alvish Posted January 2, 2009 Report Share Posted January 2, 2009 Have my condo transfer date in Feb / Mar 09 and had expected to let the GF use it but now these **** ass UK ? THB exchange rates have kicked me clean in the stones and I have to consider leasing it for the next 2 years to be able to pay it off. As this was unexpected I barely have the 1st clue about how to do this and any advice will be much appreciated... 1. I have mates who would be happy to rent it... if I take this option I will be able to give them a discounted rate if I don?t pay agency fees but is it possible to also dodge government taxes if they pay direct to my HSBC account? 2. If leasing through my agent (acuterealty) and have to pay Govt taxes can I have the lessee pay these taxes i.e. if 10% Govt taxes... can I charge 50,000bt/month then on top of that charge the lessee 10% (5,000) and then CAM fees sinking fund etc. or will I have to pay the 10% on the lump sum taken from lessee. 3. Have also been offered financing with HSBC at special discount rates organised by the development company. Originally I was going to pay cash up front but because of the terrible exchange rates I?m considering the loan. If I take this loan will it be in Thai Baht (say 4m) and then I can pay it back from GBP when the exchange rates get better? 4. If I lease it out will I still be able to hold onto a key as the landlord / lessor and use the facilities? Hoping I can stay in cheap hotels nearby when in Bangkok and and go hang at the pool etc. I?m guessing I will find all this out on Monday when I phone my agent, HSBC and the development co. but is always good to get opinions from people who don?t actually gain from this. Any info / tips on how to lease in Bangkok is much appreciated and if anyone intends to rent a high end / luxury, 1 bedroom condo, mid-Sukhumvit PM me... Link to comment Share on other sites More sharing options...
English_George Posted January 2, 2009 Report Share Posted January 2, 2009 ...go and speak with 'Condotown' ...TF person who doesn't drink and knows about condos....safe bet ..79 Link to comment Share on other sites More sharing options...
alvish Posted January 2, 2009 Author Report Share Posted January 2, 2009 ...go and speak with 'Condotown'...TF person who doesn't drink and knows about condos....safe bet ..79 Remember pestering condotown when I first invested and he had all the right answers Don't like asking too much of one person tho.. i'm sure most ppl pester him when needing advice Link to comment Share on other sites More sharing options...
eagle Posted January 3, 2009 Report Share Posted January 3, 2009 ...go and speak with 'Condotown'...TF person who doesn't drink and knows about condos....safe bet ..79 Remember pestering condotown when I first invested and he had all the right answers Don't like asking too much of one person tho.. i'm sure most ppl pester him when needing advice ahhh his name is condotown and he seems a decent sort. Offer a beer perhaps. Link to comment Share on other sites More sharing options...
condotown Posted January 3, 2009 Report Share Posted January 3, 2009 Wow... to wake up to this... At first glance I think of one word.... DIRE I'd like to examine all the facts before I change that snap analysis. I don't usually talk about my personal biz here, but I've been forced to lower a few rents and presently have a couple vacant units. The economic slowdown is for real. For now just relax and tell yourself... "It's only money." Other than that, if you want to have a talk about the entire situation, PM or call me and I'll try to give you sound advice based on my limited knowledge/experience. Link to comment Share on other sites More sharing options...
eagle Posted January 3, 2009 Report Share Posted January 3, 2009 like I said he seems a decent sort. Link to comment Share on other sites More sharing options...
Dr_Mike Posted January 3, 2009 Report Share Posted January 3, 2009 So, you can't get the condo on? I predict this is just one of many thousands that will be affected by the economic crisis around the world. All these new developments here in Thailand will probably be "wastelands" within the next couple of years, if the world economy doesn't make a speedy comeback. For now there are few buyers, if any, but the corporations are buying and selling them to each other to stagger the price market. When the banks start dropping loans the businesses will begin to default and the home construction will cease. (This is just as it was during the last Thailand recession.) Look around Thailand, and you will see many large buildings that are vacant, incomplete and run down. They are the remnants of that last recession, about 12 or so years ago. 2540. Link to comment Share on other sites More sharing options...
PeeMarc Posted January 3, 2009 Report Share Posted January 3, 2009 So, you can't get the condo on? I predict this is just one of many thousands that will be affected by the economic crisis around the world. All these new developments here in Thailand will probably be "wastelands" within the next couple of years, if the world economy doesn't make a speedy comeback. For now there are few buyers, if any, but the corporations are buying and selling them to each other to stagger the price market. When the banks start dropping loans the businesses will begin to default and the home construction will cease. (This is just as it was during the last Thailand recession.) Look around Thailand, and you will see many large buildings that are vacant, incomplete and run down. They are the remnants of that last recession, about 12 or so years ago. 2540. well, im sure that helped the OP a lot with his problem and made him feel a whole pile better. Just the kind of advice he was seeking. :shock: Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Good luck Alavish, its a tough one, I didn't see the pound dropping as much as it did, and was even more shocked when the Baht didn't follow, it will for sure but sadly not in time for you or your fancy fridge. What I don't understand is if your buying this place does the money not have to be shown to come from a UK bank account into Thailand for it to be legit and registered in your name? If so I hope you can get a good UK loan rate on it and work some magic. Could you rent it to someone trust worthy from the UK who will pay your loan repayments off directly into the UK bank, thus avoiding everything Thai? Also would you make a profit if you sold you part now before the hand over? With the exchange good baht exchange rate and move it back to Pound sterling to wait for a bigger bargain in the future? www.prakard.com ? Good luck and your not alone, I'm in the same boat paying 1/3 more for my renovations now. Link to comment Share on other sites More sharing options...
MisterMatlock Posted January 3, 2009 Report Share Posted January 3, 2009 Good luck Alavish, its a tough one, I didn't see the pound dropping as much as it did, and was even more shocked when the Baht didn't follow, it will for sure but sadly not in time for you or your fancy fridge.What I don't understand is if your buying this place does the money not have to be shown to come from a UK bank account into Thailand for it to be legit and registered in your name? If so I hope you can get a good UK loan rate on it and work some magic. Could you rent it to someone trust worthy from the UK who will pay your loan repayments off directly into the UK bank, thus avoiding everything Thai? Also would you make a profit if you sold you part now before the hand over? With the exchange good baht exchange rate and move it back to Pound sterling to wait for a bigger bargain in the future? www.prakard.com ? Good luck and your not alone, I'm in the same boat paying 1/3 more for my renovations now. Didn't the gov't recently change the law regarding farang buying condos that the money no longer had to come from a foreign bank account? Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Good luck Alavish, its a tough one, I didn't see the pound dropping as much as it did, and was even more shocked when the Baht didn't follow, it will for sure but sadly not in time for you or your fancy fridge.What I don't understand is if your buying this place does the money not have to be shown to come from a UK bank account into Thailand for it to be legit and registered in your name? If so I hope you can get a good UK loan rate on it and work some magic. Could you rent it to someone trust worthy from the UK who will pay your loan repayments off directly into the UK bank, thus avoiding everything Thai? Also would you make a profit if you sold you part now before the hand over? With the exchange good baht exchange rate and move it back to Pound sterling to wait for a bigger bargain in the future? www.prakard.com ? Good luck and your not alone, I'm in the same boat paying 1/3 more for my renovations now. Didn't the gov't recently change the law regarding farang buying condos that the money no longer had to come from a foreign bank account? Nope not unless its happened over the past 2 weeks. The paper works still pretty mental (mostly bullshit). Link to comment Share on other sites More sharing options...
Dr_Mike Posted January 3, 2009 Report Share Posted January 3, 2009 So, you can't get the condo on? I predict this is just one of many thousands that will be affected by the economic crisis around the world. All these new developments here in Thailand will probably be "wastelands" within the next couple of years, if the world economy doesn't make a speedy comeback. For now there are few buyers, if any, but the corporations are buying and selling them to each other to stagger the price market. When the banks start dropping loans the businesses will begin to default and the home construction will cease. (This is just as it was during the last Thailand recession.) Look around Thailand, and you will see many large buildings that are vacant, incomplete and run down. They are the remnants of that last recession, about 12 or so years ago. 2540. well, im sure that helped the OP a lot with his problem and made him feel a whole pile better. Just the kind of advice he was seeking. :shock: Honesty is such a lonely word. Link to comment Share on other sites More sharing options...
MisterMatlock Posted January 3, 2009 Report Share Posted January 3, 2009 Didn't the gov't recently change the law regarding farang buying condos that the money no longer had to come from a foreign bank account? Nope not unless its happened over the past 2 weeks. The paper works still pretty mental (mostly bullshit). Maybe I read it as something the gov't here was considering doing. Not sure I'd want to sink any of my money from back home into a Thai condo. I'd definitely consider it with money I make here though. How are the renovations coming anyway? Got the projector and sound system set up? ;o) Link to comment Share on other sites More sharing options...
alvish Posted January 3, 2009 Author Report Share Posted January 3, 2009 What I don't understand is if your buying this place does the money not have to be shown to come from a UK bank account into Thailand for it to be legit and registered in your name? If so I hope you can get a good UK loan rate on it and work some magic. Could you rent it to someone trust worthy from the UK who will pay your loan repayments off directly into the UK bank, thus avoiding everything Thai? Yeah completely forgot this... for the 30% already paid the money had to be sent from a UK account and was sent in GBP and changed to Thai Baht there Got a letter in the post from the developer saying for foreign customers there are special rates with HSBC... I thought it maybe possible to get a loan of Thai Baht because it is a global bank (and pay it back from GBP at better rates) but if the money has to be sent in GBP then I have to pay the exchange rate on the day :x Have been tempted to flip the property at a profit on the 30% but had my heart set on the place so will take a lot to go this way.. Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Didn't the gov't recently change the law regarding farang buying condos that the money no longer had to come from a foreign bank account? Nope not unless its happened over the past 2 weeks. The paper works still pretty mental (mostly bullshit). Maybe I read it as something the gov't here was considering doing. Not sure I'd want to sink any of my money from back home into a Thai condo. I'd definitely consider it with money I make here though. How are the renovations coming anyway? Got the projector and sound system set up? ;o) I got a bumpy floor, and might get another bumpy floor next week, a cracked bath, half painted walls, a kitchen sometime in Feb, 2 weak aircons and a missing sink. All in all..... terrible! Link to comment Share on other sites More sharing options...
MisterMatlock Posted January 3, 2009 Report Share Posted January 3, 2009 Didn't the gov't recently change the law regarding farang buying condos that the money no longer had to come from a foreign bank account? Nope not unless its happened over the past 2 weeks. The paper works still pretty mental (mostly bullshit). Maybe I read it as something the gov't here was considering doing. Not sure I'd want to sink any of my money from back home into a Thai condo. I'd definitely consider it with money I make here though. How are the renovations coming anyway? Got the projector and sound system set up? ;o) I got a bumpy floor, and might get another bumpy floor next week, a cracked bath, half painted walls, a kitchen sometime in Feb, 2 weak aircons and a missing sink. All in all..... terrible! I could send the Missus over... I guarantee she'd NAG them into having it done inside of two weeks. hehe Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 What I don't understand is if your buying this place does the money not have to be shown to come from a UK bank account into Thailand for it to be legit and registered in your name? If so I hope you can get a good UK loan rate on it and work some magic. Could you rent it to someone trust worthy from the UK who will pay your loan repayments off directly into the UK bank, thus avoiding everything Thai? Yeah completely forgot this... for the 30% already paid the money had to be sent from a UK account and was sent in GBP and changed to Thai Baht there Got a letter in the post from the developer saying for foreign customers there are special rates with HSBC... I thought it maybe possible to get a loan of Thai Baht because it is a global bank (and pay it back from GBP at better rates) but if the money has to be sent in GBP then I have to pay the exchange rate on the day :x Have been tempted to flip the property at a profit on the 30% but had my heart set on the place so will take a lot to go this way.. Man, I just don't know, if its going to mean your going to have to take out a loan in GBP really soon because of the 30% drop in the pound then its worth thinking about flipping it to save yourself from getting nailed on the exchange, when a year from now it could be 65/70/75 baht to the pound effectively putting you into negative equity on your GBP loan. I've found some great condos over the past few months for 2.5-4.5 million and they won't go up much in the next 2 years but the pound will. Still think 100% of the payment has to come in from the UK or to be shown to have (ways around this but prob not with a new build). Sorry again for the timing of this, if you need some help PM me. Link to comment Share on other sites More sharing options...
alvish Posted January 3, 2009 Author Report Share Posted January 3, 2009 Man, I just don't know, if its going to mean your going to have to take out a loan in GBP really soon because of the 30% drop in the pound then its worth thinking about flipping it to save yourself from getting nailed on the exchange, when a year from now it could be 65/70/75 baht to the pound effectively putting you into negative equity on your GBP loan.I've found some great condos over the past few months for 2.5-4.5 million and they won't go up much in the next 2 years but the pound will. Still think 100% of the payment has to come in from the UK or to be shown to have (ways around this but prob not with a new build). Sorry again for the timing of this, if you need some help PM me. Just had breakfast with the parents, they had offered to give me the loan from the start with 0% interest (I offered to pay the same interest as they get with their savings but they wouldn't have it). They are still happy to do the extra and if I can't pay it back in time it comes from my inheritance hehe Also using some of my own savings so no need for loans etc... Was considering HSBC if a Thai Baht loan was possible but am near certain you are right about having to come from UK in GBP. I'll still give them a try come Monday to be 100% on this... The flip option is now on... no matter what the outcome is I still have to go through with the transfer (0.1% transfer fee ). Will also be out to inspect the condo anyway and there is a possibility it may not be what I had expected... if so will put it up for sale... even if I am happy with it I may partly furnish it, lease it but also offer it for sale at a price which makes me a tidy profit.. people may prefer to buy when they are guaranteed income from a lessee? This way I am covered as both a short-term and long-term investment... think I would rather make a decent business decision than a bad property investment (an ego thing ) Think I have my bases covered on the finance options now... think it maybe time to approach The Don re leasing Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Link to comment Share on other sites More sharing options...
alvish Posted January 3, 2009 Author Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Will do :wink: Link to comment Share on other sites More sharing options...
submissiv Posted January 3, 2009 Report Share Posted January 3, 2009 what condotown does is very smart but illegal But since you only one flat it is ok. Just rent the thing out to your friends or anybody as soon as possible and take the rent to pay loan off. Soon there will be few people want to have an apartment. Link to comment Share on other sites More sharing options...
Stramash Posted January 3, 2009 Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Will do :wink: Are your parents looking to adopt any more children??? Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Will do :wink: Are your parents looking to adopt any more children??? I'm first on the list D, so just you step back with those rosy red cheeks and those puppy dog eyes! Link to comment Share on other sites More sharing options...
Stramash Posted January 3, 2009 Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Will do :wink: Are your parents looking to adopt any more children??? I'm first on the list D, so just you step back with those rosy red cheeks and those puppy dog eyes! But I can get to Belfast to be ingratiating a lot quicker than you!!! Plus I am a far more deserving charity case than yourself. In desperate need of philanthropic benefactor or very rich ageing widow!!! Or of course, if you need any signed/numbered prints sold discreetly without being traced back directly to you, am happy to be agent/middleman for a satisfactory percentage!! Link to comment Share on other sites More sharing options...
beej Posted January 3, 2009 Report Share Posted January 3, 2009 Good deal, can you give your parents, my parents tel number so they can have a little talk. Will do :wink: Are your parents looking to adopt any more children??? I'm first on the list D, so just you step back with those rosy red cheeks and those puppy dog eyes! But I can get to Belfast to be ingratiating a lot quicker than you!!! Plus I am a far more deserving charity case than yourself. In desperate need of philanthropic benefactor or very rich ageing widow!!! Or of course, if you need any signed/numbered prints sold discreetly without being traced back directly to you, am happy to be agent/middleman for a satisfactory percentage!! I offer the Maddona/Jolie Ethnic child look thats 'oh so chic' at the moment. Milky white is out baby. Link to comment Share on other sites More sharing options...
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