Long term leases - Page 2

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Long term leases - Page 2


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  #11 (permalink)  
Old 30th June 2018, 08:00 AM
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Steve,

Thank you for taking the time to post this and for sharing your experience; I for one have learned a lot from it!
All good and Manitoba offers some interesting insights and scenarios. Good luck if you choose to go down a similar path.

Cheers, Steve.

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Old 30th June 2018, 08:40 AM
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Following this thread causes me to wonder if a lease of any kind is really needed at all? For living on Subic SBMA it is required for a home and for most condo rentals it's probably a good idea. But for regular home rentals (especially out of the cities) is it really necessary?

We own our own home but are living in a rental home and have done so now for over four years. We started with a lease and then said the heck with it. All as been and continues to be just fine. Again I understand this may be needed in the cities and also give us a sense of security as it would have in our home countries.

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Last edited by Asian Spirit; 30th June 2018 at 09:10 AM.
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Old 30th June 2018, 09:13 AM
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We started with a lease and then said the heck with it.
You're probably fine until the owner has some family members who become homeless for whatever reason and then decides they want to put them up in the house you're renting.
On the other hand, you're paying them rent and they probably dont want to lose that income you're giving them, so in the end, like just about everything else in the Philippines, it's a crap shoot.
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Old 30th June 2018, 11:04 AM
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It'll work fine until you have a better house than the owner.
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Old 30th June 2018, 08:07 PM
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Following this thread causes me to wonder if a lease of any kind is really needed at all? For living on Subic SBMA it is required for a home and for most condo rentals it's probably a good idea. But for regular home rentals (especially out of the cities) is it really necessary?

We own our own home but are living in a rental home and have done so now for over four years. We started with a lease and then said the heck with it. All as been and continues to be just fine. Again I understand this may be needed in the cities and also give us a sense of security as it would have in our home countries.
Morning Gene, if this works for you and you are comfortable with the situation then why bother with any sort of lease. For me I would like a lease as we did renting the condo in Manila, and if we were to rent short term in the province, again I would insist on a lease, this gives security to the tenant as well as the landlord,,,,,,, in theory (after all we are talking about the Philippines and nothing appears to be set in concrete).

Cheers, Steve.
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Old 30th June 2018, 09:24 PM
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Steve

No problems with what you posted about our discussion. I was going to message you suggesting we post most of it.


A couple things I'd like to add. You need a trusted local to make this work. Most people will pick your partner or SO but there are issues with that. Lots of the guys here are divorced back home and should learn from that. I am lucky, I worked in Afghanistan many years and was with one Filipino OFW for 7 years. We worked and lived in very close proximity and shared a bunker on numerous occasions. Any vets here will agree, something about shared danger over a long period of time in an intense situation builds strong bonds of trust and loyalty.

I would have the property in his name even if I had a SO. I'd then will the balance of the lease to her so she had a place to live after I'm gone and my kids back home would not have to worry about disposing of the lease.

Register the lease on the title and get the original copy of the title for yourself. That will make it difficult for a mortgage or sale to leave you out in the cold.

Be careful of the anti-dummy laws. It could void your lease leaving you very badly off.

Finally I'd like to point out that a 10,000,000 p investment for 50 years at 4% is just over 38,000 a month. If you can get a secure shorter term lease on a property, then that would give you the lifestyle you may be looking for without the huge commitment. At my age (62) I might look into taking a 5 year or 10 year lease instead. I'd not get back the SRRV deposit against the lease but I would also have a much lower cash outlay and less long term risk exposure. A 10 year lease at 4% and same payment for a 10,000,000 property 50 year lease would be just under 4,000,000. (5 years just over 2 million)

That would cover the time I would need a place with much lower cost outlay.

Everyone has a different situation. here are lots of options out there that can satisfy everyone's needs, wants and resources. There are a lot of unknowns. What will be our health? What will be our situation with a partner/SO? What will happen with the exchange rate, the economy, our investments back home, our family situation back home? What will be the political and security situation here?

All we can do is take a good look around and do our due diligence and cross our fingers and pick what we think is the best option for us.
There are many scenarios and one needs to pick what is right for them.
For us it was very simple, we wanted to be half an hour to an hours drive from the family, the property had to be absolute beachfront on a decent size lot (1 to 2000 M2). It had to be away from the highway but not too far, closish to a good wet market and shopping, hospital, a quiet neighbourhood, a decent house, water supply etc.
In our 3 years of looking we never found any beachfront houses to rent and as said took 3 years to find this property.

Just say we did find a rental that suited our needs I could suggest the rent would be PHP 40K upward over say 25 years (doubt if I'll be around beyond that) equals PHP 12M, possibly more as rents rise no different to earning money in investments. If we invested that money safely say in OZ at 5% = PHP 600K so in theory rent covered, for me not so, one has to consider taxation but the deal clincher is putting some of your returns back into your principal to keep abreast with CPI increases. Currently in OZ 2% = PHP 240K now we have a shortfall. Yes you still have your principal (mostly) but you just paid for the house again and the owner says thank you very much.

Investing the money in a property with a secure long term lease has it's ups and downs because you have locked that money away for 50 years, actually gone unless you can renew the lease. By the way over 50 years it drops the rent to 20K per month.
Maintenance, property taxes and rates and you are stuck there/committed if for some reason you want to get out. The upside for me is that I know that my better half will have a nice property that can be lived in or sold after my departure, security for him, we can always sell the lease to another and move on, the property stays in the family but useless for the duration of the lease, sell the property and buy/move elsewhere if we choose.
The property will hopefully appreciate in value at least with CPI increases if not more, we have the freedom to do what we want on the property instead of asking a landlord, we have a good size lot of 1,700M2 so great for gardening and pottering around, should keep me off the streets for years to come, I wouldn't have the inclination if I rented short term.

I am going down this road with eyes wide open and believe I have covered my backside.
This works for us both financially and as a chosen destination to retire, travel and enjoy life but may not suit others.

Cheers, Steve.

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Old 30th June 2018, 09:58 PM
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Morning Gene, if this works for you and you are comfortable with the situation then why bother with any sort of lease. For me I would like a lease as we did renting the condo in Manila, and if we were to rent short term in the province, again I would insist on a lease, this gives security to the tenant as well as the landlord,,,,,,, in theory (after all we are talking about the Philippines and nothing appears to be set in concrete).

Cheers, Steve.
Good Morning Also Steve,

You got that right on nothing in concrete. We've seen others in the area with a lease of ten years simply booted out with not much in the way or resource at all. Like anything else here the lease (or law) means very little. But like I said, so far so good. Makes it kind of an adventure living here even if the adventure is unwanted.
By the way, did you ever locate anyone to move a container from Manila to your location? Seems like the shipping company would handle it for a fee or know of a reliable company to do it.

Gene
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Old 30th June 2018, 10:18 PM
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Good Morning Also Steve,

You got that right on nothing in concrete. We've seen others in the area with a lease of ten years simply booted out with not much in the way or resource at all. Like anything else here the lease (or law) means very little. But like I said, so far so good. Makes it kind of an adventure living here even if the adventure is unwanted.
By the way, did you ever locate anyone to move a container from Manila to your location? Seems like the shipping company would handle it for a fee or know of a reliable company to do it.

Gene
Ah the adventure,,,,, we love it, lol.
No joy with cranes to date but we have time, funny as we have family there that we help but they cannot locate a crane company and their contact details for us and we asked them over a month ago and finally yesterday we get "yes there is one here but it's going to cost over 100K" but no contact details nor the type and size of crane. We didn't ask for a costing simply contact details,,,,,,,,, things as always get lost in translation, I tell Ben, he tells his Mum or Dad, they ask the relatives who ask friends and it goes on. A simple phone number will do fine, thanks.
Mogo51 said he will go down to the port at some stage in SFC and see what he can hunt up. We have time still so not panicking yet.
The forwarders in Manila have no contacts up our way and are not keen to send a truck up there without the security of a crane booking, slowly slowly Gene.

Sorry to go off topic.

Cheers, Steve.
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Old 30th June 2018, 10:38 PM
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....
The forwarders in Manila have no contacts up our way and are not keen to send a truck up there without the security of a crane booking, slowly slowly Gene.

Sorry to go off topic.

Cheers, Steve.
Can you get a mover with a self unloader? I have seen some with 20 containers driving around Manila. The truck can only put the container on the ground beside the trailer but can off load without any additional equipment needed.

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Old 30th June 2018, 10:42 PM
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Can you get a mover with a self unloader? I have seen some with 20 containers driving around Manila. The truck can only put the container on the ground beside the trailer but can off load without any additional equipment needed.
New topic Manitoba, will post in a minute.

Cheers, Steve.

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