| |
ThaidUp
|
I have been contemplating whether to post this story or not. I decided what the hell take it for what it’s worth maybe a little insight in the Thai mindset of face. This is really not a f_cking FR, but a FR on maybe how not to get f_cked. So I do not know if this is the proper place, but if not BK you can move it to “Anything else”
On December 30th I purchased a condo here. I have done the math and it is a great investment, instead of renting a hotel room for ST’s I can make the monthly payment on the condo and make a profit from what I would normally spend renting hotel rooms. Immediate ROI. How I can justify making a profit on my TG escapades is just showing what type of warped mindset I developed living here.
I was previously renting a 3 bedroom condo at 13,000 a month in the same complex. Payments on this unit would be 11,500 a month. I teamed up with a business acquaintance at SCB and I thought I would buy one of their distressed properties in their inventory. After looking at their inventory, it would take more time to fix them up into acceptable condition than I wanted to spend. Face it, I wanted to spend more time f_cking instead fixing f_cked up properties so I passed on those.
After a few weeks, the banker called me and said he had a friend who wanted to sell his unit. This Thai guy was a high-level manager with live-in Thai girlfriend who was an executive assistant to one of the CEO’s of a major telecom operator. They decided they wanted to buy a house.
The place was perfect. He wanted just to walk away from it leaving the furniture and all. He had approx 300 K of upgrades. It was a 2 bedroom unit and he wanted 1.8 M THB. BTW the owner of the 3 bedroom I was renting wanted to sell it for 3.2 M THB. I liked the place and proceeded with the deal.
After a couple of weeks everything is approved and on Tues Dec. 30th I go with checks in hand from the bank and my down payment to the local land office to transfer title.
Now here is where the interesting part comes in. The land office figures everything out and tells the owner that 60 K THB are due in property sales tax. I am presuming that this due for the profit on the transaction, but not sure. Now this Thai guy is furious  and he wants to talk to the manager about getting this fee reduced. Now I thinking to myself “Fat chance this is going to happen, to get a Thai government official to reduce a tax, but what do I know, let’s see how this works out.” So he is escorted behind the counter, behind the half glass wall to sit in front of the manager and after a discussion he calls someone on his cell phone.
Next, I get a cell phone call from my banker who says the owner had just called him (So that’s who he was talking too, the bastard ) and he wants me to pay the tax. Meanwhile behind the glass, while I am talking to my banker the owner just gives me the Thai smile.  Now what does he think, that I just another Ugly American, well maybe true, but I am not a Stupid Ugly American and say no way.
Now the banker calls the owner and while he looks at me through the glass as he is talking, I just give him the Thai smile.
Next, I get a call from the banker who tells me if I do not agree to pay half then he does want to sell the condo. Again the Thai smile from him behind the glass. I tell the banker to tell him, “Fine I just wanted the unit to f_ck university girls anyhow”  Well not actually. That is what I wanted to tell him, but instead told him “Fine I really do not need the unit anyhow and it’s 5:00PM and I am getting hungry so either pay the bill or not, I need to get something to eat”
Again call from my banker to owner and I give him the Thai smile. He pays the bill.
Now we could have had this deal done at 1:00 PM, but it is now 5:00 PM and we start at the back of the queue. We do not complete the transaction until 10:00 PM.
Now normally I am used to dealing face to face on any negotiating on a deal like this. This scenario was really surreal for me. When we come together to complete the transaction it was like none of these back and forth arguments have taken place and it was all smiles and small talk.  Am I the only person to find this weird ???
This Thai Face part of Thai culture is quite amazing, I do not know if I will ever get used to it.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 1:05 am on Jan. 5, 2004
|
|
PopSecret
|
Thanks for this interesting FR of sorts. However, I've seen this sort of pointless runaround here in the states too. Some people would simply rather talk to bankers, realestate agents or whoever instead of direct communication. I don't think that's just a Thai issue.
|
Bangkok Women : Meet Sensual Bangkok Women
Posted on: 1:18 am on Jan. 5, 2004
|
|
ThaidUp
|
Yes, especially on Real Estate deals many would be confortable dealing with their own RE agents. The surreal part for me was he and I just sitting 15 feet apart behind a wall of glass with only the smiles back and forth.
Also, in the USA everything is handled through an escrow agent so during property title transfer all these issuses are either resolved or the deal falls out of escrow before hand. Having it done at the last minute in the title office just before the end of the year was nerve wracking.
In 2004/2047 the Thai Real Estate law changes and property transfer tax is being raised back to post 1997 levels.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 1:30 am on Jan. 5, 2004
|
|
ringthebells
|
you bought a 1.8 mio 2bedroom just to screw around??
555.
bad boy. down girl!!
rtb
|
Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 1:37 am on Jan. 5, 2004
|
|
ThaidUp
|
That would be investment it is all in a frame of mind. I rent pussy, but own the abode. One asset is depreciating while another is appreciating (I hope).
|
Thai Women : Meet Matured Thai Women
Posted on: 1:44 am on Jan. 5, 2004
|
|
ringthebells
|
555.
i hope you have the right assets in mind.
rtb
|
Bangkok Women : Meet Beautiful Thai Girls
Posted on: 1:54 am on Jan. 5, 2004
|
|
Minder
|
Lets see, based on a few assumptions of course:-
1.8 million baht at 8% over 10 years (principal and interest) is 21,600 baht a month in repayments!
To make your investment worthwhile (allowing that a hotel room was 800baht a time) we are looking at a minimum of 28 "strays" a month.
Assuming that all strays must take place on weekdays to remain covert then the average month has only 19.5 available weekdays (guessing that half of your friday afternoons are lost due to end of week "family" commitments).
Therefore to ensure maximum return of your investment you need to stray 1.43 times every weekday of every week (including holidays) for ten years.
Wish I had a goal like that to aim for.
|
Bangkok Girls : Meet Attractive Thai Girls
Posted on: 2:42 am on Jan. 5, 2004
|
|
Repeat Offender
|
Thaidup
Thanks for the interesting report. I admire your dedication in the pursuit of your hobby, especially in light of Minder's calculations.
As others have written, real estate deals are often complex, but it is interesting to read the Thai variation, especially as you have provided the details of the costs involved.
RO
|
Thai Girls : Meet Active Thai Girls
Posted on: 2:52 am on Jan. 5, 2004
|
|
ThaidUp
|
Well Minder, I got my company to pay the down payment of 450K as a bonus for a good job in 2003 so my payments for a 15 yr loan are 11.5 K THB per month. Total interest over the 15 yr period is 720,000 THB/ 48,000 per year or roughly 3.5% per annum (Not exactly becuase it amortized over 15 years, but I am to lazy to look it up).
Now I was booking rooms at the JW Marriott at 2400 THB per night, four times a month. So at 9600 a month the JW Marriott is cheaper on a cash flow basis, but you are left nothing, but memories no asset.
But the important point here comes back to the Thai face issue. When you get into the casual P4P person, they are embarassed to be seen entering with a farang into a motel. Despite having a popuation of 20 Million plus in BKK proper, word gets around and if the office worker is spotted with a farang entering a hotel just so she can augment her salary for a new Fendi purse then her job is ruined. I learned this tip from a fellow bro here.
So with the better data you can give me a better ROI projection break-even analysis.
BTW how do you propose I handle the.43. Have a threesome every two days?
Yes RO there are hobbyist's and then there are serious hobbyist's. Everyone should have a hobby and I would rather lick TG's then stamps
BK I seen we have a new tongue icon. Excellent
|
Thai Women : Meet Matured Thai Women
Posted on: 3:43 am on Jan. 5, 2004
|
|
bkkz
|
ThaidUp, I figure this is a better place. Hey, you have any spare rooms in that pad of yours? 
|
Bangkok Girls : Meet Attractive Thai Girls
Posted on: 3:54 am on Jan. 5, 2004
|
|
| |
|
