Hi all! Nina here, been living on and off in indonesia, like to talk and join in on conversations, nice to meet you guys!
New here!
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Welcome to all the newcomers! It's always nice to have fresh input! Aye but you'd better Beware! there are a lot of old Crusty's that have been on here a long time and they can be a wee bit harsh to fresh meat! So be prepared to walk the gauntlet sometimes, and get your feelings tested. Have fun!
Hello everyone, Thank you for accepting me in this forum. My name is Namit, just turned 40 and I am moving to Bali. My flight is on 14th Jan. 2024. I am also looking for a partner for Airbnb/Hostel or Hotel Business. I can invest up to $250,000/- USD Immediately. If any local or expat wants to collaborate and start a hospitality business. May kindly DM me
Oh I posted in someone's else's thread. Now I am unable to delete it as there is an error which says try again. Sorry to barge in Ninas thread!
Do you have even the ghost of an idea what your business plan needs to start it here and now?
Some context: I built a villa in the east of the island about 15 years ago and paid around the same as you're showing up with now.
I was down south " where the action all is" last week and shopped around - I would now have to pay about 3 or 4 times my investment now to put up the same place! And I live in the still cheap part of the island.
If you want to start something and have any hope for success you'll need 4 times that money you have, nerves of carbon fiber, luck of the Irish, balls of steel and a working knowledge of Indonesian language and bureaucracy plus 10 billion IDR as an initial investment.
I have no idea how you will be able to find an honest partner in Bali. All I know is that you will not be short of helpful "friends" here if you let people know you have 1/4 million USD burning in your pockets ready for "immediate" spending.
If you are new to Bali and Indonesia then you will need long time on the ground to figure out how things work here. Two things may happen 1) You get to know trustworthy people and is able to figure out all the dos and don'ts', or 2) You will realize it is a cesspool of untrusty and corrupt people all around trying to offload your cash.
The Russians seems to thrive here so maybe it is just me asking for a high bar.
I agree with you about the difficulties one would face starting new in a new place. I reach Bali on 15th Jan . If I don't find and credible partners or plans . I will get back to my home country.
I have been running one of the first backpacker hostels in India before I sold it. We were one of the best too. I know 240 K USD is too low so I am looking for partners specially foreigners who also are looking to settle and earn in Bali.
Appreciate your honest feed back.
You are right . There are lots of pits and crooks. Nothing wrong in trying though. I will only move forward if I find credible foreign partners who want to live long term and invest. So we could build a hotel/villa and do short term rentals.
If I don't find any credible partners I will get back to my home country after a couple of months of well needed vacation.
If I don't find any credible partners I will get back to my home country after a couple of months of well needed vacation.
I just thought there would be more people like me who want to settle in Bali but don't have the 660k USD to own a fully foreign company. So we can collaborate , pool in and partner up. I also thought a good backpacker hostel or a good Airbnb would give good rental income along with the property appreciation..
Aren't there more people like that ?
Aren't there more people like that ?
Airbnb rental? Here is some news. Authorities are keen to increase tax revenue so all current informal rentals will have to get permits/license's and start paying taxes.
https://thebalisun.com/officials-co...y-stay-at-specific-hotels-and-villas-in-bali/
Property appreciation? In the most popular areas, land prices are already sky high for basically rice field land. in Canggu selling price is typically USD 100,000 per 100m2 and sometimes as high as USD 200,000 per 100m2. Foreigners can only lease land (lets say for 25 years with optional renewal). Lease price is typically 25% of selling price, so USD 25,000-50,000 per 100m2 for 25 years.
The building itself will usually require a lot of upkeep otherwise fall into disrepair quickly. After 25 years only the land value left unless 100% attention to upkeep and regular renovations.
keeping in mind, everything said above, you may want to follow up with some larger, established visa agents regards the Investor Visa (Index 313, 314).
This allows individuals to invest in a business rather than form one and has a much lower bar of 1 M. So you could invest in an existing business or club together with other to form a new business
As such, Visa / Legal services / Agents, I suspect are likely in touch with many individuals like yourself looking to gain access to Bali. in a similar manner, and will probably be able to act as a broker. They are of course incentivised via fees!
Do your due diligence before spending any cash but talking to them is free.
Cheers
I suspect you are more likely to find these people on the facebook community forums, canggu ubud etc .....
You might consider checking out some of their youtube videos too as the place is heaving with influenza types hustling. Searches like 'Bali lifestyle business' should hit the mark.
Sorry if I am teaching you how to suck eggs but check out good 'ol Phils website on property ownership if you haven't already. He's sceptical at 2017 price levels let alone 2023.
It's a crowded market and you are competing with the likes of Markit for example who bought at 15-years ago prices and locals who's family owned the land already.
If you are a digital marketing whizz that could of course be a game changer.
Likewise with the appreciation, if you are not careful, that will end up in the hands of the landowner if you lease as the terminal value of your lease is precisely zero.
Not saying you cant do it or that it cant be done. Picking the next hot area can result in eye watering profits but you'll need to be patient. Less than 10 years ago at Berawa beach I'd nod to the farmer herding his cows along the beach and then up the road by the Pura.
It is an entirely different kind of cattle market now.
Just another small heads up: most people tend to make running errors when talking about the money here and leave out or add zeros (0) when splashing around with numbers as friend above did with his 1M. Now I'm betting he either meant 1 billion = approx $50k US or 1 million IDR which is about $50, but for sure not $1 million, so you can see the problem.
lol Markit looks like you are an old dog that needs to learn some new tricks - how long have you lived in Bali now?
1 M is 1 Miliar = 1 B (billion) bule Ribu
1 Jt is 1 M million bule Ribu
local knowledge is useful sometimes
and you expect new arrivals to know this exactly how? Generally in the west "m" is the designation for "million" hence my posting.