Anyone Here Have Success With Buying, Renovating and Selling Property

[donx]

There used to be a guy in this forum who posted about buying condos, refurbishing them, and then selling them. I haven't seen him post on here for a while now. If you look at some old posts you will find the posts. He mostly bought units in certain (older) View Talay building in Pattaya.

[klikster]

I have made money on 2 properties. Lived in them while upgrading a bit.

You don't make your profit when you sell, you make it when you buy.

Can you provide more info? What area? What was buy and sell price? How much did renovations cost? How long did it take to sell them? How did you find them?

I wasn't doing a buy/renovate/sell business.

1 - I bought one small bungalow at the beach in Ban Krud, PKK. Invested Bt 200 k, buddies son (professional architect) got a bank loan for Bt 650k. I spent about Bt 200k while living there for 1+ year. Sold for Bt 2.75 m.

Learned about it by living in the area. The 'agent' offered it to me several times starting at Bt 1.2 m.

2 - After I got married, we started looking for a place to live. Wife found it on DDProperty. Modest 3 BR 2 BA place on 1 rai, about 200m off the divide road that runs between Korat and Pak Thongchai. Guy was asking Bt 1.5 m. Wife looked at it 2 x and though it was okay. When I went down to look, I was ambivalent about the place. Basically, I said, "Bt 1m, take it or leave it", then turned and walked back to my car.

Wife got a call that night, OK.

We did quite a lot of work on the place, new driveway, cleared the land of some atrocious landscaping, brought in new topsoil. I painted the interior. We hired the exterior painted, put in a new front slider.

Wife did LOTS of work on the landscaping. Put in a front lawn, lots of orchids, etc., etc.

We didn't like the village. Too noisy. When we decided to move, we took lots of photos and put on DD Property. Sold for Bt 2.x M .. figure we made about Bt 400,000 and lived there "free" for about 2 years.

That's pretty much all that I feel needs said.

If you can't answer your own basic questions, might be better to steer clear.

[ldnguy]

I have made money on 2 properties. Lived in them while upgrading a bit.

You don't make your profit when you sell, you make it when you buy.

Can you provide more info? What area? What was buy and sell price? How much did renovations cost? How long did it take to sell them? How did you find them?

I wasn't doing a buy/renovate/sell business.

1 - I bought one small bungalow at the beach in Ban Krud, PKK. Invested Bt 200 k, buddies son (professional architect) got a bank loan for Bt 650k. I spent about Bt 200k while living there for 1+ year. Sold for Bt 2.75 m.

Learned about it by living in the area. The 'agent' offered it to me several times starting at Bt 1.2 m.

2 - After I got married, we started looking for a place to live. Wife found it on DDProperty. Modest 3 BR 2 BA place on 1 rai, about 200m off the divide road that runs between Korat and Pak Thongchai. Guy was asking Bt 1.5 m. Wife looked at it 2 x and though it was okay. When I went down to look, I was ambivalent about the place. Basically, I said, "Bt 1m, take it or leave it", then turned and walked back to my car.

Wife got a call that night, OK.

We did quite a lot of work on the place, new driveway, cleared the land of some atrocious landscaping, brought in new topsoil. I painted the interior. We hired the exterior painted, put in a new front slider.

Wife did LOTS of work on the landscaping. Put in a front lawn, lots of orchids, etc., etc.

We didn't like the village. Too noisy. When we decided to move, we took lots of photos and put on DD Property. Sold for Bt 2.x M .. figure we made about Bt 400,000 and lived there "free" for about 2 years.

That's pretty much all that I feel needs said.

If you can't answer your own basic questions, might be better to steer clear.

That's very helpful and just the sort of reply I was hoping for. I know the basics and have done this successfully in the UK. I just wanted to see the experience of others that have done it. The more info, the better I'll get to learn the market here. I've found that in all areas of life it's good to seek advice from others that have successfully done what you want to do. I don't go along with thinking you know everything yourself. In a new market it's easy to miss something. Even top pros have mentors and seek advice.

[beachproperty]

Yesterday, made an offer which was accepted on a beachfront house (1 1/2 hours to Bangkok)....3 bedroom 2 bath on 150 sq wah. Paid 2 million baht less than the most recent sale of land only on the beach (no house).......Cosmetic fixing (painting, get rid of the square tile ceiling and put in sheetrock, Paint, and retile bathrooms, and refit kitchen....) After all is said and done house will be worth at least 3 million more than invested

Key is....... know your area, know the prices, know how much cost of construction, have quality workers and know the people who live in the area ( ie the property bought was not marketed, neighbor came to us and asked if we were interested ....he gets 3 per cent if he brings buyer)

[ldnguy]

Yesterday, made an offer which was accepted on a beachfront house (1 1/2 hours to Bangkok)....3 bedroom 2 bath on 150 sq wah. Paid 2 million baht less than the most recent sale of land only on the beach (no house).......Cosmetic fixing (painting, get rid of the square tile ceiling and put in sheetrock, Paint, and retile bathrooms, and refit kitchen....) After all is said and done house will be worth at least 3 million more than invested

Key is....... know your area, know the prices, know how much cost of construction, have quality workers and know the people who live in the area ( ie the property bought was not marketed, neighbor came to us and asked if we were interested ....he gets 3 per cent if he brings buyer)

Did you buy to live in or to fix up and sell? Let us know when you get around to renovating and selling. Some images would be good as well.

[beachproperty]

Did you buy to live in or to fix up and sell? Let us know when you get around to renovating and selling. Some images would be good as well.

Only time will tell if we live in it or fix up and sell. Right now am doing a new build of 5 units down the street on the beach....have attached pictures of a small bathroom and kitchen in the new build.

Edited October 19, 2014 by beachproperty

[ldnguy]

Did you buy to live in or to fix up and sell? Let us know when you get around to renovating and selling. Some images would be good as well.

Only time will tell if we live in it or fix up and sell. Right now am doing a new build of 5 units down the street on the beach....have attached pictures of a small bathroom and kitchen in the new build.

P1000472.JPGP1000473.JPG

That's very nicely done. Do you do this for a living?

[beachproperty]

Did you buy to live in or to fix up and sell? Let us know when you get around to renovating and selling. Some images would be good as well.

Only time will tell if we live in it or fix up and sell. Right now am doing a new build of 5 units down the street on the beach....have attached pictures of a small bathroom and kitchen in the new build.

P1000472.JPGP1000473.JPG

That's very nicely done. Do you do this for a living?

Thanks......No, don't do this for a living. Am retired, so its just something to keep me busy and as a bonus..... I enjoy it

Edited October 19, 2014 by beachproperty