Virus fallout - ex's business may close.

[White Christmas13]

15 minutes ago, darrendsd said:

You really don't understand how Thai people live do you?

 

OP you will get idiotic comments like this - just ignore them

yes just put them on your ignore list

[Chalong circle]

In an ideal world, it would be time for the younger daughter who got an education through the funding of her sister to help her. But we know the story already...Have to pay for the Fortuner etc, etc...

[cmsally]

It's always been my belief that sooner or later big business would be looking for the opportunity to "mop up" at reduced prices. That seems to be the nature of humans in large scale monopolistic businesses. They do seem to have forgotten that they will probably not survive either after their brief moment of triumph. Winning on the playing field but killing all the grass in the process. No playing field left!

There is something rotten in the whole core process and it needs to change. I have had a feeling about this for the past year or more. My intuition is rarely wrong !

[steven100]

36 minutes ago, mike787 said:

start a Gofund.  Many TVF have some baht to pitch in...

that's exactly what i was thinking when Monomial said he can't pay the mortgage.

If anyone is ever in trouble or needs a holiday or loads of cash just start a ' Go fund Me ' page up and make up some BS story that you may have to eat your cat soon .....   and wait for the money

[bearpolar]

as far as mortgage go: when enough thai politicians see other countries delaying mortgage payments, they'll probably apply it too.. you know just to look like they know what they are doing.

[Vigilante]

Your ex never thought to put money away for a few months at least?

She seems to have been raking it

She should easily have a million banked

[simon43]

2 hours ago, Chalong circle said:

In an ideal world, it would be time for the younger daughter who got an education through the funding of her sister to help her. But we know the story already...Have to pay for the Fortuner etc, etc...

Chevrolet actually ????

 

The worst that could happen is that the business closes and she comes and lives with me.......  I'm in Covid-19 lockdown here in Laos, so I'm not opening the door to her ????

[simon43]

54 minutes ago, Vigilante said:

Your ex never thought to put money away for a few months at least?

She seems to have been raking it

She should easily have a million banked

Hardly raking it!  A reasonable small business, but with too many bills to pay (car, land rent, mother's loanshark etc).

 

[balo]

Phuket will not get back to normal for many years. But i think Thais will survive doing other types of jobs, and there will always be enough food , even among the poorest.  Back to basic life. 

[jadee]

Economists have modeled the effects of virus outbreaks and while things are grim during the contagion period, they will rebound pretty quickly once it's over. If the OPs wife has a few month's rent to tide her over, she should be fine. 

[Lacessit]

2 hours ago, cmsally said:

It's always been my belief that sooner or later big business would be looking for the opportunity to "mop up" at reduced prices. That seems to be the nature of humans in large scale monopolistic businesses. They do seem to have forgotten that they will probably not survive either after their brief moment of triumph. Winning on the playing field but killing all the grass in the process. No playing field left!

There is something rotten in the whole core process and it needs to change. I have had a feeling about this for the past year or more. My intuition is rarely wrong !

The Australian Government is rushing in new legislation to ensure China does not pick up distressed assets. Probably many other nations will follow.

[rumak]

Our tenants all are now working from home.  I take that to mean that they still have their regular income .   We, however are stuck out of town and will need to continue to pay rent where we are staying.   Should I ask our tenants to help us as we are now facing this financial crisis ?

I was hoping they would chip in as we are the best of landlords...... but have yet to get any offers.

????????????

**** tongue in cheek alert *****    ( though info given is accurate)

Edited March 29, 2020 by rumak

[Why Me]

3 hours ago, Metapod said:

people like you deserve to go under if you haven't even got enough savings to cover your mortgage for more than 1 month. that is the height of stupidity and irresponsibility. 

 

 

C-19 came from a pangolin. You seem to have caught something from a jackass.

[ukrules]

I just read something about Phuket closing for a month and the airport closing from the 10th, time to shut it all down for a while

[gk10002000]

similar here in the USA so many small businesses are crushed or will be crushed.  So few people can whither many months of no income.  And even if they do, they probably laid off people that may not come back.  Going to be a real mess.

[gearbox]

4 hours ago, simon43 said:

My ex certainly expects nothing from the government - she is not into 'handouts'.  Although the business has always been profitable, she (like many others from Issan), has a moral obligation to help her family (in this case her mother), financially.  Yonks ago, her mother mortgaged her house/land to loan sharks to pay for a younger daughter's university education.  My ex is still paying the never-ending interest, and as you know with Thais, blood is thicker than water, so the advice from a farang is not heeded ????

 

Also, the hospitality sector has been on a decline for years, so annual profits have been declining for that period.  Where there used to be only 1 Phuket Airport hotel (my first hotel) listed on booking.com, now there are more than 100 establishments.....  I'm sure glad that I got out of the hospitality business ????

 

I've told her to negotiate with the landlady.  Nothing else I can do - it's not my business.  But if it all goes 'south', then I'll try to help (not financially) as a friend.

The hard reality is that most of the small tourism linked businesses will be forced to close sooner or later. For how long - who knows.

 

My gf closed her business in Samui until further notice. Although there is no lockdown yet to force her to close, it didn't make sense with the current turnover to stay open.

She has no debt and piles of cash to hold on the business for years, but she is worried a lot about the staff. Most of them don't have financial discipline and even in good times were living hand to mouth every month. Every day couriers from Lazada and Facebook would turn up, bringing in useless stuff.

She is probably going to pay them 5K baht as help for 2 months, from there on I'm not so sure. The downturn can easily last 1-2 years.

Another farang and Thai girl I know closed permanently and are now selling whatever they have as fittings.

 

She hopes the landlord is going to agree on some rent reduction, and she plans to pick up some extra premises from another business which has been struggling for a while even before the corona, and won't be around for long.

 

Your ex most definitely should try to negotiate with the landlord, and if the business is cash negative now need to purge the staff and close asap to minimise cash outflows. There is no point of staying open and bleeding cash.

[madmitch]

It's likely the whole system here will be knocked out of kilter. For once I think landlords of business premises might have to agree rent reductions as even they have to believe that they wont be able to sell on empty premises at extortionate key money and rent for quite some time.

 

Could we be entering into a time when the tenant has the negotiating power? Only time will tell.

[ukrules]

3 hours ago, madmitch said:

For once I think landlords of business premises might have to agree rent reductions

I doubt that will happen, someone was thrown out of their crappy little rented room last night in Hua Hin for not paying their rent which was due.

 

The whole thing was live streamed on facebook and many many people watched and some even acted turning up to help the woman who has apparently been laid off from work.

 

Things are going to get very nasty. I won't speculate on exactly what I think will happen but I have a clear idea.

[mstevens]

9 hours ago, Monomial said:

Somebody has to pay for this devastation. We need to decide as a society who it is going to be. Is it going to be the struggling small businesses and individuals, or the relatively wealthy investors?  I know which one should pay, and I know which one is going to pay, and sadly they are not the same.

 

Send an invoice to the Chinese government.

[Lacessit]

6 hours ago, madmitch said:

It's likely the whole system here will be knocked out of kilter. For once I think landlords of business premises might have to agree rent reductions as even they have to believe that they wont be able to sell on empty premises at extortionate key money and rent for quite some time.

 

Could we be entering into a time when the tenant has the negotiating power? Only time will tell.

The Australian Government has put a freeze on evictions during the coronavirus crisis.

[steven100]

8 hours ago, jadee said:

Economists have modeled the effects of virus outbreaks and while things are grim during the contagion period, they will rebound pretty quickly once it's over. If the OPs wife has a few month's rent to tide her over, she should be fine. 

i envy your optimism 

[thedemon]

13 hours ago, Monomial said:

 

You are a good man. Hope others will follow your lead. In particular, I hope the banks will suspend mortgage payments. So far, there is no indication they will.

 

Have you spoken to your bank? You can ask then to switch your mortgage to interest only for an extended period.

 

It was announced by the government 2-3 weeks ago that all commercial banks had been asked to assist homeowners and SME's with loans/mortgages to help deal with cashflow issues during this period. 

 

So far it seems that the banks are cooperating with this.

[jackdd]

8 hours ago, madmitch said:

It's likely the whole system here will be knocked out of kilter. For once I think landlords of business premises might have to agree rent reductions as even they have to believe that they wont be able to sell on empty premises at extortionate key money and rent for quite some time.

 

Could we be entering into a time when the tenant has the negotiating power? Only time will tell.

It will depend on if the landlord is able to afford it.

Many landlords are just normal people who bought a house on finance as investment.

I think the mortage of the house which i'm renting is more than 50% of my landlord's regular income.

As long as i stay here my rent covers the mortage. If i would lower the rent or stop paying it would become really difficult for him.

This doesn't even take into account that maybe next month he could lose his job (lucky for him nothing related to tourists) due to recession.

 

 

[madmitch]

10 minutes ago, jackdd said:

It will depend on if the landlord is able to afford it.

Many landlords are just normal people who bought a house on finance as investment.

I think the mortage of the house which i'm renting is more than 50% of my landlord's regular income.

As long as i stay here my rent covers the mortage. If i would lower the rent or stop paying it would become really difficult for him.

This doesn't even take into account that maybe next month he could lose his job (lucky for him nothing related to tourists) due to recession.

 

 

I'm talking purely about business premises, not residential.

[faraday]

13 hours ago, Metapod said:

people like you deserve to go under if you haven't even got enough savings to cover your mortgage for more than 1 month. that is the height of stupidity and irresponsibility. 

 

 

And people like you, should shut up.

[spidermike007]

Hundreds of millions of people will be devastated not by this ridiculous virus, which has killed less people worldwide, than the total number of people who died in Italy last year from pulmonary issues in two weeks time. And it will not be the zombie virus which causes it. It will be the inane economic shutdown. Millions may starve in India and other poor nations. How does that compare to the results of this virus? Where is their safety net?

 

Coronavirus is a facial pimple, that is being looked upon as a malignant cancerous tumor, with a death sentence attached. The over reaction and panic is nothing short of the zombie apocalypse. All intelligence, common sense, and reason has flown out of the window. Witnessing this is nothing short of surreal. And tragic. 

[colinneil]

13 hours ago, Metapod said:

people like you deserve to go under if you haven't even got enough savings to cover your mortgage for more than 1 month. that is the height of stupidity and irresponsibility. 

 

 

Not everybody is as wise as you.

This situation is a world first, never happened before, many millions of people all around the world will suffer, yet all you can do is come up with a totally brain dead post.... Shame on you.

[cornishcarlos]

19 minutes ago, colinneil said:

This situation is a world first, never happened before,

Not really true but first time in a while..

 

20 minutes ago, colinneil said:

many millions of people all around the world will suffer

 

!00% true but due to government mistakes, not the virus

 

21 minutes ago, colinneil said:

yet all you can do is come up with a totally brain dead post.... Shame on you.

 

Spot on ????

[bearpolar]

36 minutes ago, spidermike007 said:

Hundreds of millions of people will be devastated not by this ridiculous virus, which has killed less people worldwide, than the total number of people who died in Italy last year from pulmonary issues in two weeks time. And it will not be the zombie virus which causes it. It will be the inane economic shutdown. Millions may starve in India and other poor nations. How does that compare to the results of this virus? Where is their safety net?

 

Coronavirus is a facial pimple, that is being looked upon as a malignant cancerous tumor, with a death sentence attached. The over reaction and panic is nothing short of the zombie apocalypse. All intelligence, common sense, and reason has flown out of the window. Witnessing this is nothing short of surreal. And tragic. 

 

Well it affects the people in power..

 

this is what people get for electing and giving CEO jobs only to grey/white hair. 

[stevenl]

10 hours ago, gearbox said:

The hard reality is that most of the small tourism linked businesses will be forced to close sooner or later. For how long - who knows.

 

My gf closed her business in Samui until further notice. Although there is no lockdown yet to force her to close, it didn't make sense with the current turnover to stay open.

She has no debt and piles of cash to hold on the business for years, but she is worried a lot about the staff. Most of them don't have financial discipline and even in good times were living hand to mouth every month. Every day couriers from Lazada and Facebook would turn up, bringing in useless stuff.

She is probably going to pay them 5K baht as help for 2 months, from there on I'm not so sure. The downturn can easily last 1-2 years.

Another farang and Thai girl I know closed permanently and are now selling whatever they have as fittings.

 

She hopes the landlord is going to agree on some rent reduction, and she plans to pick up some extra premises from another business which has been struggling for a while even before the corona, and won't be around for long.

 

Your ex most definitely should try to negotiate with the landlord, and if the business is cash negative now need to purge the staff and close asap to minimise cash outflows. There is no point of staying open and bleeding cash.

If legally employed sso will pay for 3 months 1/2 salary to 15k. If not legally employed they can apply themselves to receive 5k for 3 months.