Vietnam Housing Finance for AU Citizen

Hi mate & welcome to the forum.

Given your age and income , you may have some issues borrowing money here.   If your on the Aussie Aged Pension @ the married rate living outside Australia that's equivalent to approx AUD $1400 a month.....OR  USD $980 a month.....the Aussie dollar has tanked😳

If your looking at borrowing 2 bill VND , approx USD$90k plus bank costs ......@ ballpark interest , say 10% ..that's around  USD$760 a month interest alone. 😳

If I was in your shoes , which I'm not because Yogi doesn't have shoes,,I'd be doing the following.

Sell the 1 Bill $50k property.....put the money on term deposit @ 6/7 %

With your Aussie Pension @ USD$980 PM plus the bank interest ...you'd be getting around USD$1300 PM to live on.   Rent here is cheap as chips....so kick back and enjoy life .  Whatever you make online & what your wife can throw in is icing on the cake.

At this stage of your life,,do you really need the hassles & dramas of building a business & then running it in a country where the foreigners are seen as an opportunity to be extorted with constantly changing regulations and the dodgy “envelopes” and coffee money required to,get things done.

As a financial plan...what will you run out of first???    Time or money.

While ever your on this side of the grass ,,that Pension will keep coming in....hopefully the bank interest as well.

But the time WILL run out.    So....money's not the problem is it?

Relax, sit back & Enjoy life mate......

Why the f*** at this stage of your life do you want to take on dealing with banks, builders, dodgy Govt officials , permits, licences, staffing issues in running a business.

Yogi has spoken...🐾🐾🐾🐾

macintyre wrote:

How can i borrow money to finance modest ($us75,000) house purchase?

at the moment i only have AU age pension as income

i am planning to start some sort of Internet business/s, as that is a lot of my expertise is.

shortly i may be able to realise significant money ($vnd1bill) if we sell our (undeveloped) beachside property in Dong Hai, but apparently it is much more difficult with new Govt rules; alternatively, and better, i would like to get about $vnd2bill to develop small boutique hotel and bistro on site.

any advice or suggestions greatly appreciated.

Dump the property ASAP
Forget the business
Forget the loan

Chill out and enjoy life before you snuff it of a stress related heart attack.

Do a bit of internet work if you're bored and/or want to earn a few bob, but without too much by way of investment

Thanks to Yogi and Fred..............REAL STRAIGHT SHOOTERS, WE NEED MORE PEOPLE LIKE YOURSELVES, YOU SAY IT AS IT IS IN THIS COUNTRY, NO B******.

hi there yogi.

your comments and advice (and sentiment) much appreciated. :-)

in terms of rental or buy, and given my penchant for somewhere pretty, peaceful, and not too busy, i have been looking at rentals sales in - Hue, Da Nang, Quy Nhon, Mui Ne, Vung Tau, Binh Thanh,Thu Duc.

i do not want - Hanoi, HCMC, BMT, Da Lat, or Nha Trang

(but i might have to look at Nha Trang as i see some reasonable prices there, and i know it quite well.)

there seem to be discrepancies between rentals and sales, eg Vung Tau prices seem high, but rentals cheap.

and i see some very nice apartments and houses less than $us60,000 sale, and nice house rentals $us600-$us700. house rentals seem better value than apartment rentals (and nicer).

i assume it would be true that a VN national would get better price and contract than AU national. is this true?

also how are latest govt restrictions of buyers from outside district working?

any advice from your experience?

kindest regards

macintyre

macintyre wrote:

i see some very nice apartments and houses less than $us60,000 sale, and nice house rentals $us600-$us700. house rentals seem better value than apartment rentals (and nicer).

In Đà Nẵng:

Most advertised apartments tend to be furnished and serviced (as one poster put it, much like a hotel) with everything in the kitchen plus bed linens and some maid service. Water is usually free, and electricity is often included, especially in "hotel apartments". WIFI and TV are often included as well. Refrigerator, washing machine, microwave and rice cooker are usually included.

On the other hand, most houses advertised for rent are totally unfurnished, without any maid service; often without WiFi or TV. You also pay for water and electricity. You further provide appliances and all kitchen tools.

Apartments can sometimes be rented month-to-month. We just moved into a new 3 bedroom apartment on a month-to-month basis, with one month deposit. 

Most houses we looked at required a one year lease agreement, with 3 to 6 months rent paid in lump sums, plus deposit.

Cheaper houses here aren't so cheap when you consider the total outlay.

Hi Mac,

It's horses for courses these days.    Also, where does your lady friend want to live....because If she ain't happy , you won't be either.

Personally,, Yogi is a drifter.  I don't require a fixed abode any more. 

That's the exact opposite of what I was doing 10 years ago.   I was one of these House proud people,.... pool, spa , gardens , multi car garage with two other investment properties to look after as well.    I was a slave to bricks & mortar.    My other siblings are on the same treadmill as well.

Once that was all liquidated and I found I could live anywhere on this planet at anytime ..and not have the baggage & BS that you carry with maintaining properties , it's a breath of fresh air.  Your free to go wherever you like & when you like.   

I have a “base” here ,,but I travel a lot in and out of the country.   As yet  I haven't found a place I could get that “homely feel” for . 

Renting here is cheap....along with many other countries in the Region and parts of Europe as well.    I don't want to be TIED to anything.   As you would be aware, they are building new places all the time.   As one place eventually falls apart due to lack of regular maintenance ,,you simply move to another.. it's a fresh change.

The place I'm in at the moment really suits me.  Great location, near the beach, cheap rental, good landlady ......but the buildings only 12 years old and is falling apart.   Guess what....Yogi is the only person in this building that has actually undertaken some form of maintenance.

The handrails and balustrades are rusting away.,,Window frames are falling apart.   Yogi decides to rub back & grind away the rust and then apply some rust inhibiter  paintwork .   The locals think I'm some kind of weirdo for doing that.🤓🤓.   

They seem to have a fetish for rust & black mould .  It seems to compliment the Prison Bars & barbed wire that is so prevalent in the area. 😆

It's like living on the “set” of The Shawshank Redemption.....but Yogi likes the lifestyle here.

Unfortunately for the locals that think I'm a weirdo.....these places are close to worthless.  Cue the wrecking ball .   That's the biggest problem with apartments. .....no maintenance results in poor resale value.

If your wanting to buy .......get a house.  Your lady friend will prefer that,  the LUR will likely be in her name and when you fall off the perch ,,she'll have something worthwhile for her future instead of some rusting pile of apartment rubble.   

A lot of these places are riddled with concrete cancer.   

And you won't fix that with a $4 can of WD40.🤓
.

Yogi007 wrote:

They seem to have a fetish for rust & black mould

One person's decay is another person's patina...

thank you.

many thanks yogi. 

fyi, my wife really want to live in AU. and now children and grand-children move there (AU) too just a few months ago. which sort of demolished 1/2 reason we buy land and want to build house in Dong Hoa (Ninh Hai). so we live there 1/2 year and they could visit on w/e and hols, and stay with us on beach.

and wife waxed lyrical then about walks on beach and swimming every day, and 'ca phe'. but now she say something quite different.

my business collapse, and other events, was a 'bit' of a game changer and cash flow, and not in a good way.

me. l would like to live in VN, not just because the pension would go a lot further, but simply because I really like VN, despite its problems and corruption.

so now the only reason to go to VN is simply to live there, and enjoy and relax, and make the most of our relatively limited resources.

but now of course wife wants to be near grandchildren (now in AU), and she has always really liked the environmental cleanliness, and lack of corruption (comparatively i tell her) here.

it seems to me not too practical now to rent one place in VN and one in AU for 1/2 year.

I have no family here (AU) to worry about; so maybe best solution is for wife to go AU for holiday in AU with her family (so we do not need rent anything for ourselves) as long as she wants to each year, and I stay in VN in house we rent or buy.

that way it does not cost a lot, and they are all together and chat in tieng Viet, and do not have worry about me whose tieng Viet is very limited at the moment, and,  given our current relationship with them, I not want to stay there more than a few days.

so tips/insights/secrets :-)  about possible best locations or any other real estate or related matters would be very helpful, plus any useful real estate contacts/businesses.

kindest regards

macintyre

Hi Mac,,

Better not to get into Yogis Tips, Insights or secrets.     They haven't always panned out too well.😆

But here's a few tips I've found to be worthy of consideration.

1. Never buy a car of a used car salesman with “Buck” teeth.

2. Never marry stove hot women who wear G strings on the first date
    ( Yogis had the misfortune of marrying TWO of those.) 🤓

3. ....( and listen carefully).  NEVER backdoor anyone's wife who's husbands name ends in IC , IV or OV.   😳

But getting back to your choice of abode.....
Have you considered Quy Nhon.    I've met several people here that have got that down as the next good spot .   It's like Nha Trang was many moons ago.

macintyre wrote:

maybe best solution is for wife to go AU for holiday in AU with her family (so we do not need rent anything for ourselves) as long as she wants to each year, and I stay in VN in house we rent or buy.

Solid plan! Everyone is happy and practical.

macintyre wrote:

given our current relationship with them, I not want to stay there more than a few days.

... and avoid known situations of stress.

thanks Gobot. :-)

it sounds like a plan. :-)

of course, that is the problem with 'plans'

eg, in any case domestic situation here is fraught, but I not say more.

now issue is selling land in Ninh Hai in currently new tight rules. but despite all advice :-), I would still like to build house there, given the year spent on house designs.

atm, my wife is thinking if not easy to sell, a friend of hers in BMT will advance money and take paper over land.

I wonder whether crowd funding and timesharing is an option ?

kind regards

macintyre

Did someone say  CROWD FUNDING....

Tell me about it....

Yogis been funding crowds of ingrates, moochers , s***y lawyers & accountants for more time than I would have liked.

I wonder why the Land at Dong Hai  can't be sold...?

Could it be someone doesn't want to sell it,.......OR  since it's beachside property someone in authority would like to get their hands on it and  carry out the development that you had planned.   

How long ago did you acquire/ purchase it.?     Because it was saleable then.

Does the “friend” that wants to lend you the money know that it can't be sold.🤓 because that would render the Title documents she'll hold as collateral security pretty useless until the day arrives that it can be sold.

And you & your wife also have the situation that you are building a house on property that can't be sold in the foreseeable future. 

The day probably will come that the property is marketable,,,but how long will that be. 

As a previous forum member ( edomatt) would say ...TVB

That's Vietnam baby.....

Good luck Mac

True.   ..and seconded...

007 (& a half)  knows how the weird world worx...   

..and exactly how long the piece of string is..?   

Yeah, we don't either...       

Actually Bazza.....

Yogi has given up on string.......however before I throw an old pair of joggers away I remove the laces .    It's amazing what they come in handy for.   

One is currently holding the headlight assembly to the frame of Yogis trusty scooter.   Also Bazza.....he keeps the buttons off old shirts.😆

It's mainly to piss the Vietnamese off when they go thru Yogis rubbish.

They know by now ,,that if Yogi throws it away , it's well & truly f**/ed.

no no.

as i understand it ...

the immediate problem are recent Govt rules that are trying to put a lid on land/housing speculation by external investors/buyers.

now that is a worthwhile and admirable objective as we all know from experience what happens to property AND other prices when people with more money migrate to a poorer (less expensive) area, classically from Sydney to Sunshine Coast.

but in this  case, they have said that people not resident IN THE SAME DISTRICT  can't purchase; which you might say makes a problem. it is one thing to stop the Russians and Chinese (yes ,please), and Australians, but this rule almost stops everyone.

the problem the Govt is trying to address is that if locals sell their property off to non-locals, incl other Viet, and possibly especially Govt and police in Hanoi, then they have nowhere to live themselves, and they go and make house/shanty in 'bush'

now i make the argument that if they get a high price for old house, why can't they buy new house even in inflated market? maybe the problem here is that they already have large bank mortgage (henbce the need for sale in 1st place), and when the bank take their monney, they not have much left.

so that is reason at the moment apparently very difficult to resell (market basically collapsed). my wife goes this week and checks herself.

bjut if we bvuld house on land then we avoid these problems; and if we get competed, we have a great (freehold) asset that can occupied or rented. and given its unspoiled proximity to Nha Trang, it WILL go through the roof. :-)

otherwise we realise on it as suggested, and buy or rent somewhere else. \

and as has been suggested, renting is the much easier option, and enables us to use pension cashflow easily (as opposed to one-off purchase where the cash is all up-front.

kindest

macintyre

dear sir yogi.

many thanks for your valuable insights and experiences. :-)

we must swap (experiences) sometime in more discreet and alcohol liberated premises.

now, regardless of your advice, building in Ninh Hai does have many benefits - if we can get it done, including a future cash flow. in this regards, it helps that my wife owned and ran a building materials business by herself for 25 years in BMT, and apparently we have two nephew builders.

and of course I am keen to see my house design realised. It will be a local revelation. 

as a very thwarted wanna-be architect, building designs in Vietnam infuriate me with their total inappropriateness to the Viet climate. if I was ten years younger, I would start an architectural  and building design business. but hey.

and I am still thinking 'crowd funding' of a more traditional kind :-), could work

but next most attractive option is as you suggest to cash in and rent some relaxed salubrious.

kindest

macintyre

The options are there.

It's just what you'll feel will suit you & your wife's  lifestyle.   But if you both start a business , you'll be tied to it 24/7 if it's a tourist boutique hotel set up.   

If your wife wants to visit her family in Australia for an extended stay ,,that could be an issue. 

Otherwise , sell if you can , invest the cash @ 6/7% , and simply relax watching the monthly Retirement Pension & Bank Interest come in.

You & a lot of blokes here are what can be referred to as “bell lappers”.
That means your running the last lap....you've already heard the bell 🔔.
Yogi likens life to that of the Mile runners,,Roger Bannister, Herb Elliot etc etc.   it's a 4 lap race.   Each lap is 20 years.

Actuaries have figures that are scary.   

Of all the blokes that heard the Bell 🔔 on the 3rd lap at 60 years of age....what % of those made it to the finish line at 80...?.  Google it.

Of the few “bell lappers” that see the finish line, most will have a terminal illness, mental health issues plus physical mobility problems.

Yogis theory is.....if your lucky enough in life to hear the Bell 🔔 at 60,,it s time to have the “Culling of the Dead Wood” ceremony.     That being , you get rid of the non essential baggage, idiots , passengers and other assorted pains in the ass you've been saddled with on life's journey. 

That way you can kick back, relax and enjoy the last lap of life.

Just remember....it's only a small % that cross the line on the fourth lap.     

Yogii has actually began his “Cull” a bit early.     I saw an asshole recently that I knew.   He did mention that he hadn't heard from me in ages.....

Simply told him he didn't make the “Cull”.

So there you go Mac......Tell the loan shark, the builders, the lawyers, the local numbskull authorities and envelope collectors that your running the Bell lap and they didn't make the Cull.

Wise words from the master of bear necessity     

..ignore at your own peril...     

Bazza139 wrote:

Wise words from the master of bear necessity     

..ignore at your own peril...     

Yogi scares around zero to minus ten for subtlety, but 100% with strings of gold stars for accuracy.

Yogi007 wrote:

That way you can kick back, relax and enjoy the last lap of life.

That's exactly what I'm saying.

Only I do it differently than you preach.

I wanted to marry my Thai girlfriend earlier and build a house on a big piece of land.

The situation has changed but the idea is the same.

There is nothing more beautiful than spending the rest of your life with your family in a regulated environment.  Free from stressful neighbours (in the future they will be at least between 7 and 20m away, separated by a 2.5 meter high wall).

From this oasis of well-being we can explore Asia in the future and can always return to this oasis of well-being.

Thanks Sir Yogi and every one :-)

kindest

macintyre

Update: My wife get PR and leave. So now just me and the Single Aged Pension, and what hypothetically she might give me back of all the money I invest in 'our' property, while her money stay in bank.

funny how when business ok, never any fights. after business collapse, arguments every day til now. and even when I broke, I still look after and pay everything.