He is explaining how things work or how to do it, which I don’t know if it’s horrid advice or not. The fact he encourages foreigners to buy real estate in the Philippines is what is horrid. He is obviously delusional, but he’s in love.
Great video Mike, you answered a lot of questions that I had about borrowing money. Very helpful. Besides getting the joint bank account set up at the bank, getting the wife set up with a credit card will be one of the first things we do first when we move there. Thank you Mike....Jim
First time I ever heard somebody go in depth about Filipino mortgage finance and make it sound so simple..thanks.. I know having a utube channel is sometimes difficult but I believe you are going to end up with lots of subscribers because you give people what they want.. every expat that comes to the Philippines is concerned about finance and money.. 👍 thanks 👍😊
We spent New Year’s eve with the big family, in Angeles. I had been looking at a few places that are rent to own. My Fiancée’s kuya is deep into real estate, and he told me that the one we were looking at would be a good deal, while I’m trying to sell my house back in the States. Next week, when we have more time, we’re going to come back to Angeles and take a closer look at this possibility, and all of us sit down with the realtor agent. I’m still holding out, and trying to convince her to relocate to Dauin, Valencia, or Duma. We won’t lock in until all of our scouting is done by February. Happy New year to you and Janet, my friend
I never look while I’m there but perhaps you could go more in depth about how and the typical costs of a lease. Renting is most likely what I will end up doing or possibly get a condo as a home base. But I would rather have some land.
no typical cost depend on location in the city or main highway it is a lot in the mountains much less but I can not put a price on the cost of leasing land
Im saying be aware, check out the property on which the condo sits ..look into it..build a house much cheaper ..let her own the land you own the house@@mikesphilippineretirement
I'm saving Alot or your videos you and Old Dog Paul are my go to guy's when i get to Negros Oriental if you don't mind helping me out if i get confused. You both have alot of great information out their and if others listen to it it be smooth sailing thru the Visa process and all the other videos you both done thanks for all the time and information
Bank repo's I can not find anyone about that. Just heard a many people sitting on the sidelines with a boat load of cash to buy distressed condo's and houses when people start having hard time paying the loan or just need cash
Mike - Some time ago, I requested a topic from you. I was interested in purchasing a home or a condo in the Philippines. I am writing to express my sincere gratitude for your effort in creating an informative video on this topic. The video was beneficial, and the information presented was well-explained, making it easy to understand. Your presentation gave me the confidence I needed to make a purchase when I retire in two years at the age of 59. Another benefit of your video is how you explain that this process is based on having a Filipina wife or long-term girlfriend. That information is gold because I thought I could purchase a condo without a Filipina. I agree that 99 percent of Filipinos love their expat husband or boyfriend, and they are not out to deceive expats. Thank you once again for the valuable assistance you provided.
Sounds like you thought things through. Especially if ex pats find a second chance on life, and gets a wife and children. A man will always want to take care of those they love, even after they are gone
Having a trusted partner is absolutely key. However as a divorcee I know how the years can alter a relationship for the worse, and therefor would want to plan for worst case scenario. A 60/40 company split where you use the up front lease capital to purchase the home means the home is owned by the company and is now under the control of the 60 percent shareholder. So she can borrow against the land and house without you knowing. Also you have no overall control in anything, and paying a 7 percent mortgage thinking she needs you to make the payments is only buying you a diminishing safety margin. In my opinion its far better and safer to buy the land in her name, lease the land from her and paying up front for the lease.Use the lease money as part payment or loan deposit on the house.Finally and MOST IMPORTANTLY get her to sign a special power of attorney, which gives you complete control over when land/house is sold and who the proceeds go to. With a Special EPA she cant borrow against the assetts without your permission.
@mikesphilippineretirement Yes, absolutely Mike.I believe you can only takecout a 25 year lease max with the right of renewal for another 25 years afterwards. Regarding the house, you can slice that any way you want, the IMPORTANT part is to get the special power of attorney. Thats what gives you control and safety.
Living in Lolloy lolly land! You are not Filipino they will get your investment if she leaves you will learn the hard way! Regardless what you think your safe guards are. All she has to do is claim abuse get you barred from Bu rangy and Bu rangy will contact BI on her behalf. You will be asked to leave and never return to the Philippines. Do your due diligent's before giving other foreigners BS INFO. Know the true facts before posting about Lolly Lolly Land! Lived there Many years I know how it works especially in the province. Or claim you had an affair (NOT LIKE USA THEY Will Throw your butt in prison)
Alex, an excellent suggestion with the special enduring PoA ... to ensure your gf won't succumb to family pressure, to take out a loan secured against the house and lot (or even worse, sell it) - without your knowledge or approval
I am currently making payments on a condo my Filipina wife and I are purchasing. We got the loan through BDO, a very common bank here in Iloilo. The loan officer ensured the loan was in my wife’s name (she is on the hook for it now) with around 7% interest. If the loan was on MY name, as a foreigner, then BDO’s interest rate is an astronomical 16%!
A few additional things I have remembered: 1. The 7% rate is only locked in for the first 3 years. Afterwards, it may go up. 2. Because the condo loan is in her name, if she passes before it is paid off, the payments on my end will automatically stop, leaving me as the owner. 3. Since I was 62 when we got the loan, and the income is from me, the bank wanted the mortgage to only be 8 years in length, thinking we old folks don’t last much past 70. We fought against that, and fibbed a little, by saying that if I pass on first, the money I earn will still go to her (but only at 50%, hence the fib). We secured the loan for 13 years.
Hay Mike here's a question I've been wondering. How much is the HOA fees on a condo there? I've looked and never found a video about it, fees can be like rent. You know here in the US it can be high. Thanks for sharing your life and videos my friend. Johnny
Hi Mike have you ever thought to see if your wife’s family would give/sell you a piece of land for you to build on if you wanted to go in that direction? You can purchase a condo as a foreigner with cash with no need to have a co owner ( Filipino) if I am not mistaken. I loooked a few years ago at a mega world condo project in makati and to me it seeemed that there was no mention of having a filitwife … mind you I never went so far as to go for mortgage/purchase scenario so I don’t know for certain Thanks
I had heard so much about high interest rates there that I decided to just take a Home Equity Line of Credit on my home here in the states. Trying not to borrow much, but I may have to use $50k or so and pay that off before we retire. I can’t use my retirement money without penalty as I am only 49. Don’t know if it was a best decision, but it beats running out of money halfway and having to stop construction.
It makes sense to use a HELOC secured against your home, with its lower interest rates and easy approval process. Providing you're spending the funds on other assets, as you're doing ... by building your dream house together in the Phils. Just don't blow additional HELOC funds on consumable expenses such as electronics, furniture, travel, sending excessive "spending money" to your gf or her family, etc.
@@mikesphilippineretirement Mike, exactly. Love and your relationship aside ... she knows you're a cash cow, with your monthly income. If anything happens to you, then the gravy train stops flowing. Just be sure you're worth "more" alive than dead ... stay away from life insurance
@@robertriebel8064 At this time in history, It don't matter how old you are, DON'T GO INTO DEBT, AND DON'T TRUST ANY BANK! Haven't you people been seeing what's going on?? Banks have been closing left & right! The financial system/ Central Banks world wide are about to CRASH.....CBDC IS what they will force us all into....All by de-zine ....The Dollar is about to crash, all other currency's will go down with it! PREPARE NOW WHILE YOU CAN!
Meh horrible advice... really a bad American habbit you are taking west. Mortgages are for grandpa's generation. Buy a condo, house in cash. Lived in California 30 years, even had a condo I gave back after 2008 fc. But in last 12 years bought a Jeju korea appartment in cash, a small 1 bedroom appartment in Taipei Taiwan, and built a 3x story house in nha trang Vietnam this year. All on teaching English and saving.... a If your from the west you should be able to buy big ticket items in cash, or learn to save to do it. Feels great.
FACEBOOK Check out my Facebook page Mikes Philippine Retirement facebook.com/profile.php?id=100079610481824 EMAIL MY E MAIL ADDRESS FOR YOUR QUESTIONS OR COMMENTS mikesphilippineretirement@gmail.com
Loans can someone get one ..of course depends on the income and credit of the person, Yes you can build and sell or rent with the correct visa in place
Horrid advice 😮
why is it horrid? explain
Yes really, why is it horrid? It’s great advice
He is explaining how things work or how to do it, which I don’t know if it’s horrid advice or not. The fact he encourages foreigners to buy real estate in the Philippines is what is horrid. He is obviously delusional, but he’s in love.
many foreigners buy condo's. Many have houses.
@@arnoldjohnson3317 He is explaining how to do things and what to do if you decide to buy a house or condo, he isn’t saying to go out and do it
Mike that's a good approach definitely worth looking at.
Mike,the info you put out is invaluable supper informative great job my friend.
I appreciate that!
Thanks Mike this is great advice. 😊❤
Glad you think so!
Great video. First video I have seen that talks about borrowing money in the Philippines.
Thanks! 😃
Great video Mike, you answered a lot of questions that I had about borrowing money. Very helpful. Besides getting the joint bank account set up at the bank, getting the wife set up with a credit card will be one of the first things we do first when we move there. Thank you Mike....Jim
Glad it was helpful!
First time I ever heard somebody go in depth about Filipino mortgage finance and make it sound so simple..thanks.. I know having a utube channel is sometimes difficult but I believe you are going to end up with lots of subscribers because you give people what they want.. every expat that comes to the Philippines is concerned about finance and money.. 👍 thanks 👍😊
Thanks Richard
Happy New Year Mike Janet and P.J.!!!
Happy new year!
Hi Mike, good advice. i have had 2 bank loans here for condos.The max time they would do was 10 years, though.
Thanks for sharing
Great video Mike! I've never seen a Philippines mortgage video like this with so much detail and information.
Glad you enjoyed it!
Thanks
Welcome
Thank you for all the information you provided a lot more than I have seen in other videos
My pleasure!
We spent New Year’s eve with the big family, in Angeles. I had been looking at a few places that are rent to own. My Fiancée’s kuya is deep into real estate, and he told me that the one we were looking at would be a good deal, while I’m trying to sell my house back in the States.
Next week, when we have more time, we’re going to come back to Angeles and take a closer look at this possibility, and all of us sit down with the realtor agent.
I’m still holding out, and trying to convince her to relocate to Dauin, Valencia, or Duma.
We won’t lock in until all of our scouting is done by February.
Happy New year to you and Janet, my friend
Wonderful advice thank you Mike. This really helps us newer guys planning for the future. 👍
Glad it was helpful!
Thank you Mike for this Video. Very resourceful.
Thank you
Mike, great job as always. good information you shared. Thank you.
Very welcome
very nice info well done
thank you
I never look while I’m there but perhaps you could go more in depth about how and the typical costs of a lease. Renting is most likely what I will end up doing or possibly get a condo as a home base. But I would rather have some land.
no typical cost depend on location in the city or main highway it is a lot in the mountains much less but I can not put a price on the cost of leasing land
Nicely done! The devil is in the detail! Can you do a video on steps required to obtain a 13A? Thanks!
Will do
Get married is the first step. The rest is a lot cheaper !
Always the kiss b4 the kluck!! Beware...vaseline not included😅😅
hahaha. What are you saying
Great. LOL
Im saying be aware, check out the property on which the condo sits ..look into it..build a house much cheaper ..let her own the land you own the house@@mikesphilippineretirement
I'm saving Alot or your videos you and Old Dog Paul are my go to guy's when i get to Negros Oriental if you don't mind helping me out if i get confused. You both have alot of great information out their and if others listen to it it be smooth sailing thru the Visa process and all the other videos you both done thanks for all the time and information
Awesome thank you! Yes we hope to meet you
@mikesphilippineretirement I plan on it let me get my boots on the ground
I think this is excellent advice!
Thanks Charlie
I mentioned a few months back , I would like to see you do a video on purchasing, 'Bank Repossessed Properties".
Bank repo's I can not find anyone about that. Just heard a many people sitting on the sidelines with a boat load of cash to buy distressed condo's and houses when people start having hard time paying the loan or just need cash
Very informative video. But why would you want a mortgage keep your life simple and stress free pay in cash
not all have a lot of cash...rent or mortgage payment just about the same thing
Mike -
Some time ago, I requested a topic from you. I was interested in purchasing a home or a condo in the Philippines. I am writing to express my sincere gratitude for your effort in creating an informative video on this topic. The video was beneficial, and the information presented was well-explained, making it easy to understand. Your presentation gave me the confidence I needed to make a purchase when I retire in two years at the age of 59.
Another benefit of your video is how you explain that this process is based on having a Filipina wife or long-term girlfriend. That information is gold because I thought I could purchase a condo without a Filipina. I agree that 99 percent of Filipinos love their expat husband or boyfriend, and they are not out to deceive expats.
Thank you once again for the valuable assistance you provided.
You can buy a condo without a wife or gf but you must pay cash
Any chance to get info on the condo projects going up in Duma near the beaches.
years away. and very small units. Will get so info when it come out
Thanks
Hope you have a Happy New Year!
we will David thanks for your support
Mostly good advice on how to leverage that wife or gf to establish good credit history in your new home.
Thank you for watching
Sounds like you thought things through. Especially if ex pats find a second chance on life, and gets a wife and children. A man will always want to take care of those they love, even after they are gone
Having a trusted partner is absolutely key. However as a divorcee I know how the years can alter a relationship for the worse, and therefor would want to plan for worst case scenario. A 60/40 company split where you use the up front lease capital to purchase the home means the home is owned by the company and is now under the control of the 60 percent shareholder. So she can borrow against the land and house without you knowing. Also you have no overall control in anything, and paying a 7 percent mortgage thinking she needs you to make the payments is only buying you a diminishing safety margin. In my opinion its far better and safer to buy the land in her name, lease the land from her and paying up front for the lease.Use the lease money as part payment or loan deposit on the house.Finally and MOST IMPORTANTLY get her to sign a special power of attorney, which gives you complete control over when land/house is sold and who the proceeds go to. With a Special EPA she cant borrow against the assetts without your permission.
you made a few good points. One should get a lease for up to 50 years in his name and the house can be in your name or 50/50 with your partner
@mikesphilippineretirement Yes, absolutely Mike.I believe you can only takecout a 25 year lease max with the right of renewal for another 25 years afterwards. Regarding the house, you can slice that any way you want, the IMPORTANT part is to get the special power of attorney. Thats what gives you control and safety.
Living in Lolloy lolly land! You are not Filipino they will get your investment if she leaves you will learn the hard way! Regardless what you think your safe guards are. All she has to do is claim abuse get you barred from Bu rangy and Bu rangy will contact BI on her behalf. You will be asked to leave and never return to the Philippines. Do your due diligent's before giving other foreigners BS INFO. Know the true facts before posting about Lolly Lolly Land! Lived there Many years I know how it works especially in the province. Or claim you had an affair (NOT LIKE USA THEY Will Throw your butt in prison)
Alex, an excellent suggestion with the special enduring PoA ... to ensure your gf won't succumb to family pressure, to take out a loan secured against the house and lot (or even worse, sell it) - without your knowledge or approval
Their family will take over the new house and you will have a miserable life.
Keep renting, Mike: keep it simple.
you need to stay in control my friend
Wow. Cash is king. No way mi would do a 7% loan
AGAIN YOU NEED TO LEARN HOW TO SPELL
I am currently making payments on a condo my Filipina wife and I are purchasing. We got the loan through BDO, a very common bank here in Iloilo. The loan officer ensured the loan was in my wife’s name (she is on the hook for it now) with around 7% interest. If the loan was on MY name, as a foreigner, then BDO’s interest rate is an astronomical 16%!
could you have got a loan together co-borrowers? Did she have to show income?
@@mikesphilippineretirement We had to show I had income
Why not buy the condo in cash!
A few additional things I have remembered:
1. The 7% rate is only locked in for the first 3 years. Afterwards, it may go up.
2. Because the condo loan is in her name, if she passes before it is paid off, the payments on my end will automatically stop, leaving me as the owner.
3. Since I was 62 when we got the loan, and the income is from me, the bank wanted the mortgage to only be 8 years in length, thinking we old folks don’t last much past 70. We fought against that, and fibbed a little, by saying that if I pass on first, the money I earn will still go to her (but only at 50%, hence the fib). We secured the loan for 13 years.
@@sagepirotess6312 Cash is the way to go if you can. No argument there.
Hay Mike here's a question I've been wondering. How much is the HOA fees on a condo there? I've looked and never found a video about it, fees can be like rent. You know here in the US it can be high. Thanks for sharing your life and videos my friend. Johnny
Depends At Solinea condo the owner told me it was 100 peso per Sqm a Month. The studio we rent 25 sqm is 2500 peso per month or about 45 USD
How much money would you say you're need to do this a dollar amount if you could
Hi Mike have you ever thought to see if your wife’s family would give/sell you a piece of land for you to build on if you wanted to go in that direction?
You can purchase a condo as a foreigner with cash with no need to have a co owner ( Filipino) if I am not mistaken. I loooked a few years ago at a mega world condo project in makati and to me it seeemed that there was no mention of having a filitwife … mind you I never went so far as to go for mortgage/purchase scenario so I don’t know for certain
Thanks
I had heard so much about high interest rates there that I decided to just take a Home Equity Line of Credit on my home here in the states. Trying not to borrow much, but I may have to use $50k or so and pay that off before we retire. I can’t use my retirement money without penalty as I am only 49. Don’t know if it was a best decision, but it beats running out of money halfway and having to stop construction.
Good plan. We are hoping everything works out for you
It makes sense to use a HELOC secured against your home, with its lower interest rates and easy approval process. Providing you're spending the funds on other assets, as you're doing ... by building your dream house together in the Phils. Just don't blow additional HELOC funds on consumable expenses such as electronics, furniture, travel, sending excessive "spending money" to your gf or her family, etc.
Let Mark know about the mortgage. He is tarting a family
YOUR NEED TO LEARN TO SPELL
What if she has you killed? 😂
HAHAHA Then your dead and who will pay the loan?
It has happened. Some have said you are better off dead than alive.
@@mikesphilippineretirement Mike, exactly. Love and your relationship aside ... she knows you're a cash cow, with your monthly income. If anything happens to you, then the gravy train stops flowing. Just be sure you're worth "more" alive than dead ... stay away from life insurance
Your nuts having joint bank account with anyone
100%
@@robertriebel8064 At this time in history, It don't matter how old you are, DON'T GO INTO DEBT, AND DON'T TRUST ANY BANK! Haven't you people been seeing what's going on?? Banks have been closing left & right! The financial system/ Central Banks world wide are about to CRASH.....CBDC IS what they will force us all into....All by de-zine ....The Dollar is about to crash, all other currency's will go down with it! PREPARE NOW WHILE YOU CAN!
No just trust. The true test of a relationship!
True. I hear horror stories about that.
You're broke anyway
Meh horrible advice... really a bad American habbit you are taking west. Mortgages are for grandpa's generation. Buy a condo, house in cash.
Lived in California 30 years, even had a condo I gave back after 2008 fc.
But in last 12 years bought a Jeju korea appartment in cash, a small 1 bedroom appartment in Taipei Taiwan, and built a 3x story house in nha trang Vietnam this year. All on teaching English and saving.... a
If your from the west you should be able to buy big ticket items in cash, or learn to save to do it. Feels great.
lucky man
Mike how do I contact you directly. I can’t find how to message you nor your Facebook account. Thanks
FACEBOOK
Check out my Facebook page Mikes Philippine Retirement
facebook.com/profile.php?id=100079610481824
EMAIL
MY E MAIL ADDRESS FOR YOUR QUESTIONS OR COMMENTS
mikesphilippineretirement@gmail.com
Can I build low cost units to rent or sell?
And if I sell, can the buyers get micro mortgage loans? Assuming you know the houses are ten to twenty thousand dollars u s
Loans can someone get one ..of course depends on the income and credit of the person,
Yes you can build and sell or rent with the correct visa in place
Why you want borrow 40 percent of your income
to buy a home or condo and do not want to spend all the cash I have
Sorry Filipina wife.