a dead money Thailand condo sitting and sitting...

 

But, like I said in my original post.  Many buyers have dried up.  So, if in the market go in very very low.

Pick out 5 or 7 places you like and offer a ridiculous low price.  Chance some desperate owner will bite.

Good luck.

 

[ChaiyaTH]

1 minute ago, how241 said:

I've owned condos for over 10 years and have NEVER has one empty for more than 1 month.  Think what you want but with a very low monthly carrying cost there is little risk.

Seems you are stuck in the past and you bought at a time where even the most stupid person could get success. Tell me again how well it goes in a few years from now.

[how241]

4 minutes ago, scubascuba3 said:

that market is killed if they bring in compulsory health insurance. If paying 5k a month rent and 70+ the insurance will be unaffordable to many

Disagree, as you can always rent to thai girls for 4-5000 monthly who need a place to park their clothes as they go out every night to find customers. Your think way too negatively.

[ChaiyaTH]

1 minute ago, how241 said:

Disagree, as you can always rent to thai girls for 4-5000 monthly who need a place to park their clothes as they go out every night to find customers. Your think way too negatively.

You just forgot that there won't be Thai girls renting 4-5K rooms without having customers, that is exactly the problem.
The new retiree generation often even dislikes paying for sex, my generation won't at all.

Edited February 25, 2020 by ChaiyaTH

[scubascuba3]

3 minutes ago, how241 said:

I've owned condos for over 10 years and have NEVER has one empty for more than 1 month.  Think what you want but with a very low monthly carrying cost there is little risk.

Strange, there was a guy on another forum that had a similar bm name as you was always struggling to rent his nirun condo

[HauptmannUK]

2 minutes ago, bkk6060 said:

 

And your 1-2% in a bank is exactly the ignorance of most people. Afraid and unwilling to educate themselves.

US stocks up almost 60% in the past 3 1/2 years. Average of the last ten years 10% so up 100%+.

 

Most of my money is in stocks/funds. I'm online researching every day. As you say, some good gains over the last few years. That's why I am getting worried......

[how241]

2 minutes ago, bkk6060 said:

And your 1-2% in a bank is exactly the ignorance of most people. Afraid and unwilling to educate themselves.

US stocks up almost 60% in the past 3 1/2 years. Average of the last ten years 10% so up 100%+.

All the while, a dead money Thailand condo sitting and sitting...

Not dead money as there is income every month.  US stocks historically average a return of 6-7%  BUT  you have to report everything and pay taxes which will hurt your return.  Put these low priced condos in your Thai ladies name and there will be no taxes to pay.  Now you will rant off about the Thai ladies that are no good...haha...

[HauptmannUK]

3 minutes ago, ChaiyaTH said:

The new retiree generation often even dislikes paying for sex, my generation won't at all.

LOL!  Wait until you get older....

[how241]

5 minutes ago, bkk6060 said:

If you know the market and what is available, there are properties in Nurin currently for sale for less then 500,000 b. Several. Do some investigating.

Please send me  a p/m  with info about these properties for less than 500K as I will definitely buy at that price. I will pay you a commission too. Thanks

[scubascuba3]

6 minutes ago, how241 said:

Disagree, as you can always rent to thai girls for 4-5000 monthly who need a place to park their clothes as they go out every night to find customers. Your think way too negatively.

we all know how reliable bar girls are with money

[ChaiyaTH]

Success stories of people getting rich renting condo's is a bit like those who show-off their profits made on Bitcoin while they bought it at 100 dollars at first.
So if you then recommend new people to get in the market while Bitcoin was 15-20K USD, you are burning them.
Same with real estate in Thailand today, don't buy the top.

The ones with real brains sold their units already at the peak and will patiently wait to re-buy at 50% discount.
That would take 10 years to earn renting, which is a loss as soon you get a 50% drop.

Edited February 25, 2020 by ChaiyaTH

[HauptmannUK]

1 minute ago, how241 said:

Please send me  a p/m  with info about these properties for less than 500K as I will definitely buy at that price. I will pay you a commission too. Thanks

PM to me too please. 

[AussieBob18]

1 hour ago, Nyezhov said:

Spooky. Id be coming back in at night and would be freaking out if I saw a leering sheep. Im not Australian.

Imagine what the Kiwis are thinking ????

 

[HauptmannUK]

Just now, ChaiyaTH said:

Success stories of people getting rich renting condo's is a bit like those who show-off their profits made on Bitcoin while they bought it at 100 dollars at first.
So if you then recommend new people to get in the market while Bitcoin was 15-20K USD, you are burning them. Same with real estate in Thailand today, don't buy the top.

I am just mulling this over. Its not about 'getting rich' its more about a bit of diversity. I have money in various traditional investments but nothing really in Thailand. ฿500k is not really much - barely buys a decent used car - so maybe worth a go - even at 2.5% it would be far from a disaster.

[how241]

5 minutes ago, scubascuba3 said:

we all know how reliable bar girls are with money

She payed every month, on time,  for 6.5 years and only left because she got married and is moving to Denmark.  Nice lady and never asked me to fix or replace anything.  I wish her good luck in the future. 

[scubascuba3]

2 minutes ago, HauptmannUK said:

I am just mulling this over. Its not about 'getting rich' its more about a bit of diversity. I have money in various traditional investments but nothing really in Thailand. ฿500k is not really much - barely buys a decent used car - so maybe worth a go - even at 2.5% it would be far from a disaster.

There are alternatives to Nirun and bigger, some at 38 metres, in the 600k-700k range, but they really need to be at 500k to make the effort to buy and refurbish. Who likes that depressing <deleted> wooden furniture they all have?

[how241]

12 minutes ago, ChaiyaTH said:

Success stories of people getting rich renting condo's is a bit like those who show-off their profits made on Bitcoin while they bought it at 100 dollars at first.
So if you then recommend new people to get in the market while Bitcoin was 15-20K USD, you are burning them.

You didn't need to buy bitcoin at 100 dollars to do well.  Buy it last year at 3,500 USD  and today it is 9,600....Nice 200% rise in 1 year.  In the total history of bitcoin,  there are only 2-3 months when you could have bought bitcoin and still be losing money.  Dec. 2017 is one of those months. All other times for the past 10 years are you are making money.  Look at the charts and you will see that most of the time bitcoin was under 9,600 so if you bought it then you are making money.  It's always easy to be negative and nothing is a perfect safe investment.  The stocks have been good lately but I wouldn't be surprised to see a major correction soon. You want safe,  stay with 1-2% in the banks. 

Edited February 25, 2020 by how241

[scubascuba3]

4 minutes ago, how241 said:

She payed every month, on time,  for 6.5 years and only left because she got married and is moving to Denmark.  Nice lady and never asked me to fix or replace anything.  I wish her good luck in the future. 

Sounds like never a downside to your condo, should keep it and rent

[how241]

4 minutes ago, scubascuba3 said:

Sounds like never a downside to your condo, should keep it and rent

They have been VERY good to me over the past 10 years.  If I don't sell it I will just continue to rent it out.  There is better money to be made with crypto  BUT  much riskier.  I don't mind the risk.  I think bitcoin will make new highs soon, probably within 1-2 years and now you can get high interest on holding your coins.  For example,  8.6%  on stable coins.  5.2 % on bitcoin,  3.8% for LTC.

[Leaver]

12 minutes ago, HauptmannUK said:

I have money in various traditional investments but nothing really in Thailand.

And if you stick to that, you will be better off.  Earn in the west, spend in Thailand.  Simple formula for long and carefree living here.  ????

[how241]

10 minutes ago, scubascuba3 said:

There are alternatives to Nirun and bigger, some at 38 metres, in the 600k-700k range, but they really need to be at 500k to make the effort to buy and refurbish. Who likes that depressing <deleted> wooden furniture they all have?

You need to be careful about what building you buy into.  The Karat has larger condos BUT has had very serious money issues with owners not paying their maintenance fees.  Not having enough money coming in forced the Karat into disrepair. Nirun has never has these issues. 

[newnative]

52 minutes ago, how241 said:

I know a man who just bought his 20th Nirun condo.  He gets more than 80,000 baht MONTHLY  rental income and lives Very nicely off it.  He lets his Thai lady handle any problems that arise.  He gives her a little piece of what he makes and rationalizes that he would have to give her some money anyway and at least she is helping me.  This has worked nicely for him for many years. The rental game is not for everyone but there is money to be made. 

     I don't buy condos to rent any more but older places like Nirun and Lalana might have some advantages over the newer ones.  The condo fee--which the landlord usually pays--is probably a lot lower than the new condo projects and these older projects are likely to attract more long-term renters than the newer projects that the illegal daily renters seem to prefer.