Never buy a condo off--plan, you do not have the same legal protections such as completion bonds here as you have in the USA. If you get neighbors from hell there is absolutely nothing you can do about it. Associations are often corrupt and rent is incredibly cheap here and allows you the flexibility to move without trying to sell. 51% of the building must belong to Thais who buy them much cheaper than you can. Based on 17 years in Thailand. This is the first terribly crappy advice I have ever heard on Nomad Capitalist.
I bought one in Aug 2022, from a motivated seller due to the inactive market the prior two years. An old one from 1983 very well maintained, with an excellent location and comfortable interior spaces. It is surrounded by huge young guys all of which I viewed before buying mine. I am renovating my old glory (bathrooms, doors, sockets, kitchen - at a ridiculous low budget), its gonna be a royal palace at half price of the new condo’s, with 500 neighbours less (it has only 30 units vs 200+), a common garden 5 times bigger, no AirBnB-ing (strictly enforced), exclusive beach access. I was told by two local agents that the prices are going up now, with the influx of Russians and Chinese. I do not know whether that is true, but I am looking to rent it out, long-term to a reliable tenant, with a target of 6% net rental income. Minus the period I left the previous owner as part of the agreement + I stayed myself 2 weeks to fully appreciate what needs to be renovated + renovation works (total 6 months - or more depending on when the tenancy starts). So far my experience.
"I was told by two local agents that the prices are going up now" hahah never heard otherwise from realtors anywhere, anytime, no matter the situation!! and for a 1983 condo?! good luck but likely not a good move
Strictly enforced AirBNB policy in Thailand? I've got a wallet full of 500 baht notes that strongly disagrees with this statement. For reference, I've stayed in 11 AirBNB rentals in Thailand since September 2022. For places like this, I've been a "friend of the owner" and they personally walk you in the first time.
Never buy real estate in a country where you have no idea about the legal system, do not speak the language etc. just rent - prices are so low and you can leave whenever you want to
Everyone read this guy's comment. There are many reasons not to buy a condo in thailand. Remember it's hard to go where your treated best when you tied down. And tied down is what you will find when you try to sell your condo.
Long time US real estate investor here. Guys, unless you are going to live in Thailand permanently, rent, don't buy. If you want to invest in real estate, do it here in the US.
I’m not about to take advice from a ‘boy’ who bought a condo off the plan in Thailand. It’s a silly thing to do in my country, Australia and it’s an even sillier thing to do in Thailand. Currently a huge oversupply of condos in BKK so as a renter, it’s never been better.
I had owned a 41sqm condo ten years ago freehold at thonglor near to bts, mall, niceview, cozy, quiet, and always love💕BKK Kap!🙏Thanks for your great videos man.👍
How come not many people/tenants use the gym or swimming pool. Also in the evening, 70% of the lighting of the units is dark. ?how many units sold to investors with no buyer? China's housing market is no good and the US is heading into a recession and the interest rate is rising. ?Evergrande?
Now I have more knowledge about personal finance. I just subscribed to your channel. Big ups to everyone working effortlessly trying to earn a living while building wealth in this recession. I’m 45 and my husband is 51, we are both retired, no debts. We are planning on relocating to Thailand. We are currently living a frugal and financially savvy lifestyle and generating passive income even during this recessionary period. Our commitment to saving and investing in the financial market has enabled us to maintain this lifestyle and continue earning monthly passively through investment:|
@@herbigp its one of the few areas that looks very clean, brand new and landscaped with sidewalks in thailand. A very nice grocery store and shopping area, surin & layan beaches super beautiful and Patong has all the women. Check out the Catch beach club, Cafe del mar and carpe diem.
Based on what I've seen and read, Thailand is one of the top developing markets in Asia. Top tourist destination for Indians and Chinese, so a lot of money to be made if you get into the right service or even manufacturing, or agricultural business.
All I heared is that once you buy condo in bangkok, you gonna have very hard time to resell it. because simply another new condo built next to you. too many supplys.
Chinese were the biggest buyers the last ten years. They were shutout of the market the last two years because of covid, so the market was stagnant. Expect another tidal wave of new Chinese buyers now, and prices to rise again.
I'd love to see more content from Reid, his experience shines through and he's one of those guys who you can tell just KNOWS his stuff, AWESOME.... love it, watched two of your videos now and you're awesome, more more more! :D
You can contract with a land owner, you can marry and buy a house through your Thai spouse but it’s in her/his name, you can contract with them but I don’t know how much legal rights you have, you can start a legitimate business in Thailand but you will only have 49% ownership yet your business buy a house.
Can I use a US LLC to purchase a condo in Chiang mai and have all expense deductible on the US side? (such LLC will have a Thai citizen 50% owner. Wife is Thai.)
“I pledge by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine” John Galt, Atlas Shrugged.
I live in Thailand and every single westerner I have talked to had buyers remorse and stated it was stupid to buy any condo or home in Thailand. Poor constructions, poor qualify, flat prices over decades, low rent. If you bring the American mentality here of home ownership you will get a serious wakeup call. 1. Americas real estate market is fictitious at best since the early 70s and 2 most of Asia doesnt do real estate for foreigners.
@@chinobonito30 Prices were flat (in bkk where my house is) for about 10 years, in the last 5 years houses have doubled. Mostly it depends on the area, in the condo market if you are near a skytrain or underground prices have trippled in the last 10 years, if you are on the outskirts without then they have not grown much. Realestate is always location location location
Where have prices for condos tripled in the last 10 years? Seems like we got. a lot of disagreement around here? One guy says its flat, while another guy saying its tripled. Are we talking about the same thing??? Why don’t you put out some real data (real prices and condos so you can convince everyone)
Prices doubled or tripled in the downtown? The prices of new buildings now maybe increased by 75-100% vs. new buildings 10 years ago, but not of condos built 10 years ago. Most of them stayed flat. Wondering if there is a single example of a condo that doubled in price in 10 years...
Practically every condo in the city center built around 2010 has doubled. A few specific examples are: Athenee Residence The River, M Silom, Park Chidlom, PYNE, 185 Rajadamri.
Both my sister in laws condos have more than doubled in the last 10 years, 2 minute walk to asoke station. The nicer of the two has almost trippled. Like any property is is location and build quality.
The Domus, Soi 16 Asoke Sukhumvit, was sold off plan at 80,000 thb/sqm. Now I believe 300,000 thb/sqm. Kicking myself for selling it at 130,000. Also nice currency appreciation as bought with 1 Euro = 55 thb. Now 1 Euro = 37 thb !
@@robbatayaki5505 Thanks for sharing. Looks like a nice, well-maintained building with large units. Wondering if there is a stronger correlation in price appreciation with larger units.
The imminent influx of Chinese fleeing the COVID epidemic in that country has many Thais and foreign residents frightened. Of course, money comes before public health.
No offense but Thailand is pretty much a third world country. It's clear Malaysia is the most advanced, prosperous and safest country in the region after Singapore.
@@colinjackson8875 fake smiles. In each ranking, they are one of the most nationalistic countries in the world. Thai people only like other Thai people. Foreigners living for more than 10,15, or even 20 years don't have any real Thai friends
@@johntheaccountant5594plus John the new condos are tiny compared to the older ones. I’ve seen supposedly “one bdrm” condos that are only 25 sq metres that they’re selling for ( in my view) overly inflated prices.
Probably due to higher demand. Simply put, you get more potential renters for smaller units (studios, 1BRs) than for larger units (2-3+ BR). If you list on AirBnB, you gets lots of solo travelers who stay for 1-2 weeks and you can generate higher yields on a per/night basis vs. long-term rental.
Also : for example the exceptional Riviera Wongamat in Pattaya : a 31 sqm studio enjoys the same facilities as bigger units i.e 4 swimming pool, 2 gyms, wonderful gardens ...
Lets count how many times he blinks. The content of the video is excellent and well delivered. But the lack of blinking comes across as a little strange socially / awkward.
Good advice. But it's Cookie cutter advise. "Due diligence is key" Better advise is to show where the problems are and possible solutions. Like owning property as a Foreigner. You cant own the property without Citizenship. You can have an percentage interest in the company that owns the property. 49%. Unless you have USA Citz. Then you can own 100% controlling interest. Its a hassle to set up the company under Amity treaty. But it can be done. And they are caveats within that too. But ownership vs control is a very different thing. Point is: It can be done. You just have to pay attention to the rules, and understand what you are getting into. And read EVERYTHING. Because the devils always in the details.
He is not an entertainer, he is a westerner that lives in Cambodia and has had long standing access to the Asean region. He is "aware" moreso than many others. I would probably know the Thai market very well in comparison but would absolutely go to Reid for the Khmer market. Bangkok is a sinking city, I would not buy in any district.
@@makeyourlifeeasier5794 if your world view means you drive on the left, be careful. If you drive too far on the left, you will go off the road. Because of your modernist western jealous fit of rage towards capitalists, there will be nobody else with enough money that can afford to drive on the road with you and help you out. Jealousy is not a roadmap to success.
@@davidrichards1741 yeah I'm into cryptos,gold silver. Going to buy land next to me hopefully this year. I was getting 28 baht to the Australian $ Paid 3 million for my land 6 year's ago more then doubled now.
