Pros and Cons: Farang and buy a house and Thai company

[Noreya]

Here I put all post in one topic.

ISSUE; BUY HOUSE IN THAILAND - Posted 2013-10-04 11:24:37

I have my own story to share about buy a house in Thailand. Now I am 47 years Thai. In 2003 when I was unemployed from Trading company because of the company need to get out from Thailand and do relocate in China after China in WTO in 2000. My friend who is a nurse in Bangkok hospital ask me to work as a Caretaker for 71 years American (he went under L-spine surgery for 5 of them need one year continue rehab and caring) he did trading business in Thailand and living apart from his Chinese American wife in Cal. Because his Chinese wife she is 63 now. And his son was in university in US. They did not want to be a caretaker for him in Thailand then. So this family get solution by asking me to be his Thai wife by accidental and still keep marry paper for his Chinese wife for legal matter. Due to she was in US. since she was 27 and never work in US at all. She will not entitle to any US SS benefit, this is only one reason a deal is not divorce Chinese wife for her benefit in US when an old husband pass on. And for myself and my path is help him develop agent business in Thailand with American buyers to come to Thai manufactures. All income for almost 10 years that support his Chinese wife in US and paid for his son a good living and got a car to ride to UCSD. All source of income both Thai and US family come from a company that I run a business.

After he went under 5 of L-spine surgery he completely cannot walk but no pain after surgery and live his life on a wheelchair and have to wear adult diaper. In a company (not homeowner) only me to run a business because we do not need staff for Agent business is on sell and bring buyer to factory and they do trading between buyer and manufacturer we go 4% from FOB price. He gave her 10,000 USD per month plus his SS check start when he was 65. He used to travel to Taiwan from time to time. He came to Thailand in 1996 because Taiwan stops to be industry/low labor cost country.

In 2004 we became a couple and his Chinese wife in Cal know it but she is ok because she said he need a caretaker. In 2004 he set up a company just for purpose of buying a house for 100,000USD. or 4 million THB then. My status transfer form Thai wife to be a business partner. Because of my experience job from trading company, I run a business for almost 10 years and I send money to US from 2004 to Chinese wife and son until he graduate in 2008. Unfortunately it was not good time to get job it was sub-prime and CDO crisis then. In 2009 after Lehman Brother collapsed 90% of our customers filed Chapter 11. Thai manufactures that sent shipments to various US customers lost millions of dollars. We got hit too. We lost all our money we and must be part of our buyer to pay debts to factories because most of factories run business by bank loan when business good they honestly pay us our commission. So we cannot just turn our back on them. Factories close down and have to provide some money to workers. In Jan 2010 we have nothing left. Only a house to live in but big issue is his hospital and med bills that about 1,000 dollars per month at Bangkok hospital.