Advice needed buying and building

[jimeve]

11 hours ago, Colsie said:

The guy in the photo is Blackadder, you're probably to young to know that...sir? 

I thought that was you

[Freebie]

4 hours ago, Snowy79 said:

Without prying into your personnel life look in on it as an outsider and think how you would advise that person.  I see a fair few fall in love online with the one.  Visit for a few weeks and decide they've met a cross between a saint and a Victoria Secret model who just happens to love a guy many years older than them that they've nothing in common with and if he was being honest with himself wouldn't get a second look in the West.  They've worked hard all their life to build up a nest egg and come here, throw it at a house, land and business which is in the saint's name who so many times just happens to have a kid and has never held a job down or graduated from school.  A few years down the line he gets kicked to the kerb, she has everything and her young Filipino partner moves in.  He has zero legal comeback and is out on his butt with a seriously dented nest egg, a lot older and wiser but too poor now to give the real one the quality of life he had planned when he meets her.  Just go into any bar here in the Philippines and you'll meet them sitting on the corner of the bar enjoying happy hour.

Good luck but tread wisely.   

Probably the best post Ive read this year.

Should be required reading for any and every  fellow who pops up here with the " Hi Im new here but thinking of moving to Philippines because I saw a nice Youtube vlog etc etc. " Very well written Snowy  ( Me, just  guy who never lost his nest egg and only bought condos that were in MY NAME   and have been here on and off for 30 plus years ) )

[Colsie]

18 hours ago, Scooter said:

Thank you Dave. Well put. I would rather be broke and know I tried . Than have money and done nothing. I've been broke plenty of times in the past. Life isn't about money anyways. Part of the reason I want to move to Philippines. America is a stressful gotta make money and more money and never enough money kinda place. Life's not about that. Money and material items are nothing compared to raising your child and being able to provide for your family , . Philippines Makes that a little easier with the cash conversion , and a little investment just keeps the mind busy. People who keep busy live longer and healthier than those who sit back do nothing and complain , or talkshit  about others who are doing something like drumstick boy ;) . 

@Dave Hounddriver as a moderator, do you know if it is possible to change my user name to Drumstick Boy? I've tried in profile settings but can't.

I like the ring of the username Drumstick Boy as Drumstick can have two meanings and Boy has a youthfulness about it... Way better than Colsie...

Edited July 14, 2022 by Colsie

[Colsie]

4 hours ago, Freebie said:

Probably the best post Ive read this year.

Should be required reading for any and every  fellow who pops up here with the " Hi Im new here but thinking of moving to Philippines because I saw a nice Youtube vlog etc etc. " Very well written Snowy  ( Me, just  guy who never lost his nest egg and only bought condos that were in MY NAME   and have been here on and off for 30 plus years ) )

Everyone pays their money and makes their choice. Buying condo in your own name is probably the smartest thing to do, but not without risk and disadvantages either. 

I was renting a brand new 2 bedroom house in Bohol for 8k/month and a expat I knew bought a 3 million peso luxury condo perched on the side of hill looking out over towards Tagbilarin. But he was also paying 6k/month condo services fees, plus is electric was charged at a higher rate...dont know what happened to him or the condo after the 2013 earthquake. 

Renting can be a low risk strategy, but the money that you spend is dead money and rents nearly always go up, plus their is sometimes higher electricity rates...

Building your own house is another strategy, but as most foreigners know, they'll never own it and won't benefit able to recoup the costs. But alternatively, the cost of building say of a 1.5 million house can be offset by approximately 5 years rent. So if you think that the risk of your relationship with your partner won't last 5 years or more, then it might not be possible worth it... 

Anyway, that's my two pennies worth 

 

Edited July 14, 2022 by Colsie

[Dave Hounddriver]

7 hours ago, Colsie said:

@Dave Hounddriver as a moderator, do you know if it is possible to change my user name to Drumstick Boy? I've tried in profile settings but can't.

I like the ring of the username Drumstick Boy as Drumstick can have two meanings and Boy has a youthfulness about it... Way better than Colsie...

I know @Jollygoodfellow can do that but it is above my paygrade.

[RBM]

On 7/13/2022 at 6:25 AM, Dave Hounddriver said:

Yes, there are ways like that.  Not the most secure way of purchasing property but we foreigners are limited in our options so best of luck and it will probably work out fine.

According to a top SENIOR ATTORNEY HERE, A LEASE AS EXPLAINED A FEW POSTS BACK CAN BE EASILY OVER TURNED UNLESS. The Filipino person is registered with the BIR and paying the correct taxes.  he went on to say any twinkle of trying to bend the spirit of land ownership the foreigner is doomed. He also explained having SPA is also useless.  

[Dave Hounddriver]

2 hours ago, RBM said:

According to a top SENIOR ATTORNEY HERE

And according to my senior attorney in Dumaguete, he set up the SPA for me when I bought and settled the sale for me using the SPA so, as usual, your mileage will vary.

[hk blues]

4 hours ago, RBM said:

According to a top SENIOR ATTORNEY HERE, A LEASE AS EXPLAINED A FEW POSTS BACK CAN BE EASILY OVER TURNED UNLESS. The Filipino person is registered with the BIR and paying the correct taxes.  he went on to say any twinkle of trying to bend the spirit of land ownership the foreigner is doomed. He also explained having SPA is also useless.  

 

1 hour ago, Dave Hounddriver said:

And according to my senior attorney in Dumaguete, he set up the SPA for me when I bought and settled the sale for me using the SPA so, as usual, your mileage will vary.

Yep, these 2 posts illustrate how things work here.  Everything is possible and OK until it's not which is why I do things by the book as much as possible within the limits of my knowledge.

[Peaceful John]

On 7/13/2022 at 8:36 PM, Scooter said:

Seems to me the safest thing to do would be going with a bank loan as they would be the ones assuming the risk.  

This is true Scooter, but as mentioned, the problem becomes finding a bank that will lend to you (even if you are married in some cases).  The banks just don't trust that you are not going to get tired of it here and leave.  These are the exact words I was told by 2 bank managers (Metro and BDO), the other banks just declined us.  It made no difference about my resources or credit history.  Also a big issue with the banks for some of us is age.  If you're in your 60's or more, the banks will "probably" not lend to you unless you put a huge amount down, and then that defeats the purpose of getting the loan (at least for me).  If you are a foreigner married to a Filipino, and your wife is employed with a decent job, you stand a chance of finding a bank to work with you.  But that's assuming the age issue is not a problem with them.  I'm truly sorry my friend for being so negative because I really want you to succeed with your dreams and desires.  But here in the PI you must be armed with knowledge and truth (and patience).  Otherwise, I can assure you you will be taken advantage of by some one and loose everything.  Note:  The owner of the property you viewed wanted to sell it to you immediately..,,,,,,,,,,,, when it isn't even legal for them to do it.  One last note.... once you have handed your money over to someone, the chances are very good it's gone forever.  They are not real fond of returning it.  Again, I say this from experience.  These are just my thoughts and opinions my friend.  There might be some who completely disagree with me, and I really hope they are the ones who are right here.  Bottom line, "Baby Steps" my friend.  I am here because I love and adore my wife and children......otherwise, I might rethink my living here full time.  Again, just my personal thoughts.  Take to heart what you have read from everyone.  Most all the folks here want you to succeed and be happy.  Good Luck and keep us posted.

john

Edited July 15, 2022 by Peaceful John

[Snowy79]

8 hours ago, Dave Hounddriver said:

And according to my senior attorney in Dumaguete, he set up the SPA for me when I bought and settled the sale for me using the SPA so, as usual, your mileage will vary.

A perfect example of how things work here and how you must do your own homework before splashing the cash.

I was one of those get up and go guys when I first arrived who was going to buy land either through a company or a Hong Kong corporation and work ways around the system.  Fortunately I'm a bit of a spotter for research so literally spent hundreds of hours reading every law and Presidential decree I could which threw up more problems than solutions.  I joined many forums and got lots of first hand advice, a lot of which flew in the face of the rules but came on the backs of what their attorneys had organised for them. I had many a discussion backwards and forwards over their attorneys playing losely with the law and how it could come back to bite them just to get the usual hundreds of people they know have done it and they've had a house that way for over 15yrs etc.

Fast forward two years and I'd given up the idea of land and opted for a built condo but again many of the condos I looked at in my understanding of the law were illegal and again got the usual I've been living here x amount of years, we have all the legal paperwork etc.  I pointed out to a few the papers can't be legal as it's in violation of a certain law but it fell on deaf ears. I did a lot of my looking on Boracay and one question I kept asking was what will happen when the new road comes through the island and they review all the properties ?  This was met with laughter and the " it'll never happen and we have all the papers from Mayor, municipality and DENR. " 

Surprise, surprise within 6 months the island was closed a new road planned and thousands of properties marked for part or full demolition including every single one that I looked at on Mount Luho where they all had so called legal paperwork. It turned out that the paperwork was now illegal as it infringed on the law that I kept asking them about. We are talking hundreds if not nearer a thousand condos varying from 5m to well over 40m pesos.  I jog past them regularly now and most have smashed windows and all the electrics ripped out and the jungle taking over. 

In short get advice from a lawyer but research the law also, the information is out there and a lying attorney will not be punished. 

I've copied the important part:

https://boracayinformer.com/boracay-aklan-news/nbi-to-violators-of-pd-705-demolish-illegal-structures-or-face-arrest/

PERMIT-BEARING

During the interview, Rivera said the arrested individuals presented business permits showing they were allowed by the local government to operate their businesses.

“It’s really surprising, but the question is: why were they issued permits when the area they have been occupying is a confirmed forest land? One cannot issue a building permit, zoning permit, special land use permit, or any kind of permit on forest land,” he stressed.

He said those who issued the permits are also liable for violating the law.

Edited July 15, 2022 by Snowy79