Vorathep Srikuruwal – Walk That Property Before You Buy It

BIO: As the owner of Apollo Assets Co Ltd, Mr. Vorathep Srikuruwal is a prominent figure in the real estate industry of Thailand. He has established a track record and extensive experience as a visionary leader in this field.STORY: Vorathep came across a bank property he thought would be a good investment. He bought it for half its value and even got the bank to give him a loan. His biggest mistake was never visiting the property in person before buying. If he had, he’d have seen its terrible state.LEARNING: If you’re thinking of buying anything, whether cheap or expensive, first go there, and have a look. Just because it’s cheap doesn’t mean you have to buy it. “Walk through that property, touch it, and do a lot of homework before you buy it.”Vorathep Srikuruwal Guest profileAs the owner of Apollo Assets Co Ltd, Mr. Vorathep Srikuruwal is a prominent figure in the real estate industry of Thailand. He has established a track record and extensive experience as a visionary leader in this field.His business acumen has enabled Apollo Assets Co Ltd to reach great heights, placing it among the leading players in the Thai real estate industry.Having earned a reputation for excellence, innovation, and integrity, Vorathep continues to contribute to the growth and development of the Thai real estate market.He is happy to offer free real estate consultancy, whether buying /selling/renting/leasing or prelim valuations of the assets in Bangkok and the rest of Thailand.Worst investment everVorathep started his real estate business in 2007 as a family business. About 10 years later, after building about seven projects, Vorathep saw an opportunity to buy two commercial shophouses in Chiang Mai, Thailand. The building was on the main road, just two minutes from one of the CBDs. The property belonged to a bank.Vorathep did a lot of homework before investing in the property. He checked the location and everything nearby (using Google Maps). He also used his knowledge of Chiang Mai to evaluate the property. The market valuation for the shophouses was $400,000. The property was roughly 800 square meters in size. The four-story building had a rooftop that could be converted into a lovely boutique hotel, office, or restaurant.The real estate mogul told the bank he’d be interested in getting the property for $200,000 because it was a non-performing asset. Three months later, the bank called and said he could have the property for $200,000. He just had to pay 1% of the value ($2,000), and the bank would provide him a loan for the property for another eight years. The deal seemed too good to be true. Vorathep did the math and saw that if he rented the property, he’d get about $4,000, pay $2,500 to the bank, and make a profit of $1,500 monthly. It was a good deal, so he accepted it.Vorathep put a for rent sign on the building, but six months later, he had no tenants. This shocked him because the building was in a decent location with a bank, shops, hotels, and a university nearby. After two years of paying the bank loan out of pocket, Vorathep decided to do something because the building was still not bringing in any income. He visited the building for the first time. Yes, Vorathep didn’t do a property visit before paying for it. He had relied on the photos the bank had sent him and Google Maps.The building was in a horrible state; no wonder nobody wanted to rent it. A year later, Vorathep flew to Chiang Mai after the COVID lockdowns. He went to the building...