How Many Condos Can I Buy?

[davejones]

This Post seems to be a HUB of mis information

First off you can buy as many as you want. as long as you can pay for them, Remember you have fees and upkeep as well as furnishing them usually. . I have (had) 10 at one point. but know others with more.

Have you been to Thailand before ? and why Bangkok ?

I purchased lower cost (working class) condos in the 500,000 Bt range in one resort area, I would fix them up, rent them out for 10,000 - 45,000 Bt a month as well as sell if I got a good offer, I have never lost money, but once or twice broke even, If you include the rental income I guess I did fine all in all. Never had a problem selling my condos when I needed but I was realistic about the pricing and sold them quickly, Unlike some who think they need double or triple the money and just let them sit, that also cost youmoney

Look around at areas you want to live in. I would not personally do BKK or the area I did before becasue my taste has changed. It is best if your near to over see things, Just a few weeks ago a friend in CM found a 2 bed 2 bath condo for under 400,000 bt needing a little work from and expat eger to move back home. He did 200,000 bt. more of work on it and now is set to rent it out at just under 20,000 a month. So deals are out there you just need to look and keep your eyes open, Banks also have repos they sell on the cheep you can get.

Check into BOI (board of investment) they have many wonderful programs and visa's they give out. But really a visa is not an issue if you really want to live here.

I do suggest starting with lower end condos, build some experance with property in Thailand, I have moved on to homes, And even though as I am sure you have seen, many say you can not buy in your name, that too is rubbish, BOI has programs as well as some builder like Land and home and Alpine (or is it alps ?) that have specail agreements with the government to do just that.

I have been doing this for about 10 years here in Thailand, Live an OK life, enjoy living here, My family of 3 can live on 20,000 a month but feel most comfortable at 30,000 bt but we live north in Chaing mai where things just cost much lower than BKK or resort areas of Thailand, I don't drink, smoke or do night life either that is a big savings over some of my friends

Don't worry about getting your hands dirty and doing a little work

Chok Dee (oh, learning a little Thai help a lot too)

It's good to read a real positive post from someone who has actually done this. I wish the 'it can't be done' people would stay away and not comment on things they know nothing about.

[Khun Jean]

My target is the working class Thais. They can spend between 2000-4000 baht a month easily.

Condos start from 300.000 (when i started they were from 150.000).

Never had any empty, and that is in the last 10 years. All bought with cash.

Repairs are low, it is mostly concrete.

Targeting foreigners is another market, but one i personally don't like as the dynamics are much more volatile.

Another flood, coup, city burning, airport occupation, asian(bird/swine) flu, tsunami etc and they stay away.

This just never happens when renting to locals because it is their home.

[admiraldy]

Just a question ; when renting out a condo , who pays the common fees of the condo ? the owner or the renter

[trogers]

The owner is liable under the Condo act.. Common fees will be payable irregardless condo unit is rented out or not, or self-occupied, or just left vacant.

[admiraldy]

The owner is liable under the Condo act.. Common fees will be payable irregardless condo unit is rented out or not, or self-occupied, or just left vacant.

I know that already , i had a condo in bangkok few years ago , however what i am asking is that when people on this forum say they expect 5 or 6 % ROI on rent ;does this mean net return (excluding common fees + yearly tax on the condo ) or is it gross return ?

Edited September 18, 2012 by admiraldy

[davejones]

The owner is liable under the Condo act.. Common fees will be payable irregardless condo unit is rented out or not, or self-occupied, or just left vacant.

I know that already , i had a condo in bangkok few years ago , however what i am asking is that when people on this forum say they expect 5 or 6 % ROI on rent ;does this mean net return (excluding common fees + yearly tax on the condo ) or is it gross return ?

They are usually talking about gross return.

[mania]

Look around at areas you want to live in. I would not personally do BKK or the area I did before becasue my taste has changed. It is best if your near to over see things, Just a few weeks ago a friend in CM found a 2 bed 2 bath condo for under 400,000 bt needing a little work from and expat eager to move back home. He did 200,000 bt. more of work on it and now is set to rent it out at just under 20,000 a month. So deals are out there you just need to look and keep your eyes open, Banks also have repos they sell on the cheep you can get.

Hi Jeff

Can I ask what methods did your pal use to find the deal on the condo?

Various sites I have looked at all seem to be geared towards expats & prices seem very high.

Did he use an agent or searched on his own? Used websites etc?

Thank you for any info.

[falkan]

Look around at areas you want to live in. I would not personally do BKK or the area I did before becasue my taste has changed. It is best if your near to over see things, Just a few weeks ago a friend in CM found a 2 bed 2 bath condo for under 400,000 bt needing a little work from and expat eager to move back home. He did 200,000 bt. more of work on it and now is set to rent it out at just under 20,000 a month. So deals are out there you just need to look and keep your eyes open, Banks also have repos they sell on the cheep you can get.

Hi Jeff

Can I ask what methods did your pal use to find the deal on the condo?

Various sites I have looked at all seem to be geared towards expats & prices seem very high.

Did he use an agent or searched on his own? Used websites etc?

Thank you for any info.

talk with the local thais they know..