Author Topic: I need some assistance, please  (Read 2477 times)

Offline Friscomama

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I need some assistance, please
« on: July 29, 2010, 07:38:30 AM »
Hello everybody,

I am a newbie in this great and informative forum and I need some help.

Short history, I was born in Manila and brought to the USA as a child.† Grew up here, it was great back then, people had jobs, crime wasn\'t so bad, things weren\'t as expensive, kids felt secure playing in the streets.† But this is not the America I grew up in.† It has changed in the last couple of decades +/-, I\'m being taxed up to my nose and I\'m at the stage in my life where I would like to go back home.† I am a US citizen and in the process of regaining my Filipino citizenship again (dual) so I can purchase land back home.

I have partners who wants to build a business back home.† We all have the same mentality, start a business to help Filipinos back home through employment and have some form of income to sustain us through our retirement years.† We are all in our early to mid 40s and we have money to invest.

When we were in Manila a couple of weeks ago, we were taken to some vacant lots in The Fort and in Manila Bay by Roxas Blvd.† We were quoted P80k + per sq mt in Manila Bay and over P220K per sq mt in The Fort and I know they think that we would pay for such a ridiculously overpriced lot.† We have constructions in Tokyo that costs that much for land and we know Manila is not in par w/ Tokyo in regards to pricing.† They also know we are cash investors.†

What I\'m requesting and please moderators, let me know if I get out of line here, but I seem to be getting no where with several people trying to gouge me.† If someone could please give me an idea on how much is the average lot for the 2 places I\'d mentioned and how much is the cost of construction per sq mt in Manila.† We are only looking to construct walls, roof, floors and beems† Nothing fancy.

Thank you,
Friscomama

Offline GregW

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Re: I need some assistance, please
« Reply #1 on: July 29, 2010, 09:49:12 AM »
Friscomama welcome to our forum.† † ;D

What you are asking doesn\'t appear to be against our rules.† Any advertising is strictly prohibited but asking for estimates on land and construction prices is commonplace.† Take a look around our forum and the different topics.† You may just find some answers there too.

I have no idea of prices in Manila because I\'m just a crazy Ce-buang-o.†  :D ;)† But I wish you well in your endeavors and rest assured someone should have some answers to the questions you have posed.
Ako si Goyo.†† Amerikano akong lawas pero Bisaya akong kasing-kasing

Offline Friscomama

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Re: I need some assistance, please
« Reply #2 on: July 29, 2010, 10:10:55 AM »
Friscomama welcome to our forum.† † ;D

What you are asking doesn\'t appear to be against our rules.† Any advertising is strictly prohibited but asking for estimates on land and construction prices is commonplace.† Take a look around our forum and the different topics.† You may just find some answers there too.

I have no idea of prices in Manila because I\'m just a crazy Ce-buang-o.† †:D ;)† But I wish you well in your endeavors and rest assured someone should have some answers to the questions you have posed.

AAAhh, a Cebuango!† We are also planning to open there in about 2 years.† :)† Thank you Greg.† † I will look around the forum.† It\'s really frustrating though when we were in Manila about 2 weeks ago, we were being quoted P50MM for an 1100sf mt parcel.† I almost wanted to tell them to stop pulling my leg or turn me over because I\'m done.† :D

Friscomama

Offline suzukig1

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Re: I need some assistance, please
« Reply #3 on: July 29, 2010, 08:49:42 PM »

...I\'m being taxed up to my nose ...


You should also check into what will happen to your tax situation if you start generating income in the Philippines.† You might end up being taxed in both countries.† U.S. citizens are taxed on world wide income.


Offline Knowdafish

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Re: I need some assistance, please
« Reply #4 on: July 29, 2010, 09:59:19 PM »
......... U.S. citizens are taxed on world wide income.

Only if they voluntarily admit to it, but you never heard that from me!† ;D

Offline c_a_p_t_a_i_n_r_o_n

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Re: I need some assistance, please
« Reply #5 on: July 29, 2010, 10:12:06 PM »
The perception of how rich you are (or naive) fades with time.......

First 3 months after my move to Bohol, I was being offered lots from P3 million and houses from P5million upwards.......
we looked at a few but turned them down as being too expensive

Around the 6 month mark we found the lot that we wanted for less than P1 million.

Turn a few people down and their prices become more realistic.......if you\'re in a hurry to buy......caveat emptor.

Offline fred

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Re: I need some assistance, please
« Reply #6 on: July 30, 2010, 06:41:31 AM »
Friscomama.. Do the lots have to be in Roxas boulevard or fort bonifacio?
As you say,the prices you were quoted are ridiculous but that is just the way it is becoming with sought after areas now..Dont forget..The two areas you mention are being sought out by large hotel chains and the likes of SM mega malls etc..
No way are the owners going to let these lots go cheaply when its just a matter of time before one of the majors step in and pay silly money..
What other areas might interest you? (dont worry!! Im not an agent!!)

Offline Friscomama

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Re: I need some assistance, please
« Reply #7 on: July 30, 2010, 09:49:49 AM »


You should also check into what will happen to your tax situation if you start generating income in the Philippines.† You might end up being taxed in both countries.† U.S. citizens are taxed on world wide income.


[/quote]† Thank you for the warning.† :(†  We are working w/ CPAs right now ensuring the claws of the IRS won\'t clamp down on us too hard.† :o

......... U.S. citizens are taxed on world wide income.

Only if they voluntarily admit to it, but you never heard that from me!† ;D
† What, are you speaking in Cebuano?† I don\'t understand Cebuano.†  ;D

The perception of how rich you are (or naive) fades with time.......

First 3 months after my move to Bohol, I was being offered lots from P3 million and houses from P5million upwards.......
we looked at a few but turned them down as being too expensive

Around the 6 month mark we found the lot that we wanted for less than P1 million.

Turn a few people down and their prices become more realistic.......if you\'re in a hurry to buy......caveat emptor.
† Thanks for the advice Capt Ron.† ;D† But you are right.

Offline Friscomama

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Re: I need some assistance, please
« Reply #8 on: July 30, 2010, 10:01:59 AM »
Friscomama.. Do the lots have to be in Roxas boulevard or fort bonifacio?
As you say,the prices you were quoted are ridiculous but that is just the way it is becoming with sought after areas now..Dont forget..The two areas you mention are being sought out by large hotel chains and the likes of SM mega malls etc..
No way are the owners going to let these lots go cheaply when its just a matter of time before one of the majors step in and pay silly money..
What other areas might interest you? (dont worry!! Im not an agent!!)

I agree w/ you 100%... but those lot prices are ridiculous.† They\'re quoting us Tokyo \"and\" San Francisco vacant lot prices combined.† Manila is no way in the same realm as San Francisco and Tokyo cost of living and for any corporation who is going to pay those exorbitantly high price tags are not only fools, but stupid.† Business 101, don\'t buy high.†  Fred, it is okay if you are an agent as long as you\'re honest.† ;D† I understand people need to make a living, but making $10M on one deal is ridiculous, in my humble opinion.† I wish I could make $10M on all the deals I do.† ;D† But we want to look outside The Fort, if possible.† We do have a healthy budget.† If our budget cannot handle Manila prices, then there\'s something wrong because the same budget was done for San Francisco and we were able to get our business up and successfully running with the same dollar amount.† The lot that we bought in San Francisco, about the same size cost 50% less than what we are being quoted for the Manila lots and right then and there, we knew we were being gouged and we didn\'t appreciate it since we flew thousands of miles to do legitimate business.† Filipinos back home need to understand and change their mindset.† †  Do you have any sugestions Fred?†  ;D

Offline fred

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Re: I need some assistance, please
« Reply #9 on: July 30, 2010, 10:27:31 AM »
Friscomama..

I agree with you 100%!! lol.
I own some land just outside Manila (20/30 mins)which I got for a reasonable local price..Thing is,I didnt offer them anything directly and the seller never had any idea at any point that I (a foreigner) was involved..
I had some local knowledgeable inlaws do the negotiations from start to finish,so it was local potential buyer talking to local seller and the $ sign was never uttered!!
I suggest you start again along the same lines no matter where the land is located and negotiate HARD in the back ground!!

Offline Knowdafish

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Re: I need some assistance, please
« Reply #10 on: July 30, 2010, 11:53:02 AM »
Friscomama..

...Thing is,I didn\'t offer them anything directly and the seller never had any idea at any point that I (a foreigner) was involved..
I had some local knowledgeable inlaws do the negotiations from start to finish,so it was local potential buyer talking to local seller and the $ sign was never uttered!!
I suggest you start again along the same lines no matter where the land is located and negotiate HARD in the back ground!!

Very, very wise words! In my case, a pleading mother inlaw was the best asset! For us to buy land for 20-30% LESS than what all the locals considered a good deal was indeed a very big blessing!

Offline Friscomama

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Re: I need some assistance, please
« Reply #11 on: July 30, 2010, 11:55:36 AM »
Friscomama..

I agree with you 100%!! lol.
I own some land just outside Manila (20/30 mins)which I got for a reasonable local price..Thing is,I didnt offer them anything directly and the seller never had any idea at any point that I (a foreigner) was involved..
I had some local knowledgeable inlaws do the negotiations from start to finish,so it was local potential buyer talking to local seller and the $ sign was never uttered!!
I suggest you start again along the same lines no matter where the land is located and negotiate HARD in the back ground!!


Thank you Fred.† I may just call on one of my cousins who lives in Cavite and ask him to do the negotiation for me and I\'ll pay him a nice referral fee.†

Maraming salamat po.
Friscomama† ;D

Offline Friscomama

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Re: I need some assistance, please
« Reply #12 on: July 30, 2010, 11:59:25 AM »
Friscomama..

...Thing is,I didn\'t offer them anything directly and the seller never had any idea at any point that I (a foreigner) was involved..
I had some local knowledgeable inlaws do the negotiations from start to finish,so it was local potential buyer talking to local seller and the $ sign was never uttered!!
I suggest you start again along the same lines no matter where the land is located and negotiate HARD in the back ground!!

Very, very wise words! In my case, a pleading mother inlaw was the best asset! For us to buy land for 20-30% LESS than what all the locals considered a good deal was indeed a very big blessing!
You just gave me another idea, Knowdafish. Thanks!† ;D

Offline Knowdafish

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Re: I need some assistance, please
« Reply #13 on: July 30, 2010, 12:11:13 PM »
You are VERY welcome!† ;D

Something I almost forgot.......

Negotiate the lawyers fees after/during the sale too! I was quoted 10% and only paid 3% after my fierce mother inlaw got involved!† ;D

The percentage is on the purchase price, so you can see how this can make a big difference!

Make 100% sure that the seller has a valid title and ALL taxes are paid up to date also.

Offline rdjlazo@yahoo.com

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Re: I need some assistance, please
« Reply #14 on: August 01, 2010, 04:00:44 AM »
Friscomama,

You said you were there 2 weeks.
Boots on the ground is very important.
You seem to be smart or hard working or you will not
be able to save big amount† money at that age.
If you will invest in that kind of project I will
recommend that you partner with some refutable
person or company who have experience on
the kind of business you want to get into.
The are out there.
I have a frient who did very well with a project there.
He moved there 2 years ago. He was able tog et out of
his co and able to sell his Calif bldg at the top value.
You can do it just be carefull.