My Retirement Stategy For The Philippines, Insights Please.

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Posted

Hey guys,


 


I'm a new member and learning a lot in this forum. I'm a Filipino-American but had spent most of my adult life in the US. I'm 43 yrs old, got engaged here in New York with beautiful American women a couple of times, but both times it didn't work out for me and cancelled both engagements.I have no kids  I really think I'm more Filipino inside than American, I 'm fluent in Tagalog but every time I visit Manila I feel so out of place and I don't get the culture, slang, jokes etc.. 


 


 I figured  I will retire in the Philippines, early, as  Winter here can be brutal and I like to live close to the warm ocean. I never had a serious relationship with a Filipina and maybe wnen I move I'll be able to meet the right Pinay for me which I really had been attracted to since I was a kid (real Pinay born there). I was always in a relationship so I never had a chance to pursue a Pinay girlfriend. I have an opportunity to do work there for a US corporation as a consultant, and I'll share more later.


 


A few years ago, 2008, I started preparing for my retirement in the Philippines. And I invested in real estate and made downpayments to properties to have cash flows there: 


 


1. I bought 4 rental properties, one in Makati and 2 in Q.C. The condo in Makati is in the turnover process, and I already fully paid, it's by Ayala avenue, I have an offer for Php28,000 a month for rental. I'm paying Php20,000 mortgage fully paid in 10 years.


 


2.  One in Q.C. in front of a university, I can rent out for P12,000 to students and my mortgage is P8,000 paid in 10 years. 


 


3. Another one in Q.C. close to being paid. I'm renting out for Php14,000 a month, mortgage of 11,000 for just 2 more years.


 


4. Another one in Boracay, to be turned over next year. It's prime and it is where I want to live when I retire. I'l be able to rent it out at least P30,000 a month, or Php1,000 a night with management, maybe more. 


 


My strategy is to semi-retire in 10 years, I'll be 53 and all of the properties will be fully paid and I'll have close to Php 80,000 monthly rental. If all works out I should have IRA funds of close to $200,000 and I'm building my stock investments too.


 


My SSS states that if I retire at 62, I'll receive about $1,800 a month or at 70 close to $2,200 something a month. 


 


I would like to semi-retire at 53 I can still work part time for fun,  but as a business man and in another field I'm passionate about,  This is the reason why the consulting work in the Philippines, mostly online based, It is appealing as I can  start setting it up and seeing what I can do there as a business--- I'll be paid about $7,000-$8,000 gross a month and can do extra hours with them for more income another thousand bucks or 2.


 


If keep my cost of living in Manila to about $1,500- $2,000 a month, I'll still be on target. I want to live there for about a year or so. And figusing out my budget. I earn more in teh states but my cost of living is north of $3,200 a month.


 


This is pretty much my basic template and I would love to get your insight, input suggestions. It will certainly be appreciated. Thank you so much!


 


Roger

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Posted

No one could advise you, you know more than us.

 

You have a chance to do what any expat would like to do. Me included.

 

You could live in your Makati condo or rent/buy another place to live. You will be still able to afford some quite nice trips around the Philippines maybe if not in the first class beach resorts Boracay and Palawan, maybe in the second class eg Bohol, Laiya, Batangas, Olongapo, Puerto Galera etc.

 

Btw are you for real asking for advice here from ex pats, when you yourself are Pinoy?

 

What's the catch?

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Posted

20% instinct, I find something funny about your post.

 

You are talking about some big amounts of capital investment, and etc and something about working with a US Corporation. And then finding the right girl blah blah blah. Mate I bought a property (pre buying, but later voided the contract) and I was dating the salesgirl on Day 2.

So what's your problem if you have found 3 condo's and still can't find the right girl.

 

Smells like a set up for a scam, a long con. So disprove that please.

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Posted

Hi Chris,

 

Thanks but not sure what you mean by "catch' ???  there's really  no catch on my end. I was just hoping to get an honest feedback as the longest time I spent in the Philippines is four weeks at a time, although I'd been coming to the Philippines every few years since I was a kid in the  summer time, or when I can get off work as an adult, I feel my experience is fragmented, hence I want to live for an entire year. My family has moved to the states and unlike me they want to retire here.

 

I feel expats who have live there for a few years can share the western perspective,  I would love to learn what they could share in some valuable lessons especially as there may be no turning back if I do take this plunge. Reading through the forum has been helpful like the amount of money, cost of living  etc... and thansk for the organizer of this.

 

Thanks for your time, Chris,  I'll check out your  list of resorts. I appeciate it.

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Posted (edited)

20% instinct, I find something funny about your post.

 

You are talking about some big amounts of capital investment, and etc and something about working with a US Corporation. And then finding the right girl blah blah blah. Mate I bought a property (pre buying, but later voided the contract) and I was dating the salesgirl on Day 2.

So what's your problem if you have found 3 condo's and still can't find the right girl.

 

Smells like a set up for a scam, a long con. So disprove that please.

 

 

With all due respect, you should be more respectful in forums like this. I don't  want anything from you and you can ignore this post,  not sre what your experience with scams but you do have issues. Take it easy buddy.

 

I also didn't realize that you had to buy a condo to get you girl, that is very strange and in your words, "scammy" IN YOUR WORLD, Condo and girls are connected???? not sure how you make such weird connection?  Investment and girls, good luck, not exactly my style. haha

 

My impression is this a community for someone like me seeking some ideas and input, especially for a huge decision.  just ignore if you are suspicious. Best of luck pal.

Edited by newyorkmind
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Posted (edited)

 

20% instinct, I find something funny about your post.

 

You are talking about some big amounts of capital investment, and etc and something about working with a US Corporation. And then finding the right girl blah blah blah. Mate I bought a property (pre buying, but later voided the contract) and I was dating the salesgirl on Day 2.

So what's your problem if you have found 3 condo's and still can't find the right girl.

 

Smells like a set up for a scam, a long con. So disprove that please.

 

 

With all due respect, you should be more respectful in forums like this. I don't  want anything from you and you can ignore this post,  not sre what your experience with scams but you do have issues. Take it easy buddy.

 

I also didn't realize that you had to buy a condo to get you girl, that is very strange and in your words, "scammy" IN YOUR WORLD, Condo and girls are connected???? not sure how you make such weird connection?  Investment and girls, good luck, not exactly my style. haha

 

My impression is this a community for someone like me seeking some ideas and input, especially for a huge decision.  just ignore if you are suspicious. Best of luck pal.

 

 

I said 20%.

 

And I was careful to keep my replies respectful.

 

I'm willing to pick it up from here, without backtracking.

 

It does sound like one hell of a good plan to me. I picked up my SS (I'm a dual Aussie/American, born Aussie) at age 62, a bit less than what you quoted, but with child supplements tacked on. So doing some rough calculations, waiting until 70 for a little extra money doesn't justify 8 years with no pension.

 

Again, I think you are a candidate for 2 residences, one in Metro, one provincial, maybe in the province of your future partner.

 

I was cashed up when I first arrived. I had a house in QC, but would go to the province, close by, Pampanga or Batangas on the weekend. Now we live in Ilocos, but we reverse it going to Metro now and then. Wife in particular likes that.

 

Bedtime in the province is 8-9 PM, waking up at 5 AM.  Since you are from New York, NYC or State, I think you might like this one after some adjustment  time, it is extremely quiet here rarely a motor cycle will even pass here at night, jeepney's and tricycles don't run, so very very quiet na talaga.

 

Tama yun, cencia kung comments ko were off.

Edited by chris49
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Posted

Nor really wishing to get too involved here but i feel I need to ask 1 Question.

Roger, just what is your Status here in the Philippines.

 

JP :tiphat:

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Posted

 

 

 

 

 

 

I said 20%.

 

And I was careful to keep my replies respectful.

 

I'm willing to pick it up from here, without backtracking.

 

It does sound like one hell of a good plan to me. I picked up my SS (I'm a dual Aussie/American, born Aussie) at age 62, a bit less than what you quoted, but with child supplements tacked on. So doing some rough calculations, waiting until 70 for a little extra money doesn't justify 8 years with no pension.

 

Again, I think you are a candidate for 2 residences, one in Metro, one provincial, maybe in the province of your future partner.

 

I was cashed up when I first arrived. I had a house in QC, but would go to the province, close by, Pampanga or Batangas on the weekend. Now we live in Ilocos, but we reverse it going to Metro now and then. Wife in particular likes that.

 

Bedtime in the province is 8-9 PM, waking up at 5 AM.  Since you are from New York, NYC or State, I think you might like this one after some adjustment  time, it is extremely quiet here rarely a motor cycle will even pass here at night, jeepney's and tricycles don't run, so very very quiet na talaga.

 

Tama yun, cencia kung comments ko were off.

 

 

Thanks Chris, and not a big deal. Pardon that I was a bit sarcastic there too but I really appreciate that you took the time to give me the input above. Thanks a lot!

 

I wish I found this forum earlier as the topics and input from guys like you had given me a good perspective. When I started investing in 2008, I was so worried about the recession and I invested my savings and some retirement funds towards teh downpayment of the above mentioned properties. 

 

The US economy is doing good now, and the talk about the real estate bubble in the Philippinesseems very real had me worried. And I feel I have to protect and take measures. As you see a huge part of my retirement plan are the properties in MNL and whatever I can put in my IRA here and stocks. If I want to retire at 53 there is a gap from to the time I can get my SS benefits at 63-72. I think it's imperative fo rme to find a small income in that gap when it comes, prefrably in the arts to not deplete my funds. My dream really is to retire by the ocean, I don't intend to have any kids but will marry. 

 

I live in New York City and in response to Jack, I'm an American Citizen but recently I took an oath to be a Filipino citizen too, so I'm dual Filipino-American. The job offer is in the technological-medical online space where I do online consultations to US clients which means I can work anywhere in the world. I will start part time here and if it works out well, I'll prepare to take a full time position and work in Manila to set myself up there and live for at least a year and re-connect with my roots. I have to experience teh country living as well, which maybe a huge adjustment as I'm used to siren sounds but not cricket sounds.

 

Thanks guys , Chris and thanks for the organizer and all the members of the forum. I really have learn a lot  as I continue to read the past few days and it's very valuable to me as I feel this is one of the biggest decision at this stage in my life.

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Posted

Strange, I thought as a foreigner you are not allowed to own property or do you have right's as the son of a Filipino?

And if that's the case are you allowed to own more than one, as a non resident?

This a genuine question on my part. JB

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Posted
Strange, I thought as a foreigner you are not allowed to own property or do you have right's as the son of a Filipino?

 

Former natural-born Filipinos can own property in the Philippines, subject to limitations prescribed by Philippine Republic Act 8179 (residential property up to 1000 square meters of urban land or one hectare of rural land) and Batas Pambansa 185 (business property 5000 square meters of urban land or three hectares of rural land).

http://www.philippineconsulate.com.au/owning-land-in-the-philippines.html

 

So I guess it actually depends where you are born OR if anyone questions it.

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