Burger,
I dont know how to work the "quote", but you said something like. " in the lease agreement get the lawyer to include a buy back clause and then if things go bad with relationship you can buy the land."
How can you buy the land?
Sarge,
Your method seems ideal if your lady
can get a loan. I would have thought that most banks would want proof of employment and regular income from that employment.
I dont know anything about Thai banks though.
ozuncle
A good time for property investment?
ozuncle wrote:
Burger
Through a Limited Company or through any Thai national and then lease it from them.Burger,
I dont know how to work the "quote", but you said something like. " in the lease agreement get the lawyer to include a buy back clause and then if things go bad with relationship you can buy the land."
How can you buy the land?
Burger
Jockey Wrote:
Normally the best way is for you to own the house and the wife/girlfriend the land, with a lease for you and a buy-out clause included for when relationship goes bad (don't forget in this scenario you OWN the house outright)
Yours looks a clever scheme, (think she would need documentary proof of employment/salary payments into here account to qualify for loan normally, but that's a side issue).
But what happens near the end of the loan period, when the house is nearly paid off, worth loads more, and the relationship goes bad then. She'll just make the last few payments herself, by borrowing money from someone, new boyfriend, additional loan from bank etc etc.
Where would that leave us farangs then ?
Burger
Jockey,Here's an option I was thinking of:
1. Girlfriend buys property in her name (funded by me)
2. She signs a 30-year lease to me.
3. She gets a loan from the bank with the property as security.
4. The loan money goes back into my pocket.
5. The loan is repaid by me.
If the relationship should end, the girlfriend would need to sell the property to repay the loan, which would be difficult to do with the 30 year lease in my name. She would need to trust me to repay the loan and I would need to trust her to fulfill her lease obligations.
Is this a good plan or have I overlooked something? All feedback welcome
Normally the best way is for you to own the house and the wife/girlfriend the land, with a lease for you and a buy-out clause included for when relationship goes bad (don't forget in this scenario you OWN the house outright)
Yours looks a clever scheme, (think she would need documentary proof of employment/salary payments into here account to qualify for loan normally, but that's a side issue).
But what happens near the end of the loan period, when the house is nearly paid off, worth loads more, and the relationship goes bad then. She'll just make the last few payments herself, by borrowing money from someone, new boyfriend, additional loan from bank etc etc.
Where would that leave us farangs then ?
Burger
Burger - If she's still with me after 20 years of paying back the loan she's welcome to the house! She'll have earned it!Burger wrote:Jockey Wrote:
Jockey,Here's an option I was thinking of:
1. Girlfriend buys property in her name (funded by me)
2. She signs a 30-year lease to me.
3. She gets a loan from the bank with the property as security.
4. The loan money goes back into my pocket.
5. The loan is repaid by me.
If the relationship should end, the girlfriend would need to sell the property to repay the loan, which would be difficult to do with the 30 year lease in my name. She would need to trust me to repay the loan and I would need to trust her to fulfill her lease obligations.
Is this a good plan or have I overlooked something? All feedback welcome
Normally the best way is for you to own the house and the wife/girlfriend the land, with a lease for you and a buy-out clause included for when relationship goes bad (don't forget in this scenario you OWN the house outright)
Yours looks a clever scheme, (think she would need documentary proof of employment/salary payments into here account to qualify for loan normally, but that's a side issue).
But what happens near the end of the loan period, when the house is nearly paid off, worth loads more, and the relationship goes bad then. She'll just make the last few payments herself, by borrowing money from someone, new boyfriend, additional loan from bank etc etc.
Where would that leave us farangs then ?
Burger
On a more serious note, the lease could be renewed every 5 years at a small renewal cost so never drops below 25 years.
As for her qualifying for a loan, I have set up a business solely in her name. This will satisfy both the banks and her desire to do something interesting. The business profits will in theory repay the loan. So now she is happy working within her own business and repaying a mortgage on her own house.
My policy is let her own everything but don't be too much out of pocket if things go pear shaped. If the house is worth a lot more in the future good luck to her!
The plan is simple really. I have enough money and pension to comfortably live out my retirement. She has the ambition and drive to make more money because she is young and wants to help her family. All I do is set her up with a business and house (with a mortgage), all at minimum cost to myself. The theory is I relax and let her work to build up her own nest egg, but the reality I suspect is I end up with a work permit and start working 10 hours a day again!
Hope this can be food for thought to other Ferangs in a similar circumstance to my own. (Sorry this has strayed off topic Buksida).
That's ok and generous of you, but the house that has increased in value to say 15M Baht is now hers, she may have a new fella swanning around in it, and your left with nought.Burger - If she's still with me after 20 years of paying back the loan she's welcome to the house! She'll have earned it!
Personally I wouldn't like to be in that position.
Burger
Last edited by Burger on Thu Feb 01, 2007 6:36 pm, edited 1 time in total.
Mrs sarge has a very small business but i am sure the bank guys that came to inspect knew full well where her income really comes from but mare baans salary perchance i am sure you can come up with something as i have said it just happened for me and i left it entirely in mrs sarges hands i just nodded and shook my head when she TOLD me to? she has however helped at least 3 other people get mortgages as far as i know
Burgher if i have to look that far off and that pessimistically about my relationship i would start a thread on divorce or suicide shit happens, at 59 i would also expect that the unlikely event has proved yet again to have been a cast iron certainty.But as long as i am only paying 6,000 a month its still cheaper than renting now and a hell of a lot cheaper in the future One other point which you overlook is your cash is gaining interest or working for you (because you have not spent it) so after 25 years who gives a toss if she has a new fella and in cases like that in the uk its normally her divorce lawyer and you still end up screwed
I agree jockey i think she deserves it for putting up with me for 9 years now but i will say that the change in her self confidence was startling and wonderful for our relationship and for that alone i would do it all again
your 3rd para sums it up completely the busines will make it easy just put a few bob in to make it look better
I dont think it is of topic i am not against anyone (of good character that will integrate) buying property but buksi is bang on and i have said it on many threads in the present economic and political climate the only sensible strategy is to wait and see this option does not need the wait and see it needs a good thai girl and some trust
I am prepared to risk 10% deposit on 25 years of a great life with mrs sarge
Thanks mack111 we must get together in the big green house and have a beer it does however ranckle that from what was a patently obvious joke i could be accused of misleading people (on this thread of all threads) by 2 peops if i had put any more emoticons on it it would have looked good on a xmas tree please note minimum use of smileys on this post and all my serious posts
I hope i am not misleading anyone
Burgher if i have to look that far off and that pessimistically about my relationship i would start a thread on divorce or suicide shit happens, at 59 i would also expect that the unlikely event has proved yet again to have been a cast iron certainty.But as long as i am only paying 6,000 a month its still cheaper than renting now and a hell of a lot cheaper in the future One other point which you overlook is your cash is gaining interest or working for you (because you have not spent it) so after 25 years who gives a toss if she has a new fella and in cases like that in the uk its normally her divorce lawyer and you still end up screwed
I agree jockey i think she deserves it for putting up with me for 9 years now but i will say that the change in her self confidence was startling and wonderful for our relationship and for that alone i would do it all again
your 3rd para sums it up completely the busines will make it easy just put a few bob in to make it look better
I dont think it is of topic i am not against anyone (of good character that will integrate) buying property but buksi is bang on and i have said it on many threads in the present economic and political climate the only sensible strategy is to wait and see this option does not need the wait and see it needs a good thai girl and some trust
I am prepared to risk 10% deposit on 25 years of a great life with mrs sarge
Thanks mack111 we must get together in the big green house and have a beer it does however ranckle that from what was a patently obvious joke i could be accused of misleading people (on this thread of all threads) by 2 peops if i had put any more emoticons on it it would have looked good on a xmas tree please note minimum use of smileys on this post and all my serious posts
I hope i am not misleading anyone
A Greatfull Guest of Thailand
Sargeant wrote:
Not saying this applies to you Sarge, but most people complain 30 year leases are not long enough.
Burger
I think most farangs who paid for the house and are now out on their arses and do not have the money to buy a new house, may give a toss.so after 25 years who gives a toss if she has a new fella and in cases like that in the uk its normally her divorce lawyer and you still end up screwed
Not saying this applies to you Sarge, but most people complain 30 year leases are not long enough.
Burger
Wrong, wrong wrong. I have a 125 year lease in England and , BY LAW, I have the right to buy the freehold.Burger wrote:Sargeant wrote:I think most farangs who paid for the house and are now out on their arses and do not have the money to buy a new house, may give a toss.so after 25 years who gives a toss if she has a new fella and in cases like that in the uk its normally her divorce lawyer and you still end up screwed
Not saying this applies to you Sarge, but most people complain 30 year leases are not long enough.
Burger
Do I have that option in Thailand? I think not.
Burgher on company route or lease you are paying 100% up front so that is understandable
However on the mortgage route you are only paying 10% up front and 90% of your money stays in your pocket for you to expand in whatever way you choose and if it goes pear shaped no lawyers fees no aggro pack up and walk away with your 90% plus interest accrued still in your pocket and all you loose is 10% deposit
It also helps me sleep i dont care what mr Krik Krai or Mr T or anybody in govt says lists 1,2,3 sub paras sections and legal mumbo jumbo dont enter my mind i know they wont take the vaguest chance and risk their testicles trying to take it away from mrs sarge she is THAI
It even beats the other safe way ie rent rent rent my mortgage is fixed when mrs sarge took it out rents in our street had gone up to 6000 which is exactely what her mortgage is. Now the rents are 10,000 to 12,000 (on offer for) in a real world 8 to 10,000 im saving 2000 a month already in 2 years
Buksi and lomu it might be a thing to look into it may or maynot be for you but it is an alternative
As for farangs out on their arses over 22 years i have heard all the horror stories but a bit of investigation soon leaves you realising the falangs in those situations were very much culpible in their own downfall in other words if the guys a drunk who uses his hands and feet and who brings bargirls home he friggin deserves it
There are some bad thai girls i will agree but that is for the individual to decide if they feel that way i suggest they look at themselves as well as the girl and maybe get a new relationship (and dare i say it try a girl older than 19)
When all this govt mess is sorted out i will maybe agree with you but i will say it again in this political and economic climate wait wait and only when all the ts are crossed and all the is dotted still use caution
A question if you own the house and she owns the land shouldnt you also get access rights on the chanote as well otherwise you could end up looking at it or starving in it
As for my joke post i will say if you read the part quoted the word unlikely was totally unnecessary its called guilding the lily where i come from i did however fall in stitches larfing at it and my post was tongue in cheek
I have no vested interest and if i was offered i would decline i am just not prepared to loose my sense of humour
However on the mortgage route you are only paying 10% up front and 90% of your money stays in your pocket for you to expand in whatever way you choose and if it goes pear shaped no lawyers fees no aggro pack up and walk away with your 90% plus interest accrued still in your pocket and all you loose is 10% deposit
It also helps me sleep i dont care what mr Krik Krai or Mr T or anybody in govt says lists 1,2,3 sub paras sections and legal mumbo jumbo dont enter my mind i know they wont take the vaguest chance and risk their testicles trying to take it away from mrs sarge she is THAI
It even beats the other safe way ie rent rent rent my mortgage is fixed when mrs sarge took it out rents in our street had gone up to 6000 which is exactely what her mortgage is. Now the rents are 10,000 to 12,000 (on offer for) in a real world 8 to 10,000 im saving 2000 a month already in 2 years
Buksi and lomu it might be a thing to look into it may or maynot be for you but it is an alternative
As for farangs out on their arses over 22 years i have heard all the horror stories but a bit of investigation soon leaves you realising the falangs in those situations were very much culpible in their own downfall in other words if the guys a drunk who uses his hands and feet and who brings bargirls home he friggin deserves it
There are some bad thai girls i will agree but that is for the individual to decide if they feel that way i suggest they look at themselves as well as the girl and maybe get a new relationship (and dare i say it try a girl older than 19)
When all this govt mess is sorted out i will maybe agree with you but i will say it again in this political and economic climate wait wait and only when all the ts are crossed and all the is dotted still use caution
A question if you own the house and she owns the land shouldnt you also get access rights on the chanote as well otherwise you could end up looking at it or starving in it
As for my joke post i will say if you read the part quoted the word unlikely was totally unnecessary its called guilding the lily where i come from i did however fall in stitches larfing at it and my post was tongue in cheek
I have no vested interest and if i was offered i would decline i am just not prepared to loose my sense of humour
A Greatfull Guest of Thailand
lomu Ok gotcha but the quote was confusing
Burgher the 90% is still in your pocket plus whatever profit you have made from it
paying 100% at start you dont have any money to make a profit on over the 30years
I find it hard to understand how pessimistic you are if you have been together for 25/30 years you will be fast if not so close to the unlikely event why worry and if dying is an unlikely event waiting 25/30 years to go pear shaped i would suggest is unlikely
Burgher the 90% is still in your pocket plus whatever profit you have made from it
paying 100% at start you dont have any money to make a profit on over the 30years
I find it hard to understand how pessimistic you are if you have been together for 25/30 years you will be fast if not so close to the unlikely event why worry and if dying is an unlikely event waiting 25/30 years to go pear shaped i would suggest is unlikely
A Greatfull Guest of Thailand