Stan Brinkman, mid-20s, Dutch, BBA Amsterdam. Deployed personal capital into two Chiang Mai freeholds, both let, both published with their full line items — Galae Thong and Rajapruek, the second deliberately the weaker of the two. The framework that surfaced them became Brinkman Data, and now covers four Thai cities.
The Bio
Every investment decision I make is driven by one mathematical absolute: opportunity cost. When I ran the numbers on Western property — 7% mortgage, three decades of interest, appreciation that loses to inflation once net of fees — the math was broken. Holding was a liability. That gap is also how my work differs from a real estate agent — the agent’s job is to close a transaction, mine is to underwrite one.
So I built a 5-step underwriting protocol, ran the Chiang Mai market through it, bought one of the few that survived all five filters, and later a second unit that did not clear the same bar as cleanly: a 2.15M THB freehold, paid in cash. The net yield is documented line by line in the case study — verified on a Chanote deed in my name.
That single asset was the proof of concept. The framework that surfaced it became Brinkman Data — the firm now applies the same methodology and publishes the output as research, not advice — why I publish independent property research, instead of selling deals.
Want the full case file with every number?
Read the Chiang Mai acquisition case →Verifying who runs Brinkman Data?
Buyer reviews and brand verification →The Thesis
The market has brokers, developers, and lifestyle bloggers. None of them are paid to publish the math. That’s the gap.
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Commissions Taken
No kickbacks from sellers, developers, or agents. The shortlist is the shortlist that maximises your net yield, not mine.
33,030
Thai Listings Collected
Four Thai cities screened on one standard: Bangkok, Chiang Mai, Phuket and Pattaya. 271 named buildings and 5,723 rent-validated units published. Every freehold-eligible listing run through the same 5-step filter. In the Chiang Mai screen alone, 1,134 of 3,331 were marked Avoid.
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Verified Deeds
My own capital is in two units the framework selected, both let and both published in full. Skin in the game, not affiliate links.
// What I can answer that a broker cannot
None of these have a comfortable answer for anyone paid on completion. That is why they are the ones I answer in public.
Usually not, and the gap is checkable. A projection is an advertisement. I own two units I underwrote myself, both let, and I publish what they actually return against what the brochure implied — every deduction shown, including the ones that are easy to leave out. Vacancy, management, common-area maintenance and property tax come off before a number means anything. Ask whoever gave you the projection which of those four they subtracted.
It depends on the sample, which is why I publish mine. Most area averages you will find are unaudited and carry no sample size, so there is no way to tell whether a figure rests on 200 listings or six. Every area figure on this site states the number of listings behind it. Where the sample is thin, I say so on the page rather than letting the average imply confidence it has not earned.
I publish the negative verdicts, which is the part almost nobody else can. Anyone paid on completion has no structural reason to tell you an area does not work. In the Chiang Mai screen, 1,134 of 3,331 listings were graded Avoid and 146 rated Very Good or better. The rejects are the useful half of the work, and they are on this site for free.
That is the entire job. I take no commission, hold no listings and have no side of the transaction, so the answer can be walk away and nothing changes for me. Send the listing and I underwrite it: title and foreign-quota eligibility, the rent it actually achieves rather than the rent advertised, the full fee stack, and the exit. A written verdict, not an opinion.
Someone with no financial interest in you buying it. That is a short list, because most of the market is paid on completion. I am an independent analyst: I do not broker, I do not list, I do not take referral fees, and I am not an agent, a lawyer or a licensed adviser. What I provide is underwriting — the math, the documents and a plain verdict — so you can make the decision yourself.
Who this is for
“Exactly what I was looking to get started in buying a condo. I feel confident now that I’m not starting from scratch. Stan told me I could reach out to him if I ever got stuck — quite reassuring.”
The $20 Protocol is the same 5-step framework behind two owned Chanote deeds and four published city building files. 7-day refund. No upsells.
Get The Protocol $20Brinkman Data Analytics is an independent research service. Not financial, investment, tax, or legal advice. All yield figures are estimates based on historical research data and are not guaranteed. International real estate carries risk of partial or total loss of capital.