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Snowy79

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Snowy79 last won the day on May 1

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About Snowy79

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  1. As a side note one of the first properties I looked at as an investment 2 years ago was a loft apartment at Regatta Bay in Puerto Princessa, Palawan. On paper it was great. A resort style complex by the beach with running track, club house, swimming pool, gym etc. Since they started advertising almost 3 years ago prices had increased by over 1/2m by the time I got interested. I visited the site and spoke to the sales team and managed to pick a prime apartment. They toured me around models of the apartment and showed me a building that was half finished. I ask for time frames and they said November last year. I paid my deposit to hold my apartment with the remainder to be paid in three months. I kept stalling as I had a bad feeling about the resort. Sure enough very little was getting done on site. I warned them they can sing for the money if I don't see progress. After one year I told them to shove it and asked for my deposit back. Fast forward to today and so far they've finished the one building I saw and put in a bit of road. At this rate it'll be 20 years before they're finished, if ever. My money says they'll fold and leave behind disappointed buyers.
  2. 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.
  3. 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.
  4. They're also getting more stringent on issuing titles. I've researched plenty of areas with tax declared land only. Some areas are now designated protected zones and as such will no longer get permission to build on. I've lost count of the sellers telling me it's just a formality when in reality you'll probably never get a title or they'd have titled it already and made a fortune. More and more land is being transferred to computer records instead of paper ones so the authorities get informed sooner if someone tries to title land or applies for a building permit.
  5. Bird Flu Outbreak

    Manufactuting a virus that kills cockerels, now theres a plan. We've already mastered brown outs to cure karaoke. This could be the icing on the cake.
  6. Pigs Blood

    I saw a thing on TV about it this morning. Without going into politics some reporters and those that believe the hype need a good reality check. He mentioned it as part of another report going on in the news, the other part he talked about was the important part but this was the bit that was brought up to ridicule him. I get the feeling if this guy found the cure for cancer they'd hang him out to dry for not curing aids instead.
  7. Yup. I heard there not making land anymore. Unless your Chinese and looking at the Sprately Islands.
  8. That's the bonus of short term rentals. My apartment is inside a secure resort with armed guards and cctv. I've also got a caretaker on 2,500 php per month. No keys are handed over until the ID is photocopied and cash is handed over. Her husband also works inside the resort. I'm insured via airbnb and booking.com plus the resort. On booking out the caretaker checks the property and calls front desk to confirm the guests are good to go. The only possible issue is if a guest doesn't turn up I offer free cancellation up to 2rhrs beforehand. If they don't turn up I've still to pay the company booking fee which is about 300php per day. Over 80% of my rentals are for 2 days the majority of the others are one night. So far I've had 2 no shows which I can live with. I've worked out that if I rent out 5 days I break even. Most months it's a minimum of 20 days I've got booked and some months I've only 3 empty days. I fully agree long term rentals can be an issue but if I was to go down that route I'd still ensure there was a weekly quick check by the caretaker under the auspices of the resort policy.
  9. The problem was probably with the renter. If you rent out with more than one company and both book it out at the same time you're stuffed. Airbnb website is useless. You can pair up calendars so that if say booking.com rents a certain date out the airbnb calender should instantly update as not available but it rarely does. I live with my phone in my pocket so when one company rents my apartment out I quickly block the dates on the others.
  10. As Dave says the exchange rate is a big influence. Probably more so than inflation at times. My mate tells me the rate was almost 100 peso to the pound, when he arrived in country now it's hovering around the 65 mark and a few months back it was at 58. A bit of a kick in the Gonads if you're living off of a monthly pension and your income has now reduced by a third. His condo when he bought it was just over 7m peso. Its huge and in Makati, at todays price per sqm he thinks its worth about 20m. Each bedroom is bigger than a lot of condos I've been in. He also says his overheads have more than doubled to maintain the same standard of life. He's fortunate in that he's working here and making serious money but he's seen his fair share of friends return home to build their nest egg up again. Stick your money in a bank if you think it's safe but at the end of the day as prices increase way beyond your interest rate your money will soon become less and less valuable. I can only see the Philippines growing in the next ten years and it's currency becoming more valuable. 5m peso in the bank will make you about 5,000 peso interest per year. That can easily be wiped out by the current exchange rate changing by 50 centavo or a small increase in utility bills. Just look at the latest increase in Phil Health. That's wiped all interest out over night. To me if you don't have at least twice the money you think you'll need I'd look at an investment, as you can bet in 20 years time when everything costs a lot more and your health will have deteriorated costing you more money.
  11. I was asked to give my take on this subject as it's a route I've gone down. I ended up in this situation as I'm currently retired on an average but not great pension. The thinking being that accommodation costs are one of the biggest things any retiree will have to stump up for, and being on a moderate income with minimal increases each year I'm open to fluctuations in my pension currency and Philippines inflation which if you live in a desirable area can be surprisingly high. Think the difference between paying 250 peso for a meal out compared to 600 peso or little things like 60 peso for a beer compared to 100 peso. We all know that buying property in the Philippines can be a bit of a mine field and once bought you could have a problem selling on or if you think you've bought in a nice area 5 years later it's a war zone so it's a matter of thinking a bit ahead. For me my ideal retirement location is near a beach with plenty of activities, semi civilised and a decent sized ex pat community that I can blend in a bit. I'd been briefed to the hilt about buying in the likes of Manila etc as there's great facilities and plenty of condos to choose from but lets face it, it's Manila. Having done my homework I found out that most big cities are awash with condos and once bought you'll struggle to off load it, and with thousands of new ones built every year renting them out becomes harder if you want to up sticks and leave. I narrowed my choice down to an area where tourism was the biggest earner in the area and land was at a premium. Common sense telling me that if they build more accommodation then the vacant land becomes a premium and prices will shoot up. I also picked an area where there wasn't really a quiet season but there was times of the year where rental prices went through the roof. I looked for an International airport or great links to nearby countries via satellite airports, ferries etc. Somewhere with a World wide reputation but also a reputation inside the Philippines.. I then looked at how many I could get to sleep in the apartment, 2,4, 6 etc and checked the relevant rental costs for hotels, hostels and pension houses. Finally I thought if the pound sterling went up the creak how much would it cost me to live there full time if I had to. In my case 2,800 php management fees then just over 1,000 php insurance per month and then property tax which I think is about 2,000 php per year. Electricity would be dependent on my usage. There's pretty decent wet markets near by and groceries are OK. I managed to find a bargain for just over 4m peso that sleeps six and can be rented out for between 2,800 and 4,000 peso per night. The selling point being it sleeps six. If it slept 2 or 3 I'd be looking at about 1,500 peso rental per night and the apartments that size were going for more than I paid for mine. The guy was desperate basically and I struck lucky. So far as returns go in the last month I've made over 40,000 php after all expenses are paid and I've over 300,000 php on the books up until about March next year. The coming months I've only the odd day vacant and I fully expect the months to fill up as we approach the New Year. I'm now in the predicament of not being able to live there as the money coming in is so good. but on the bright side I'm renting in a decent area and now the apartment is covering that plus most of my monthly outlays so I'm hardly touching my pension. Realistically the apartment has the possibility of paying for itself in about 6 years by which time my forces pension will be worth almost double what it is now which should give me a safety blanket from inflation and the pound crashing. I'm renting my property out on Airbnb which is surprisingly poor and Booking.com which has been great. I'm looking into seeing about advertising my apartment in Korea and Japan as the resort it's in is almost filled 99% from those countries and I know they pay over 5,000 php per night and rarely cancel. Filipino bookings cancel all the time but fortunately when one cancels another books. I'll admit it's all about timing and doing your homework. It's easy to lose money on property here but if you use common sense there's plenty of bargains out there where it would be hard to lose out on. I can afford to lose 4m but I'd hate to. Next year it'll be 3.5m then 3m etc until it's paid for. Realistically if I was to try and sell it in a year I'd have gained but there's more chance of me buying another one to double my returns. At the same time I've seen 8m peso condos drop to 5m peso condos in the likes of Manila.
  12. I'd use my six months then rent out the other guys
  13. Personally I bought a condo in a location that is one of the busiest for tourists all year around. I paid including all legal fees just over 4m php. My thinking I've got a place to stay thats worth visiting, easy to rent out and easier to re sell. Initially it was going to be my home once my current rental ran out. In the meantime i advertised it for nightly rentals. Im now stuck with the predicament where ive got over 300,000 php worth of rentals in the next 8 months. I then thought I'd live here during the off season and rent it out during the peak season but it turns out there's no off season. Cash is king so I've decided that if there's 4 or 5 days vacancy in a row during the month I'll pay it a visit as a mini holiday. Now with the surplus money I'm going to rent my own piece of paradise without biting into my savings. I've even gone as far as to renting my apartment out and still coming over but I've rented somewhere cheaper and my apartment has paid for my flights and desperate accommodation. In short if you need the money I'd buy a condo in a major tourist area and either block the dates you want to use it and rent it out or just rent it out full time then use the money to live where you want. The way I see it any money you pay in rent is dead money.
  14. It's definitely a can of worms. There's too many twists and turns in a land with lets say a different culture to come to any sensible answer. The way I see it, you've obviously done something in the relationship to turn a person who has a lot of spite against you. You also made a mistake of choosing someone who doesn't let sleeping dogs lie and if what you are saying is true maybe a bit of a predator who knows she can shaft people financially From the suggestions I've seen so far my take on it is: 1. Go the legal route and open yourself up to admitting you've broken the law by adultery so are obviously a criminal in a judges eye's. Your ex has obviously also broken the law so you'll drag her into it. Judging by what you've said this will just make her even madder and then it's her words against yours. I wonder who will win! 2. Try to get the local bible puncher involved and use that person to shame the family into talking to her. Again this could turn nasty if she loses face. There's one thing about Filipinos and they don't want to lose face so guess who will suffer! 3. Deal with it the way some local Filipinos deal with those that annoy them. You might get rid of one of the problems but you'll certainly not be handed the kids as they could be used as a meal ticket for the family and I hear visitation rights from prison isn't a strong point over here. 4. Bite the bullet and realise that you're not going to win but while you continue to communicate with her she is playing you like a fool and at best just mentally torturing you whilst turning the kids against you. Erase everything from the past and get yourself a new partner, treat her well and with respect. As most on here that have gone through horrendous divorces in the past will tell you. Going through one was probably the worst days of their lives and plenty of bad thoughts were going through their minds. They thought the World for them was over. Fast forward a few years and many are loved up with the person of their dreams and a whole new life has started. This would be my option.
  15. Early Xmas Birds

    Is it because they were out of stock in December?
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