歡迎回到「Ben桑日本漫談」
Welcome to Ben's Japanese Talks. 一起品味日本
and join me in experiencing Japan. 其實我蠻怕一種訊息的
In fact, I've been always afraid to see a certain kind of message 大概都是朋友在晚上發給我
which is mostly sent from a friend at night. Ben桑
"Ben-san, 房仲傳這個在東京的物件給我
an agent has recommended an apartment in Tokyo to me, 投報率有6趴誒
which features a return rate of 6 percent. 這個物件已經有房客在住了
Already rented by a tenant, 沒有空窗期
this apartment has no window period, 穩定爽爽收租
which means you can enjoy a stable rental income. 房仲說他們特別為海外的投資客
The agent has even said they will provide a special guarantee 推出安心保障保證30年租金收入
for overseas investors, which ensures rental income for 30 years. 提供這種投資建議
As for this kind of investment advice, 賺錢啊肯定是不會分我的
I can hardly reap any benefit even if they have made money. 但是作為朋友呢又怕他們賠錢
But as their friend, I'm reluctant to see them suffer a loss. 我乾脆來做一集
I might as well post a video about it. 雖然做完這一集
Although after that is done, 在日本的華人不動產仲介一定會恨我
all the Chinese real estate agents in Japan will definitely resent me 讓他們少賺好幾個億
for keeping them from making more money, 不過我真心覺得
I'm still convinced that, 用資訊差來圈錢實在不太道德
it's rather immoral to make money out of information gaps. 這集我會用實際在市場上遇到的資訊
In this video I'll combine the actual information I've found in the market 搭配兩個真實案例
with two real-life cases. 聽完這集
Hopefully, 很大概率可以幫你或你的朋友
this video can help you or your friend 避開幾百萬台幣起跳的地雷
to bypass a trap that might cost you millions of Taiwan dollars. 順利的話還可以賺一筆
And if everything goes smoothly, you might even make a profit. 重點是影片也不收錢
Most importantly, this video is free of charge. 只卑微的求求大家
My only humble request is that 能不能先幫忙按個讚呢
you can give me some likes. 說到賺錢先問大家
When it comes to making money, 買房子為什麼可以賺錢
do you know why you can make money by buying houses? 其實不外乎兩種
The income is essentially divided into two parts. 一種是持有期間的租金收入
The first one is the rental income during your ownership, 另外一種就是Capital Gain 資本利得
while the other one is capital gain, 白話說就是賣掉以後的價差
namely the price gap after selling the house. 我們華人圈啊
In our Chinese community, 有土斯有財的觀念根深蒂固
an inherent philosophy convinces us that fortune is based on lands. 這幾年不動產炒作過頭
Due to the advertising blitz about real estate these years, 房價被炒得太高
houses have been overpriced. 但反映實際經濟力的租金
But the rent of houses, which reflects actual economic power, 卻遠遠跟不上
is way lagging behind. 講租金收入
Speaking of rental income, 大家這幾年在台北
in the past few years, 應該很少聽到有人想大規模進場
we've rarely heard about anyone planning to rent out houses 當包租公包租婆的吧
on a large scale in Taipei. 為什麼
But why? 當然是因為沒有賺頭啊
Of course it's because we can't make money for that. 比方說台北
Take Taipei for instance, 買了台幣3,000萬的房子
let's say you have bought a house worth 30 million Taiwan dollars, 一個月收5萬塊租金一年才60萬
you can only get 600,000 per year with a monthly rent of 50,000. 換算成投報率
And the rate of return on investment 一年滿租也才兩趴
is merely 2 percent at full tenancy. 還不算各種稅
If we take all kinds of taxes into consideration, 維護成本
and maintenance cost, 還有租客的空窗期
as well as the window period of tenancy, 所以算一算說不定只有1趴
the actual figure might be just 1 percent. 這個1趴還沒有扣掉資金成本
Still, this one percent doesn't cover the cost of funds. 如果是貸款總是要付利息的吧
You'll be charged for interest if the fund comes from loans. 這麼大一筆資金卡在那裡
You have to invest such a large amount of money, 還搞那麼多事
and go through all that fuss 投報率還不如定存
just for a return rate even lower than that of a fixed term deposit. 哪個冤大頭會沒事找事
What kind of idiot would do such a thing? 所以大家腦筋動得很快
So everybody has figured that out in no time. 台北沒賺頭
Since there's not much profit in Taipei, 那就去其他國家投資房地產吧
why not invest in foreign real estate? 日本本來就是一個
Japan has always been a place 大多數台灣人喜歡的地方
favored by most Taiwanese people. 而且經歷過不動產泡沫
And it has already gone through real estate bubbles, 現在房市也不會大起大落
which means there will not be dramatic changes in the housing market. 就當做是穩定投資
It can be considered as a stable investment. 特別是「〇〇房屋」到日本插旗以後
After OO Housing opened branches in Japan, in particular, 加上許多華人不動產仲介也看到這塊市場
a great many Chinese real estate agents turned their attention 很積極的向華人營業
to this market, and took the initiative to deal with Chinese people. 大家也都知道
As is known to us all, 先拋開這兩年聯準會的大水漫灌
considering the great cash injection of the fed over the past few years, 一直以來在日本房市要賺資本利得
it is impossible to earn capital gain 那就不可能嘛
in the Japanese real estate market. 所以在絕大多數的釣竿上
That's why in most cases, 掛著的都是「穩定收租」這樣的餌
"stable rental income" is chosen as the bait. 當然不動產是很吃物件的狀況
It's true that the state of an apartment is vital to the property, 而且每個物件都不太一樣
and each apartment can be quite different. 不過整體來說
But on the whole, 現在入場在東京的租金收入
if you plan to seek rental income in Tokyo now, 只要跟你說會超過5趴的
you must stay alert if they tell you the return rate is over 5%. 超過的越多就要越當心
The higher the rate, the more so. 我有一個台灣人朋友很勤儉刻苦
I have a very thrifty and hard-working Taiwan friend, 自己在台北租房子也小存了一筆錢
who lives in a rented flat in Taipei, and has saved a respectable sum of money. 他跟我說他的夢想是
He once told me about his dream. 在台北買不起
Now that he cannot afford a house in Taipei, 我就要到東京當房東
why not become a landlord in Tokyo? 他那天就丟了幾個在東京的物件給我
He once sent me the information about several apartments in Tokyo, 說是房仲推薦他的
claiming that they were recommended by the agent. 這邊大家要認真聽一下
Listen really carefully now, guys. 台灣小資族最愛的投資型小套房
Let's check out a small apartment for investment 我看一下物件先說啊
which is popular among the bourgeoisie in Taiwan. 為了保護朋友這些是示意物件
I'm just showing a sample apartment to protect my friend's privacy. 1 Room也就是套房帶簡易廚房的房型
1 Room means an apartment with a rudimentary kitchen, 價錢大概是1,200萬日幣
which is worth around 12 million yen. 室內有21平米
The room covers 21 square meters, 大概是6坪多
which is over 6 ping. 還帶一個兩平米的陽台可以曬曬衣服
There is a 2-square-meter balcony where you can hang your clothes. 格局採光都不壞
The room type and natural lighting are both recommendable. 走路到JR的新大久保站大概5分鐘
It takes around 5 minutes to walk to the JR Shin-Okubo Station. 新耐震的建築
The building lives up to the new earthquake-resistant standard. 走路10分鐘內就有超市可以買菜
A supermarket is within ten minutes' walk. 以一個套房來說還算是不錯
It's not bad for an apartment 換成台幣才兩三百萬
which costs you only 2 or 3 million Taiwan dollars. 差就差在啊房子有點舊
The only unpleasant part is that the house is kind of old. 1992年的房子大概三十幾年的屋齡
Built in 1992, the house is over 30 years old now. 你說還好吧
Maybe you think that's all right. 三十幾年在台北不算舊啊
30 years doesn't seem too old in Taipei. 大家先冷靜一下
Please calm down. 我們在討論東京的不動產
We're talking about real estates in Tokyo. 日本因為有《都市再開發法》
Because of the "Urban Redevelopment Act" in Japan, 所以都市更新做得很徹底
there has been a thorough urban renovation. 基本上十幾年的房子
Houses that are over ten years old 在東京就感覺很舊了
might seem pretty old in Tokyo. 這種小資族最愛的投資型小套房
As for this kind of small apartment favored by the bourgeoisie, 一般來說有三大風險
there are generally 3 major risks. 第一個 空租欠租的風險
The first one is empty tenancy and back rent. 這種小套房通常會來租的
Tenants of these small apartments 大概也都是剛到東京的學生
are mostly students that have barely settled in Tokyo, 或是經濟相對弱勢的群體
or financially challenged people. 當然啦每個人都有不同的人生階段
Sure enough, everyone has his own cycle of life. 我剛開始在日本當學生的時候
When I was a student in Japan, 也曾經在貧窮邊緣
I was also in the grip of poverty. 自然也不會因為這樣
Naturally I will not size somebody up or down 就多看或是低看誰一眼
on account of these matters. 只是單純以出租投資來看
But from the perspective of rental investment, 如果租客相對不穩定
if the tenants are relatively unpredictable, 比方說突然因為某些原因退租
let's say they would suddenly throw a lease for some reason, 在找到下一個租客以前
before you can find the next tenant, 就有很高的空租風險
you might bear a high risk of empty tenancy. 另外就是因為日本的法律非常保障租客
On the other hand, Japanese laws are partial to the interests of tenants. 短期的租金不繳納
In the case of short term rent arrears, 就算屋主想要終止租賃合約
even if the landlord wants to terminate the tenancy contract, 手續也非常的繁複
the procedures can be rather tricky, 其中就會衍生欠租風險
which might give rise to the risk of back rent. 第二 高額的管理修繕跟設備老舊
Secondly, high maintenance costs and old equipment. 就像我在東京買房的影片中提到的
Like I have mentioned in the video about buying houses in Tokyo, 日本的大規模修繕執行的非常徹底
there has been a thorough large-scale renovation in Japan. 買這些建築年數比較高的小套房
If you buy these small apartments that are relatively old, 很可能因為建物老舊
chances are that when the large-scale renovation is carried out, 在大規模修繕的時候
these old buildings 需要修繕的地方太多了
have so many parts to be renovated 導致於修繕基金不夠支出
that the renovation fund cannot cover the cost. 還要另外再掏一筆錢修繕
You may even pay extra money for renovation. 加上室內的設備老舊
And the indoor equipment is old as well. 很大的機率是需要更換內部的設備
It's most likely that you have to replace the indoor equipment, 比方說像排水管啊
such as drainage pipes, 空調啊瓦斯爐啊換氣扇啊熱水器等等
air-conditioners, gas stoves, ventilation fans and water heaters. 還要面臨像漏水等問題
You might even be confronted with issues like leakage, 都是額外的成本
which lead to extra costs as well. 第三 轉手困難
Thirdly, difficulty in switch trade. 除了前面提到的日本因為都更做得好
Due to the aforementioned thorough urban renovation in Japan, 所以一般來說
generally speaking, 中古物件的跌價也特別快
middle-aged and old apartments might go down in price soon. 此外像小套房這樣的物件太普遍了
Besides that, small apartments are just too easy to found, 無處不在缺乏特色
and lack characteristics. 比方說像2LDK以上的房型
For example, 2LDK or larger apartments 在市場上定位就是家庭用
are intended for families in the market. 對於有成家需求的購物者
Thus they have great appeal to buyers 就會有很大的吸引力
that need to get married. 但是小套房的買賣
Deals of small apartments, however, 投資的色彩非常濃厚
are naturally connected with investment 自住的需求很少
instead of self-residence. 加上市面上相似的物件多到數不清
Moreover, there are innumerable similar apartments in the market, 又沒有明顯的附加價值
and you cannot find obvious added value in them. 所以相對不好賣
So it's relatively hard to sell them. 還在東京的時候
Back when I was in Tokyo, 有好多類似的案例來找我貸款投資
quite a few people had asked me for loans to invest in similar cases. 故事聽起來啊真的好誘人
Their stories all sounded alluring. 比方說我都不用出本金
Like I didn't even need to pay the principal. 只要從銀行貸出一筆資金
They would construct a building and rent it in my name 就可以用我的名義蓋一棟大樓來出租
as long as I could get a loan from the bank. 一整棟的大廈在我的名下
A whole building in my name! 瞬間我就從苦情爆肝上班族
In the blink of an eye, I would transform from a miserable worker 躍升名下有十幾戶的包租公
to a landlord with a dozen tenants. AKA人生勝利組
What a successful life! 那大家以後也不用叫我Ben桑了
Just don't call me Ben-san from now on, 請叫我Ben大地主就好
but Ben the Landlord instead. 不過好歹我也是在PwC
Anyway, as someone who once worked on the financial models 做購併案的財務模型出身
of merger cases in PwC, 還拿過康乃爾的不動產碩士
with a master's degree in Real Estate from Cornell University, 這裡要科普一個觀念
I feel obliged to popularize an idea now. 跟很多人想的不太一樣的是
Quite contrary to what most people would think, 做財務模型的第一步
the first step to making a financial model 絕對不是打開Excel
is by no means to pen Excel. 而是詳細而確實的閱讀各種契約和財務數字
Instead, we should read all kinds of contracts and financial figures precisely. 建模型只是一種手段
Creating models is just a method. 重點是我們餵進去的資料
What really matters is the information we feed in. garbage in, garbage out
Garbage in, garbage out. 所以對我當時的工作來說
So in terms of my job at that time, 詳細而確實的閱讀各種契約和條件
reading all kinds of contracts and conditions precisely 遠比各種模型建構還要重要
was far more important than creating those models. 當我詳細閱讀這些誘人的包裝後
No sooner had I read these alluring offers precisely 就發現魔鬼藏在細節裡
than I sensed the devil hidden in details. 再來的這4個章節
And the fourth part 就是大家最常問我的題目
includes the questions most frequently asked, 含金量很高
making it quite helpful. 建議大家可以筆記一下重點
I suggest you should take some notes. 其中最好聽的就是啊
The most tempting part was that, 蓋完以後不用擔心
"You don't need to worry after the house is built. 由不動產公司直接完全承租管理30年
the real estate company will do the full-service lease management for 30 years." Ben桑啊只要躺著收租金就好
So Ben-san could just get rental income for doing nothing. 誒 有這麼好康的嗎
But was it really that good? 我仔細讀了讀條款
I read the terms carefully. 由不動產公司直接完全承租管理不假
It was true that the company is responsible for full-service lease management. 但是仔細看
But when I took a closer look, 每個月的收入要先扣掉管理費的10趴
10 percent of the monthly income would be deducted as the management cost, 也就是我能夠到手的就剩下90趴
meaning that I could get 90 percent myself. 那也還行啊
Well, that was acceptable. 畢竟人家不動產公司是有做事
The real estate company is doing its job. 該給人家的還是要給嘛
It's fair enough to pay for it. 不過啊越讀下去越怪
But the more I read, the weirder it appeared. 完全承租管理是有寫到
The full-service lease management was indeed mentioned. 但仔細看
But get a good look now. 不是「租賃期限30年」
The lease term is not "30 years", 而是「租賃期限上限30年」
but "up to 30 years" instead. 本頻道的優質觀眾
Quick-minded viewers of this video 聽到這裡應該都傻眼了
must be stupefied right now. 不動產公司
The real estate company 只是租賃期限最長可以到30年
only promised a lease term up to 30 years, 而不是宣稱的完全承租管理30年
instead of a full-service management of 30 years. 而且啊還附加條款
Besides that, 每兩年更新一次
additional provisions would be changed every 2 years. 所以啊
Therefore, 完全無法預期何時會被不動產公司
you could not possibly predict 解除租賃契約
when the real estate company would terminate the lease contract. 契約整體限制了我們作為房東解約的可能性
The contract limited our ability to close the lease as the landlord. 但是對於承租的不動產公司
But the real estate company, as the leasing party, 解約的條件卻相當寬鬆
could easily terminate the contract under loose conditions, 這使得房東不只不利也不穩定
putting the landlord in a disadvantaged and unstable position. 真的要小心各種話術
Please be careful with such advertising. 空屋時的租金保證聽起來讓人很安心
Unoccupied property insurance might sound reassuring. 但是通常寫什麼保證的
But for such an insurance, 都要拿起放大鏡看裡面的細節
you can't be too careful when you check the details. 比方說空屋時的租金保證
For example, 聽起來很像是租不出去的時候
it sounds as if when there's no tenant, 作為房東的我們
as a landlord, 還是可以有不動產業者給我們的
you can get a rent guarantee 租金補貼
from the real estate dealer. 這個啊常常在廣告跟口號裡面使用
You can always find that in ads and slogans. 不過裡面卻存在著業者的陷阱
But that's simply a trap. 原因有三個
There are 3 reasons behind that. 第一 像上一題說的
Firstly, like I have just mentioned, 租金收入還要扣除管理費
management costs will be deducted from the rental income. 所以如果管理費是一成
Let's say the management cost is 10 percent, 作為房東的我們只能獲得租金的9成
you can only get 90 percent of the rent as the landlord. 那有的合約呢甚至管理費高達兩成
In some contracts, the management cost is even up to 20 percent, 那到手的就剩下8成了
then you only have 80 percent left. 第二 如果入住的情況不理想
Secondly, in case of poor tenant occupancy, 不動產公司有權跟房東進行
the real estate company has the right to negotiate with the landlord 租金的斡旋
about the rent. 簡單的說就是要降房租啦
In other words you'll have to lower the rent. 那這時候
In that case, 通常會直接影響到我們房東的收入
the income of the landlord shall suffer. 另外
Besides that, 像這種空屋租金保證也都會有更新期
such an insurance will be regularly updated, 一般也都是兩年
normally every two years. 兩年後如果不理想
If the occupancy is still unfavorable 2 years later, 不動產公司也有權解約的
the real estate company also has the right to close the lease. 第三 日本的租金市場
Thirdly, in the Japanese rental market, 在入住的時候
when the tenants first move into an apartment, 都會有給房東一次性的「禮金」
they will offer the landlord "key money". 契約的續約也會有「更新料」
And upon renewing a lease, there will be a "renewal fee". 所以市場的行情大概是
Normally that would be equal to 1到2個月的房租
one or two months' rent. 但是在這種租金保證的合約中
But in this kind of rental guarantee contract, 一次性的收入是屬於不動產公司
such income belongs to the real estate company 也不會支付給房東
instead of the landlord. 所以租金保證的契約
As a result, the rental guarantee contract 實際上減少了不動產業者
actually reduces the risks 所承擔的風險
born by the real estate dealers, 更進一步壓縮了房東的實際收入
and further undermines the actual income of the landlords. 許多不動產公司宣稱說
Many real estate companies claim that, 我們可以代行租賃管理
they can help you take care of the lease management, 讓房東在海外也可以安心
so you can rest easy in foreign countries. 這聽起來啊實在很美好
That might sound very nice. 不過只是委託管理公司進行管理
But the trusteeship of a management company 並不意味著我們就可以安心
doesn't mean that we can be reassured. 管理合約必須非常詳細的閱讀
You must read the management contract extra carefully. 在大多數的情況下
In most cases, 公寓的清潔和檢查都是有
cleaning and examination of the apartments are not included. 另外的有償合約
And the additional contracts 簡單的說就是另外要錢啦
will cost you extra money. 而且即使簽訂了清潔跟檢查的合約
Even if you have signed a contract about cleaning and examination, 通常也只進行一個月一次的清潔
they will normally do cleaning only once a month. 但實務上
But as a matter of fact, 至少每周都要進行一次的巡視跟清掃
you must conduct examination and cleaning at least once every week 才能夠維持公寓整體的整潔
to keep the apartments clean and tidy. 特別是日本的租戶
Japanese tenants, in particular, 對於環境的要求都比較高
share high demands on the environment. 完全交給管理公司處理的結果
If you just leave everything to the management company, 可能導致周圍的環境髒亂雜草叢生
the surroundings might end up in a mess. 房東直接收到租戶的抱怨
The landlord will receive complaints from the tenants. 但根據合約房東又沒有辦法做什麼
But according to the contract, there's nothing that the landlord can do 只能摸摸鼻子額外的請人清潔和檢查
other than pay somebody else for the examination and cleaning. 另一種極端是
In another extreme case, 部分的管理公司
some management companies 對於房屋的清潔跟修繕
are obsessed with 非常熱衷
cleaning and maintaining the house. 會提出各種更換的建議
They will propose all kinds of alteration suggestions. 那人在海外的房東
Living in a foreign country, 很可能在無法確認施工前後的狀態下
the landlord cannot possibly check the conditions before and after the project. 或者僅僅從照片中的狀況
So the landlord has to pay extra money 就被迫支付額外的費用
just according to what he can see in pictures. 像之前來找我提案的例子
In the cases proposed to me before, 就是從建設到後續的租賃管理
they have offered the so-called one-package service 一條龍的服務
covering construction and lease management. 這樣的服務
This kind of service 好像感覺提供了完整的解決方案
appears to have provided you with a complete solution. 但是業界常聽到的是
But I've often heard within the industry that, 建設公司跟這些不動產業者合作
the building company will work with the real estate dealer 可能讓投資人也就是我們房東啊
in an effort to make the investor, namely the landlord, 支付比市場價格更高的建築費用
pay construction expenditure that are much higher than the market price. 而身為投資人的我們
As an investor, 如果為了建築費用而負擔巨額的貸款
you shall take on huge loans for the construction expenditure. 之後又可能依照剛剛分享的各種情況
Later on, you might have to keep lowering the rent 被迫不斷降低租金
due to various reasons that I have mentioned before, 和提高管理費用給不動產公司
as well as raising the management fees of the real estate company. 那就真的偷雞不著蝕把米了
Then you will go for wool and come home shorn. 最大的窘境是想要斷尾出場
And the greatest dilemma is that when you simply want to quit, 但是過去的租賃狀態並不好
the apartment will not be easily sold 那這個物件還未必能夠容易賣掉
because the past lease status is not so good. 想要換掉租賃公司
You might want to change the lease company, 才發現在日本法律
only to find that according to Japanese laws, 這種租賃合約要解除的難度極高
it is pretty hard to terminate such lease contracts. 日本法律強烈保護房客
Japanese laws are obviously partial to tenants. 我們作為房東
As the landlord, 必須有合理的理由
you must have good reasons 才能夠解除房客的租約
to terminate a lease contract. 比方說自己想要用這個物件
If you want to live in this apartment yourself, 或是運營的狀況不佳
or your business is not running well, 這些理由
these reasons 並不足以合法解除租賃合約的
are not persuasive enough to help you terminate the contract legally. 常常聽到的是啊
All too often, 為了要換掉這些二房東的租賃管理公司
the landlords need to pay "quitting money" 甚至另外要支付一筆「立退料」
to replace a lease management company 也就是給二房東業者退場的補償金
as compensation for the real estate dealers. 這種感覺啊
This might make you feel like 應該就是賠了夫人又折兵吧
you have thrown the handle after the axe. 本集啊不是要大家都別投資
In this video, I don't intend to warn you against investing. 只是啊提醒大家要三思
I just want you to think twice. 一個簡單的道理
Think about a simple reason, 如果都像房仲說的這麼好賺
if it is as profitable as the agent says, 那這錢還輪得到我們來賺嗎
how can this great opportunity fall on you instead of someone else? 可以說啊沒有絕對的好投資
We can conclude that there's no absolute good investment, 只有十足的好心態
you just need to keep a good mind. 想要瞭解更多日本不動產的基本知識
For the nitty-gritty about Japanese real estate, 歡迎看本頻道的另外一集
please watch another video on this channel 用我在東京的實際經驗談東京買房
in which I talked about buying houses in Tokyo based on my actual experience. 如果覺得這集做得還不錯
If you consider this video helpful, 也請幫我們按讚分享給更多的人
please help more people with your shares and likes. 鼓勵一下我們
We appreciate your encouragement 一起對抗演算法
when we fight against the algorithm together, 讓YouTube上有更多含金量高的
so that there will be more helpful content 知識型內容
on YouTube. 讓我們用知識的力量
Let's change Taiwan for the better 改變台灣
with the power of knowledge.
