How did you do it? A few of my friends bought into the PI property sector and none of them is making any profit..... in fact some of them are holding on to paper losses as the value of their property has dumped.
Yes, that's my concern too..
Also in prime area, say in front of greenbelt, then they built 1 between the condo and greenbelt, prices should fall too.
Quote:
Originally Posted by Longitude
Selective buying. Your friends might have bought in prime areas that can't be rented out because the locals can't afford that kind of rentals.
Very true.
Therefore I am working out on exit strategy before I even enter..
There is talk amongst those with vested interests that the PNP are using foreigners to gather intel and insider knowledge for them to plan their raids in AC. The prime suspects are the frequent Asian tourists and/or long stay visitors as the westerners themselves dun interact with the cops much.
Just google for rental in Shangi La Condo and the likes .. you can have some idea ..
A friend had two units in St Francis, one at 85,000 peso per month rental, the other at 55,000 peso, was empty half the time ..
It is a matter of marketing strategy. My neighbour's unit is empty for the entire month of July but my unit is full until 12th September and I have taken bookings even until March 2014. Now someone wants to take my unit at php1600 per night for 3 months or more. For the past 3 months I have collected approximately php50000 per month for a unit that I have paid only php2.4 million for.
It is a matter of marketing strategy. My neighbour's unit is empty for the entire month of July but my unit is full until 12th September and I have taken bookings even until March 2014. Now someone wants to take my unit at php1600 per night for 3 months or more. For the past 3 months I have collected approximately php50000 per month for a unit that I have paid only php2.4 million for.
Its a matter of getting the right location, the right price and marketing strategy. The developers do count. Never chase the market. Even if the selling price is running you may still be able to buy at a bargain later. When it is nearing turnover some owners will need to dispose off their units as they can't afford to pay up the hefty balance. Banks are also conservative in lending. Lending houses lend only 50% of the purchase price but at exorbitant interest. So some buyers are prepared to sell at their original price or even lower. That is why some buyers are holding on to paper losses. If you go in and buy lower you can rent ouy your unit cheaper than others and you get quite a good ROI. St Francis is a good project but the price makes it difficult to get tenant. I have a 60 sqm 2 BR in Mandaluyong which is quite close to St Francis. I bought it for slightly above 3 million. It will be turnover end of the year. I will put in 3 double decked beds and rent it at 30k per month. It can easily hiuse 10 tenants. And with each paying just 3k it is easily affordable to most working ibctge call centres there.
Its a matter of getting the right location, the right price and marketing strategy. The developers do count. Never chase the market. Even if the selling price is running you may still be able to buy at a bargain later. When it is nearing turnover some owners will need to dispose off their units as they can't afford to pay up the hefty balance. Banks are also conservative in lending. Lending houses lend only 50% of the purchase price but at exorbitant interest. So some buyers are prepared to sell at their original price or even lower. That is why some buyers are holding on to paper losses. If you go in and buy lower you can rent ouy your unit cheaper than others and you get quite a good ROI. St Francis is a good project but the price makes it difficult to get tenant. I have a 60 sqm 2 BR in Mandaluyong which is quite close to St Francis. I bought it for slightly above 3 million. It will be turnover end of the year. I will put in 3 double decked beds and rent it at 30k per month. It can easily hiuse 10 tenants. And with each paying just 3k it is easily affordable to most working ibctge call centres there.
It is a matter of marketing strategy. My neighbour's unit is empty for the entire month of July but my unit is full until 12th September and I have taken bookings even until March 2014. Now someone wants to take my unit at php1600 per night for 3 months or more. For the past 3 months I have collected approximately php50000 per month for a unit that I have paid only php2.4 million for.
Interesting that you are managing the bookings yourself. I assume that you are living there.
Its a matter of getting the right location, the right price and marketing strategy. The developers do count. Never chase the market. Even if the selling price is running you may still be able to buy at a bargain later. When it is nearing turnover some owners will need to dispose off their units as they can't afford to pay up the hefty balance. Banks are also conservative in lending. Lending houses lend only 50% of the purchase price but at exorbitant interest. So some buyers are prepared to sell at their original price or even lower. That is why some buyers are holding on to paper losses. If you go in and buy lower you can rent ouy your unit cheaper than others and you get quite a good ROI. St Francis is a good project but the price makes it difficult to get tenant. I have a 60 sqm 2 BR in Mandaluyong which is quite close to St Francis. I bought it for slightly above 3 million. It will be turnover end of the year. I will put in 3 double decked beds and rent it at 30k per month. It can easily hiuse 10 tenants. And with each paying just 3k it is easily affordable to most working ibctge call centres there.
Interesting that you are managing the bookings yourself. I assume that you are living there.
I don't live in Manila. I have people managing for me. They just do the cleaning and process the checking in and out. I market and do the negotiations myself. I will be over on Sunday for the turnover of another unit at BGC. Anyone interested in renting. It's a one 42 sqm one bedroom with balcony on high floor with an awsome view of the Monument. Walking distance to SM Aura, High Street and Market Market.
05-07-2013, 03:02 PM
