Advice Needed: First-time Buying Condo as Rental Investment

[Post under review]

[Post under review]

@samahantayo   So what would you suggest?  

@Daytripper 

Suggest about what?

...about living shelter in Philippines.

It depends what you want it for, but I pretty much agree with the others, as I stated in an earlier thread in this post. Buying a condo in the PI is really risky and can be fraught with issues, with little legal recourse available. You are not protected by laws like in western countries. It is far easier to rent and then you can move somewhere else when you want, or if you have bad neighbors. Rent is CHEAP in the Philippines. 

I would definitely not do it for rental income as there can be restrictions and many sit empty. Some have even found they were in violation of rules and lost their financing. As others mentioned, keep your income prop in home country where you're protected.

Paragaon Plaza Condominium was were i used to live but myself and many people moved out due to poor management so i highly recommend you check reviews online of the condos management before making any decisions.  So i'll go over what poor management of a condo building feels like to live in.

Our condo units are now decreasing in value despite the whole city soaring up in prices. Nobody wants to rent or buy here paragon plaza because its soooo poorly managed, the new management just closes everything, our pool and outdoor garden closes for no reason at around 5pm, they leave all the lights on outside but lock the doors so that residents cant enjoy relaxing in the outdoor space or swim the entire evening. The outdoor garden shouldn't close at all, let alone at 5pm. They also close the gym multiple times a day for an hour each time. They make you sign in, log in everywhere for no reason even though the guard could simply do this task for you if they want to track you.

They also closed our rooftop garden that overlooks the city, something that could really add value to the condos inside the building ''rooftop garden'' is very desirable. Guess how long thats been closed? ..... about 7-8 years. They also closed the pool for 2 years and many residents believed it was due to corruption as they would replace the whole pool and garden deck for 6 months, then 1 single tile would come off, and they would re-do the entire pool with new tile for another 6 months, this happened 3 times!

Good luck.

Gonzales.

@Gonzales100

As I’ve said before on this forum. Today’s luxury condominium is tomorrows tenement block🙄