❌ The HUGE PROBLEM With Buying Condos in the Philippines right now EXPOSED…❌
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- Опубліковано 15 лют 2024
- #philippines #manila #bgc #passportbros #expat #afam #jasperinthephilippines #cebu #angelescity #makati #mactancebu #boracay #bonifacioglobalcity #manila
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I have to admit I didn't like your channel at first, when you were attacking other youtubers and all that negative stuff. Too much ego, but this is really nice content and nobody else has information like this. I'm going to have to pay you more attention from now on.
Thank you my friend. I appreciate it. 🤝
I agree, be careful buying. There is a partial built condo in Century City next to Milano residences,
In Makati, construction stopped yrs ago. Developer problems? who knows. Hire a lawyer for any purchases
Yup
I totally agree with you. I live in Cebu and condo prices here is getting out of hand, doesn't make sense for ROI. I'm looking for pre foreclosure or foreclosure condos right now.
Smart
Ok
Best thing I did was wise up and pull out of my pre sale 25M condo about 6 years ago in BGC. I finally realized they sell the 60% in Filipinos at a huge discount. Charge Foreigners top dollar and then evens put to them....hence the only way they can continue to get the needed condo units sold....and often times they are stuck holding a huge inventory for years and years after the high rise is built. I have an American friend who went the cheap route and bought three small units in Cebu and I was talking to him today and he said 10 years later and he cant even sell them for break even. Their whole sales pitch is to lie....lie ...lie. They could never produce a single piece of paper to back up a single word Alaya Land Premier ever said until I finally realized it was all a complete lie.
Excellent advice with the 2mo deposit/postdated checks. Thx for sharing. 🙏🏻
No prob
Hey, congrats on 40k Subs.
I told you when you 1st started, provide good content & people will listen 👏
Salamat 🫡
Don’t let the door hit ya in the ass George
At 5 foot 10 I can’t reach a door knob. Interesting thought. Thank you again for all your comments for the algorithm and pushing the videos. They say your haters are your biggest fans. 🫡
Thanks for the info!
You’re welcome
You are right on target here. It's not a good time to buy and you have the leverage to negotiate leases.
There is a global real estate investment bubble. And the AirB&B market is oversaturated.
One hit from a deeper recession in the west and it will pop. Then that will be the opportunity to buy at the bottom or negotiate very long lease.
Yuppppp
I like hearing your recommendation NOT to do post-dated checks when renting in the Philippines. I've seen so many places for rent that stated they required post-dated checks and I've never liked that but I also didn't realize how serious a crime it is in the Philippines if your own bank decides to reject one of them.
Yes sir
"What if theirs an earthquake and levels property " Don't cash my remaining checks, please😊
😂😂😂😂
Great content! I need some help and inspiration at this point. I've been looking to buy a condo for my parents to retire but they're keeping their homes in America soda maximum budget is 10 million pesos. They are used to a Suburban existence and don't want to move to a tropical undeveloped Oasis. All I keep finding are the shoe boxes you previously mentioned. Now the plan is to buy two one bedroom condos side by side for 5 million and combine them. You've given us some hope that this could possibly happen if not now in the near future. I see all that to finally ask what is your recommendation for a resource to buy these cheaper condos and in what cities would you look first second and third? Thanks in advance for reading all of this!
Thank you let me research. I’ll comment shortly.
Curious, are most condos in Makati, BGC etc. somewhat sound proof or do you hear lots of noise from neighbors and traffic outside?
I don’t hear much. I’ve lived in 5
2 problems usually; Bad main door and bad quality windows.
Have not experienced that
Thanks for the great Info..
You’re welcome
I’m interested in BGC and just checked a couple buildings but you nailed it. It doesn’t pencil out. Only do it for a lifestyle play. I bought a place in thailand heavily discounted on the resale market last year and as an investment is it hasn’t performed well yet; as a lifestyle play it feels good to own but it’s hard to find tenants. Both Philippines and in Thailand have many listings competing against each other
🎯
Seems like a nice guy
👍
In any real-estate you always have to by location, location and location. What I mean by this is never buy for you, but buy for the potential it will bring, does it have traffic, what drives demand in the area now and un the future? Look I bought a condo last yr in Manila and dont/ will never have a problem selling it bcuz of the demand and traffic of the area. Always do an extensive research of the area before buying.
Hi. Thanks for the info Thinking of owning a condo in Cebu area but I will hold off based on your info. Not planning to get there until after 2030 anyway.
Ok ok 👍
Its getting more expensive even the house here now in tje US they said it will come down the price but nope.our neighborhood here just sold in just few days in the market. They own their house for 7 years and made almost double omce they sold it .
Just buy a lot and build a custom house. Thats what I did in Manila. Couldn't be happier. But, I also bought a condo for my two daughters to stay while they are studying at a university nearby. Now, I can sell that property when they are done later with no problem. Rental demand in the area has a one month waiting period.
Wow
Does your wife own the house.
Great advice great video
Thank you
Great info! 🎉
Salamat
@@JasperinthePhilippines Walang Anuman Po. 🫡 Emailed you. 😘
Ok ok. I’ll check
Just want to thank you for the tidbit of info.
You’re
Welcome
You have got to be insane and love 🔥 your 💸 to buy anywhere in the Philippines right now. It'll make the 2008 GFC in the U.S. look like child's play. HUGE Real Estate Crash Incoming. Rent for the next several years before thinking of buying.
Yup. My exact plan
Many people get suckered into buying with those 15k php a month deals. Not knowing the total purchase price. Lol
Yup
Thanks for a good advice
👍
I'm moving to Cebu in June and only renting for the next yr or 2 until this market settles out more
Yes I will be renting for at least 1 year
Great topic as usual..listen up first timers..
Yes sir
If you buy a condo in Dumaguete, you will not get your title even if you pay 100% cash and you will end up joining the lawsuit club
Oh no no title no deal
Why is that so?
?
@@JasperinthePhilippinesforeigner can only rent can't buy. Locals have to own the land.
100% agree most expats are better off renting or buy a plot of land ( In Brazil foreigners can own land ) and have a 🏠 built to your specifications as labor is much cheaper in both Brazil and The Philippines.
Texas maybe however I imagine property taxes are lower in the Philippines as mine are about $120 yearly here in 🇧🇷.
Gotcha. Thanks for sharing
i have done so much better than 15% after 12 years in the US. The philipines has been and will continue to be a horrible investment.
What's with the 60% (?) pinoy-owned condos per building if condos are created for foreigners? Are the buildings full of 40% foreign owners and 60% foreigner renters? Thanks, good info
Not sure that are enforcing that. I know that is said but it seems it couldn’t be an enforced reality.
@@JasperinthePhilippines ahhhhh lol good to know haahahah friggin phils lol awesome
Not sure
Many Filipino Balikbayans buy luxury condos in Metro Manila as a retirement property
May I ask how you pay your rent? Do you do monthly bank transfers?
Yup. My girl transfers it. But when I was single. I would just walk in the bank and pay with cash.
haha,,,just withdraw from ATM machines,,,,i did that for 7 years,,,no problems,,,In cebu city there are so many banks and ATM machines,,,,if u worry about the atm charges then u are poor and should not be in the PI,,,,hahaha,,,,I would never own land or any property in the PI, unless u have a lot of money and do not mind walking away.
Is there any update on the real estate situation in BGC?
Nothing. Still same same
Good advice. Thank you
You’re welcome
What is the difference between 2 months deposit and advance. I’m just trying to learn all this and it’s hard finding information.
Two months advance is two months paid upfront for the actual rent. Two months deposit is a security deposit.
@@JasperinthePhilippines Ah ok thank you for explaining that sir.
Always a pleasure watching your channel. Visually rich, unlike other platforms. Renting vs owning a condo. I'd rather be mobile than stuck in one place. Financially secure, unmarried, my kids are grown-up. Pure retirement. I love fishing, that beautiful beach in this video is inviting. Keep up your good work.
Thank you my friend 🤝
You can put 250k in a extremely safe capital one savings account that gives 5% interest. That 13k a year in interest.
Nice
Better place it in Pgibig MP2 at 7% per annum.
There's a simple way to express the profitability of a rental investment property. It's called the 1% rule. If a property won't rent for 1% of the value per month it's a bad investment. IE if the unit cost 250K then it should rent for $2,500 a month and if it doesn't it's not a good investment property. If it rents for $800 a month you shouldn't buy it for more than $80,000.
Yup
When do you think the price of condos will go down? My dream is to own my own condo in the Philippines as a Summer home
Time will tell
Would like to see a Puka Beach vid Big J if you get up that way 🤙🏾 loving these beach vids, like freaking crack cocaine 😂
Yes sir
A number of condo's I've been watching have been on the market for well over a year, slowly dropping in price. Most insanely over-priced IMO.
Yup 🎯
Wow please make a lot of content like this.
Will do 🫡
I bought in Cebu 2012 for 4.5 million 90k, USD , 60 square meters . I airbnb it and net 60,000 php monthly , thats 15% ROI return yearly . Prices now are inflated , wait for the crash then buy
Yup
Are there any restrictions doing an Airbnb in the Philippines?
@@user-ih3nx9rv6j Some condo buildings do not allow airbnb but most do allow it. No restrictions on airbnb in the Philippines like in the USA
very nice beach! good info....
Salamat
There are many places in the world where this is the case: Africa, South America. Asia. The rents drive valuation in the long run. Median family incomes drive long-term valuations. PERIOD. Foreign inflows eventually dry up.
Yup. Agreed 🤝
Times are different. Your opinion is based off of history. However it’s a different world now. Many people can work remotely or retire early or just can’t take it in the us or other countries and are looking to leave. This is worse now more than ever.
So hard to make a prediction like this.
Ok
Buying or investing in the Phillipines at the moment is a no no .
Ok
You must rent. Far simpler
🎯
Finally someone saying what I have been seeing. Wait for the global financial crash. Prices will come back down to 2008-2015 level and after much lower to thai level.
Could be
Have the condo prices changed in BGC?
Not too much
you think this is mostly condo market? what about regular house and lots?
Those should be fine
Foreigners can’t buy houses, only condos
Yup.
Yeah im good i use airbnb, one of the owners of my condo i rent from him because we are good friends, besides that i agree no way id buy a condo myself that would be insane. Especially how scummy the companies are there are two buildings that were suppose to be condos and they never even finished it near my condo 😂
Nice
hey jasper wuzz up big dawg long time no see i just wanted to say hi and i still love my grannies hahaha grannies forever you girls never
😂😂😂😂😂😂 grannnyssss 🫡
Great vid ,appreciate your honesty, Philippines condos are low quality and way, way , way OVERPRISED , Thailand is half the price and way better quality and double the square footage ,which makes it 4 times better than Philippines, also Thailand has good infrastructure, better food and standards, transportation, and they also care not to dump trash everywhere
The ladies in Thailand 99% of the time only want TRANSACTIONAL & prefer Thai men. Infrastructure is great in BGC & Boracay island is better than any beach in Thailand. I disagree.
true...but the VISA SCHEMES and the 90 day PAROLE rule for foreigners is horrible! Too much corruption on both sides.
We're riding with ya.
🫡
Which countries do you recommend buying condos, other than the US?
I don’t have a recommendation you would have to do research
China where the market has crashed
Condos are not worth the paper they're written on, staying in Makati at Gramercy was great, newish building, hardly proper water pressure for shower, concrete edge on balcony breaking away, lights in beautiful infinity edge pool floating about, when you point it out it's "yeah we know" , they plonk in a new building and leave it as is, no proper maintenance on anything, shocking ownership....😮
Lived there I get it
I’d rather buy a condo in Hawaii 🤙
Nice
@CitOTW The same homie. Consolidating my videos to this new channel but I like Jaspers content. If you dont have kids, makes 0 sense to buy in PH. We are building and are handing the property to our kids, if that wasnt the case makes no sense to buy.
🫡
Great info, thank you!
You’re welcome
And that is why condo in ph is not an investment😂
Facts
Mine is up 2 million from 2018 in QC.
You need a beer bro
lol. I don’t drink. 2018. Different time
Try selling it, then you'll know the real market price
Hello Jasper, You should talk about the expats in dumaguete fighting at ground zero.
lol. Not really my lane I don’t talk about specific people.
Hey little guy, thank you for the comments for the algorithm
I bought and rented out a condo unit in Manila - oh dear; when the tenant left and I saw my unit - felt like crying - curtains had cigarette hole, stove benchtop burnt, walls dirty and unit smelt bad - had to re-paint and repair the unit -(my agent gave the bond back to the tenant??) l just sold it!
Having said that I own my own unit in Mandaluyong, and as a retiree for over 10 years it is nice to have one's own unit, and not have to deal with a landlord.
(I should add the person that ruined my unit was not a Philippina)
Gotcha.
Good to live in.
Not good to rent out in that scenario
Yo luv the channel always glad to see your content you always break it down with no B.S.
Salamat 🫡
Man the price of real estate in the Philippines is absolutely CRAZY. Makes no sense. More expensive than the US!
In some cases yes
I agreee
Rents cheap though
....and if you buy a cheaper priced condo the HOA don't pay for upkeep and they die a very quick death, condos that are 10 years old, half the elevators are broken, the pool is broken, tiles are broken, cracks in the walls un-painted.
Yes sometimes
Great, informative video! Thanks for sharing. 🙏🏼
Salamat
@@JasperinthePhilippines looking for a rental on the beach in Boracay. What are the comps? If you have a rental agent you can refer I’d greatly appreciate it. Thank you 🙏🏼
Email me it’s under my about section.
@@JasperinthePhilippines will do. Thanks!
Are ya gona meet up with Andy omar he's in borocay know to
I’m in Manila boss that was 4 days ago I got home.
Prerecorded.
Dang lol
Yuppp
There are many Chinese offshore companies during Duterte's era and many of them are illega but Duterte is protecting them. Most of their employees are Chinese mainlanders. Realtors took advantage of the Chinese influx that's why condo prices went up. Current ph government is now ready to close down all those chinese offshore companies. So condo prices might drop.
Good
A condo for $250USD in the Phillipines is wild. I'd expect a mansion for that price.
Yup
BGC. lol
EXACTLY!!!!
Philipines prices compared to rent values are completely out of wack. If you buy in the Philipines you will never find a local buyer when it comes time to sell. Your ability to sell depends upon finding a foolish foreigner to buy your condo.
Have to agree
Interesting
👍
Overpriced condos are for real. 5-10m for a 2 bedroom units with not enough space are ridiculous!😂😂😂
🎯
what are the best 2 websites to see property on?
Rent or buy?
options for both. in usa Zillow and Redfin are great at sorting all the options, I havent found anything good for PH that I can sort sqm, price, and use map view to basically learn the demographics of the areas based on the results of my narrowed range and results@@JasperinthePhilippines
@@BladeBarnRentpad for rent & Facebook groups and marketplace.
What is the reasoning for a two month deposit, if I'm going to pay rent anyway? Sounds dumb. Security deposit is normal stuff. Thailand does two month security deposit plus first month's rent. Why does Philippines need two month's rent deposit?? However, I never understood the two month's security deposit when one month will suffice. I think it's all just an upfront money grab...just in case something happens.
Yup.
its because foreigners always leave pinoys and brake their hearts.....hihihi
Only a sucker would buy in a foreign country. When rent is so inexpensive renting is better than buying especially that if something goes wrong you can just pack a suitcase and leave. It can't be easy to sell those condos once you buy one.
Ok. Thank you for your take
With the high interest rates in PH you'd be damn stupid to pay more interest on a mortgage than you would pay in rent for the same place. Plus condo's there do not appreciate since after few years when they start to deteriorate the management cuts on maintenance, they deteriorate more while next door a new tower arises with brand new condo's and amenities. So many once prestigious condo buildings now look like crap with cracked tiles, dirty stained walls and ceilings and cockroaches everywhere. And we are even talking buildings from the 21st century. Come to Amsterdam, London or Paris and you will find countless well maintained buildings from the 17th century and even older.
Interesting perspective.
Salamat
Part of the reason why condos are too expensive is because of some dumbshit law where they say... If you build a condo you also have to build low cost housing for poor people on a 1:1 ratio 😅 So basically the people who are buying a condo will also have to fork the out money for the housing they are forced by law to build for poor people. I know this cos they are building those tenements not far from where I live... about a dozen or so buildings lol
Ok 👍
Buy a $500K home in America, rent it out at $3K a month, then move to the Philippines. 🤔
Yup
Or 250k in Texas rent for 1600 move to Phil’s
The prices of rental in the Philippines is not because of you UA-camrs. We cater to our local market as well so don’t generalize
No I’ll generalize. Most locals can’t afford BGC.
I'm traveling The Philippines right now.
Haven't been to Makati, but Forbes Town, BGC is legit.
I can see renting a place therefor 40k a month, to live there
A fraction of what a similar place in Brickell costs.
True
That GYAT atbthe end tho
Gyat?
Don't want t to rent to chinese or indians, we rent a beach house for 166 in samar you can rent forever and never pay as much, keep my home in Seattle
Nice
I went and saw one complete rip off, $750 USD to live in a filthy manila street
What street was that
@@JasperinthePhilippines don't know mate I went to a presentation at a shopping mall. Prices were like Sydney Australia, in manila? They have got to be joking
Lol
Thank you for your comments for the algorithm baby girl
@@JasperinthePhilippines I'm a man from Australia mate
My favorite four letter word in the Philippines:
RENT
True
I have 3 condos
1st - bought 16 years ago for Php 670k. I'm renting it out for 18k a month. Condo dues is 1500.
2nd condo - bought 5 years ago for Php2m renting out as staycation/Airbnb with gross monthly income of 38k - 45k. Net of 30k - 35k
3rd condo - just bought it for Php 2.2m same as my 2nd condo. Renting it out as staycation / airbnb. Same income.
If you are buying condo for rental business dont buy in BGC or any CBD. ROI in these places is 15yrs or longer. Dont buy worth 3.5m and up.
But if you're buying condo as your residence. They are the best place.
Nice!!
Great deals!
Meh. I own four luxury condos in a major CBD. Net Return is 7% to 10%, depending on when I bought the units. My tenants are Foreign executives and their companies pay 12 months in advance plus two months deposit. My car park spaces, on the other hand, earn a net 11%. What's also good about my system is my units are well taken cared of and my condos have appreciated more than your cheap condos. And the fact that I get 14 months in advance means I can invest that in a Dividend or Pag-Ibig fund at 6% annual return.
@@robocop581 I dont agree with that high end condo appreciate more . The first condo that I bought has now appreciated more than 500%. The ROI was only less than 4years.
My 2nd and 3rd have appreciated by more than 100% in less that 5years. Their ROI at most is 5years.
Your luxuary condo with net Return of 7% has an ROI of over 10yrs. I doubt if they appreciate 100% in 5 years. The problem with luxury condo is that its hard to resell. Rich people like you would prefer to buy a new condo than a run down. The rental rates for luxury condo decreases as they old. Again, if I have a money and rent a place. I will prefern a new one.
My brother in law who owns a condo near Legaspi Park bought a 6.5m condo over 10years ago. Considered as high end / luxury condo at that time. He put it up in the market for 9m. Still no takers for almost a year now.
@@macolet9711 95,000 psm in 2012 and the current value is 305K psm. Do the Math. I can easily sell my condo at 20% below market value and still profit nicely. No need to preach to me as I own investment properties in HK and Canada as well. I'm surprised you don't care about the one year advance payments as that's most Landlords don't get that benefit.
There is one big reason, why real estate in PH will not get cheaper. It is the population explotion.
Incorrect. It’s already cheaper and still sliding
With wages so low even if the population reaches 200 million, it wont make any difference. that the price is unaffordable.
China situation is changing for the better..thank goodness.
Nice
👍 Ca
👍
Going broke in the Philippines!
I’m sorry to hear that. Maybe head home?
Hi Jasper, here in the Philippines citizens buy Condos to live in and not to do business with. Developers target Filipinos residing abroad however there are Filipinos residing in the Country buying condos either for their Family or their second place to be near their workplace . Lands the Manila now a days are soooo scares and if there available they are very FAR from the City Center. As to Bouncing Checks, PLEASE RESEARCH MORE THIS IS NOT ONLY APPLICABLE TO FORIEGNERS BUT TO ALL PRESONS DOING BUSIINESS USING CHECK PAYMENTS. Please don't compare Builders in the Philippines with that of China, buildings here are NOT TOFU Types. If that's your out look in the Philippines YOU very FREE To EXIST IMMEDIATELY. You are not welcome. Good Luck in your Channel, but I don't see it will FLY HIGH.
EXIST IMMEDIATELY??? 😂😂😂😂
Presons????
My channel is huge check my social blade. 🫡🇵🇭
I would not buy a Condo in the USA. The Philippines is 10x as bad.
Ok
I wouldn't buy anything in SEA especially Philippines.
I wouldn't buy land, home, condo, business nor the Filipina.
REN! RENT! RENT!
lol
thailand pattay much better....if ya want more 1st world penang malaysia no question
lol. Pay for play in pattaya. It’s not so good.
@@JasperinthePhilippines condos in jomtein are 50k. Please tell me where that can be beat. Canada it's 500k and it's a dump
Too much pay for play with the ladies. The language. The visa. Etc.
@@JasperinthePhilippines umm no i use crypto. Don't care about lady's. Also legal weed
@@JasperinthePhilippines our dollars is 4x more use crypto. No currency exchange.
Was just in Phillipines. No legal weed is a real bummer
Buy a boat .
Lol
Do a video talking fast and out of breath 👌. Audio aids 👎
Bl0 m3
This video is (mostly) poor advice. First off nobody in their right mind should buy a condo as an investment in PH for 250k
Secondly the suggestion of buying a condo in Texas and renting it for 1600 as if it is a good deal is nonsense.
At today’s interest rates (unless you have 250k cash) your mortgage p&i would be like 1700 not including taxes, insurance, condo fees, PMI if you didn’t have 50k to put down.
With the same 250k you could buy 5 very nice condos in ph citi areas or even tourist areas and rent them for 400-600.00 depending on location or even an air b and b. I see it happening. I don’t see the condo in Texas as a good rental investment. In fact unless your a cash payer you won’t see any roi in the us for many many years as the market is so far gone. The condo market in ph is growing. Ph itself is growing.
Sorry dude but your advice only really applies to bgc. Even your first vid you mention what a condo cost there and that’s silly price.
Many condos are presales and will be done in 3-5 years. Don’t seen them losing value when many places are growing big time
Hey dudet
I have a real estate license and everything I said, makes perfect sense. But since you’re such such a genius, you better drop a video on your channel and let’s see if you can get seven views by the way your mother and sister watching it doesn’t count.
✌️✌️
I’m not claiming to make videos. If I did it would be about music. I’m just saying the whole Texas thing makes no sense. Maybe explain to me how that would make sense? I do agree that it makes Morse sense putting that same 250k into the condo in Texas over one in PH for that price. For sure. But neither is a good investment. Maybe it’s your wording but you are trying to influence people after all. Buying the less expensive condos (30-80k usd) can be a very good investment. I know many that do and they have managed to become quite wealthy.
You know nothing. IM THE AUTHORITY BABY GIRL
It sucks I talk to all of my friends about real estate poor, middle class, and rich. They all say they are waiting for a crash…it’s been 15 years..sometimes I just want to just give in and just grab something..hopefully this video puts it into reality 📉what if real estate just keeps going up…and waiting was for nothing…
Everything I said makes sense for Philippines real estate. I have real estate license in the USA.