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Hi.
I need some guidance here. I plan on making the leap from Hawaii to the PI in early 2017. I'll be 57 then and will still have to wait a few years before I can get my SSI (if there is any left). It is my intent to purchase 3-4 houses/condos, live in one and rent the others out. Condos would be nice if I can get them from the same owners. That will be my only guaranteed income. I plan on perhaps going into a business venture there but, I'm not counting on it. If it works fine, if not I still need to be able to survive. Online I have found properties in the 800,000p-1,000,000p range. These are in or near larger cities. According to my Fiancés brother those properties would rent out for about 10,000p a month. Does that sound ok? I trust her brother but I have to double check everything. I'm doing this on a real tight budget. I would also like to know if I already got a house and only need living expenses, what would I need to bring in monthly in order to survive? Say for 2 people. Could I survive on 20,000 a month?


Thanks ;0)
 

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Sorry I meant to say 20,000p now if I can just figure out how to edit my post. lol
Amount has been edited for you
 

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Hope you can get S.S.R.D.I. instead of S.S.I. With S.S.I. you have to live in the USA, with S.S.R.D.I. you can live overseas. Good luck, hope you can get here.
 
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Rental rates of a condo

Hi.
I need some guidance here. I plan on making the leap from Hawaii to the PI in early 2017. I'll be 57 then and will still have to wait a few years before I can get my SSI (if there is any left). It is my intent to purchase 3-4 houses/condos, live in one and rent the others out. Condos would be nice if I can get them from the same owners. That will be my only guaranteed income. I plan on perhaps going into a business venture there but, I'm not counting on it. If it works fine, if not I still need to be able to survive. Online I have found properties in the 800,000p-1,000,000p range. These are in or near larger cities. According to my Fiancés brother those properties would rent out for about 10,000p a month. Does that sound ok? I trust her brother but I have to double check everything. I'm doing this on a real tight budget. I would also like to know if I already got a house and only need living expenses, what would I need to bring in monthly in order to survive? Say for 2 people. Could I survive on 20,000 a month?


Thanks ;0)
You won't find many citizens here that would pay 10,000 pesos per month for a condo, they still need to pay the electrical bill ect.. citizens could buy their own condo for that much a month, it sounds cheap to us but keep in mind most citizens live on 5,000 peso's or less per month, they don't spend money on rentals or fancy foods like we do.

You'd have a a string of condos with no renters or trouble finding them or paying they bills and wrecking your units, think about those costs. I guess if you could find foreigners who need a spots by the month it would work, who's gonna pay 20,000 pesos a month for a condo rental? Way crazy.
 

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It really depends where you intend to buy and what the market can bear. I having a home in Bacolod City so I can speak on the largest city in ****** Occidental. The average rent for around there is about 8,000 per month for a two bedroom - two CR one story. My advice would be get to your area and feel things out, a lot of homes are for sale by owner. if you can hook up with some expats there is always one selling a condo or home. A lot of expats own condos which they can own outright as no land is involved. When we were looking to buy a place, an expat was trying to get me to buy his condo for 1.5 mil, and it was a simple one bedroom, one cr - standard apartment layout. The housing market is booming in ****** and prices are high and going higher, not sure when prices will start to drop. I would start small, buy one rental and see if being a landlord in a foreign country is something you would like to do. When we finally decided to build our own home, we built a small apartment next door and have income coming in from that plus we can always sell it if the right buyer came along. We also run a small sari sari store out of our house and serve food, and while that doesn't bring in a large amount of money it provides with 1) something to do 2) something we enjoy doing ( cooking & meeting people) and 3) we never go hungry. For the key to success is having multiple streams of income coming and not rely on just one source. Good luck and let us know how you make out. Its an exciting time in your life so enjoy.
 

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Discussion Starter · #9 · (Edited)
Mcalleyboy you miss read my post. I said I was told 10,000p a month rental PER house. The 20,000p would be the COMBINED income from 2 houses not one. Basically I was told (this is for the Angeles area) to expect a 1 bedroom house to rent for around 5000p, a 2 bedroom for 5,000 to 8,000p and a 3+ bedroom for 8,000 to 10,000p a month. Sounds like its not too far off from what Lanhawk is saying. I would imagine Angeles prices might be slightly higher than Bacolod? Any members here living around Angeles area care to chime in? So again I ask the question If I already have a roof over my head what kind of income would I need to survive on say for 2 people?

TY
 

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Hi.
I need some guidance here. I plan on making the leap from Hawaii to the PI in early 2017. I'll be 57 then and will still have to wait a few years before I can get my SSI (if there is any left). It is my intent to purchase 3-4 houses/condos, live in one and rent the others out. Condos would be nice if I can get them from the same owners. That will be my only guaranteed income.
Relying on someone paying rent as your "ONLY" source of income is a huge red flag especially if your tenants know rent is your only source of income.

Because, should you need to evict a tenant you will not have a wheelbarrow full of money needed to take them to court to get the eviction order should they decide not to pay rent. (i.e. can you pay your rent so i have money to take you to court so i can get a court order to evict you.)

https://real-estate-leasing.knoji.com/tenant-eviction-law-in-philippines/

Say for 2 people. Could I survive on 20,000 a month?
Thanks ;0)
IMHO, NO. I get the feeling that you have never been to the PI. Come here and see how many days 20K pesos lets you survive on.
 

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20,000 pesos is possible but no quests or in-laws... but this is the Philippine and our wives are some what social what about guests and In-laws? and you'd need your own transportation to get around in, boy thats cutting it real close but then again many Philippine families are able to live like this, if your able to not eat real humble and don't forget you might want to have internet, mine runs me nearly 2,000 pesos a month, I've seen some packages for 1,000 pesos and then a fridge and who knows occasionally turning on the Air conditioner, at bare minimum the electrical bill will run you about 2,000 pesos per month and add the aircon (few hours per day) fridge, tv and fan and it climbs to 3,000, what about filtered water and a hot and cold water dispenser.
 

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Discussion Starter · #12 ·
Relying on someone paying rent as your "ONLY" source of income is a huge red flag especially if your tenants know rent is your only source of income.

Because, should you need to evict a tenant you will not have a wheelbarrow full of money needed to take them to court to get the eviction order should they decide not to pay rent. (i.e. can you pay your rent so i have money to take you to court so i can get a court order to evict you.)

https://real-estate-leasing.knoji.com/tenant-eviction-law-in-philippines/



IMHO, NO. I get the feeling that you have never been to the PI. Come here and see how many days 20K pesos lets you survive on.
Good point to consider about tenant eviction. I really have absolutely no intention of being an active landlord. My intent is to let my wife's family manage the properties, since they will be getting part of this income. Why not let em earn a little of it?

Never been to the PI?? yea you are so smart you saw right through me I have never been there before in my life..u are a highly intelligent person if that's what you truly believe...did it ever occur to your highly developed brain that maybe when I do go to the Philippines I go as a tourist? And as a tourist I spend like a tourist, So no I really don't know what it takes to live in the Philippines. Which is why I'm here asking genius!

I must be wording my question wrong. I thought it was a basic simple question.
"if I already have a roof over my head, what would be a reasonable monthly budget for 2 people?"

Anyways thanks for the help, I'll try and finds an answer to my question elsewhere
Aloha...Mike
 

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Relying on someone paying rent as your "ONLY" source of income is a huge red flag especially if your tenants know rent is your only source of income.

Because, should you need to evict a tenant you will not have a wheelbarrow full of money needed to take them to court to get the eviction order should they decide not to pay rent. (i.e. can you pay your rent so i have money to take you to court so i can get a court order to evict you.)

https://real-estate-leasing.knoji.com/tenant-eviction-law-in-philippines/



IMHO, NO. I get the feeling that you have never been to the PI. Come here and see how many days 20K pesos lets you survive on.
That totally depends on you and your other. Typically,most filipina will want to show off . Mine is very frugal and budgets. We live very well on little. Im blessed. She is a rare person.
 

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That totally depends on you and your other. Typically,most filipina will want to show off . Mine is very frugal and budgets. We live very well on little. Im blessed. She is a rare person.
It also very much depends on where you live, any city will be much more expensive than the provinces. I just gave a ball park figure, if you spend more you need to look at what you are spending on, if less great. The important thing is not to give the impression that you can live like a local, you can try but it will get old very quickly.
 

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Really one of the most common questions ask is what will it take to live in the Philippines and the answer is.. there really isn't a right answer for everybody. One has to take in consideration what one has to live with and what one can live with out. I have seen guys live on about 8 K pesos a month and and seen guys spend that much in a day. For me, Internet runs about 1500, want cable tv - add another 1000, and electric, now that is the killer, the rate for electric in the Philippines is highest in all of Asia. Need aircon to sleep, electric goes up. I think you get the idea. I personally think the hardest year is the first year and that's because as an expat we generally spend too much, eat out too much, become too generous with our money and need to remove the "western way of living" idea in our heads. I hope you stick around this forum as we are interested in your story of transition because nobody has the same story.
 

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Hi.
I need some guidance here. I plan on making the leap from Hawaii to the PI in early 2017. I'll be 57 then and will still have to wait a few years before I can get my SSI (if there is any left). It is my intent to purchase 3-4 houses/condos, live in one and rent the others out. Condos would be nice if I can get them from the same owners. That will be my only guaranteed income. I plan on perhaps going into a business venture there but, I'm not counting on it. If it works fine, if not I still need to be able to survive. Online I have found properties in the 800,000p-1,000,000p range. These are in or near larger cities. According to my Fiancés brother those properties would rent out for about 10,000p a month. Does that sound ok? I trust her brother but I have to double check everything. I'm doing this on a real tight budget. I would also like to know if I already got a house and only need living expenses, what would I need to bring in monthly in order to survive? Say for 2 people. Could I survive on 20,000 a month?


Thanks ;0)
So you will be shelling out roughly 3-4 Million pesos?
If I were you don't put your eggs in one basket.
What city are these properties located? How big is it?

Living on 20 thousand pesos is cutting it very close. You should make some slack for any incidentals.
 
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