Preparing To Take The "plunge"

[mrvietnam2001]

You can blow thru 300 grand pretty quick. It's no money in San Diego so I can appreciate your feelings of being burnt.

But you bring that to Thailand or anywhere else in Asia and you'll not only "feel" burnt, you'll stand a likelyhood of being burned. Then tuck butt and go backto the States with zippidee doo dah.

Figure the worst, hope for the best. Unless you've got a stash in addition to what you mentioned, you better be extra careful.

Sure, Asia is mesmerizing. When I cut and ran, I came back and bought a 250K house because I was in no position anymore to be in the 750K house I was in before the adventure. Will take me a couple years to get even and that part sucks. This is SW Florida and where you are is a lot more per sq ft than here.

Back to the scrap again and fortunately the market ( coin market) is the best in a generation. Almost perfect timing. I'm real thankful.

Careful careful! Watch your back. Sides. Front. I don't mean to be a wet blanket. Just watch it real close like.

Mr Vietnam

[Pepe']

Thanks for the words of advice and cautions. Cash will stay here in the US. I was in speaking with my banker yesterday. We are pre arranging some thing called multiple wire transfers so money can be sent easily and less expensively with swift codes and routing numbers.

Also my we are checking on what is the limit for ATM transfer per day as that seems to be the most convienient way of moving money right now.

When our building is complete in April we will have an income that will be more than adequate to have a nice living...

[Pepe']

Marto.

As of now the average apartment will be 1800 bhat per month. Yearly, haven't thought about it as this is my wife's "baby."

Construction is slated to finish in September. From other projects I've seen my wife's mom put up that means December, hopefully.

Apartments at this location are not for sale. Although I believe that there are other properties in this area that are very reasonably priced especially if you have connections.

Stay in touch...

[Weedhopper]

It your wife has brought the land , in her name as a Thai citizen , then you may have signed a letter at the Land Office saying that it was her own money, on which you have no legal claim.

You might then make a contract with her, giving you the right to lease the land from her, and put up a building on it - which would be your property.

This might help if she pre-deceased you.

You definitely need to take local legal advice about this business-venture.

Who will operate it, and pay income-tax on the profits, and handle all the local documentation ?

Previous posters' advice not to 'bet the farm' is definitely recommended.

Ricardo, I}m inthe same boat as I intended to seek a 2x30 yr. lease from my wife to insure my security.From what I understand,don}t quote me . A 2x30 yr. lease is a lease for 30 years which may be extended for another 30 years.The problem is the lawyer I spoke to claims that a husband cannot legally lease land from his wife.He says you cannotbe related to the "lessor".He drew up a paper with an "Exchange Agreement" heading.It's worded basically the same as a 30yr. lease agrement except in it ,it states that it is my money alone that is purchasing the land and house.It states that a foreigner cannot own the land, so i cannot stay there should something happen to my wife.I can only wonder what good this document serve in a Thai court.The lawyer also suggested another option would be to divorce,apply the 30yr.lease agreement, and then remarry.I've a couple other threads where falangs already married Thai wives and filed 30yr. leases at their respective land departments,but I wonder how legitimate they really.I'm really confused even after consulting with a lawyer.Don't get me wrong,I'm not criticizing anyone for past posts, I would just like to know if anyone has experienced anything similar to this.

[englishoak]

As of now the average apartment will be 1800 bhat per month. Yearly, haven't thought about it as this is my wife's "baby."

Construction is slated to finish in September. From other projects I've seen my wife's mom put up that means December, hopefully.

Your not serious ? Who's going to sort out the problems on site ? and there will be problems and the running costs ? TAX duties ? licences ? I hope you've got a thick skin and good blood pressure.

Sorry but from what iv'e been reading I think you need to be real careful. And if it's your wife's "baby" and your paying why on earth arn't you involved ? After all it's not like you have tonnes of cash to throw around !

I'm sure your wife's great and the family are too but please please please

Listen to what the guys are saying, GET A LAWYER. If only for the sake of being sensible in protecting your pension fund as thats what this is !

good luck

[Pepe']

---Englishoak

You’re not serious?

---Quite serious.

Who's going to sort out the problems on site?

---My wife will manage the project. She has substantial business training and experience.

and there will be problems

---Of course there will be problems. To think other wise would be simply foolish.

and the running costs ? TAX duties ? licences ?

---My wife’s mom has been in this business for some time. We have discussed operating cost at length.

I hope you've got a thick skin and good blood pressure.

--- I don’t believe I do have a thick skin but going in “forewarned is forearmed.” I am a fairly intelligent guy and I know that most Thai’s don’t see me as any thing other than a walking wallet. However there are some exceptions. My blood pressure usually runs at or close to normal but it has run a little higher as I’m getting older.

---I have traveled in Asia since 1972 and lived for extended periods in India and Japan. I also lived in Brazil and Puerto Rico, a couple years in each place. I have always gotten along well with the locals and survived nicely. I see myself more as a citizen of the world than just the US.

Sorry but from what I’ve been reading I think you need to be real careful. And if it's your wife's "baby" and your paying why on earth aren’t you involved? After all it's not like you have tonnes of cash to throw around !

---Believe me I appreciate your words of caution and understand your concerns. To say it simply though, bottom line on this one is that it will take about $100,000 to $130,000 max to but up this building. I look at like a gift to her and her fair share of our estate. In addition, I’m not sure of the total but she has kicked in about $30,000 or $40,000 of her own to get things rolling.

I'm sure your wife's great and the family are too but please please please

---She’s a good girl and quite frankly I would be much more stricken if I lost her as opposed to this apartment building. In fact in my mind and whenever I discuss it with her I refer to it as your (her) project. She has good business training and a wealthy, generous and supportive mom with lots of practical experience in this field.

Listen to what the guys are saying, GET A LAWYER. If only for the sake of being sensible

in protecting your pension fund as that’s what this is !

good luck

---Again I hear you and do appreciate your sincere concern and advice and we are in the process of seeing if this property can be preserved/protected for me in the event of her untimely death.

---I have already been ripped off by an attorney in Bangkok in a different matter. Fortunately it was a small sum of money. Here in the US I have seen family members and friends ripped off for tens of thousands by lawyers and promised things that were never delivered. One attorney went to jail.

---As always you have to do your homework the best you can, make an educated decision and do it. There are really no guarantees on most things. I am in a good position because I really don’t need this project to survive.

---On a more personal note I will say that I am really not a very materialistic person. If you knew how much I lived on per week you would be shocked. I can live very simply on my savings in Bangkok and that’s just fine with me. If more comes in that will be icing on the cake. I will spend part of my time traveling in India as I have some friends from the UK that do business there and reside there part time.

---The information and interaction in this forum continues to be very valuable to me. Thanks to all of those that participate.

Good Health, Pepe’

[dr_Pat_Pong]

It your wife has brought the land , in her name as a Thai citizen , then you may have signed a letter at the Land Office saying that it was her own money, on which you have no legal claim.

You might then make a contract with her, giving you the right to lease the land from her, and put up a building on it  -  which would be your property.

This might help if she pre-deceased you.

You definitely need to take local legal advice about this business-venture.

Who will operate it, and pay income-tax on the profits, and handle all the local documentation ?

Previous posters' advice not to 'bet the farm' is definitely recommended.

Ricardo, I}m inthe same boat as I intended to seek a 2x30 yr. lease from my wife to insure my security.From what I understand,don}t quote me . A 2x30 yr. lease is a lease for 30 years which may be extended for another 30 years.The problem is the lawyer I spoke to claims that a husband cannot legally lease land from his wife.He says you cannotbe related to the "lessor".He drew up a paper with an "Exchange Agreement" heading.It's worded basically the same as a 30yr. lease agrement except in it ,it states that it is my money alone that is purchasing the land and house.It states that a foreigner cannot own the land, so i cannot stay there should something happen to my wife.I can only wonder what good this document serve in a Thai court.The lawyer also suggested another option would be to divorce,apply the 30yr.lease agreement, and then remarry.I've a couple other threads where falangs already married Thai wives and filed 30yr. leases at their respective land departments,but I wonder how legitimate they really.I'm really confused even after consulting with a lawyer.Don't get me wrong,I'm not criticizing anyone for past posts, I would just like to know if anyone has experienced anything similar to this.

I think that you really should seek another opinion.

[Pepe']

From recent conversations with my wife, it appears the only way to protect my interests in our property is to leave everything in her sisters name and trust that she will sell the property and give the money to me if need be.

To date both my wife's mom and especially her sister have broken my perceived stereotype of greed and dihonesty that I have heard about in Thai's and have personally seen in farangs here.

I can't wait to speak with some expert Thai attorneys...

[mrvietnam2001]

Hahahahahahahaha!

Mr Vietnam

[Pepe']

Do you know any real experts?

[dr_Pat_Pong]

Do you know any real experts?

Even a half expert won't recommend leaving all to her sister.

[Pepe']

Well do you have an amature reccomendation.

There is lots of good and right on advice on this forum but we can't seem to get a clear way to address this situation that so many guys find themselves in.

There's gotta be an easier way to get the bottom line on this.

[dr_Pat_Pong]

Well do you have an amature reccomendation.

There is lots of good and right on  advice on this forum but we can't seem to get a clear way to address this situation that so many guys find themselves in.

There's gotta be an easier way to get the bottom line on this. 

The problems are so variable it is impossible to have a stock answer to advise each and every punter. For something as important as this, surely involving a competent lawyer is the way to go.

[Pepe']

Dear Doc,

I have a problem putting competent and lawyer in the same sentence...

[dr_Pat_Pong]

It is a problem Pepe....like military intelligence. Remember the tale of the kid in a cemetery, seeing a headstone with ' Here lies a lawyer and an honest man ' Said to his dad, are there two people buried here ? But try or you might get screwed, Talk to other farangs in your region.

[mrvietnam2001]

Dear Doc,

I have a problem putting competent and lawyer in the same sentence...

But instead you seek advice on a message board. Yes you certainly do have a problem.

This is funny actually.

Mr Vietnam

[Pepe']

Mr. V,

Actually one of the first areas I needed some insight on last year was, "This Concept of Face." That was the thread I started. Even though I believe I have a good understanding of Asian culture. The Thai social psychology has a very unique flavor all it's own.

The input from forum members was invaluable in helping me gain a more complete understanding of Thai mentality.

Here in California I have Parker Stanbury on retainer. Their base is in Orange County. They are an excellent law firm. They represent the city of Los Angeles, the Lakers and Orange County just to name a few. They have been worth every penny.

Unfortunately they cannot help me with Thai real estate laws. Fortunately I have only had one bad experience with an English attorney working with a Thai firm in Bangkok many years ago. That investment was just about a complete waste of money.

In my medical practice I have observed lots of interactions between patients and their attorneys. Most were less than satisfied with their lawyers.

This forum continues to be a valuable for information and perspectives. It is certainly not my gosple. You do have to take most things with a grain of salt.

In conclusion, if my posts provide some entertaiment for you, I see you are easily amused. I am glad to be able to contribute to your amusement...

[dr_Pat_Pong]

Go for the western style law firms in Bangkok, such as Baker McKenzie or Tilleke Gibbons. Expensive but you'll know exactly what they are doing for you.

[mrvietnam2001]

In conclusion, if my posts provide some entertaiment for you, I see you are easily amused. I am glad to be able to contribute to your amusement...

Your welcome

Mr Vietnam

[Pepe']

Dear Doc,

Thanks for the refferal...

[dr_Pat_Pong]

The world HQ for Baker McKenzie is NY

[Pepe']

I've already been checking out their websites and will contact them soon. I will also doublecheck with with my attorneys to see if they can get any info as well...