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derf1
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Joined: 26 Mar 2006
Posts: 37
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 Posted: Sat Aug 19, 2006 12:53 pm Post subject: Buy a condo & rent out |
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| 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. |
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Jockey
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Joined: 27 Jan 2003
Posts: 1671
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| Posted: Sat Aug 19, 2006 4:34 pm Post subject: Re: Buy a condo & rent out |
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| derf1 wrote: | | 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. |
Derf - There are many agencies in Hua Hin (I'm not one of them), who would gladly rent your condo out charging you commision of course. A good condo can coin in a large amount for 2 / 4 week periods but could also stay empty if you don't get your marketing or agency right. Condos are also very expensive now in relation to what they were 4 years ago, but they represent (IMO) an excellent investment, particularly because of the legal issues with property, many think the condo prices are set to rise dramatically.
I noted you asked about paying off the mortgage. It would be very difficult for a Ferang (foreigner) to buy a condo using a mortgage. The Thai banks would insist you have a non immigration B visa, collatoral, proof of income in Thailand etc. The decision on the loan could take 3 months by which time the condo could be sold to someone else!
A 7 million baht condo could demand rents of 50/60,000 baht per month (short term) or about 25/30,000 a month long term (6 months to 1 year). |
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derf1
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Joined: 26 Mar 2006
Posts: 37
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| Posted: Mon Aug 21, 2006 9:01 pm Post subject: |
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| Jockey- thanxs for the reply, it gives good direction for more questions to ask and people to talk too. I think I can get funding outside of Thailand for mortgages but will come back with questions when I get answers to your thoughts. Thanxs and cheers |
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caller
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Joined: 04 Jun 2005
Posts: 1724
Location: Londonistan
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| Posted: Tue Aug 22, 2006 2:57 am Post subject: |
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You can get mortgages in the UK to buy abroad - in my case, if I so desire, by re-mortgaging on my house.
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Jaime
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Joined: 14 Jan 2004
Posts: 1884
Location: Sh*t Creek
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| Posted: Tue Aug 22, 2006 3:05 am Post subject: |
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Not that I am an expert but I would be very surprised if a British high street bank would lend against a property in Thailand. As you posted Caller, if you want a sterling mortgage for a property in Thailand you can re-mortgage against your UK home and release equity to pay for a property in LoS. That is exactly what we did.
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"Why limit yourself to the death of a crummy celery stalk when you can eat a giraffe?" - PWEETA |
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STEVE G
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Joined: 03 Apr 2006
Posts: 2202
Location: HUA HIN/EUROPE
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| Posted: Tue Aug 22, 2006 4:11 am Post subject: |
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| In addition to the above, some offshore banks will give you property loans secured against other investments you hold, such as pension funds, equities, or endowments. |
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Jockey
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Joined: 27 Jan 2003
Posts: 1671
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| Posted: Tue Aug 22, 2006 1:00 pm Post subject: |
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| I read Jakob and Marck from 2nd homes estate agency have negotiated a deal with a Danish bank to organise mortgages. |
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Winkie
Professional
Joined: 14 Jun 2006
Posts: 309
Location: Bangkok & Cha Am
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| Posted: Tue Aug 22, 2006 1:06 pm Post subject: Re: Buy a condo & rent out |
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[quote="Jockey"] | derf1 wrote: |
I noted you asked about paying off the mortgage. It would be very difficult for a Ferang (foreigner) to buy a condo using a mortgage. The Thai banks would insist you have a non immigration B visa, collatoral, proof of income in Thailand etc. The decision on the loan could take 3 months by which time the condo could be sold to someone else!
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Bangkok Bank in Singapore seem very willnig to arrange Mortgages for Foreigners buying in Thailand.
A buddy of mine has done just that with a Condo in Cha Am. It seems they were also very professional ont he legal side of the purchase also.
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derf1
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Joined: 26 Mar 2006
Posts: 37
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| Posted: Tue Aug 22, 2006 7:30 pm Post subject: |
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Hi Jockey
What is a "non immigration B visa"? Is it attainable? |
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Norseman
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Joined: 10 May 2005
Posts: 2172
Location: Hua Hin
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derf1
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Joined: 26 Mar 2006
Posts: 37
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| Posted: Wed Aug 23, 2006 10:46 pm Post subject: |
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Norseman
Thanks for the link. It has been very helpful especially if full time retirement were something that is being considered. The ramifications are significant. |
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up2u
Rookie
Joined: 28 Aug 2006
Posts: 14
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| Posted: Sat Sep 09, 2006 5:06 pm Post subject: non im b visa |
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| we obtained our non im 'b ' visa with the help of sunbelt asia , very easy no problems at all |
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derf1
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Joined: 26 Mar 2006
Posts: 37
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| Posted: Thu Sep 14, 2006 9:29 pm Post subject: |
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Dear Up2U
What is sunbelt asia? |
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Jockey
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Joined: 27 Jan 2003
Posts: 1671
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| Posted: Thu Sep 14, 2006 9:55 pm Post subject: |
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| derf1 wrote: | Dear Up2U
What is sunbelt asia? |
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derf1
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Joined: 26 Mar 2006
Posts: 37
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| Posted: Sun Sep 17, 2006 8:54 pm Post subject: |
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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 |
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