Living In Thailand With 3 Mill Baht Savings

[scorpio]

Hi,

im 44, married to thai wife with a three year old daughter, we are stuck between making a move to thailand or staying in uk. I was working offshore for a while but lost my job two months ago. hoping something will happen on the work front soon. We have two houses in thailand, in pattaya and isaan, so if we were to make a move then it would be rent free. Obviously our daughter would need to go to school and this would cost money unless she went to a thai state school. then there is the hassle and costs of me having to fly back to uk every 15 months to get a non (0) visa. We would have an income from the uk of about 20,000 per month but thats it. my wife put a deposit on a laundry business to start but ive been doing some research into this and apparently its a risky business and very hard work so im in two minds now wether to put any money into it and give it a go or walk away and lose our deposit, the thing is this business is right beside our house and one of our neighbours has promised to get my wife some contracts from hotels but i am wary of her promises and dont want to go buying machines, van etc if there is no contracts to be got. I dont want to go down the route of buying a bar, seen and heard too many horror stories although ive a few friends have bars and they get by ok.

Would love to hear from some guys who have made the decision and made a life of it or made a mess of it, just personal expiriences. I hate the thought of us ending up back in uk in a few years time penniless with no financial security for our daughter. flip side of the coin is slogging it out here in uk hoping things pick up with work etc and maybe waiting untill im 50 and be ready to go for retirement visa.

obviously i would need to make sure to get out of holiday mode asap whilst living in pattaya ( not an easy thing to do ) though i do go to gym and do some muay thai, play tennis etc. Im thinking we could live in our house and get by on say 1,000 baht per day for food, electric and water costs. Should say that my wife has two twin sons in isaan who she misses terribley but because im now unemployed i cannot get the kids a visa, they are 11 years old and live with her older sister in khon kaen. They are at state school and i imagine they will stay in state school if or when they come to live with us, because of her other two sons this leaves us stuck between a rock and a hard place.

Its a hard choice and one i need to think long and hard about.

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Edited March 25, 2012 by scorpio

[longstebe]

IMO you would need more than 30000 a month coming in. Maybe its possible you can take some short contracts in your line of work, overseas.

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Edited March 25, 2012 by longstebe

[maprao]

Sorry to hear about the job. Big decision. However you will spend less living Thailand. Offshore opportunities involve travelling to work so not like you have to be on the ground in the UK looking for a job.

Only you can make the decision. Me I would go live in Thailand. Living on the 30,000 Baht you propose is feasible especially if you are careful. I know people who live on that in LOS and have to pay rent. I think I would need a little more.

[TommoPhysicist]

With the 20k a month from the UK

Rent out the Pattaya house, getting another 10k

400k in a Thai bank for your married person extension of stay (don't spend it)

You can live easily in the Issan house with 30k a month, and never need to leave Thailand for a Visa.

Send the kid to state school, they are OK.

All you need for a laundry business is 3 washing machines, a drying rack or two, and an iron.

No need to buy in to an existing business, set up against your house like the locals do, about 25k for the setup.

What's the worst that could go wrong ........ two unused washing machines.

Edited March 25, 2012 by TommoPhysicist

[Beetlejuice]

I have read several of your past posts, the ups and downs between you and the wife, your health and financial problems.

In my case I waited until I was financially secure and my life was running smooth before deciding to live in Thailand for the long term, probably forever.

I suggest that you do the same and would never consider moving to Thailand on ifs, buts and maybes.

If you are struggling with your lifestyle in England than you will probably be in an even worst situation in Thailand, where if you land in the gutter there is no one to pull you out.

I don’t think anyone can advise you, as this is something you must do or not do at your own risk and discretion. It`s the same for everyone.

[taninthai]

Why do you need to go back to uk every 15 months for a visa ,if you are married or have child you can extend your visa within Thailand cost 1900 bht no need to ever leave.

[RudieTheFoodie]

If

With the 20k a month from the UK

Rent out the Pattaya house, getting another 10k

400k in a Thai bank for your married person extension of stay (don't spend it)

You can live easily in the Issan house with 30k a month, and never need to leave Thailand for a Visa.

Send the kid to state school, they are OK.

All you need for a laundry business is 3 washing machines, a drying rack or two, and an iron.

No need to buy in to an existing business, set up against your house like the locals do, about 25k for the setup.

What's the worst that could go wrong ........ two unused washing machines.

With the 20k a month from the UK

Rent out the Pattaya house, getting another 10k

400k in a Thai bank for your married person extension of stay (don't spend it)

You can live easily in the Issan house with 30k a month, and never need to leave Thailand for a Visa.

Send the kid to state school, they are OK.

All you need for a laundry business is 3 washing machines, a drying rack or two, and an iron.

No need to buy in to an existing business, set up against your house like the locals do, about 25k for the setup.

What's the worst that could go wrong ........ two unused washing machines.

Not sure if I have this right, but if you have 20k from UK per month, do as the above poster says and rent the pattaya house out for another 10k, do you still have the 3mil in cash. If so, if you buy well in bangkok your 3mil will bring you another 25-30k per month in rent.

IF this is the case you would be on 55-60k per month - no problem whatsoever when you consider the point that you will also work.

[wana]

If

With the 20k a month from the UK

Rent out the Pattaya house, getting another 10k

400k in a Thai bank for your married person extension of stay (don't spend it)

You can live easily in the Issan house with 30k a month, and never need to leave Thailand for a Visa.

Send the kid to state school, they are OK.

All you need for a laundry business is 3 washing machines, a drying rack or two, and an iron.

No need to buy in to an existing business, set up against your house like the locals do, about 25k for the setup.

What's the worst that could go wrong ........ two unused washing machines.

With the 20k a month from the UK

Rent out the Pattaya house, getting another 10k

400k in a Thai bank for your married person extension of stay (don't spend it)

You can live easily in the Issan house with 30k a month, and never need to leave Thailand for a Visa.

Send the kid to state school, they are OK.

All you need for a laundry business is 3 washing machines, a drying rack or two, and an iron.

No need to buy in to an existing business, set up against your house like the locals do, about 25k for the setup.

What's the worst that could go wrong ........ two unused washing machines.

Not sure if I have this right, but if you have 20k from UK per month, do as the above poster says and rent the pattaya house out for another 10k, do you still have the 3mil in cash. If so, if you buy well in bangkok your 3mil will bring you another 25-30k per month in rent.

IF this is the case you would be on 55-60k per month - no problem whatsoever when you consider the point that you will also work.

would 3 million thb still buy a decent house in bkk thesedays ? i havent looked at that market for ages ........

[RudieTheFoodie]

In the suburbs sure.

[David48]

scorpio ... I do love reading your posts, you do get yourself in all sorts trouble, I fondly remember your Funeral post from last year.

Do you sometimes feel like a chicken being plucked one feather at a time?

So ... what does your gut feeling say about the chance of success of the proposed laundry business?

Out of curiosity, what part of the laundry business exactly are you buying?

Are there no existing hotel contracts in place?

No machines be included as part of the transaction?

Is the Pattaya a house and hence in your wife’s name and essentially her property?

[phomsanuk]

Possible but difficult, no frills.. Health insurance?

[RubbaJohnny]

Theres always lots of laundering going onin this country one way or tother

,follow your heart.

Local labour 2 scrubbers a rack and a motobike is all our place hs for 60-75 folks outlay about a grand and a supply of soap ,no drying costs.,of course need a covered area for rain days

Key is Charge extra for ironing as it takes a lot of time when the lasses could be delivering,getting new custom etc so eg 20 per item or 30 ironed not per KG for farangs

Also while many will deliver everyone lose ticktes hates not knowing return time so a return service iis a good add on.

Deoending on your locale 1 resort a few hotels etc maybe all you need.

Edited March 26, 2012 by RubbaJohnny

[lovelomsak]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

[Sharp]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

[TommoPhysicist]

I live her on 10k a month, easily (with 400k in the bank for Visa extensions).

My only major expense is my internet connection at 630bht a month.

I live with my wife and our family (two kids) on her farm in Nan province.

Evening entertainment, movies, Tv and rice whiskey. (similar to the UK)

Food, mostly provided by the farm (we grow mainly corn) and other relatives farms.

Work, I help out on the farm and the relatives farms.

My life here is very similar to my life in the UK (was a farmer in the UK)

But my lifestyle is better here, no heating bills.

Edited March 26, 2012 by TommoPhysicist

[brit1984]

In my opinion, you must move to Thailand ASAP so your step kids can be reunited with their mother.

Clearly your financial situation is not ideal but, as you don't mind working, it's ok. The biggest cost you will need to cover is for international school but should be manageable.

Renting out the Pattaya house is a no-brainer. Maybe also advertise it for sale at a high price, if you sell it cool, if not doesn't matter.

You can apply for jobs similar to what you were doing before on the Jobs DB website. While your job search is on-going you can teach English. This will make around 30k THB/month.

If your job search proves fruitless you can set up your own mini language school (easy to do) or any other good business opportunity you discover. I would suggest avoiding any business opportunities recommended to you by the wife or other natives.

I think you already know the laundry business is a bad idea. You just need to find a smooth way out of the deal. I think your wife can tell the vendor YOU have changed your mind - she probably needs to blame YOU to save face.

Anything you can do to maximise the return (while keeping risks at a tolerable level) on your savings will obviously help too.

Good luck!

[geriatrickid]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

Agreed plus, no such thing as living rent free. One must factor in upkeep, electricity, insurance, fees/taxes.

3million baht is fine as a contingency fund if you would never touch it. I couldn't do it, but I know some do.

[cardholder]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

I also agree.

You are coming for the wrong reasons. You are coming off the back of a negative situation and your dreams will be shattered forever if things don't work out.

Don't spend your capital (especially on a laundry) get another job and then PLAN when you WANT to come to Thailand.

You seem to be making some excuses already - schooling, visa etc.

If you WANT to come to Thailand you can work offshore using Thailand as your home base - I have several friends who do. You don't have to get a Non-Imm O, you can get a marriage extension.

There is nothing to stop you coming over and a limited budget will go further here than in the UK.

It just seems as if the time is not right for you.

Edited March 26, 2012 by cardholder

[David48]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

I also agree.

You are coming for the wrong reasons. You are coming off the back of a negative situation and your dreams will be shattered forever if things don't work out.

Don't spend your capital (especially on a laundry) get another job and then PLAN when you WANT to come to Thailand.

OMG ... another agree with Cardholder ... that's 3 this year

Note to self ... resume medication ASAP

Edited March 26, 2012 by David48

[cardholder]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

I also agree.

You are coming for the wrong reasons. You are coming off the back of a negative situation and your dreams will be shattered forever if things don't work out.

Don't spend your capital (especially on a laundry) get another job and then PLAN when you WANT to come to Thailand.

OMG ... another agree with Cardholder ... that's 3 this year

Note to self ... resume medication ASAP

Steady David - they will start talking about us!

[lovelomsak]

Personnaly I wouldnot even consider doing it. My feelings are life on budget like that gets tiring real quick. I would find a way to get more money in reserve before committing to Thailand. I would suggest a least 3 times what you have. Costs here and back home go up all the time. A business failure and you become a poor man with no opportunities. Your life could be tubed in year. Who wants to be a desperate man in Thailand?

Great adivce spot on !!!

I also agree.

You are coming for the wrong reasons. You are coming off the back of a negative situation and your dreams will be shattered forever if things don't work out.

Don't spend your capital (especially on a laundry) get another job and then PLAN when you WANT to come to Thailand.

OMG ... another agree with Cardholder ... that's 3 this year

Note to self ... resume medication ASAP

Does that mean you agree with me too or is 3 a crowd?

[inthepink]

In the suburbs sure.

When I looked at houses in and around Bangkok about 3 years ago, 2.5 - 3 million got you a small house somewhere like Rangsit, miles up a side road. The rent for such a property was about 7k a month. There's no way you'd get anywhere near 25k in monthly rental income for a 3 million baht investment. Edited March 26, 2012 by inthepink

[RudieTheFoodie]

In the suburbs sure.

When I looked at houses in and around Bangkok about 3 years ago, 2.5 - 3 million got you a small house somewhere like Rangsit, miles up a side road. The rent for such a property was about 7k a month. There's no way you'd get anywhere near 25k in monthly rental income for a 3 million baht investment.

Sure - in the suburbs.

If you spend 3mil wisely in the city you can get rent of 25k -I know as I do it myself.

[BigJohnnyBKK]

Send the kid to state school, they are OK.

"OK" if you really don't give a hoot about their future. Many people feel that a parent's obligation to their kids education should be more important than their personal happiness.

In my case I waited until I was financially secure and my life was running smooth before deciding to live in Thailand for the long term, probably forever. I suggest that you do the same and would never consider moving to Thailand on ifs, buts and maybes.

if you buy well in bangkok your 3mil will bring you another 25-30k per month in rent.

Sure - in the suburbs. If you spend 3mil wisely in the city you can get rent of 25k -I know as I do it myself.

<deleted> IMO, I'm paying 15K per month for a shophouse and all the Thais say I'm being ripped off. I've seen over a dozen sales on similar houses around here, and all are over 4 million, some over 5.

I saw a somewhat broken-down single-story house go for half a million, the land was leased year to year, and the rent on that was 5K.

25-30K is hi-so and farang range rentals, be **very** difficult to keep that rented out long-term out in the suburbs anyway.

If it were in a desirable area and you spend a lot of money fixing it up, A/C and nice decorating and also on marketing, then maybe, but I'd cut your rent:investment ration in half and still think it would be risky.

The laundry idea's a joke, trying to earn money in competition with the Thais will only get you trouble IMO.

If the OP truly knows what it's like to try to live here on 30K THB a month, then that's his choice, it's true many do, but I know very few that could actually be satisfied with their life on that.

Make your money over there and feel totally solid about your plan before moving over. And never touch your "bail-out fund" which has to support all expenses moving and getting settled in back home, carry you for a while until you get work etc.

Nothing worse than being down and out here, no longer having the option to get back home. . .

[RudieTheFoodie]

^

Where is the shophouse you rent for 15k?

[TommoPhysicist]

Send the kid to state school, they are OK.

"OK" if you really don't give a hoot about their future. Many people feel that a parent's obligation to their kids education should be more important than their personal happiness.

My children are Thai, they live in Thailand but have the advantage of speaking English.

If they were sent to an International school, they would not learn to read or write Thai properly, they would never fit in.

Better they are happy and are surrounded by their peers, than to be arrogant 'rich-kids'. Just my opinion.

Agreed plus, no such thing as living rent free. One must factor in upkeep, electricity, insurance, fees/taxes.

3million baht is fine as a contingency fund if you would never touch it. I couldn't do it, but I know some do.

I live rent free, on my wifes' farm. No insurance, fees or taxes. No upkeep, that is all done ourselves or by family members.

The house is wood, on concrete stilts. Need a repair, go into the forest, cut a chunk of wood, uncle (the village carpenter) does the business. Electricity, 500bht in an expensive month, cooking is over a fire using wood I cut.

You are living like a tourist, so you pay upkeep, I live like a local so I pay almost nothing.

Edited March 26, 2012 by TommoPhysicist

[wana]

i think these threads are always so conflicting because we all live such differnt lifestyles in thailand

a guy in silom or sukhumvit apartment area might spend more on a round of drinks than a esan faramer spends on a months foods ,might have a lifestyle that costs 100k+ a month ,the other might be happy chopping wood and living on 10k in a month and still have change

i can eat a meal for 25 thb in bkk centre ( a fried rice with chicken and vegetables + a free cup of ice water )

i can eat another meal for 220 thb (a bowl of veg soup ,a beef or chicken steak ,mashed potatoes and a fruit smoothie )

on food alone .i can spend 9 x times more IF I CHOOSE

I can rent a 24 meter room for 3500 a month or a 48 meter room for 8000 a month or a 60+ meter room for 10,000+ a month etc etc

more often than not ,il skip lunch and get a steak dinner becaue i can afford it and i like it

but if i had to ,i could easily eat the other meal at the thai shop so for some it wil be impossible to exist on 2000 USD

a month but for others they might have a great life on even less

3 million in the bank is loads ,i know thais that 0.000 in the bank about 10 days after pay day

you will not die from poverty/starvation on that amount ,but you will not be" filthy rich" either ,its just a question of how you live your life

[HardenedSoul]

Send the kid to state school, they are OK.

"OK" if you really don't give a hoot about their future. Many people feel that a parent's obligation to their kids education should be more important than their personal happiness.

My children are Thai, they live in Thailand but have the advantage of speaking English.

If they were sent to an International school, they would not learn to read or write Thai properly, they would never fit in.

Better they are happy and are surrounded by their peers, than to be arrogant 'rich-kids'. Just my opinion.

Agreed plus, no such thing as living rent free. One must factor in upkeep, electricity, insurance, fees/taxes.

3million baht is fine as a contingency fund if you would never touch it. I couldn't do it, but I know some do.

I live rent free, on my wifes' farm. No insurance, fees or taxes. No upkeep, that is all done ourselves or by family members.

The house is wood, on concrete stilts. Need a repair, go into the forest, cut a chunk of wood, uncle (the village carpenter) does the business. Electricity, 500bht in an expensive month, cooking is over a fire using wood I cut.

You are living like a tourist, so you pay upkeep, I live like a local so I pay almost nothing.

Hey, it's your business if you want to live like Grizzly Adams but to say you'd rather they were surrounded by their peers than thought of as "arrogant" rich-kids is a bit short-sighted, don't you think?

Sure, it's good to fit in but that shit ain't gonna help them come the time they want to set up home and take care of their kids on a building site labourer's salary.

Personally, if I had kids in this country, no fuc_king way I'd send them to a state school unless, of course, I had no issue with them turning out to be as incapable of independent thought as "their peers".