Jump to content
Sign in to follow this  
Davaoeno

Can you make money in Real Estate in the Philippines

Recommended Posts

Davaoeno

[ I didnt want to hijack slowsmiles's thread so started this one ]

 

I have been renting a house for 3 years. It did not look very good because the owner had no money for upkeep [ and is also a filipina and not into upkeep !  lol ]

So a couple of weeks ago I decided to buy it - on terms .   [ I put 1M down and have to pay the balance by November. If I dont sell it by then I'm in trouble !1 hehe ]

First  I am painting to make it look better . This week the outside and next week will start on the inside .

This will be the 4th house I have renovated and flipped here 

 

20180706_141357.jpg

Edited by Davaoeno
  • Like 2

Share this post


Link to post
Share on other sites
Dafey

Looks pretty nice! What is the final selling price? If you don't flip it by November I bet he'll re negotiate...

Share this post


Link to post
Share on other sites
Malibu

What the contract says, if remaining amount not paid by november?

Increased interest, or property back to original owner?

You've done this in the past, so I asume you know what you're doing.  However the very short time to sell a property in this price range ...... and a 2nd hand property as well ....... You got some balls.

Share this post


Link to post
Share on other sites
Davaoeno

The lot is 392 sq m and the floor area is 284 sq m and its a prime subdivision so the  asking price will be somewhere north of 15M

The actual selling price will be whatever I can get !! Usually I don't put myself in a position where I have any pressure to sell but I decided to take a gamble on this place.  Many of the surrounding houses are over 20 M , and on smaller lots, but my location is not ideal [ its next to a fairly major road ]

[ unlike the Winland Condos- I know that they are cheaper than any other units in Winland, and much cheaper and larger than other condo units in the area, so I am prepared to wait until I get my price. ] 

  • Like 1

Share this post


Link to post
Share on other sites
Davaoeno
2 minutes ago, Malibu said:

What the contract says, if remaining amount not paid by november?

Increased interest, or property back to original owner?

You've done this in the past, so I asume you know what you're doing.  However the very short time to sell a property in this price range ...... and a 2nd hand property as well ....... You got some balls.

The contract isn't specific re default . I am not paying any interest [ it was sort of a panic sale by the seller. She tried to sell it unsuccessfully  for 14 M for the last 2 years even though it looked a bit derelict . ]

Balls ?  maybe - or maybe just plain crazy !! hehe   Yes i did it in the past- but not when I owed money  on the place. 

Share this post


Link to post
Share on other sites
Davaoeno

Some "before" pics:

 

IMG_4629.JPG

IMG_4666.JPG

IMG_4661.JPG

IMG_4623.JPG

IMG_4625.JPG

IMG_4659.JPG

IMG_4627.JPG

IMG_4668.JPG

Share this post


Link to post
Share on other sites
Dafey

Tears me up how they let a place run down and then ask a crazy amount for resale. We looked at plenty of places that were doable but when I figured in the needed maintenance it wasn't worth it.

You sound like you are right in line and the cosmetic improvements look good.

  • Like 1

Share this post


Link to post
Share on other sites
Davaoeno

I should have taken a photo of the kitchen cabinets. They were half brown and half white- but not in any kind of logical arrangement- it was as if the installer was color blind and didnt know that he had 2 colors on hand.  And all the cabinets are laminate with some kind of vinyl surface so i can't repaint them so I am replacing all the doors with  3/4 inch marine plywood which will be painted . 

this is a copy of the cabinets my wife just had built for her condo she is renovating. I'm using a different painter so hopefully it will turn out as well .

btw the up and down cabinets are the same color- its just the light that is different

IMG_4811.JPG

IMG_4810.JPG

Edited by Davaoeno
  • Like 2

Share this post


Link to post
Share on other sites
GBT62

Looking around here for a while - I realised paint companies here would not be an investment.

Not sure I will want to paint when I buy a place - it'd probably announce the place as a kano-target. That is despite the fact I cringe when I see some houses here and wish I had a paint can and brush.

Might be better to cover the walls in election posters and Globe tarps - and just keep the insides well painted :)

On average, do properties here appreciate in value over time and are actually worthwhile as an investment ?   It might seem like an odd question, but second-hand properties are "bad luck" in places like Japan and therefore drop in value over the years - so upkeep there is also minimal, if at all.  

Share this post


Link to post
Share on other sites
Davaoeno
2 minutes ago, GBT62 said:

paint companies here would not be an investment.

I would have no problem investing in Boysen Paint !

 

In its July 2010 Issue, Coatings World ranked BOYSEN® Paints as the 51st largest paint company in the world. BOYSEN® was one of only two paint companies from the ASEAN region and the only Filipino company to make the list. BOYSEN® Paints is also recipient of the Reader’s Digest Most Trusted Brand for seven straight years since 2006, the Platinum Status makes it one of only two paint companies in the Asia-Pacific region given the distinction.

Share this post


Link to post
Share on other sites
GBT62

I am not knocking the products - just that no one seems to buy and use any ...

12 minutes ago, Davaoeno said:

I would have no problem investing in Boysen Paint !

 

It must be getting used on Jeepney and White Taxi repairs then to boost the sales volumes ? The guys in the repair shop next door just slap it on with a brush. Thick coats hold the panels together better ?

  • Like 1
  • Haha 2

Share this post


Link to post
Share on other sites
Flakes

For that price Can i assume that the salt water pool is not visible because its an indoor pool?

 

Edited by Flakes

Share this post


Link to post
Share on other sites
Headshot
32 minutes ago, Flakes said:

For that price Can i assume that the salt water pool is not visible because its an indoor pool?

2080820722_Meme619.jpg.9b1e71d0540b45838a35a11e58e04946.jpg

Very few private homes in the Philippines have a private pool. Those that do are generally far out of your price range. If you want a pool, you can buy a condo or buy in a subdivision that has one, but I guarantee you will pay for the pool as well as your living space.

  • Thanks 1

Share this post


Link to post
Share on other sites
Jack Rat
52 minutes ago, Flakes said:

For that price Can i assume that the salt water pool is not visible because its an indoor pool?

 

Haa Haa...I have owned a few homes with a pool..I spent many wasted hours cleaning the leaves and bugs from them.  

  • Like 2

Share this post


Link to post
Share on other sites
Flakes
31 minutes ago, Headshot said:

2080820722_Meme619.jpg.9b1e71d0540b45838a35a11e58e04946.jpg

Very few private homes in the Philippines have a private pool. Those that do are generally far out of your price range. If you want a pool, you can buy a condo or buy in a subdivision that has one, but I guarantee you will pay for the pool as well as your living space.

Yeah and the ocean called they running out of you!  weird in Thailand in that price range always a pool but true in Phillipines its very special rarely see them with houses..

Edited by Flakes

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..