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Post by Fletchsmile on Nov 16, 2015 13:46:30 GMT 7
One young (Thai) man proving you can make money on property investing in Thailand. Don't think this is easily replicated for a foreigner given the difficulties you'd have "using other people's money" (getting financing). Plus looks like he knows his areas and has used his contact network well in making things happen =================================================== From zero to hero
One young investor's story shows how fortunes can be made with a little help from other people's money property.bangkokpost.com/news/766288/from-zero-to-hero |
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smokie36
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Post by smokie36 on Nov 16, 2015 13:52:15 GMT 7
I love a success story on a Monday morning!
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Deleted
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Post by Deleted on Nov 16, 2015 20:06:43 GMT 7
Great story thanks!
I've seen the website with repossession properties for sale and there are thousands upon thousands of cheap places for sale in good locations just waiting to be pounced on for redevelopment. 60 squares for under 600k in phra kanong for ie.
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AyG
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Post by AyG on Nov 16, 2015 20:27:51 GMT 7
I did skim through the article this morning and thought how ridiculous it was that he was being lent money greater than the actual value of the property he was purchasing. No wonder Thai banks have a decent chunk of non-performing loans.
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Post by rgs2001uk on Nov 16, 2015 21:27:40 GMT 7
Great story thanks! I've seen the website with repossession properties for sale and there are thousands upon thousands of cheap places for sale in good locations just waiting to be pounced on for redevelopment. 60 squares for under 600k in phra kanong for ie. Whereabouts exactly in Prakhanong, I know soi Pridi very well, my mrs is from there. Or would that be older condos in Klong Tan? |
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Deleted
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Post by Deleted on Nov 17, 2015 7:10:09 GMT 7
www.bam.co.th/bam/property/index.php/asset/pub/asset_listIt's a bit of a pain scrolling through them, I'm on my phone sorry. That link is the bank repossessions under 1 mil, I've selected the Bangkok properties already. That phra kanong property was on there about 2 months ago now, maybe it's sold I'm not sure. The rule of thumb for renovating is 15% of the property purchase price. 15% being the most you should spend on a renovation with the plan to sell quickly. I could see it being a nice earner if I lived in Thailand. Edit, I've checked the link and it seems to have reset itself. Just enter Bangkok, condos, property under 1 mil.
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Deleted
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Post by Deleted on Nov 17, 2015 7:14:38 GMT 7
I did skim through the article this morning and thought how ridiculous it was that he was being lent money greater than the actual value of the property he was purchasing. No wonder Thai banks have a decent chunk of non-performing loans. Very possible his mate was the lending manager. It was happening in Australia a lot also. People opting for private lenders other than going direct to banks. Property values being tweaked etc. All good until defaults start occurring I suppose. |
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me
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Post by me on Nov 17, 2015 8:50:39 GMT 7
Great story thanks! I've seen the website with repossession properties for sale and there are thousands upon thousands of cheap places for sale in good locations just waiting to be pounced on for redevelopment. 60 squares for under 600k in phra kanong for ie. If you wish to go down that route you need to have good contacts in say the Suratini Motorycycle Taxi mob. All good property is distributed to cronies by the bank before listing. All have sitting occupants who may be extremely difficult to remove which is why things like the night time demolition of Washington Square occurred. It is a road to go down carefully though if you look well you may find a reasonably priced derelict house in the country to buy. It also is a long process as there is a system where the "owner" has a chance to reject that offer as too low about three times and has the oportunity to purchase himself. A fairly complicated but relatively fair to the original owner legal reposession system here which is why people use the illegal means. |
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Deleted
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Post by Deleted on Nov 17, 2015 8:56:58 GMT 7
Great story thanks! I've seen the website with repossession properties for sale and there are thousands upon thousands of cheap places for sale in good locations just waiting to be pounced on for redevelopment. 60 squares for under 600k in phra kanong for ie. If you wish to go down that route you need to have good contacts in say the Suratini Motorycycle Taxi mob. All good property is distributed to cronies by the bank before listing. All have sitting occupants who may be extremely difficult to remove which is why things like the night time demolition of Washington Square occurred. It is a road to go down carefully though if you look well you may find a reasonably priced derelict house in the country to buy. Should have known there was a catch. In this case it sounds quite sinister. |
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Post by Fletchsmile on Nov 17, 2015 9:48:59 GMT 7
I did skim through the article this morning and thought how ridiculous it was that he was being lent money greater than the actual value of the property he was purchasing. No wonder Thai banks have a decent chunk of non-performing loans. That was one of the things I wondered about when reading the article. Not the norm for main commercial banks. It also says "credit line" rather than "mortgage" which makes me wonder what kind of financing(s) he got, as well as which bank (maybe a government bank). Generally home loans don't exceed appraisal value either. |
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Deleted
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Post by Deleted on Nov 17, 2015 12:13:58 GMT 7
Possibly a secured loan against more than one property
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Post by rgs2001uk on Nov 17, 2015 12:28:43 GMT 7
www.bam.co.th/bam/property/index.php/asset/pub/asset_listIt's a bit of a pain scrolling through them, I'm on my phone sorry. That link is the bank repossessions under 1 mil, I've selected the Bangkok properties already. That phra kanong property was on there about 2 months ago now, maybe it's sold I'm not sure. The rule of thumb for renovating is 15% of the property purchase price. 15% being the most you should spend on a renovation with the plan to sell quickly. I could see it being a nice earner if I lived in Thailand. Edit, I've checked the link and it seems to have reset itself. Just enter Bangkok, condos, property under 1 mil. That website you quoted, I have been in their offices in Seacon Square, they have a lot of what I can only describe as rubbish for sale, and some of them were certainly no bargains. The only way I could think of to make money would be to buy the house and knock it down, then build a new one in its place. Some of the condos were in out the way places like Lat Krabang in unfinished blocks.. The land prices alone are crazy, some areas like Pattanakarn are in excess of 100,000 baht per t/w. |
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Post by Fletchsmile on Nov 17, 2015 12:41:18 GMT 7
Great story thanks! I've seen the website with repossession properties for sale and there are thousands upon thousands of cheap places for sale in good locations just waiting to be pounced on for redevelopment. 60 squares for under 600k in phra kanong for ie. If you wish to go down that route you need to have good contacts in say the Suratini Motorycycle Taxi mob. All good property is distributed to cronies by the bank before listing. All have sitting occupants who may be extremely difficult to remove which is why things like the night time demolition of Washington Square occurred. It is a road to go down carefully though if you look well you may find a reasonably priced derelict house in the country to buy. It also is a long process as there is a system where the "owner" has a chance to reject that offer as too low about three times and has the oportunity to purchase himself. A fairly complicated but relatively fair to the original owner legal reposession system here which is why people use the illegal means. Yes you've got to be careful when buying repossessions and at auction. There are some strange rules in Thailand around this area, and while someone might have good knowledge/ experience of property, locations and all that from outside Thailand, there seem to be quite a few legal spanners that could be thrown in the works in different ways here. So if buying repossessed or at auction, someone needs to know not only the property side but all the legal ins and outs. |
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