Farang Who Wants To Buy Apartments And Rent Them

[frenchFARANGbkk]

Hi,

Can you tell me how much it cost to register a company to be able to buy apartments and rent them legally?

I would like to know the cheapest and easiest way to do things and if it's possible with a tourist visa.

Thanks a lot.

[GungaDin]

Why aren't you talking to Sunbelt & other sponsors?

[Sani]

Hi,

Can you tell me how much it cost to register a company to be able to buy apartments and rent them legally?

I would like to know the cheapest and easiest way to do things and if it's possible with a tourist visa.

Apartment in Sathorn road not expensive , can I am looking partner to run business in Bkk I need some one to share for rent Are you interesting email [email protected]

Thank !!

Aree

Thanks a lot.

[frenchFARANGbkk]

Why aren't you talking to Sunbelt & other sponsors?

Maybe scared that they ask me to pay them something as soon as I open my mouth, as lawyers in France !

;-)

[eljeque]

Plenty of people buy a condo in their name and then rent it out and have nothing to do with the tax man. They never mention it.

If you have to buy the condo in a company name, because the 49% limit has already been reached, then your accountant would show the income from rent ( a lower amount than actual) as income and pay the taxes on it each year.

Generally, when buying property in the company route, you would only put one property in each company, that way when you want to "sell" one of he properties, you would only have to transfer the shares of that company. If you had three properties in the company, you would have to actually sell the property out of the company and pay taxes on the sale.

You would find it difficult to sell (transfer shares) one company with three or four condos in it.

If you are able, it may be a lot easier to make sure to buy only properties which can be in your name.

At reasonable prices, you will be able to find tenants in most locations, but if something breaks.

Do you have repairmen available to make the necessary repairs?

Are you going to live in Pattaya so that you can fix anything that goes wrong?

Were you going to enlist a RELIABLE AND HONEST agent to take care of things if and or when you are not in Pattaya?

Renting property can become a lot of work, so try and prepare for what could become, on occasion, a bit of work.

Good luck.

[frenchFARANGbkk]

Plenty of people buy a condo in their name and then rent it out and have nothing to do with the tax man. They never mention it.

If you have to buy the condo in a company name, because the 49% limit has already been reached, then your accountant would show the income from rent ( a lower amount than actual) as income and pay the taxes on it each year.

Generally, when buying property in the company route, you would only put one property in each company, that way when you want to "sell" one of he properties, you would only have to transfer the shares of that company. If you had three properties in the company, you would have to actually sell the property out of the company and pay taxes on the sale.

You would find it difficult to sell (transfer shares) one company with three or four condos in it.

If you are able, it may be a lot easier to make sure to buy only properties which can be in your name.

At reasonable prices, you will be able to find tenants in most locations, but if something breaks.

Do you have repairmen available to make the necessary repairs?

Are you going to live in Pattaya so that you can fix anything that goes wrong?

Were you going to enlist a RELIABLE AND HONEST agent to take care of things if and or when you are not in Pattaya?

Renting property can become a lot of work, so try and prepare for what could become, on occasion, a bit of work.

Good luck.

Hi,

Thank you so much for explanation, I didn't know about the 1 company 1 property rule.

So you mean that there is no risk to buy condos in my name and rent them without making any company and declaring anything ?

But if I want to set up a company, can I do it myself for cheap or do I have to pay a lawyer for every company to setup and every condo to buy ?

Yes, I will live near the condos I will buy (pattaya . bkk) and will do it as a full time job after I will have enough properties, and I can repair / improve everything by myself, no problem.

Thanks a lot again.

[eljeque]

Thank you so much for explanation, I didn't know about the 1 company 1 property rule.

It is not a rule, you can put 10 properties into one company, but when you sell the properties, you would then have to pay company taxes for each sale.

If you have one property in one company, then you simply transfer the shares of the company to the new owner and it costs about 7,000 baht.

So you mean that there is no risk to buy condos in my name and rent them without making any company and declaring anything ?

After living here for 1/2 of the last 20 years, I know a lot of people who simply own a lot of units int heir own names, and put the rent in their pockets. I do not know anyone who declares it as income. I am sure that there are some people out there who do declare it, but only a very small percentage. There is no system in place in this country to see which units create revenue and the like.

But if I want to set up a company, can I do it myself for cheap or do I have to pay a lawyer for every company to setup and every condo to buy ?

An accountant does all of the work, so there is no need for a lawyer. Companies cost about 30,000 baht. You will need an accountant to do the work and go to the land office with you when your company takes hold of the property. This will be another 7,000 or so.

Yes, I will live near the condos I will buy (pattaya . bkk) and will do it as a full time job after I will have enough properties, and I can repair / improve everything by myself, no problem.

Great. Do not count on friends to take care of your headaches here, as over time, they will resent it, and you will not realize the ordeals that they may have to go through. And most of all, do not give the responsibility to a local agent!!!

Good luck.

Do you know the place where you are interested in buying?

Remember, there will also be approximately 10,900 baht / year in taxes and balance sheets each year for the accountant. Deduct this from your income. If you have low cost units at 8,000 / month, and they are rented 9 months / year the 10,9000 / 72,000 becomes a large portion of your income, so remember to take this into account.

You are far better off to be able to get a condo in your own name. I am not a condo-type person, but it is really in your best interests to buy in your name--one of the advantages of a condo.

Take care.

[lioness]

How some people can turn a simple transaction into a mammoth excercise amazes me, it's all very simple if you think about it.