Do you think (most) financially struggling western retirees are stupid for not retiring abroad?

[Prubangboy]

Not to be crass, but we're sort of waiting for Mama to you know, buy the farm, so that we can sell the farm.

 

We're the opposite of a lot of the Issan happy endings here. We had a great rural life (home grown veggies, old growth wood lot), and now we're more like, bring on the sushi options.

 

I can see why someone coming from a dank mid-sized English town would find the raw nature of Issan healing. I've just had enough of nature. Doi Suthep viewed from my balcony covers it.

 

Also, rural living here is very cheap. In the states, it costs a lot of money to be a back to the land minimalist hippie. I'm sure that each of my San Marzano tomato's cost me $7 -but they were good 'uns.

[Jingthing]

2 hours ago, EVENKEEL said:

Keeping homes in the US as rentals is a pain. I have 2 rentals and the repair bills, taxes and Ins are starting to put a squeeze on my finances. To top it off the stock markets are down so withdrawing 401 K money is a downer.

Thailand is definitely a place for a healthy retiree with limited funds to hang their hat. As has been said before, the unknown is what keeps the majority from making the move to Thailand. Health insurance would be the biggest.... what if?

 

If all you have is $2000./mo SS and no paid for home, life is dismal in the US. No way to afford rent and live in a reasonable manner. 

2000 is quite a bit above average for a SS check.

So many have checks closer to 1000.

[JimTripper]

On 10/27/2023 at 7:13 AM, EVENKEEL said:

Keeping homes in the US as rentals is a pain. I have 2 rentals and the repair bills, taxes and Ins are starting to put a squeeze on my finances. 

i tried with a place in the usa and barely broke even in the end, or just under. the rent could not be raised enough over market to profit. i was also using a professional management company.

 

i now think nobody really makes money renting real estate. it's all based on an illusion of the market going up in the future or being able to fight mortgage interest rates or a bank, or being fooled by seeing a rent check and ignoring money coming out the back end.

Edited October 28, 2023 by JimTripper

[EVENKEEL]

23 hours ago, Jingthing said:

2000 is quite a bit above average for a SS check.

So many have checks closer to 1000.

Mine is 2100. no part B. You have to be a low earner or been collecting for many years to only get 1000.

[EVENKEEL]

19 minutes ago, JimTripper said:

i tried with a place in the usa and barely broke even in the end, or just under. the rent could not be raised enough over market to profit. i was also using a professional management company.

 

i now think nobody really makes money renting real estate. it's all based on an illusion of the market going up in the future or being able to fight mortgage interest rates or a bank, or being fooled by seeing a rent check and ignoring money coming out the back end.

Mine have been paid for awhile. I don't shoot for high rent. I just keep them rolling and happy with a small return. I like owning land in the US. Have some repairs to make the next year so won't have much profit.

 

No illusion for rentals that are paid for. I'm just not in it to make top dollar. I have long time renters in place. One the rent remained the same now for 15 yrs because the renters make alot of their own repairs, saves me the headaches. The other I have a Co to handle and they raise rent a bit but not top tier.

Edited October 28, 2023 by EVENKEEL

[JimTripper]

28 minutes ago, EVENKEEL said:

Mine have been paid for awhile. I don't shoot for high rent. I just keep them rolling and happy with a small return. I like owning land in the US. Have some repairs to make the next year so won't have much profit.

 

No illusion for rentals that are paid for. I'm just not in it to make top dollar. I have long time renters in place. One the rent remained the same now for 15 yrs because the renters make alot of their own repairs, saves me the headaches. The other I have a Co to handle and they raise rent a bit but not top tier.

Yeah, having that back up property is the reason i ever tried it. That's important. You always know it's there just in case.

 

In the end though it was too much of a hassle for me however. The great vetted renters with high credit scores and references I had let their dog sleep in one of the bedrooms and put modern lighting fixtures into an antique themed house. Then I had to return to clean the place up for new tenants. So I said forget it and just sold it.

 

Some people pay just to have everything done, but it never seems to get done right no matter how much you pay when someone else is responsible for supervising it. The property falls into disrepair and there's all these laws saying it has to be fixed.

Edited October 28, 2023 by JimTripper

[Jingthing]

3 hours ago, EVENKEEL said:

Mine is 2100. no part B. You have to be a low earner or been collecting for many years to only get 1000.

Mine is much closer to 1000 than 2000.

I think the average is well under 2000.

There are Americans retired abroad on 800.

Obviously the less income and wealth the fewer options for legal residency and the less fabulous the amenities. 

But the point is that there are options  for the lower income and wealth expats.

[GinBoy2]

21 hours ago, JimTripper said:

Yeah, having that back up property is the reason i ever tried it. That's important. You always know it's there just in case.

 

In the end though it was too much of a hassle for me however. The great vetted renters with high credit scores and references I had let their dog sleep in one of the bedrooms and put modern lighting fixtures into an antique themed house. Then I had to return to clean the place up for new tenants. So I said forget it and just sold it.

 

Some people pay just to have everything done, but it never seems to get done right no matter how much you pay when someone else is responsible for supervising it. The property falls into disrepair and there's all these laws saying it has to be fixed.

I've actually had good success with rentals, both in Thailand and the US.

 

I rented out my house in the US while living full time in Thailand, I didn't have a mortgage so it was all paid off and I very willingly paid a property management to take care of it.

 

I also had some rental condo's in Bangkok, and when I sold them, didn't make any equity gain, but the rental income was solid.

 

When we moved back to the US, sold them and bought in the US.

 

Unlike in Thailand where I managed them myself due to a lack of property management companies, I pay to have someone else take care of them, which is a Godsend, just send me a check every month

[thaicurious]

I've got a US property that not just provides a roof over my head but also additional income. My medical costs & insurance premium increases are somewhat limited here by staying with Medicare plus supplemental. Matching that level & quality of coverage overseas (I've priced it) about doubles the cost. Never mind winding up too old for any coverage overseas or certainly more limited choices. So to stay put, I wind up with enough to live as I enjoy plus enough for five or six months away each year which is my plan now, well, after covid vaccinations improve (hoping for 2024), then I'll start to travel again. Were I to sell here and move to an area with a lower cost of living overseas, I'd actually wind up with less excess money each year.

 

So it's not always as simple as lowering your cost of living for rent, food & entertainment, especially considering aging into medical & insurance costs. Never mind that the more I age, the less I spend on entertainment. Now for fun I buy ace bandages and ice packs instead.