Philippine Economy falls into recession for the first time in 29 years,

[Allovertheworld 355]

Since the US economy is getting back to normal and the Philippines is not, do you think the exchange rate will be more favorable for US Dollars? Such as maybe getting up in the near 60 peso per 1 US Dollar?

 

What about buying distressed property in Philippines, like house/land?  Do you think it will be like in the USA back around 2008/2009 when you could almost steal a house in the USA?

 

https://www.aljazeera.com/ajimpact/philippine-economy-posts-biggest-quarterly-plunge-200806051633703.html

 

 

 

 

[kris&me 572]

Not for us to think but for the experts to explain

https://www.thebalance.com/dollar-strength-why-is-it-so-strong-right-now-3305726

[Allovertheworld 355]

19 hours ago, kris&me said:

Not for us to think but for the experts to explain

https://www.thebalance.com/dollar-strength-why-is-it-so-strong-right-now-3305726

I am looking to buy a property or multi property if the price is right in Siargao, which is the Surf Capital of Philippines and has lots of foreigners who go there and rent to them.

 

I want to be able to buy land/property at a deep discount due to crumbling economy in Philippines, and rent it out to foreigners, and also it will give me place to stay when I go there.

 

If ever there was a time to buy, the next few year should be the best time in decade to find deals on property.  

[NoMansLand2020 298]

7 hours ago, Allovertheworld said:

I am looking to buy a property or multi property if the price is right in Siargao, which is the Surf Capital of Philippines and has lots of foreigners who go there and rent to them.

 

I want to be able to buy land/property at a deep discount due to crumbling economy in Philippines, and rent it out to foreigners, and also it will give me place to stay when I go there.

 

If ever there was a time to buy, the next few year should be the best time in decade to find deals on property.  

Non-Filipinos are not allowed to own any land in the Philippines. If you are married to a Filipino your spouse can own some. But it's in their name. 

[Allovertheworld 355]

On 9/8/2020 at 12:24 PM, NoMansLand2020 said:

Non-Filipinos are not allowed to own any land in the Philippines. If you are married to a Filipino your spouse can own some. But it's in their name. 

I have no desire to have my name on any type of property or vehicles in the Philippines.  I have a couple of motorcycles over there and I don't even keep them in my name,  Just in case I have an accident and somehow it magically becomes my fault once they discover the motorbike is registered to a Philippines Citizen living there and not to an American, then they no longer will try to find you at fault and go after you for money. 

[Carpe Vinum 2,327]

On 9/8/2020 at 5:18 AM, Allovertheworld said:

I am looking to buy a property or multi property if the price is right in Siargao, which is the Surf Capital of Philippines and has lots of foreigners who go there and rent to them.

 

I want to be able to buy land/property at a deep discount due to crumbling economy in Philippines, and rent it out to foreigners, and also it will give me place to stay when I go there.

 

If ever there was a time to buy, the next few year should be the best time in decade to find deals on property.  

I have seen little movement in land prices there. We are actively looking. You have to understand the mindset. They will hold on to the land rather than sell for a price they don't want.  I truly doubt you will find any discounts in places like Siargao due to its reputation and desirability. 

[Cody&Razely 134]

2 hours ago, boris64 said:

I have seen little movement in land prices there. We are actively looking. You have to understand the mindset. They will hold on to the land rather than sell for a price they don't want.  I truly doubt you will find any discounts in places like Siargao due to its reputation and desirability. 

True the land in many places even in not so desirable places in the WV is actually even more expensive than in my local spot here in the US which in my mind is crazy.

[Just Paul 4,595]

7 hours ago, boris64 said:

I have seen little movement in land prices there. We are actively looking. You have to understand the mindset. They will hold on to the land rather than sell for a price they don't want.  I truly doubt you will find any discounts in places like Siargao due to its reputation and desirability. 

Wait a year or two. . . 

 

MIL inherited an amount of hectares on Bohol. Never paid taxes on it. Didn't collect rents. Didn't want to sell part of it to cover the taxes. A dual citizen friend of ours offered her more than market for part but she refused.  MIL got more offers, all lower. She pissed of my friend and the rest of the family. Ended up being quite the fire sale.

 

Don't let the facts get in the way of making any money off of the deal.  Now asking for more allowance.  I was so pissed to find out she had land and loved being destitute.

[Carpe Vinum 2,327]

1 hour ago, Paul & Mary said:

Wait a year or two. . . 

 

MIL inherited an amount of hectares on Bohol. Never paid taxes on it. Didn't collect rents. Didn't want to sell part of it to cover the taxes. A dual citizen friend of ours offered her more than market for part but she refused.  MIL got more offers, all lower. She pissed of my friend and the rest of the family. Ended up being quite the fire sale.

 

Don't let the facts get in the way of making any money off of the deal.  Now asking for more allowance.  I was so pissed to find out she had land and loved being destitute.

She wasn't destitute. She had the kano (you) :-))))

[Just Paul 4,595]

4 minutes ago, boris64 said:

She wasn't destitute. She had the kano (you) :-))))

Which is why Mary takes care of the MONEY.   Now that 2 of 3 younger siblings are in Tagbilaran MIL's allowance as gone way down.

 

But speaking of properties, my dual citizen friend and I were look at a small resort in 2017.  It was "only" $150k usd but we figured it was going to take 2-300k minimum to fix up.   We offered $100k and was turned down.   It just sold for $50k.   Almost 3 years later and  geez I do feel lucky about losing that deal!

[Allovertheworld 355]

20 hours ago, boris64 said:

I have seen little movement in land prices there. We are actively looking. You have to understand the mindset. They will hold on to the land rather than sell for a price they don't want.  I truly doubt you will find any discounts in places like Siargao due to its reputation and desirability. 

People will always sell land/property at discount.  Whether it be a business has gone bad, death or divorce, etc. Always will be deals in Real Estate.  My only hinderance is that you need to have feet on the ground or a good lead to find these deals.  I am thinking I will have to spend a few months in the area and pay someone to find me leads.  But I have a I don't give a darn attitude, so if I can find a deal and steal some land/property then good, if not no biggie and this has always worked for me in the past.