Buying a condo to rent out.

[stevewool]

38 minutes ago, Snowy79 said:

Without burning my own bridges all I'll say is it is on an island that's highly rated and inside a resort managed by one of the major property companies with a long trading history.

There's one nearby called Oceanview which is brand new and run by another reputable company. Apartments there have increased in price by 3m php in the last two years and there seams to be plenty offered for long term rentals of 45,000 php per month for a 44 sqm rabbit hutch. 

Another one doesn't let you rent out your own property but you can put it in a pool for 15 years. I looked into it and it's a rip off. Average returns of 70,000 peso per year. 

Sorry I can't be more specific but I don't want to advertise or bring in the competition. 

I thought it was, 

We have been to the other place and we was offered to buy too, but just like you say it was a big no no, great place to stay and great appartments too.

Infact with my timeshare we could use the said place this October if we wanted.

[Gary D]

A friend of ours has a condo in Subic free port. I think there is only three of them in the whole building.

[Jack Peterson]

 I Think we are a little off topic here

[mogo51]

13 hours ago, Snowy79 said:

I fully understand that but as it's a resort I've also got to protect the resort reputation and other guests not forgetting my investment. 

I wouldn't long term rent it anyway as I like the option of visiting the island now and again without paying for digs. 

The inspection would literally be an open the door to receive fresh bedding and towels with a cursory glance around. Certainly not looking into drawers etc. 

I've seen too many long term rents turned into drug dens for my liking to trust anyone long term. 

Well I have long term rented numerous properties and turned none into drug dens.  Overreaction.

 But I support the comments earlier that tenants are entitled to their privacy, I doubt you would like someone checking on you every week to see if you are keeping the property appropriately (by your standards?).

[RBM]

Just like to point out I feel its great Snowy 79 has taken the time to write about his experience. Many viewers will appreciate and no doubt learn from this thread. Maybe not for all of us  how ever for  younger retirees it could certainly be a winner.

Each to his own, for myself to live in a high density touristy area, especially with Koreans would be unacceptable not withstand possible financial positives.  Certainly wish the OP all the best and trust he will keep us members updated time to time. 

[Snowy79]

3 hours ago, mogo51 said:

Well I have long term rented numerous properties and turned none into drug dens.  Overreaction.

 But I support the comments earlier that tenants are entitled to their privacy, I doubt you would like someone checking on you every week to see if you are keeping the property appropriately (by your standards?).

I'm not talking about properties I've long term let but from my experiences as a locksmith doing warrants after leaving the forces. I used to be employed by Sheriff Officers to gain entry into properties where tenants were behind in their payments. You'd be shocked by the sights I'd see and no insurance company will cover you. 

In my case I'm talking about an open plan apartment and it would be fully explained to the renter that as part of the weekly replacement of bedding and towels my caretaker would have a cursory glance inside the apartment to ensure there's been no deliberate damage or renovations without permission. I'd like to think they'd understand the respect for my neighbours and investment. If they didn't they could jog on, there's plenty more renters out there. 

I'll see if I can find some photos of the damage I came across on an old phone I had. One ex forces friend of mine the tenant high on drugs set fire to the kitchen. It was a neighbour who informed him but he was in Iraq doing security. When he returned the kitchen was gutted and two other rooms ruined by thick black smoke. It cost him over £5000 to put right. 

I've had others where they've left taps on which flooded the apartment and those underneath. I'm not saying it's going to happen over here but once bitten twice shy as they say. 

[Dave Hounddriver]

12 minutes ago, Snowy79 said:

it would be fully explained to the renter that as part of the weekly replacement of bedding and towels my caretaker would have a cursory glance inside the apartment to ensure there's been no deliberate damage or renovations without permission.

I can tell from some of the responses that many members have not encountered the usual Philippine landlord who drops in from time to time to check on things.  Foreign landlords do the same.  Sometimes its inconspicuous like insisting on collecting the rent in person once a month and sticking their head inside the door for a quick look-see.  Other times they want to come in to "check the plumbing" or they have given a relative permission to collect the fruit from the trees in your yard, or they want to collect some lemon grass herb that conveniently grows outside your window.  All of these things have happened to me as a tenant in Philippines and I cannot think of a single long term (over 6 months) rental that I have lived in (in Philippines) where the landlord/lady has never checked the place out while I lived there.

But then, I'm bearded and tattooed and look like an evil dude (Not even close - sarcasm meant) so maybe they do things different with me.  I suspect it may be different if living in a condo or subdivision where there are security guards.  The landlord may feel more secure and not need to check on the place so often

[sonjack2847]

25 minutes ago, Snowy79 said:

I'm not talking about properties I've long term let but from my experiences as a locksmith doing warrants after leaving the forces. I used to be employed by Sheriff Officers to gain entry into properties where tenants were behind in their payments. You'd be shocked by the sights I'd see and no insurance company will cover you. 

In my case I'm talking about an open plan apartment and it would be fully explained to the renter that as part of the weekly replacement of bedding and towels my caretaker would have a cursory glance inside the apartment to ensure there's been no deliberate damage or renovations without permission. I'd like to think they'd understand the respect for my neighbours and investment. If they didn't they could jog on, there's plenty more renters out there. 

I'll see if I can find some photos of the damage I came across on an old phone I had. One ex forces friend of mine the tenant high on drugs set fire to the kitchen. It was a neighbour who informed him but he was in Iraq doing security. When he returned the kitchen was gutted and two other rooms ruined by thick black smoke. It cost him over £5000 to put right. 

I've had others where they've left taps on which flooded the apartment and those underneath. I'm not saying it's going to happen over here but once bitten twice shy as they say. 

My ex MIL had her house turned into a drug factory.

[stevewool]

5 hours ago, Dave Hounddriver said:

I can tell from some of the responses that many members have not encountered the usual Philippine landlord who drops in from time to time to check on things.  Foreign landlords do the same.  Sometimes its inconspicuous like insisting on collecting the rent in person once a month and sticking their head inside the door for a quick look-see.  Other times they want to come in to "check the plumbing" or they have given a relative permission to collect the fruit from the trees in your yard, or they want to collect some lemon grass herb that conveniently grows outside your window.  All of these things have happened to me as a tenant in Philippines and I cannot think of a single long term (over 6 months) rental that I have lived in (in Philippines) where the landlord/lady has never checked the place out while I lived there.

But then, I'm bearded and tattooed and look like an evil dude (Not even close - sarcasm meant) so maybe they do things different with me.  I suspect it may be different if living in a condo or subdivision where there are security guards.  The landlord may feel more secure and not need to check on the place so often

There will be always two sides to a story.

The house both sides of me are rented and i have had one very bad experience and that took 2 years to sort out, noise , mess and language and dont give a f---k .

You report it to the company who rents the house, but the seem nice people plus we have a 6 monthly check in 2 weeks times, plus they have sent a letter to the people saying they are coming in two weeks time, and yes you know what they did, in two weeks time the house was looking great, the  extra people who was staying there had moved out for that day and everyone seemed so nice.

It took me ages to find the owners of that property and they had no idea about all my reports to the letting agency.

After the people had left it cost the people thousands to put it all right, plus i have there direct phone numbers now for the just incase.

Anyway back on the subject, if i was younger i would be following this and  buying a place too.

 

Edited August 19, 2017 by stevewool

[mogo51]

With my life experiences, nothing surprises me with some people but that does not mean everyone is that way inclined.  I am sure many other members here who rent would agree.