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Wanting to purchase condo units for renting at Davao City Ph

Last activity 22 November 2021 by pnwcyclist

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GuestPoster04

I am interested in purchasing condos to rent each month or renting to incoming tourists and visitors,, I will have a professional website As an advertisement tool, rentals will be a one bedroom unites to 2 bedroom units, before purchasing what is it that I should be careful of?,,, meaning what are the wisdom and information of what I need t be careful of,,, regarding whom I purchase from {individuals}, or marketing agents whom builds the condos??, what’s the best referral strategies from individuals or builders, reality developers, and so forth,,,,

KMacDaddy

Wow Dude!  So much to say on this topic!
Where to start?
1) Are you living in the Philippines now?
2) If so, you must be aware of the fact Davao is prone to earthquakes!
3) Have you seen the quality of builds in the Philippines/Davao?
4) Have you ever sold a property in the Philippines?
This isn't southern Cali or Austin Texas! 
I have bought two condos in Cebu pre-built in 2014 and sold one of them in 2019 for a nice profit.  Up until a few weeks ago I was renting out the other condo.  It's doubtful I will get another renter in until the Philippines opens up again.  As much as both condo's went up in value I dealt with more headaches than you typically would in North America.  In fact, I'm still dealing with the builder on the condo I hold in regards to flooring and leaks in the building envelope causing water damage in my unit.  This is a high end builder who are always on time with sending me condo fees, but are worse than Filipino time on repairs and taking responsibility for defects & deficiencies. 
Brokers are always eager to sell you a new build or a property outside of your criteria, but are slow to sell properties you hold.  There is no MLS listing system per se and you could get stuck with a lot of inventory, which could be an issue if you need to sell quickly!
Am I glad I bought in the Philippines for the purpose of renting out?  Sort of.  Would I do it again?  Nooope!

GuestPoster04

Wow,,, that’s interesting to know,,, and no I havnt bought a condo before,,, but my father in law has tremendous skills in building,,, I’ve been studying about condo developments and rentals,,, I’ve been there looking into information regard g reality development,,, but sing a feasibility study,,, it’s important to use higher concrete to begin with,,, and trusted developers,,, I’ve started an organic liniment business, developing the organic liniment for arthritis pain and other purposes,,, their at Davao Del sur,,, and going to start on the organic natural paste for arthritic joints,,, in which actuality works in the healing process,,, we do have different options for business related proceedings,,, that would be me of the options we will be looking into before we execute our plans,,, thanks for the thoughts,,,,

coach53

Dont pre-buy before its done. Some developers are ok, but some are scammers/incompetent so you want to see before you sign any contract.

There is a tax law which make property tax go up much when a complex get finnished, so some developers never finnish a part of the complex, so it will look as a construction site for ever.

I dont know if its different for some biger/more popular by foreigners cities with stupid foreigners paying "to much"  :)   but in most of the Phillippines  rents are very low compared to construction/purchase price so its LOW income percentage. In provinces there are even houses for rent for 8000 PESOS per month and studio type appartments for 3000 ok looking...   
So if it isnt at a location where earnings can be done by raised VALUE adding profit...

BUT if you are interested in gambling at tourists will come back soon - By covid there can be purchase BARGAINS at real estate in general and EXTRA bargain possibilities at TOURIST locations and TOURIST businesses with buildings  as resorts and hotels.  I have seen some for sale very cheap by owners cant afford to keep or have given up waiting for tourists e g in one of the most popular tourist places before covid =El Nido, Palawan.  And people have told an other tourist place (some cheaper level tourism) Port Barton, Palawan, have become almost a "ghost town".  E g without realy searching I saw a hotel for sale in El Nido, which droped the asked price much soon, which  is a sign they can be desperate to sell. Asked price got droped to 14 million pesos.  Nice ocean view but not top standard. But there are such for sale there too. One I found after just looking a few minutes is close to ocean and have both grown ups and kids pool. Seller  didnt tell asked price, perhaps they hope to get "any" offer.  I know some who know of a lot of such for sale, if you want me to ask them. (At Palawan).
Btw NO EARTHQUAKES at Palawan   :)   thats why I changed my mind to there.

GuestPoster04

That is tremendous information, I so appreciate this very much,,, I will notify you through email, here is my email address, “ bryonlamos62@outlook.com”,,, thanks for the information it’s very helpful for me,,,

coach53

I dont believe we are allowed to post emails and such in public but I send you a private message

pnwcyclist

Just be careful with any investment in the Philippines. There is a lot that can go wrong and little recourse for foreigners if it does. Do a search of the site, there have been many posts.

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