Real Estate Fable EP.4 — Two Down Payments, Two Destinies

Real Estate Fable EP.4

We’re From Different Down Payments
A story of two investors who lived on different “down” planets — one who planned the game, and one who got played by it.
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Six years ago —
a drizzly February afternoon.
The line in front of “The Matching Condominium, BTS Chaengwattana” snaked around the tent.
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Pan and Kaem stood side by side, clutching their booking numbers since 5 a.m.
Excited. Nervous. Hopeful.
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Pan zoomed in on the iPad project map.
“Corner unit, high floor, near the lift — perfect view, still available!” he whispered.
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Kaem frowned slightly.
“That one’s 6,800 baht per month for the down payment… too expensive.
This side’s cheaper, only 4,500.
And they have a special discount too.”
She smiled, as if she’d found buried treasure.
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They both signed their booking forms that day —
hands trembling, hearts racing.
Kaem told Pan,
“I’ll sell the down payment before transfer. I’ll make a profit for sure.”
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Pan smiled back.
“Actually, you should sell it after a year.
Once the structure’s visible and the developer starts heavy marketing again.
That’s when the demand spikes.”
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Both walked away with their own dreams.
But Pan didn’t stop at “holding the down.”
He researched rental demand in the Chaengwattana area.
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He learned that post-transfer yields weren’t attractive.
If you waited too long, rental competition would kill your ROI.
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So he analyzed the Pink Line MRT under construction,
checked which new government offices were opening nearby,
and realized mid-level officers might prefer a high-floor, unobstructed unit.
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He started a page called “ViewSuay Property Resell.”
Posted detailed listings — unit layouts, rental yields, capital gain forecasts.
All self-made content.
Few likes, little engagement, but he kept going.
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Kaem, meanwhile, kept paying monthly.
“Why rush? I’ll wait till completion,” she said.
Her booking slip sat in her drawer —
a “treasure map” she thought would one day lead to easy profit.
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Month 18 —
Pan sold his down payment successfully.
A civil servant couple bought it directly.
Profit after fees: 45,000 baht.
More than money, it was validation of his plan.
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Month 21 —
Kaem finally posted her unit.
Dark, grainy photos.
Caption: “Sell down payment. Can negotiate. Willing to lose.”
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No response.
Because that same day,
the project’s official page announced a “Pre-Transfer Special.”
Units near hers —
cheaper than her selling price,
fully furnished,
0% down for 18 months.
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Her heart sank.
She’d paid 118,000 baht so far —
but now no one would buy a unit “more expensive than the sales office.”
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Month 24 —
the sales office called:
“If you don’t transfer within 30 days, your entire down payment will be forfeited.”
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She picked up her calculator.
Two years of down payment. Gone.
Unless she took the loan.
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She tried.
Bank A rejected her.
Bank B approved — with a guarantor.
She called her mother.
“Mom, can you co-sign? I’ll rent it out and pay back monthly.”
Her mother paused long, then said softly,
“Why didn’t you tell me before you booked?”
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That silence hurt more than rejection.
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Transfer day came.
Hidden costs flooded in:
fire insurance,
meter deposits,
1-year maintenance fee,
sinking fund,
and even the kitchen set — not included as advertised.
Total extra: 78,000 baht.
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Credit card maxed.
Coworker lent money.
By the end, Kaem stood holding the key to a room she never wanted to live in.
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A room that became her 30-year obligation.
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She tried renting it at 9,800 baht/month — no response.
Dropped to 7,000 — got a tenant.
Still losing 2,800 per month,
plus maintenance,
plus quiet frustration.
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Worse — the next tower launched.
Identical rooms, 100,000 baht cheaper,
and a “6-month free stay” promo.
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That’s when Kaem realized —
this wasn’t a race of who booked first,
but who planned first.
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One evening she saw Pan’s post:
“Mission complete. This down payment earned me both profit and perspective.”
She sighed,
opened her banking app,
and paid another month’s installment —
for a condo that was hers,
but never truly her dream.
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End of Fable. Begin Reality.
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You can still trade down payments today.
But it’s a much sharper game.
Here’s a Checklist for Down Payment Investors (2025 Edition):
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🧭 1. Location Analysis

☐ Real demand — buyers or tenants exist?
☐ Future catalysts — BTS, malls, offices?
☐ Market saturation — too many projects nearby?
☐ Target audience — who are they and what’s their budget?
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🧠 2. Know Your Unit Like an Investor

☐ Easy to sell or just your personal favorite?
☐ Good floor, good view, near lift, not near waste pipes?
☐ Unique feature compared to others in the same tower?
☐ Layout and size fit the market segment?
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💰 3. Calculate Total Capital In

☐ Total down payment paid so far?
☐ Hidden costs (transfer, meter, maintenance)?
☐ Reserve cash in case you must transfer?
☐ Can you survive holding it longer than planned?
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🛣️ 4. Plan Your Exit Before You Enter

☐ If unsold — will you transfer or rent?
☐ Backup plan if loan denied?
☐ How early before transfer will you list?
☐ Are your marketing channels ready?
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📊 5. Study Competition

☐ How many identical units still left from developer?
☐ Are they running promos affecting your resale price?
☐ Other resale listings — sold or stale?
☐ What’s the resale record in that project?
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🎯 6. Build Your Sales Strategy

☐ Proper pricing formula (cost + reasonable margin)
☐ Strong listing visuals and storytelling
☐ Active presence on marketplace + niche property groups
☐ Clear positioning for your unit
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⚠️ 7. Ask the Tough Questions

☐ If it doesn’t sell, can I live with it?
☐ Did I analyze — or just follow hype?
☐ Am I buying what sells, or just what I like?
☐ Would I recommend this deal to a friend?
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🧾 8. Final Reminder:

☐ “Booking a down payment” = “Booking a risk.”
☐ Always have Plan A (sell) and Plan B (own).
☐ Buy with clarity, not fear of missing out.
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If you can tick every box,
you’re not just a speculator.
You’re a strategist —
ready to win or lose with awareness.
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Join the discussion at
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