Buying, Renovating And Flipping A Property In The Philippines For Profit

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Great documentary Tovic....., JGF....anyway to take this as a stand alone post for reference? This should be a must read!

Edited by scott h
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Sure, post some photos.  Love to see them.

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Great documentary Tovic....., JGF....anyway to take this as a stand alone post for reference? This should be a must read!

 

Thanks Scott, I know when I was looking for information before I headed into the process real information was pretty thin on the ground. So I figured it was worth sharing what our experiences were.

 

Sure, post some photos.  Love to see them.

 

No worries, it's bucketing down with rain here at the moment but I'll get some over the weekend and put them up.

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:thumbsup: :thumbsup: :thumbsup:

I know when I was looking for information before I headed into the process real information was pretty thin on the ground.
I'm not into flipping properties myself, but when I researched buying one for my OWN use, I found these, which some flippers use:  

http://www.lamudi.com.ph/journal/guide-buying-foreclosed-properties/  (Foreclosed Guide)

http://www.foreclosurephilippines.com/  (Different things.)

 

NOTE!   If buying Foreclosed, it can be bought back by others within a year for a STATIC price UNDEPENDING of if the buyer have improved much   :th_unfair:    I don't know what happen if the buyer have cut down forest in between  :)

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:thumbsup: :thumbsup: :thumbsup:

 

 

I know when I was looking for information before I headed into the process real information was pretty thin on the ground.
I'm not into flipping properties myself, but when I researched buying one for my OWN use, I found these, which some flippers use:  

http://www.lamudi.com.ph/journal/guide-buying-foreclosed-properties/  (Foreclosed Guide)

http://www.foreclosurephilippines.com/  (Different things.)

 

NOTE!   If buying Foreclosed, it can be bought back by others within a year for a STATIC price UNDEPENDING of if the buyer have improved much   :th_unfair:    I don't know what happen if the buyer have cut down forest in between  :)

 

I wasn't comfortable with buying newly foreclosed for the exact reason you highlight. Another important thing that I forgot to mention in my post relates to Tax Dec property that you plan to title (one of the reasons I said to stay away from TD). If you take a Tax Dec property and buy it, then put it onto a new title that title can still be called into question by pretty much anyone. There are many cases of multiple people paying the BIR taxes on a particular piece of Tax Dec land then selling it to an unwitting buyer. When these cases come to court the buyer *usually* wins in the end but the costs of the court case and the time involved make it pretty risky.

 

For our next purchase we're probably going to buy a lot and build on it. Once again though, I'll make sure we're not the first holders of the title.  I was offered a foreclosed property when we were looking for this one. 5000 SQM of land with a basic local style house on it for less than a million. I reminded myself of two old adages. "That which is too good to be true usually is" and "a fool and his money are soon parted". When we're looking at prices of upward of 5000 pesos per sqm in most of this area I figured it wasn't worth the risk.

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Posted

Very nice article.  For those willing to take some risks, it appears quite do-able.

 

Thanks for starting the thread.

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Very nice article.  For those willing to take some risks, it appears quite do-able.

 

Thanks for starting the thread.

No Worries Dave, thanks for reading it. You're right about needing to be prepared to take some risks. To be honest, I was ready to kiss all the cash goodbye and you need to be in that position before you even contemplate it. I'm also very lucky with my girl. To top it all off we found out that she's pregnant with my first child about two weeks after we bought the place. It's been a good first half of the year for me, touch wood it keeps rolling.

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I just want to add one quick thing. Don't expect things to be done to western standards here, but make sure they get done properly (sand to cement mix is a prime example of what I'm getting at). There are plenty of homes here built out of hollow blocks and if you're expecting to walk in to this country and see what you'd see at home then you'd best book a cab to the airport. As much as we all roll our eyes occasionally (or regularly) about the way things are done here - this is the Philippines - and the sooner you accept that the happier you'll be.

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When these cases come to court the buyer *usually* wins in the end but the costs of the court case and the time involved make it pretty risky.
Not much use of winning years later, if the scamer don't have any assets we can get to cover the loss...  :boohoo:  :) 
"That which is too good to be true usually is"
Yes, sure in "hot" locations where flippings better be done,

BUT not necesary in the provinces where there are much demand for land but almost no one have money to buy for = Many want to sell, but almost no buyers...

(E g at Palawan many small land owners, who lived elsewhere, rushed to Palawan to sell, when they heared a big company bought land a few years ago, although a common price was 40 000p/hektare  = only 4 pesos per m2...)

 

So there can be bargains in provinces specialy if the seller need money URGENT of some reason.

(sand to cement mix is a prime example of what I'm getting at). There are plenty of homes here built out of hollow blocks
Yes. It's a problem to know which are made of GOOD hollow blocks. They are uncommon, but excist. It's easy to check quality before building when the hollow blocks are lose, but harder when they are in a wall  :)
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