Buying somewhere to rent out

[stevewool]

How do you go about buying something, then you covert it into rental? Are there places that you can buy that's up and running? If so where do I look, any ideas?

[tiger31]

Where do you want to buy?

[stevewool]

Marikina, Ems would love too. Somewhere where they will be a good income, would be nice buy, cheap to do it up

[fred]

Have a look on ayosdito..
Here`s a few for sale..
Some really nasty looking dumps included... No idea if some of them have been flooded out in the past??.. Some look like they have.. Buyer beware!
Selling at 2.6M (Negotiable)
http://www.ayosdito.ph/House+and+Lot...-7248769-1.htm

House and lot mansion in marikina!!

1.6 M
http://www.ayosdito.ph/House+and+lot...-9196387-1.htm

---------------------------------------------------------------------------------------------------

75Sqr meter FLOOD FREE!!

http://www.ayosdito.ph/Single+Attach...-9144980-1.htm

---------------------------------------------------------------------------------------------------
750k

http://www.ayosdito.ph/2br+House+and...-9084065-1.htm

--------------------------------------------------------------------------------------

600k

2nd hand
assume balance to pagibig
near kap moy and cnp mall
3 bedrooms
2 toilet and bath
compound type
---------------------------------------------------------------------------------

Etc,etc..

Location will determine whom will rent the unit and at what price, so cheap beaten up houses in a dodgy area,you may have issue`s with a cheap rental income and tenants that dont always pay on time..
Personally,none of the above would interest me in the slightest!!

[stevewool]

Some of them are better then the house the dad lives in

[stevewool]

Yet another harebrained idea I am thinking it seems

[tiger31]

Yet another harebrained idea I am thinking it seems

lol

[fred]

Yet another harebrained idea I am thinking it seems

I don't know about that... I know that there are people making pretty good money after buying or building property near private schools and universities.. Each room has between 2 & 3 bunk beds good for up to 6 students at 4k a pop..(24k per month per room during school year) That's including power bill so let's say 20k profit as they are just fan rooms.

Problem is finding a house in an ideal location at the right price.

[stevewool]

I have to escape this England, but Ems wants to stay here a few more years. Have I the guts to go there alone while Ems sends me an income over there?

[fred]

This place like a lot of places there looks a bit rough but they say it brings in 92k a month..


Apartment converted to boarding house with 32 rooms, 2 studio type room, 1 door apartment with kitchen, dining, living and room(owner's residence), 8 electric meters, 4 nawasa meters...
LA-311sqm LA-400sqm with monthl;y income of P92,500.00. near LRT Santolan, SM Marikina, Marcos hiway.

10 Million Peso.. Probably negotiable.

http://www.philippinesproperties.com/properties/boarding-house-for-sale-in-marikina

[stevewool]

It was something we looked at a few years ago, buy a place near a school and rent out rooms, or even maybe a home from home with a few English lessons thrown in to bring that extra income, but like anything in life, if you dont do it right then the prices just seem to go up and up and UP

[Terpe]

We'll be selling our place soon, say after Christmas January / February time

Three storey, 4br,3cr&3shower
Top floor very large balcony with kitchen area
Just a fews minutes walk from Riverbanks Shopping Centre & SM Marikina
Close to schools etc
Very quiet

[fred]

We'll be selling our place soon, say after Christmas January / February time

Three storey,4br,3cr&3shower
Top floor very large balcony with kitchen area
Just a fews minutes walk from Riverbanks Shopping Centre & SM Marikina
Close to schools etc
Very quiet

There you go Steve!!

[stevewool]

We'll be selling our place soon, say after Christmas January / February time

Three storey,4br,3cr&3shower
Top floor very large balcony with kitchen area
Just a fews minutes walk from Riverbanks Shopping Centre & SM Marikina
Close to schools etc
Very quiet

Yep all sounds so wonderful
What's not so wonderful is what is coming next
THE PRICE!

[Terpe]

Yep all sounds so wonderful
What's not so wonderful is what is coming next
THE PRICE!

No idea on that myself right now.
We only finally decided to sell that place a few days ago.
No point in keeping it on if we'll not be living in Manila area any more.
We'll know more once we're on the ground.

It's beach side for me

[stevewool]

That sounds just like the house that I was paying for in Marikina.

The top floor would have been ours too, so what I have paid so far 400,000, and what is the short fall to finish off the build, who knows.

We shall have a better idea once we are on the pavement looking direct onto the site.

[stevewool]

Peter, have you a little shed beach side too for a bit of company?

[Terpe]

That sounds just like the house that I was paying for in Marikina.

The top floor would have been ours too, so what I have paid so far 400,000, and what is the short fall to finish off the build, who knows?

We shall have a better idea once we are on the pavement looking direct onto the site.

Yes, we used our 3rd floor as our own personal space/living area etc too.
Worked well for us.

[Terpe]

Peter, have you a little shed beach side too for a bit of company?

If you fancy building your own amongst the local fishermen I'm sure that'll be OK

[stevewool]

Yes, we used our 3rd floor as our own personal space/living area etc too.
Worked well for us.

It would have worked for us too, funny how things turns out and there is still no news from any of the people who started this mess, seems like they have fallen from the surface of the planet

[Terpe]

Steve, it worked for us but only because we used the house as a base for travelling.
We only had short stays not full time living.
For us, based on experience, for full time living we need our own place away from family.
I'll not detail all the reasons, but living with family can be too much of a drain (emotionally and financially)

Please think very carefully about doing that in the future.

[stevewool]

I understand everything you are saying Peter,

[stevewool]

That is why what we had put in was what we agreed, there was nothing more, but it was going to be our jumping off point to far off places, plus somewhere for Ems to call home if anything happened to me

[malolos]

Have you tried looking on the bank foreclosure sites, some real bargains to be had.

[Harry T]

Have you tried looking on the bank foreclosure sites, some real bargains to be had.

Where can i find these foreclosure sites ?.

[Terpe]

Where can i find these foreclosure sites ?.

Caveat Emptor.
Don't be fooled into thinking this is a safe and easy route.

Just in the same way as you'd buy any property in the Philippines you must perform due diligence.
It's not difficult but can be very time consuming.
Generally the sales are made on an 'as-is-where-is' basis. Means that in principle you agree to take on all claims, liens, assessments, liabilities and litigation involving the property from the date you sign the Deed of Sale.

So do be prepared to read and understand that fine print.
Know the legal conditions and all the potential taxes involved with the foreclosed property.
(Capital Gains Tax, Documentary Stamp Tax, Transfer Tax, VAT, Business Tax etc)
Find out about zonal values and who takes care of that.

Remember this is a non-performing-asset and has history,
The more problems/challenges/issues you take away from the selling bank, the better deal they can give you.

It takes time and effort to seek out those foreclosed properties with clean titles properly registered to the selling bank.

[stevewool]

Peter is it like here though, there best deals go to the people in the know and all that would be left is for those who pay to much and have no idea too,

[jake]

Good post Terpe

I would be very cautious when buying foreclosed property in the Philippines. Remember these people have had months if not years of knowing they are going to lose the property. There can be all sorts of nasty surprises waiting for the new owners.
Another thing to consider is the former owner of the property may still live nearby and not take kindly to the new owner!

If you go to any bank they usually have a foreclosure section on their website. Its usually outdated and you are more likely to get the correct information by visiting the bank.

Here's a couple of websites with foreclosed properties.

http://www.olx.ph/index.php/classifi...sed+properties

http://www.foreclosurephilippines.co...ing-fair-2013/

We have bought several parcels of land and houses over the years and i still think the best deals you can get are not foreclosed properties.

[stevewool]

Thanks Jake

[fred]

Also..Remember that these foreclosed properties have ALL been vetted by the bank authorities..
Most if not all BARGAINS are first shared amongst the banking industry and staff..
If you think about it..It makes perfect sense.
Private buyer...Beware.