Buy a condo & rent out

[migrant]

Jockey Thanks for the link. It looks like these folks do franchise and business establishment plans but there link show a legal part to their business as well, such as how to deal with the Visa Runs. Any idea if they deal only with people that are buying businesses.
Cheers

Derf

They seem to do work in many areas. I e-mailed them a while back about setting up a company under the Amity treaty, and they were very helpful with information.

They deal with helping people with visas, property ownership (usufruct, leases, company etc)

I've heard some people complaining about a slow response from them, but mine was quick.

[derf1]

Hi Jockey
You mentioned that for some it was slow but yours was quick. How quick was quick, if I may ask?

[johnnyk]

I have read many of the topics in this section and I think I am starting to get some idea of some of the issues. I am looking for feedback on the idea of buying a condo and then leasing it out for most of the year. For now I would only be interested in occupying it for at most a month and it would be off season. Has anyone done this and had success in purchasing a waterfront condo and having the mortgage paid off over time by leasing it out.

I have a friend now retired at age 39 after making lots of money in southern California as a real estate broker with his own company.
He lives in an upscale condo in the green area between Pattaya and Jomtien, nice and quiet away from the Pattaya zoo in a 80 sq m, 10th floor unit with full-on ocean view from his balcony.
He has tons of $$$, why didn't he buy?
Because the asking price of his condo equals 36 YEARS (!!!) of rent!
As a real estate pro he says 10 years or less is the figure you want to see in this regard.

[derf1]

Now this makes a great deal of sense. Anyone else done the math on this? I guess the questions then become, will land and costs continue to go up so that getting in now saves money later. Thoughts appreciated

[PeteC]

We need to see his rent number and do some more math. At 25,000 baht per month, the purchase price would be 10,800,000 Baht. Quite high for a condo unless a penthouse, ocean view on the beach. Perhaps that's what it is. Pete

[Norseman]

Nothing wrong with your math skills Pete.
I got the same number which is quite a lot of money.
Would be good enough for me. The condo I mean.

[johnnyk]

Sorry, my mistake.
26 years of rent to equal the purchase price.
In any case, the numbers are ridiculous even in Pattaya where there is a big long-stay market due to the numerous attractions such as the Tiger Zoo and mini-Siam.

[derf1]

The information above seems strongly to indicate that the buy and then lease out option in Hua Hin or Thailand does not seem to make sense or in this case "cents". Thanks for the input