1. condo at "symphony" 80m2 2bedroom bought after onnut skytrain station very nice just 50k/sqm, nice design, only 50 units. Builds up around now or very soon, projected finished end of 2009. Freehold
2. upcoming condo 1bdr, or 2bdr, on wireless road "Oriental Residence", near us embassy/allseasons bldg. Start 2010 or 11 not sure. expensive around 120K/sqm, lease-contract 30yrs
So, the plan is to buy that 1. condo cash. At this time we are just doing the downpayments. Then put some built in furniture inside and try to sell it off with 3m profit or rent it out. The rent or sale should then cover for the downpayments of the 2. Oriental condo. Then my wife plans to take out a loan for the big remaining sum of the oriental condo.
After that 2. is constructed we plan to furnish that one aswell and try to sell or rent it out ( and pay the bank back), then we should have refreshingly more cash on hand or in the other case 2 aptments that provide rent for downpayments for 2 new objects or more.
Ok this is our unpolished strategy.. is this how its best done? i am mostly reluctant to deal with banks, and being a dept-slave, but seems that all we could lose with that oriental residence are the downpayments, and in the worst case -after construction- if it could not be rent out or sold (i doubt this), the bank would take that 2. condo..however i think there are ways to sell off a prime location like that before it would come to bank issues.
I would appreciate any thoughts and constructive comments.. thank YOU
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I have a condo in pre phra kanong canal and i dont think I can get that kind of price per sqm now.
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