Buying A Bkk Condo, Not Living In Th. Urgent Advice Needed!

[hymne]

Hello,

My girlfriend who is Thai is currently renting a condo in BKK. From September on, she will be living with me in my country.

Her landlord announced to her that he is selling the condo; it's a great deal and we're really interested.

We would buy it and rent it out.

Questions:

IF i bring the money (or half of it) cash from my country to buy it, should i pass through a bank,.. to prove that i bring it from outside Thailand ?

If my gf and i each pay half cash, should we 'legalize' certain docs to officially co-own the place? (condo-law allows even that i own 100%, i'd be only foreigner owner in that condo-building)

Do we have to pay tax on the money we would receive from renting it out?

Is it doable (&how much does it cost) to open a bank account as a foreigner who doesn't live in TH, and could i acess statements online?

many thanks, we'll have to decide soon as landlord gives us first choice but many others interested!

Hymne

[backflip]

The answer to all of your questions is "yes".

[eljeque]

****It is in your best interests to buy a condo here when you are ready to live in it here and only then!!!!!! And, maybe not even then!!!!!

My girlfriend who is Thai is currently renting a condo in BKK. From September on, she will be living with me in my country. Her landlord announced to her that he is selling the condo; it's a great deal and we're really interested.

***I apologize for being cynical, but I am sure that I will be a lot more polite than many of the other posters.

***Did she tell you this? Yes.

***It is better for you to look for a place elswhere without using her as the link to the property.

**** Is it possible that she simply made this up to get you to buy her a condo? Even if he is selling it, how much is it worth and how do you know its value? Is it possible that the value of it is the amount that you are putting in plus a little more, and not a 50 / 50 arrangement?

We would buy it and rent it out.

****Are you familar with the rental market for that area of the city? How would you secure a tennant, a deposit, undertake repairs, etc. while she is in your country?

Questions:

IF i bring the money (or half of it) cash from my country to buy it, should i pass through a bank,.. to prove that i bring it from outside Thailand ?

***Yes. That is necessary and you will need to get a Tar Tar Sam from the bank to show to that you did bring in the funds from outside of th country. Then show this to the land office in order to put the condo into your name, if that is what you are plannig on doing.

If my gf and i each pay half cash, should we 'legalize' certain docs to officially co-own the place? (condo-law allows even that i own 100%, i'd be only foreigner owner in that condo-building)

*** And then some. This is becoming too complicated to get involved in. Even if you get everything right, and then she decided to return OR NOT EVEN LEAVE THAILAND, and keep the unit, once she is in it, you are going to have one hel_l of a time getting her out and getting your "1/2" if that is all that you paid, returned. Do you have the time to go through a court case in this country? It is not a lot of fun!!!!

Do we have to pay tax on the money we would receive from renting it out?

Is it doable (&how much does it cost) to open a bank account as a foreigner who doesn't live in TH, and could i acess statements online?

**** Tax? If you do not report it, it is highly unlikely that anyone is gong to come after you. You would need to come here to open an account, and yes, you can access statements on-line.

many thanks, we'll have to decide soon as landlord gives us first choice but many others interested!

*** I really think that you would do yourself a big favor if you instead waited until you are ready to move here and live here and put a unit in your and only your name, rather than rush into this. I wish you the best of luck.

Hymne

[jumnien]

I've enjoyed all four condos I've bought in Thailand. In your situation, I'd pass on this one.

[Fred Sanford]

seconded

[hymne]

Thanks for the replies..

I see this as an investment, it could pay off by renting it out.

I trust my girlfriend.

She owns another house and we are just checking out how we could manage this.

I know its a good deal, 480k Bath for 30 sq meters on topfloor w great view in Ladpraow. (!!)

She now pays 4500 B rent, as we would leave her furniture in it could go for 5500/month.

Would go through a rental office.

Another thing i have to check out is how to wire monthly rent to my country, maybe through an auto-monthly transfer or get an ATM/credit card and get it out here.

Indeed a bit cynical, asking if i'm sure she would not keep it for herself.. but no hard feelings

regards,

Hymne

[bino]

I know its a good deal, 480k Bath for 30 sq meters on topfloor w great view in Ladpraow. (!!)

She now pays 4500 B rent, as we would leave her furniture in it could go for 5500/month.

Not really such a great deal.... I'd say that it is a typical or average price.I also bought / live in a condo in Lad Prao- high floor with a view back towards Ratchada and the city.

Have your GF call the Government Housing Bank on the pretense of obtaining financing from them. They will do an appraisal / valuation for you. You will see that the landlord isn't really giving you any special treatment.

[hymne]

I know its a good deal, 480k Bath for 30 sq meters on topfloor w great view in Ladpraow. (!!)

She now pays 4500 B rent, as we would leave her furniture in it could go for 5500/month.

Not really such a great deal.... I'd say that it is a typical or average price.I also bought / live in a condo in Lad Prao- high floor with a view back towards Ratchada and the city.

Have your GF call the Government Housing Bank on the pretense of obtaining financing from them. They will do an appraisal / valuation for you. You will see that the landlord isn't really giving you any special treatment.

[hymne]

Condo was estimated by a bank: 600k