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Author Topic: Foreclosed properties  (Read 4860 times)

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Foreclosed properties
« on: August 01, 2008, 11:39:24 AM »
What a hassle dealing with National Home Mortage!!!!† My wife has been on the phone to Manila and their Cebu City Office so many times over time that I have forgot, dealing with the KNOW NOTHING people, that answers the phones! You might as well FORGET about email or text, NO response!! Well, in reality, everything so far is............... Filipino standards in this Country, IMO!!!

We are in the process of buy the foreclosed house/lot, (paid as soon as the paper work arrives from Manila to Cebu), from them that\'s next door to our house. The house has been STRIPPED of electrical, plumbing and windows and has much termite, (walls, ceiling and doors), damage. It\'s a shell with a HD GI roof, (not easily to find for these days).

I figure, (with much experience), with my SUPER two Pinoy guys and Php200,000Ī later, (giving less the Php500,000 total), we will have our 5th rental in this subdivision to foreign standards and in the process, extending the back Bedroom and Kitchen by 12 sq. meters and a deck above.

We have been working on this property for some 3 years, (our attorney\'s office at the start, did little if anything), and we are researching now, two other properties inline, (down the street), with this one.

There is much that can be bought across this Country as to foreclosers, but I want to keeping our rentals, where standing in the street in front of our house I can see them!† ;D

I think I could hire out my wife as a legal aid, (to attorneys??) for properties in this area! LMAO!
B-Ray


 

Offline samatm

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Re: Foreclosed properties
« Reply #1 on: August 04, 2008, 05:47:02 AM »
wow I find it interesting you are tenacious enough to bear with a 3 year bogdown and keep on a pluggin.† Good for you.† I am aloso very impressed that you have a number rental homes to foreign standards.† †  I will be moving to CEBU soon and may want to rent out one of your rentals if available.†

I would also love to buy a couple beers or whatever and pick your brain about buying and maintaining rental properties.† † † Keep it upl

scott

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Re: Foreclosed properties
« Reply #2 on: August 04, 2008, 09:10:42 AM »
Hi Scottie,

Well 1st, we are on the next North island from Cebu, Negros Oriental outside of Dumaguete City.

Pick\'n me pea-pick\'n brain ain\'t no problem, what-so-ever!† ;D

What we is a-do\'n works for us and ain\'t every bodies cup of tea, beer or whatever.
B-Ray

wow I find it interesting you are tenacious enough to bear with a 3 year bogdown and keep on a pluggin.† Good for you.† I am aloso very impressed that you have a number rental homes to foreign standards.† †  I will be moving to CEBU soon and may want to rent out one of your rentals if available.†

I would also love to buy a couple beers or whatever and pick your brain about buying and maintaining rental properties.† † † Keep it upl

scott

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Re: Foreclosed properties
« Reply #3 on: August 05, 2008, 08:11:01 PM »
We just returned from Cebu City with this buy. Believe me, we ain\'t like\'n that trip!! I could care less if I ever see Cebu City again!!

It is OURS and with the cost and taxes/fees under 1/4 million pesos. Granted, it is a TOTALLY fixer-upper!!!

But, I be have\'n some of dem dar plans with dis here thang!† ;D

It is a 92 S/M,† Pinoy built 2BR 1CR subdivision house from back in the early 90\'s on a 100 S/M lot. Now hows that for NO yard! But with this one, like ours next door, there is a 69 S/M right-a-way per lot that everybody has taken over along the, (so called DRY creek), creek, and blocked fenced. This Pinoy subdivision will NEVER be totally developed as planed!! With our rentals, we have upgraded GRRRRReatly the area! BTW, it\'s NOT Nipa city!!!

I figure, (already done 2 remolding of this type), at todays prices, with new electrical, plumbing, plumbing fixture, a totally new kitchen, AC both BRs, H/C shower, ceiling fans in the LR and both BRs, extending the roof all around for a covered walkway with a patio front and rear and the rear patio with a deck overlooking and concreted all around the house, tiling the house including the rear patio and deck. Then furnishing the place as we have done in all the other apartments, for UNDER Php 1/2 million including the cost to buy.

This will make our 5th rental, (and the best buy so far), and completed in about 4 months.

Some of you know, that I have talked about our investments with the Legacy Groups, (3 and 5 year thingies). This buy is from my wifes investments and the remolding from my investments monies earned from these investments. We also bought the KIA Sportage.

Some day, as I\'m now nearing 70, I just might learn how to retire???? FAT CHANCE!† ;D
B-Ray



† †

Offline IMAPJ46

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Re: Foreclosed properties
« Reply #4 on: November 29, 2008, 02:33:16 PM »
B-Ray,

Sounds good with the foreclosures and fixing them up....good job for rentals. How did you find the property online? Also I\'m in with the Legacy investments...good deal. Was a little worried my first contract. But it went through superbly. Now investing more.
I have some buds here are skeptical about Legacy...what has been your dealings with them? Mine have been great. Looking to double in another three years...actually more than that. 3 percent a month. Checks quarterly. Yahoooo!

Your thoughts are appreciated.

Cheers Doug and Gie

Offline Indian

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Re: Foreclosed properties
« Reply #5 on: November 30, 2008, 04:56:16 PM »
did I read well? you get a return of 3% per month? Net?

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Re: Foreclosed properties [Legacy Groups]
« Reply #6 on: December 01, 2008, 08:35:15 AM »
Legacy Groups:

The 5 year 20% CDs with the PDIC included up to Php250,000 is in tack and working. The 3 year 33 1/3% per-dated checks non-PDIC has hit a snag and they are working on that. Two banks, (not own), that they were using went belly up.

Checks written for Nov and Dec 2008 is where the rub is. They are writing new checks dated 60 days later and adding 3% more each month for those two months. New checks for the rest of the holding with those two banks will come next year. They needed the two months to reorganize the program.†

BTW, the 5 year 20% CDs is in banks covered by the PDIC that Legacy owns, (12 banks with 43 branches).

There\'s a risk with any investment! Even with the present snag, things still looks better then the stock and bond market, IMO.
B-Ray

did I read well? you get a return of 3% per month? Net?

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Re: Foreclosed properties
« Reply #7 on: December 01, 2008, 10:04:24 AM »
B-Ray i have been following your posts about legacy and I wonder did you figure in your calculations the currency loss of dollar to Peso over a certain time span. You seem too have Peso generating business how about the people converting their dollars? Dick

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Re: Foreclosed properties
« Reply #8 on: December 02, 2008, 11:40:00 AM »
Well Dick, your guess most like would be better then mine today?

From my POV, it takes pesos to live here regardless what the exchange is. Over the long haul we have fared much better, (so far), with converting a big chunk back in 05 when the peso was gaining big time and building for income and RP investments over the last 3 years.

If I had that big chunk today, would I do the same? I haven\'t followed the system that close to say? It\'s been reported that the peso will fall sometime in 09. But, as things are world wide, who knows these days with governments flooding the market with their currencies in the BILLIONS? It\'s yet to see, what worth/effect those printed currencies will have in my lifetime, (70 next month?

It\'s a very different environment today, then back in 05 when I bit the bullet and betting on the peso.

I still believe I made a good choice for the long haul! With what we have put together and will finish up what\'s in the mill next year with everything paid for. We could cut the rent by 20/30% and take back the freebies and if the cost of living in the Philippines should double from today, our live style would not change.

Granted, that\'s nothing more then a bet on the future as best I know how!
B-Ray†  

 

B-Ray i have been following your posts about legacy and I wonder did you figure in your calculations the currency loss of dollar to Peso over a certain time span. You seem too have Peso generating business how about the people converting their dollars? Dick

Offline dormouse3

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Re: Foreclosed properties
« Reply #9 on: December 02, 2008, 04:42:03 PM »
BRay, you have hit on one of the first rules of Rental-owning:† Buy what you can see.† Another rule, if you can:† Don\'t let the tenant(s) know you\'re the owner.† Otherwise they\'ll be all over you day and night for trivial repairs and other \"problems\" (to them!).† If you can see them, they can see you!† Sounds like you\'ve got the syste down pat, though.† Way to Go!

Offline testmike1212

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Re: Foreclosed properties
« Reply #10 on: December 21, 2008, 12:42:11 PM »
Hello!

Has anyone encountered or bought any foreclosed properties that looks like it will be contested in court? The former owner apparently is decided in buying their foreclosed land (which, from what I can tell, is also their ancestral land). Thing is, I reserved the land at the bank two weeks earlier than the former owner.

Should I pursue the land, or should I avoid this land like a poisonous snake?

  • Guest
Re: Foreclosed properties
« Reply #11 on: December 21, 2008, 02:49:51 PM »
Hello!

Has anyone encountered or bought any foreclosed properties that looks like it will be contested in court? The former owner apparently is decided in buying their foreclosed land (which, from what I can tell, is also their ancestral land). Thing is, I reserved the land at the bank two weeks earlier than the former owner.

Should I pursue the land, or should I avoid this land like a poisonous snake?

We bought foreclosed property from a bank but had no problems. I would have thought that the previous owners did not have a leg to stand on, but this is the Philippines, who can tell. The dispute is between the original owners and the bank, so you could just sit back and let them sort it out. You should bear in mind that if the banks wins and you buy the property, you could get the original owners or their friends and family causing you a lot of problems. My advice is that unless you really have your heart set on it, I would give it a miss. There is plenty of property available here, and you may find something better and cheaper.

Colin

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Re: Foreclosed properties
« Reply #12 on: December 23, 2008, 11:20:50 PM »
Set things up so there\'s no or not much repairs to be done! When we remodel one of these foreclosers, it\'s basicly starting with 4 walls and a roof.

These are not big houses, just Pinoy built 2BR in a Pinoy subdivision. Two years ago, I figured 1/4 million to remodel. these day I\'ve up it to Php300,000 with the one we are working on.
B-Ray

BRay, you have hit on one of the first rules of Rental-owning:† Buy what you can see.† Another rule, if you can:† Don\'t let the tenant(s) know you\'re the owner.† Otherwise they\'ll be all over you day and night for trivial repairs and other \"problems\" (to them!).† If you can see them, they can see you!† Sounds like you\'ve got the syste down pat, though.† Way to Go!

  • Guest
Re: Foreclosed properties
« Reply #13 on: December 23, 2008, 11:31:46 PM »
The title holder has ONE YEAR to reclaim after the date of the forecloser.

In other words, the title holder on the deed, must pay UP FRONT what is owed on the mortage PLUS what you have invested, PLUS fees and taxes.

If, the ONE year time limit has passed, the OLD title holder doesn\'t have a leg to stand on.

My information comes from the National Home Mortage, (government agency), that we have dealt with. We have not had any dealing with a bank.
B-Ray† †

Hello!

Has anyone encountered or bought any foreclosed properties that looks like it will be contested in court? The former owner apparently is decided in buying their foreclosed land (which, from what I can tell, is also their ancestral land). Thing is, I reserved the land at the bank two weeks earlier than the former owner.

Should I pursue the land, or should I avoid this land like a poisonous snake?

  • Guest
Re: Foreclosed properties
« Reply #14 on: December 24, 2008, 09:59:57 AM »
Before we bought our foreclosed property from Landbank, PNB told us of a property they had where the original owners were blocking access to the property even although they no longer owned it. You don\'t want to buy property if you get neighbours that are unhappy with the loss of their land and could cause you problems.

We have just bought the lot next to ours from the brother of the original owner of our lot, so we know they are happy with the situation.

Colin