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

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chris49
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Very nice article.  For those willing to take some risks, it appears quite do-able.

 

Thanks for starting the thread.

 

Have to read between the lines (great story by Victor here)and say I find the risks to be enormous and way too high for older ex pats on fixed incomes. Younger guys, more cashed up, maybe yes.

 

Also cutting through the numbers, from 1.6 M purchase to a resale at 3.2 M, Victor, you did not mention the capital outlay, materials and labour for the renovations. Looks like you break even on the first property and make a killing on the 2nd property. Nice, but personally, I would not touch it.

 

I built 2 houses here. One with a contractor and my small house in the province a total self service job. We calculated out on the Quezon City property, 3.2 M on contract, 1 M on upgrades and improvements, home sauna, covered car port with balcony, large master BR with ensuite, all granite kitchen. And we reckon 6M....even 7M after 4 years. But finding a legitimate buyer is definitely going to be a problem. Not selling, but me and my mate discussed it a few nights ago. Notwithstanding the fact that it its not in my name, but there is a notation on the title prohibiting sale without my consent.

Edited by chris49
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Old55
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Thank you for taking the time to so clearly detail your experiences. Very well done! :tiphat:  :tiphat:  :tiphat:

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kalibojerry
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Wow great report i have just bought 2 houses one of  hollow block and the other of wood and going to start to fix them up your report was right on 

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Dave Hounddriver
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I find the risks to be enormous and way too high for older ex pats on fixed incomes

 

That said, (and agreed with), its fantastic when it works and I give kudos 'tothevictor' for taking the risks and getting it done.  Hard to argue with success!  If I was better funded I would fantasize about doing the same.

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

 

Thanks for starting the thread.

 

Have to read between the lines (great story by Victor here)and say I find the risks to be enormous and way too high for older ex pats on fixed incomes. Younger guys, more cashed up, maybe yes.

 

Also cutting through the numbers, from 1.6 M purchase to a resale at 3.2 M, Victor, you did not mention the capital outlay, materials and labour for the renovations. Looks like you break even on the first property and make a killing on the 2nd property. Nice, but personally, I would not touch it.

 

 

All in we spent half a million on the refurbishment. Basically the way the numbers stack up I'll be walking away with my original stake and a free apartment block as once we cash out of the bungalow I've another few hundred thou that needs to be invested in the other building.  Once the apartments are fully rented out and the store is running I'll be looking at a monthly income of 40,000 pesos from the property.

 

I couldn't agree with more about older expats on a fixed income. I am in my mid thirties. I made the decision to move to Asia in my late 20s. I guess the big thing for me is that my income is totally mobile. As long as I have an internet connection and a computer I can earn the same amount of money I would in Australia. Now that we've successfully done this I plan to scale that back to one day a week to top up the income from the rentals and get myself acquainted with some sun, sand and san miguel!

 

 

Thank you for taking the time to so clearly detail your experiences. Very well done! :tiphat:  :tiphat:  :tiphat:

 

Thanks for the hat tip.  Always happy to share.

 

 

Wow great report i have just bought 2 houses one of  hollow block and the other of wood and going to start to fix them up your report was right on 

 

I'd be very interested in your progress. I'll update this thread when we go through the next fix and flip as well. 

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sonjack2847
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There are plenty of expats on here (me included) who can give you some very good advice on San miguel.

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kalibojerry
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There are plenty of expats on here (me included) who can give you some very good advice on San miguel.

Thank You Sonjack 

when the time gets closer i will take you up on your offer 

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Vince Runza
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This is a very well presented outline for buying, renovating, and flipping property. In fact, it could be the basis for an info-product.

The key information is, IMO, what to avoid, where there might be 'landmines', and proper project management for the renovations.

Well done, tothevictor.

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i am bob
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Before my retirement from the Armed Farces and subsequent divorce, I used to buy and flip houses in Canada... I have thought about doing the same here but, hey! In retarded now... I mean, I'm retired now and that just sounds like too much work! I'll stick to my telling bullsh.. Er, stories in my writing... But all the more power to you guys who do!!!

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Gerald Glatt
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How Can you be tired of work you are bob.  It's just that work fascinates me, I can watch it for hours.  

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