frankyj Posted April 23, 2011 Share Posted April 23, 2011 Hi everyone - I was wondering if anyone had any experience in "flipping" property in Thailand? Flipping (might only be a British and American term, not sure) is buying a property and selling it at higher price. Generally one would buy a property that needed a bit of care, put some money into fixing it up and then sell on at a profit. For me this would have to be in the condo market as I do not have a Thai wife and as I understand as an expat I can only buy condo's. I would be looking at Bangkok and Pattaya primarily. Where is a good place to source cheap properties on the net? Any help or advice would be really appreciated. Cheers Link to comment Share on other sites More sharing options...
InterestedObserver Posted April 23, 2011 Share Posted April 23, 2011 Flipping condominiums is quite a common practice here in Pattaya. Depending on who you talk to, it is either making them a small fortune or driving them into the poor house. Link to comment Share on other sites More sharing options...
trogers Posted April 23, 2011 Share Posted April 23, 2011 (edited) Generally one would buy a property that needed a bit of care' date=' put some money into fixing it up and then sell on at a profit. [/quote'] This business model is only practical during the early upswing from the bottom of a bubble burst, when you are cash rich and there are lots of distress sales. Not practical when there are lots of new developments being spun out like the present. Edited April 23, 2011 by trogers Link to comment Share on other sites More sharing options...
aridion Posted April 24, 2011 Share Posted April 24, 2011 (edited) I would have to say that the OP and his desires to make a PROFIT in LOS from the property market is the reason why foreigners are not allowed to own land in the Kingdom. Edited April 24, 2011 by aridion Link to comment Share on other sites More sharing options...
eljeque Posted April 25, 2011 Share Posted April 25, 2011 Reselling is the hard part. It is not easy to sell anythnig, even at a "below market price" in Pattaya because the new buildings have enormous marketing budgets, and many people actually believe in the artist's drawings and brochures which the developers show them. How well do you speak Thai? It is useful, if not necessary if you want to keep the costs of renovation down enough for making a profit on the resale. Don't jump in too fast, as it can be very difficult to get out. Link to comment Share on other sites More sharing options...
englishinsiam Posted May 4, 2011 Share Posted May 4, 2011 I would have to say that the OP and his desires to make a PROFIT in LOS from the property market is the reason why foreigners are not allowed to own land in the Kingdom. And what is the Crime with a 'Foreigner' trying to make a profit? Thats a rather Racist left wing attitude you have there. Many 'foreigners' in Europe and US make good money in property/land and I say if they work hard good luck to them. There are distressed sales about a friend and I went halves on a 2 Bedroom house in Pattaya for 800K last year (We bought from an Australian so don't worry aridion we didn't fleece a Thai). We net a rental income of 9% a year not great but it's positive cashflow we have around 25% market equity in the property and a good Thai family happy to spend the rest of their lives there taking good care of the property. Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 4, 2011 Share Posted May 4, 2011 (edited) I would have to say that the OP and his desires to make a PROFIT in LOS from the property market is the reason why foreigners are not allowed to own land in the Kingdom. And what is the Crime with a 'Foreigner' trying to make a profit? Thats a rather Racist left wing attitude you have there. Many 'foreigners' in Europe and US make good money in property/land and I say if they work hard good luck to them. There are distressed sales about a friend and I went halves on a 2 Bedroom house in Pattaya for 800K last year (We bought from an Australian so don't worry aridion we didn't fleece a Thai). We net a rental income of 9% a year not great but it's positive cashflow we have around 25% market equity in the property and a good Thai family happy to spend the rest of their lives there taking good care of the property. Aridion may have meant it that way (presumably you have a work permit, pay taxes, your majority Thai shareholders are genuine investors not nominees and they take the majority of the profits?). The general prohibition on foreighners owning land may be interpreted as purely nationalistic or allowing rich Thais to maintain their positions but it might equally be interpreted as protecting foreigners from themselves and or protecting Thais from speculative foreigners. Edited May 4, 2011 by thaiwanderer Link to comment Share on other sites More sharing options...
aridion Posted May 4, 2011 Share Posted May 4, 2011 Protecting Thais from speculative foreigners was the point that I was trying to make. I am just referring to the law in Thailand. Not saying if it is right or wrong. I would actually be of the opinion that someone who is working and living in Thailand with all the required documents should be allowed to own their plot of land. Link to comment Share on other sites More sharing options...
lannarebirth Posted May 4, 2011 Share Posted May 4, 2011 I don't know the first thing about "flipping" condos in Thailand, but I will say this. All the money I ever hoped to make from an investment stemmed from the day I bought it. Other people's mileage may vary but to my mind it is all about "buying right". No matter what you may hope to gain fron an investment there is great comfort in knowing it won't possibly sell for less than you payed for it. Especially in Thailand , wher the cost of ownership is next to nil. Link to comment Share on other sites More sharing options...
trogers Posted May 5, 2011 Share Posted May 5, 2011 I don't know the first thing about "flipping" condos in Thailand, but I will say this. All the money I ever hoped to make from an investment stemmed from the day I bought it. Other people's mileage may vary but to my mind it is all about "buying right". No matter what you may hope to gain fron an investment there is great comfort in knowing it won't possibly sell for less than you payed for it. Especially in Thailand , wher the cost of ownership is next to nil. Many condo units can sell for less when they are located wrong or priced too high. You can see them in buildings that have double digits percentage of unsold and/or unoccupied units. Link to comment Share on other sites More sharing options...
newbepat Posted May 7, 2011 Share Posted May 7, 2011 I thought flipping was, where you bought off plans, and sold before you signed a contract Link to comment Share on other sites More sharing options...
trogers Posted May 7, 2011 Share Posted May 7, 2011 I thought flipping was, where you bought off plans, and sold before you signed a contract Can also mean buying distress properties, renovate and then sell off, with no intentions to rent them out. Link to comment Share on other sites More sharing options...
newbepat Posted May 8, 2011 Share Posted May 8, 2011 I thought flipping was, where you bought off plans, and sold before you signed a contract Can also mean buying distress properties, renovate and then sell off, with no intentions to rent them out. Ok then whats a distressed property? Pat Link to comment Share on other sites More sharing options...
trogers Posted May 8, 2011 Share Posted May 8, 2011 I thought flipping was, where you bought off plans, and sold before you signed a contract Can also mean buying distress properties, renovate and then sell off, with no intentions to rent them out. Ok then whats a distressed property? Pat Here is an example: Link to comment Share on other sites More sharing options...
seriouseats Posted May 9, 2011 Share Posted May 9, 2011 Flipping in thailand is quite easy, if you're very good at home decoration and repairs. Most people who think they are good are awful. If you look at the show your house thread, there is a guy with a few awesome proprieties in pattaya. He "flips" them for fun but he makes a decent profit on top. The problem with flipping here, is most thais who do them have no taste so it takes 5-10years before they get rid of a house. Link to comment Share on other sites More sharing options...
jolo Posted May 9, 2011 Share Posted May 9, 2011 How about the taxation for the condo flippers? Behind the link you can find some information but could someone give an example from the real-life? http://www.globalpropertyguide.com/Asia/Thailand/Taxes-and-Costs Link to comment Share on other sites More sharing options...
JeffreyMcCollum Posted May 10, 2011 Share Posted May 10, 2011 I have flipped here for over 8 years. Yes it can be done. Yes you should have a good idea about Thailand, and the Thai systems. I do much of the work myself, and started as a side job. I have never lost. When you ad in rentals while I was waiting for it to sell, I have always made a profit. Do learn before you do. I have over 30 years of construction expereance. 10 in Asia. A good place to start is most banks have forclosures for sale at low prices and you offer them even less. You can do houses to, even though they say "can not". Remember if you turn a home before 5 years you will pay and extra 5% at transfer to the government as "Investment" tax I was told. Good luck ! Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 10, 2011 Share Posted May 10, 2011 I have flipped here for over 8 years. Yes it can be done. Yes you should have a good idea about Thailand, and the Thai systems. I do much of the work myself, and started as a side job. I have never lost. When you ad in rentals while I was waiting for it to sell, I have always made a profit. Do learn before you do. I have over 30 years of construction expereance. 10 in Asia. A good place to start is most banks have forclosures for sale at low prices and you offer them even less. You can do houses to, even though they say "can not". Remember if you turn a home before 5 years you will pay and extra 5% at transfer to the government as "Investment" tax I was told. Good luck ! Not profitted from flipping then? Link to comment Share on other sites More sharing options...
newbepat Posted May 12, 2011 Share Posted May 12, 2011 Ok I will ask again What is distressed property? Link to comment Share on other sites More sharing options...
ESB7 Posted May 13, 2011 Share Posted May 13, 2011 I would have to say that the OP and his desires to make a PROFIT in LOS from the property market is the reason why foreigners are not allowed to own land in the Kingdom. And what is the Crime with a 'Foreigner' trying to make a profit? Thats a rather Racist left wing attitude you have there. Many 'foreigners' in Europe and US make good money in property/land and I say if they work hard good luck to them. There are distressed sales about a friend and I went halves on a 2 Bedroom house in Pattaya for 800K last year (We bought from an Australian so don't worry aridion we didn't fleece a Thai). We net a rental income of 9% a year not great but it's positive cashflow we have around 25% market equity in the property and a good Thai family happy to spend the rest of their lives there taking good care of the property. 2 bed house for 800K.just imagine what that is like and the area Link to comment Share on other sites More sharing options...
ESB7 Posted May 13, 2011 Share Posted May 13, 2011 A property is a HOME...not a cash cow......flipping my asre...deserve to loose everything!!! Link to comment Share on other sites More sharing options...
rgs2001uk Posted May 13, 2011 Share Posted May 13, 2011 Ok I will ask again What is distressed property? Probably one like the one the wife bought. They dont come up too often, but when they do make sure you have access to instant cash. In the wifes case, huge gambling debts, the debtors werent interested in flipping, they only wanted the debt recovered. Link to comment Share on other sites More sharing options...
wpcoe Posted May 13, 2011 Share Posted May 13, 2011 Ok I will ask again What is distressed property? http://lmgtfy.com/?q=what+is+distressed+property Link to comment Share on other sites More sharing options...
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