The Process · 5 Filters · 1 Output

Here’s how I underwrote 1,000+ listings down to one.

The framework on this page is the same one that found the Chiang Mai acquisition — 8.15% (see full case) net, 2.15M THB, 100% freehold. Read every step. Then decide whether the actual playbook is worth $20.

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The Framework

Five filters. One survives.

Each filter has a single job: kill the listing before your capital does. The teaser is on this page. The actual mechanics, formulas, and decision thresholds are inside the $20 PDF.

Step 01

The 49% Foreign Quota Filter

Before a single yield number is run, the building must clear the quota check. Anything that fails this filter is structurally untradeable to a foreign capital allocator no matter how good the brochure looks.

→ Exact decision rule unlocked in the Protocol

Step 02

The CAM-Fee Load Test

Common-area, sinking, and management fees are the silent yield killers. This filter exposes the spread between the brochure yield and the net-of-fees yield — and most listings lose 2–3 points right here.

→ Exact load formula unlocked in the Protocol

Step 03

The Vacancy Drag Stress-Test

Every brochure assumes 100% occupancy. This filter splits foreigner and local rent, applies a low-season drag, and rejects any unit that only pencils when nothing goes wrong.

→ Exact stress curve unlocked in the Protocol

Step 04

The Freehold vs Leasehold Legal Screen

Title document on the table, line by line. This filter rejects anything dependent on a renewal trap or a workaround structure that quietly erodes your principal in year 30.

→ Exact title checklist unlocked in the Protocol

Step 05

The Exit-Market Check

A yield is only real if you can sell. This filter measures resale velocity for comparable units, sizes the buyer pool that can legally take you out, and establishes a price-floor band before you wire a single baht.

→ Exact velocity benchmark unlocked in the Protocol

The Reject Pile

What the framework throws out.

995+ of the 1,000 listings died in one of these traps. The framework exists because the marketing brochures globally never warn you about them.

Trap · 01

CAM-Fee Traps

A 6% gross yield collapses to a 3% net the moment the fee schedule lands. The brochure never shows you the schedule. The framework demands it on day one.

Trap · 02

Ghost Listings

Units that look priced for a steal but have been on the market for 18 months because the seller refuses to clear title. Every minute spent on them is a minute lost.

Trap · 03

Fake Leasehold Structures

Workarounds that promise renewal forever and deliver an exit window of zero. The legal screen kills these before the lifestyle photos can do their job.

Trap · 04

Off-Plan Completion Risk

Capital wired today against a unit that doesn’t exist yet, with a developer track record nobody audited. The framework only underwrites what you can stand inside.

Trap · 05

Sunset-Photo Buys

Pricing decided by an Instagram balcony shot, not by a comp set. The framework forces a numerical answer to every emotional question.

Trap · 06

No-Exit Buyer Pools

A unit that locks out the only buyers who could refinance you out is a paper yield. The exit-market check sets the price-floor band before you wire.

The Output

What the framework actually finds.

The Chiang Mai acquisition. One unit. Verified Chanote deed. Numbers anyone can rebuild from the input lines below.

8.15% (see full case)

Net Yield · Pure Cash

Verified after CAM, sinking, management, and vacancy drag. The number that survives every line of the framework.

100%

Freehold Title

Chanote in the buyer’s name. No leasehold workaround, no renewal trap, no year-30 erosion.

0

Commissions Taken

No kickbacks from sellers, developers, or agents. The framework selects the unit that maximises your net yield, not anyone else’s.

★★★★★ 5.0 / 5 · Verified Gumroad Reviews

What buyers are saying

★★★★★

“Wasn’t expecting much for the price, but the yield breakdown is surprisingly dense. Worth it just for the data extraction framework alone. Straight to the point, no BS.”

Anonymous
★★★★★

“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.”

Paco S.
★★★★★

“I used to spend a lot of time driving around Chiang Mai, scrolling real estate websites and visiting agents. This document convinced me to go further with Brinkman Data Analytics. It will save me a lot of time.”

Jan B.

See all reviews on Gumroad →

Stop guessing. Start filtering.

The Protocol is the same 5-step framework laid out on this page — with the actual decision rules, formulas, and templates you need to run it on your own shortlist this weekend.

Get The Protocol $20

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// The methodology, applied

⚠ Disclaimer

Brinkman 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.

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