Good advice not to invest there. Thank you for sharing your first hand experiences. I've been following the market there. I've seen in 2018 the Chinese coming there and buying 5+ units at a time, like cookies. And I've seen how the resale market for condos is very poor. Real estate agents typically don't show resale units because they rather sell new units at much higher commissions vs from a private sale. And as the building ages, maintenance fees go up, maintenance is deferred, people don't pay the fees, and the building sits with deferred maintenance and low capitol improvement reserves, amenities sit in poor condition, and the management gets frustrated and has high staff turnover. It seems its mostly downhill quickly for bulidings more than 5 years old. Cheap to buy. Expensive to maintain. Definitely not for rental income or equity, even over many years equity is very questionable.

The title says you lost all your money? So you didn’t loose ye money? Why say you did? So people will watch ye video?

Biggest problem with condo's in Thailand is the maintenance.... they just don't do it.

The problem is there's an oversupply of new condos in Bangkok, you have to be careful where you buy. On Nut is popular with locals due to the public transportation access, shops, markets, and typically larger condo sizes. Condo prices tend to drop down, once you go beyond Ekkamai. Other places that are popular are those close to business districts, international schools and universities.

I've heard many horror stories about unfortunate property purchases in Thailand and certainly I'm very cautious about investing or even buying a property there. I plan to rent long term when I'm retiring there and have my property investment "steady income" from other countries. Wish you well, all the best, take care and see you in Bangkok. Cheers!

Bro I’ve been telling foreigners for years not to buy in BANGKOK. I started going there in 2012 and I was going to buy a condo when I came back in 2013. When I came back they had built about 15 new high-rise condos, and the one I was going to purchase in SILOM was falling apart already. What I do now is rent a new one every year when I return. Like your friend I live there during the USA winter, and leave BANGKOK in April because it’s to hot there and raining all the time. The last condo I lived in was the ASHTON next to terminal 21. Right across the street they were finishing a new high rise condo, and behind that one looking toward THONGLOR I could count at least 10 Cranes on the skyline. Also, every building I lived in since 2012. The Chinese have been buying everything in groups. A lot of the units are empty no one one living in them. The ones that have people living in them is over crowded. Sometimes 8 people in a 30sq m condo. Also, never buy property or start a business with a Thai women. They will take it from you. A lot of old foreigners keep doing that and loose their retirement. ✌🏾

I almost bought a condo in Pattaya, in a small complex with 8 units, and it had a large beautiful swimming pool. I found out in time one one of the owners was paying the monthly Homeowner's association fee, and he was paying not just his unit, but ALL OF THE EIGHT units, because all of the other owners knew they could avoid paying their share, as the guy paying ALL of the maintenance didn't want the property to suffer, and wanted the use of the beautiful pool. Sorry to say but Thai people can be pretty ruthless, and that's part of condo life and risk.

Really appreciate you making this video my guy. Screw all the dislikers

Bro, gave you a thumbs up. Thanks for the wonderful insights. Appreciate it. I was wondering what your take on the Covid issue in Thailand? Are new condo projects slowing down or stopped completely? And also regarding rent in these uncertain times, I'm guessing there's almost nobody to rent to right?

Refreshingly honest. In which complexes did you purchase the first two apartments?

Thank you Astro for sharing your experience and highlight some issues about maintenance and rats crickets and how to take care of these things

CLICK BAIT !!!! You didn’t lose everything .....

It's bad for investors, but it seems this would be great for the local people to have great properties that are becoming cheaper and cheaper. I wish that was the case here in NYC. The housing shortage is horrible.

You got underwater and now you see the golden rule that you broke. I got a condo in Vegas from a house flipper like yourself. Except I got it from him when things started turning around. My place has doubled in value and is still gaining value.

Thanks for sharing your story and thoughts, your experience will help others

Great Video Astro, I wonder if you could tell the locations and names of those 3 buildings you bought the condos in. I am about to do the same thing with a small condo in a Ramkhamhaeng area and searching lots of information. Thanks.

Greedy got you caught. Its a life lesson, but you came thru it so its all good. Thx for sharing

Hello, thank you for sharing your experience and letting us learn from it. A really informative video. Since my last Phuket vacation I have been planning to buy a condominium here and have it rented out through an agency. Do you have any experience of all those project developers who guarantee a 7% annual return and where you don't have any other monthly costs like maintenance, electricity, water...? In addition, a buyback guarantee of at least 100% of the purchase price is also offered. I would be very interested in your opinion on this subject. Thank you in advance and greetings from Germany.

long term rent is a better choice...no worries about maintenance and you can move from provinces to provinces to enjoy life....worst thing buying property in thailand is you can only sell to foreigners not thais....so means basically you buy you lose already

in 2007 I speculated home price in the US to rise and bought 3 houses. By 2011 all 3 houses had negative equity as much as -30%. However, right now all 3 houses gain 40% from what I paid for in 2007. It is about timing.

im a lil late here but man a good informational video here. i've thinking of a place to invest and was definitely looking at Bangkok but the only thing i'll be investing in there will be some time hahaha! thanks and keep up the work

Good Vlog Bro 😎.... it’s Pattaya for me.... all day long👍🏿

Thanks for advise. You are honest.

Thanks for sharing your story, I hope we all learn something from this. I'm paying attention.

I 'invested' in a townhouse just outside of the center of Bangkok. They will not build high rise building here because of the airport. It was not expensive and new and I know the values will not drop in the near future as the price of the land will compensate on that. New houses are built around here which cost just double of what I have paid for this house which rises the price of the land while the house value degrade without maintenance. It's an 'investment' , even if I was not able to really own the land, because I am living here without paying additional costs other then water and electric and now in the sixth year. If with 15 years when I could decide to move and I am successfully in getting the money, the same as I had paid, back I would have lived for 'free' , if no cash back or a part of it I lived here on a 'minimal rent' . So the looses are very minimal.

Foreigners buying never makes sense unless you decided you are making long term home for family. Residential properties are not investments. If you realize a big windfall then that’s just inflation you are recouping. Just rent.

Just take it as a one time learning lesson but I think you should continue investing in properties but not new construction! The first 2 worked out fine so you can definitely do it again and continue to build. Airbnb might also be a great option once this pandemic is over!

Hi Alen, thank you uploaded the video and share your store. It is very interesting. I am sorry for your misfortune. I am Thai and living in US. I wish to go back to Thailand when I retire. I am looking to do some investment in Thailand when I retire. I have a few questions. Do you have any contact info. for me to DM you? Thank you

How do you feel about older condos that have been well maintained for 10+ years? Looking for a home to start a family for 5-10 years before selling again and maybe moving closer to my family.

You just *had to* not leave well enough alone. You had 2 successful condos. Thank you for sharing ypir story.

Nows not the time to buy a condo, but in 1998-99, we bought two condos in Bangkok and made a killing off of it when we sold 8 years later. Real estate prices were so suppressed during the financial crisis, plus the USD was getting 48-52 THB. Selling in 2007, the property price itself had more than tripled, plus when we sold and converted the THB back to USD, it was only at 33 THB to 1 USD. Nowadays though with a strong THB and an overpriced real estate market, it just makes sense to rent. Plus when the building falls apart, you can just move to a newer one.

thanks for sharing your story, appreciated

Thanks for the video and really interesting subject! I wonder how much research you did before your purchase of property #3? A friend of mine wanted me to share buying a condo in Pattaya (which i visited), I found it to be high risk investment especially if you will not be living there. To name a few reasons: shotty construction, laws of the area when it comes to foreigners ,poor management of buildings by association or developers, lots of other factors like location , economic outlook for the area. I would definitely list the pros and cons before undertaking this kinda of decision. My personal onal opinion (strictly mine and not to influence anyone else), I am staying away and better rent for short term.

In the first place, I would never invest with borrowed money. I also have no idea where an expat would even find a source to borrow money.

What went wrong here was the location invested and he invested in a pre-construction. I learned so far from professionals that investing in pre construction in Thailand is one of the worst mistakes. Just do your homework and make calculated risks. Also invest in quality condos don’t bother buying to fix up one, sometimes you get what you pay for.

Buying of the plan is a huge risk in BKK. There always a new building coming and construction can be poor. Your first 2 investments were wise. Older established building at a medium price, in good areas and close to MRT/BTS.

Good advice.

Leverage kills. This is true in any market in the world.

Hope you can help! I'm a real estate broker (from Singapore) who was recently tasked to handle many client's portfolio and they're interested in Bangkok. I see the key problems in many comments and your videos is that the building maintenance is bad and therefore resale value hurts? What about premium luxury apartments, like Wireless 98 or Mandarin Oriental Residences? I try to seek only upscale developers that are trustworthy and have the best track records before I'll consider that for a client. So what do you think about MQDC or Sansiri's products, will they hold value and appreciate for my client's based on quality building and of course location?

I'm Thai but have spent most of my life in USA. Now back in Thailand for retirement. One caution I would like to offer. You can't trust anyone in business dealing in Thailand. They don't keep their words. When I just arrived 2 years ago, I got ripped off all the time, restaurants, vendors of all sorts, etc. They could tell I was not local. One day I was going to buy a nice green citrus fruit (tastes almost like grapefruit). The vendor told me that it's going to be sour (the one I was about to buy), but the other one (yellow + wrinkle skin + bad looking) is very sweet. So I bought the yellow one. It turned out - it had started to rot. THEY WOULD LIE TO MAKE MONEY at any level, not just small street vendors. If you want to buy real estate and do any business in Thailand, you must have someone local that you can trust and you can consult with EVERY STEP OF THE WAY.

There is a lot of oversupply in Bangkok at this very moment. It is totally fine to buy a condo if you want to live there yourself for a long time. Taking out a loan to rent out a place is always a risk. You could have checked the area before buying the property. Never use leverage. It can go both ways. It is great you share your story. It prevents many people from making similar mistakes. Why not invest in Thai stocks instead of real estate? You are more mobile that way and can reap dividends that are similar to rental income.

Thanks for the info bro. Does the bank lend money for foreigners to buy property in Thailand. I plan to buy one to stay.. But I think Hua Hin would be a better place for retirement. What is your recommendation?

Another question... did you have an attorney or real estate company assist you with paperwork?

Yea I’m buying a vacation villa outside of Bangkok. Like Chonburi, Phuket, my brother, friend, me & our kids plus some family will be staying there during the winters in USA so like 4-5 months.

Time sensitivity is crucial for the real estate flipper, but not so much for the long-term investor. The difference in the property value appreciation will get even out over the long run.

Halloo Alan very nicely explained. How much it cost two bedrooms in good location in Bangkok to buy

The issue with Bangkok is that new condos go up every five minutes, buying to sell later for profit won’t work. If you want to buy to live or buy to rent sure go for it, but you won’t make a profit or you’ll make very little of buy to sell is your plan in this city.

Thank you gor sharing your knowledge!!! Been living in Bangkok for two years now.

I'm looking to buy a condo in Pattaya or Phuket but with so many stories of foreigners losing money I'm worried about it. What would you recommend?

Am a real-estate agent in Thailand. Since 21 years. First rule dear friends : do not buy a price and chose a reliable developer and a location without too much empty land around. Remember, Bangkok never stops developing and empty land will not remain empty forever ! Many foreigners want to play " smart ass " and buy directly from the developer because they believe they will get a better price because the developer will not need to pay a commission to the agent. Big mistake. As a direct buyer you are the milk cow for every developer. Usually i explain it by giving the example of hotel bookings : do you get a better price by showing up at the reception or by going through an agency or a booking platform ? We brokers know the developers, we know which ones are very reliable or less reliable, which ones to avoid, which ones always have delays in construction works or use low quality material, we know the market and the upcoming projects... Sir, you made a poor decision and are now trying to blame others. This has nothing to do with Bangkok or Thailand as it could happen to you anywhere.

Well done! Good advice I think too. I had a riverside large unit a few years ago and learned a major lesson: Thais, unlike Westerners, do not want to buy "used" so even better quality, better design will not be easier to sell 4-5 years along. It's a market that works for developers but for investors you need to buy a 5* property at a 3* price to have a cushion of any sort of hope to find a farang buyer.

Is it better to just rent? If you're living in furnished apartments, kind of makes more sense to just rent and not deal with ownership issues.

Very informative, honest, rare.

As in Australia, I'll never touch anything not being completed. Yes, you may get more profit buying off the plan, but I'm just not good at gambling

You were speculating in property and borrowing to do so and you lost money simple. It couldhave happened in London as well!

Prices went up, good advice😂😂

The supply is constantly adding up, what did you guys expect?

If you buy NEW from a developer, it's like a new car, there are extra costs and you need several years perhaps a decade to REALLY break even. If you buy a condo, second-hand, less charges. Rent or Buy? Which is best? I have the best option. I live with my Thai girl in her condo for free.

hello there. quick question.would your friend mind to rent it out for the 6 months that he wont be there to a teacher working in bangkok? Thank you

What area was the condo that you purchased that gave you occupancy issues?

In general, Thailand isn't a good country for profitable real estate investments. Especially, since the real estate bubble for all property types have skyrocketed beyond reach for Thais and foreign buyers. The supply of real estate in Thailand far exceeds its demand. If you decide to buy real estate in Thailand...take your time and NEGOTIATE as aggressively as possible. I currently own $750k of real estate in Thailand and probably won't see any significant long term returns. Luckily, this doesn't take any food out of my mouth though.

Classic example of over-leveraging... I feel your pain.

Not worth it to invest in Bangkok. I think even for foreigners Bangkok is starting to become too expensive and especially locals start to move out of the capital and going to other cities, in the north, like Udon Thani or Khon Kaen, where prices are still affordable and have lots of upside potential. Especially in Khon Kaen where the city is developing and is expected to have its tram system in 3-4 years

its a falling knife if u catch it u may get hurt moreover so many inventories are available hard to find a buyers

Don't get greedy guys. Take your time. This goes for stocks too. Never use margin

Best to invest in a western country for real estate rentals If you can afford the property. A 4 unit, 12 , 22 unit apartment complex or hotel will generate you more money and exchange rate. And you can retire in South East Asia or country with low cost of living. At least save one unit apartment or room whenever you return Professional property management company can manage for you. You can even have camera and view your property anywhere around the world

thanks for the info

Don't invest...live in it. That's the best advice I can give to all you guys. That way you don't lose money.

On nut station is good and the area around it thanks for the info I also want to buy a condo in Bangkok

i almost bought in Pattaya years ago. back then the price turns out would have been OK, the baht exchange rate was good. I probably would have gotten my money worth, assuming no issues. however, over the years, so much fraud and other things show up such that I will not ever buy there. So many issues, damages, insurance, condo fees not paid, bad or noisy neighbors, nazi commando condo managers as we have in the USA, etc. Much risk

Same thing is happening in Manila, they're building like crazy. Prices there are even higher than BKK. Everywhere you look, cranes. Prices have pretty much doubled in the last 5-6 years. I think that's partly due to airbnb investors, chinese buying. Pretty sure, prices will crater soon.

I would agree, don't buy a condo in Thailand, BUT I did and I think I'm ok - my condo was built 15 years ago right in front of a planned BTS station - now the BTS station is completed and i see other units selling for 2-3 times the original price. But generally i would not buy - sellers and bloggers sell the romance of living in a city high-rise condo. But the secondary market is not healthy in fact property consultants never report about the secondary market. Markets like the US, Australia, UK, Singapore have a much more healthy secondary market.

I think if you buy one property as condo in Bangkok without any mortgage and anything would be better profitable and not expecting to rent it out for a year, I would rather use it for myself

I happy with my Bangkok ' dog box ' for 80bt a night. Same price for 32 years, I'm not joking.

👏🏻👏🏻👏🏻👏🏻

What's the name of your property? And address? I would like to rent one for long term at a reasonable cost.

Its called greed and karma, your story explains it perfectly.

How much is the rent there? And where in bangkok

Pure Speculation.

Read the news letter published by established expats there, a lot or warnings and caution about relationships there. Too many fell for the "love you long time" scam. Best make good friends there and they'll protect you from those taking advantage of you.

U r funny 😆 P.S. I have same scar under a chin … teen age fall when electricity ⚡️ were cut off for a minute or two

I owns condo next door in the Address and now they have half the building empty. You are not on your own...rents were 40k a month now 25k a month. If you want to rent it out drop your price big time. You should of sat it out...your building will be good. Gear yourself too high and that’s what happens. Buyers market now if you have the money.

Thailand property is not the best for investment due to following reason: The country is too big and never short of land for building new condo creating over supply of new projects. This over supply if cannot be met by increasing demand, then of course will result in difficulty in renting or low rent. Thai people will only buy new condo meaning your condo will eventually be sold to a foreigner most likely. Foreigner may also prefer a new condo as compare to a second hand condo. Not to forget buying the same condo, thai national get to buy it at a much lower price than foreigner, can be up to 30% or more. Eventually that means if u r competing with the local to sell, u have to reduce the price by 30% at least so to be on par with the local. Last but not least, currency fluctuation can make a difference between profit and loss.

Watching your video thanks for the advice, how about buying property in Malaysia.

Do u have any more rooms available currently?

Have seen crazy foreigners loosing a fortune on Thai properties but they never learn....renting is cheeoer then buying.

If a person buts a condo for $35k, won't he have to additionally pay around $250/mo condo maintenance fees ?

i want to live in Thailand when I retire. Should I buy a house or rent forever?

There are good investment grade condominiums but I would not advise buy to let in thailand. Definitely dont buy on a loan as a foreigner in thailand. As a holiday home its fine.

Rent is cheap and they keep building new Condos non stop. I would just rent.

Do they have AC in this unit? You're sweating.

If you need to borrow money, don't get that apartment. It'll be stretching your financial reach too fast, too soon. Need to snowball the money first before jumping into something bigger.

Ya thats why YOU RENT only in Bangkok...Its definitely cheap enough and it gives you the freedom to move around year after year whenever you want. I guess you should of did you're research first.

I look at how many light are on at night and there are not many...

Any condo near bts is a profit in the long run as long as u dont buy on loan n not pay v high price through agent rather buy from a bankrupt thai unable to pay loan. Direct buy from owner n many developers are crooks better to buy completed condos fully. Many developers can give u headache or cheat u forget the agents.

Live simple, live free creators did lose everything. Live debt free. Save and buy outright, don't leverage one property for another. Save an emergency fund to cover all payment for a year. Don't gamble

Great info, how about mentinace

❤hi I just saw your video today is January 19 I will go to Bangkok on January 29 I like to rent apt for one month any recommendations to me thanks.

You did one thing wrong. You used "leverage" also known as debt. The debtor is slave to the lender.

Great video