How To Own Real Estate Property In Rp

[scottpush]

I own 9 rentals here in the states and trying to structure them so I can retire and possibly move to PI.  They are a lot of work and expense but I do get positive cash flow.  The thought of buying RE in PI is very enticing to me, especially since things seem to be growing there.  But with all the restrictions to ownership I have no idea why anyone would bother with it.  Maybe buying a condo would make sense but I wouldn't do so unless I really knew I wanted to stay put for a long time.  And I'll probably never know that.  I'll probably move around a bit.  I'd have to look at the numbers to see if a condo would make investment sense but I have my doubts about it at this time. 

[Jack Peterson]

I'd have to look at the numbers to see if a condo would make investment sense but I have my doubts about it at this time. 

 

 

 Buying to rent is  the way to go anywhere but here. One maybe but when you start talking Multiples there will be heads raised in many Places. This Anti Dummy Law thing is an issue we all have to be aware of. Of course it can be done with Filipino Partners and there for me the Story Ends.

 

JP :tiphat:

[RBM]

I own 9 rentals here in the states and trying to structure them so I can retire and possibly move to PI.  They are a lot of work and expense but I do get positive cash flow.  The thought of buying RE in PI is very enticing to me, especially since things seem to be growing there.  But with all the restrictions to ownership I have no idea why anyone would bother with it.  Maybe buying a condo would make sense but I wouldn't do so unless I really knew I wanted to stay put for a long time.  And I'll probably never know that.  I'll probably move around a bit.  I'd have to look at the numbers to see if a condo would make investment sense but I have my doubts about it at this time. 

 

This is a very interesting long and unanswered topic Scott.. We are all unique in our own situations.

 

Condos can make sense especially if one is on the move. The pros would include security pretty much no maintenance and knowing it is available when ever you need it.

 

Some of the negatives I can think of (lived in one in Cebu 3 years)  would include, the ridiculous per square meter asking price, high condo fees.  The on going drama of the home owners association, ever changing rules. In one Condo I as in with one week notice, the parking fee of P7K per space was brought in. Before it was free. Total lack of privacy and seemingly inability to do anything if one is unfortunate enough to have noisy neighbours. Coupled with this is the grey area of ownership, meaning the little enacted law  of total condo ownership being minimum 60/40.

 

Scott one thing we must understand is the well known fact bad news sells and spreads much faster than good. For those of us living here we hear almost daily about an unfortunate being kicked out of his house and loosing everything. Just a few days ago i received a call about and ex neighbour in Consolation from Holland. Came home to his newly built  house and kid to find his bags on the door step....It does happen, but.....for every instance like this there are 1000s of happy situations. For those that arrive in their retirement years, fall in love with a 20 year old sell up at home and invest here....well it happens and often with disastrous results.

 

Others taking a more stable approach, staying single for a while (I am still single) living here, ensuring this is  a place you want to live. Dating, enjoying life as i do, if you meet the special and decide your happy and is she.....Well this time one can consider to buy and settle.

 

There are simple legal legal precautions one can take to ensure their right to live in new purchased dwelling, that do not interfere with the spirit of the law. How ever rest assured if the relationship turns nasty, very nasty you will be gone with nothing, I have witnessed this happening. 

 

Number one rule....never invest more than 35% of total assets.

[Jack Peterson]

Number one rule....never invest more than 35% of total assets.

Rule no 2 ( as told me by a very good Friend on here) "Your investment is only as good as your relationship with your lady or that best Pinoy Friend."

 

 

JP