Should I Buy a House in the Philippines? Paul in the Philippines Old Dog New Tricks July 3, 2020

Should I buy a House in the [email protected] in the Philippines Old Dog New Tricks
Contact Info for Jorge Alit II
Phone# 0945 963 3928
Website www.kalikasanproperties.com
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80 comments

  1. Nice video.. My suggestion of your beautiful apartment is ; The dinning table should be in the kitchen and your bed should be where is the dinning table . Otherwise when you cook the smell of the kitchen will go to your bed . The architect didn’t do a good job with the design of the apartment . But at least its new and clean.

  2. AT YOUR AGE I WOULD NOT, SECOND YOU AS AN AMERICAN CAN NOT BUY LAND OR A SINGLE STRUCTURE HOME, NOW YOU COULD BUY A CONDO OR TOWNHOUSE BECAUSE IT’S A COMMUNITY OWNED LAND. NOW IF LIVING IN METRO MANILA OR THE CITY OF CEBU I WOULD BUY A CONDO OR TOWNHOUSE FOR SURE BECAUSE THE RENTS THERE COULD BE TRIPLE THE RENT OF THE PROVINCE IF YOU WANT A REALLY NICE PLACE, NOW IF YOU PLAN TO MARRY MAE YOUR GIRLFRIEND AND LEAVE HER SOMETHING OF VALUE THAT’S A DIFFERENT STORY I OWN SEVERAL HOMES IN THE PHILIPPINES WITH MY WIFE AND ON MY OWN WHICH ARE COMMUNITY’S LIKE CONDO AND TOWNHOMES THEY ARE NICE AND VERY SECURE IF YOU BUY BE CAREFUL VERY CAREFUL BECAUSE EVERYONE THERE THINK’S THY KNOW ABOUT REAL ESTATE GUESS WHAT THY DON’T GET A LAWYER AND A PERSON IN THE REAL ESTATE BIZ THAT HAS BEEN IN IT FOR YEAR’S NOT WEEK’S PAUL BE WELL SIR JUST A COMMENT FROM MY EXPERIENCE BUYING PROPERTY THERE TRUST YOURSELF FIRST BECAUSE IT’S ALL ABOUT THE SALE AND MANY LIE TO FACE WITH A SMILE TAKE CARE

  3. It sounds to me that it is a loose/loose situation for a foreigner buying property in the Philippines. Any married partner can change over time and you cant predict that. Most foreigners have been through a divorce already. I wouldn’t want to get into that again in the Philippines….

  4. Interesting a corporate shell…but it is easy to see through. If you pay 100%, but do not have total 100% control, best to avoid this, I can see many problems developing, costing you more, even the lawyer will clean you out here. Many, many rentals, try airbnb or rent local place – Once money is given, better than 50% chance of saying ‘bye bye’, especially in the Philippines…limit your risk by renting.

  5. Paul. The bottom line is do not buy property in the Philippines. Lease the land buy a trailer park home after the lease end drive it off the land. Problem solved

  6. Great second interview Paul and Jorge! So things not discussed when buying property is Geological Hazards, Natural Disaster prone areas, Limited Location Choice (because major corporations have already purchased the best areas especially near cities), Agent Troubles, Titles and Transfers (you did mention right of ways), Complications of the process (so many hoops to jump through), Taxes and other fees, and last but not least Safety and Security. Like you Paul my ears go up when I hear 60/40 LOL. Still sounds like you can be voted out in a coup. Even buying a condo comes with issues such as after purchase mold repairs with leaky roofs. Just my opinion it is cheaper and monetarily safer to rent. If you don’t like something you can take a little to no loss and hit the trail. God Bless!

  7. My friend is married to foreigner and their condo and another house with the land is name after the two of them. Nobody will stop you to put your foreigner husband name in the contract too especially if the money is obviously coming from him. But with my friend’s case the money was coming from her and the ex husband did not even pay 20% of any of their properties and now she can’t sell any of their property without the signature of the husband . So I don’t think your partner can sell your conjugal property without your permission as long you put your name in the contract too. So pls get the service of those property lawyer to protect your interest.

  8. I’ve heard of foreigners getting the short end, but have never heard the reasoning behind setting up a corporation. Interesting. After doing a little sleuthing on my own, it looks like hiring a lawyer is a must. Great video! Thanks!

  9. I know here in the west if you buy a piece of land you then have to apply building plans and ask whether you can build a house on that land or not is that the same principle in the Philippines ?

  10. Foreigners cannot own property in the Philippines, it’s in the Constitution. Setting up a corporation is looking for trouble by skirting the law. Lawyer fees and other fees are never-ending. Who wants to own 40% of the property anyway? If you are married to a Filipina, put the property in her name. Lots of bad advice here.

  11. It depends if your rich or poor and how much $$$$ you have in your BDO account. Cash is King and it sucks to be poor, which I am not.

  12. How much leverage can you get in the Philippines? I’m guessing not much. The more I hear about this, the more I think I should buy a cash flowing property in the US and rent in the Philippines.

  13. Informative video. My question is what if you do buy the house for you and your spouse and it’s in her name without doing the whole corporation thing. Could you have a legal document drawn up saying that if the marriage dissolves that the property will be sold and the money split 50-50?

  14. Another great informational video Paul. Jorge was great in providing the information that he could. Next time you see him thank him once again. I’m with you Paul, I probably will rent as long as I am living there which hopefully will be soon. Like you said as a foreigner we have no true protections. Thanks again Paul!

  15. Paul, you seem to have a good idea to put our videos that piques our interest for which am grateful. . You interviewed the right guy which further interest me. Thanks for your time ad talent

  16. Take it from me, buying a house there in the Philippines is a MONEY PIT, so don’t buy one unless you are prepared to deal with it. Main reason I bought a house in a gated community(2015) was my younger filipina wife would have something when I leave this earth/retirement without a house payment.
    1. up keep on the house. Repairs. The weather beats the crap out of the house(heat, moisture, insects, hard water, wind, sun. 2. Neighbors change, loud noises(music), neighborhood arguments, getting along.
    3. relatives come and go but mainly come=nothing you can do about it.
    4. If you have problems with your wife or girlfriend(wife in my case).
    5. If you have to go back to the States(which is what happened to me), a lot of your planning, money, retirement is stuck in the Philippines and the up keep of the house never stops. Having relatives stay there is a problem sometimes, finding a trustworthy house keeper while you are gone is a problem.
    6. Natural disasters, political changes could happen at anytime.
    7. You think you save money by buying a house and not renting. Unless you are really well off, it takes years to recoup the cost instead of renting(in my case 12 years)
    8. You are stuck in one location, hard to sell the house in most cases, hard to get bank financing if you are over 60 or they are over 60, Capital gain taxes.
    Just rent from my experience in most cases. Don’t even buy a condo, not worth it because you are STUCK. Keep your money in your home country, invest in something that makes income there and use that money to pay cheap rent in the Philippines, move around, enjoy your retirement.

  17. And it looks like we have a real estate agent now. Eventually I’d like to build my wife a house there probably in Leyte. I would like for her to live in the US and get her citizenship was so she can draw my SSI when I’m gone.

  18. Anyone crazy enough to think of buying should watch this. Very easy answer is you’d be insane to buy a house there as a foreigner. And, even more than that, buying a house seems to go against the idea of moving to PH. Why tie yourself down to one area?

  19. How much does it cost? He doesn’t know?
    I did it in another third world country. (Peru)
    It is like anything else in a third world country and involves a lawyer, notary, public registry and 2-3 other government agencies. Then, prepare to get ripped off. Best to use a local (straw buyer) to negotiate the purchase and all hard costs. Fee’s are typically set based upon the buyer. If he is American or Australian/UK etc.. they will be doubled or tripled. If a local, the fee’s will be reasonable or fair because most locals are aware and frugal.

  20. George gives some great information here that most Filipinos don’t want you to know. I know so many fools that bought their house through a Filipino wife and got burnt. It actually can be a potentially lethal situation for you. Much better to create a corporation which has the right and privileges similar to a citizen of the Philippines. What he does not tell you is that, a savvy attorney can set you up with 100% control of the corporation (as I did for $1,800). The lawyer had 4 Filipino’s that would be the incorporators, each of which signed a a document (with a future date on it) that turned their shares over to me. After the corporation was “stamped”, those documents were executed giving my 100% ownership of the corporation. It only needs to be majority owned by Filipinos at the time that the corporation is formed.

  21. Good video Paul. Moral of the story. Odds are against the foreigner because of his share of the corporation thing. His ownership based on this video is only 40 percent. Who in their right mind would agree to that?

  22. I would hire George in a second to do any kind of sales. This man just exudes confidence and competence. You should convince him to run for governor.

  23. What he doesn’t mention is the anti-dummy law in the Philippines. You can’t use a corporation to buy land as its sole purpose to circumvent land ownership laws. You and your Filipino partners are subject to criminal penalties including a lengthy jail sentence.

  24. What a complicated load of crap.
    Play by the rules!
    You get screwed in a relationship in all countries and are you going to fight for 9 years!

  25. Ido many men think the women really love them. They may care for them but not love. Like a guy that’s in his late 40’s and a girl in her early 20’s have zero in common. The chic is there for a means of better quality of living. Better off to rent or lease. Easier to move around and if the relationship goes south , just walk away

  26. Good Video for a Foreigner looking to invest in property. It really doesn’t pertain to us. My G/F s parents own land all over Bohol so they will give her the land & I will build her a house with our money. I am 20 yrs. older than her so she will more than likely outlive me, I want to build her a house with a Sari X2 store so she has something after I am gone. I get told a lot that I am crazy for trusting her with my money. I trust her with my life & it is worth more to me than the almighty $. She is the one.

  27. I read some of the comments below and I do agree with a few. But I think every expat who’s there, short-term or long, should be looked at on a case-by-case basis. For myself, I’ve never been married (had a lot of GFs) and have no kids so I can’t comment on the nightmares you guys & gals from the US experienced from a bad marriage. I know of 2 that I’m not going to go into detail about (both were train wrecks). But I can tell you if I was in there shoes I would probably be anti-marriage, anti-relationship, and anti-live-in-girlfriend. But I’m neither one of those thank God.

    Currently I have a good idea on what I want to do when I get there (and I mean the Philippines). Plans could change, as they always do, but for now (after what I’ve seen and heard on youtube) I’ll use that small bit of knowledge and cross that bridge when I get there. I know when I die I can’t take personal property, LAND, MONEY, etc with me to my grave. So I’m hoping the relationship with my GF works out for me and lasts for a very long time. And if it does I’ll be able leave behind her and her family something they only dreamed of. When I pass I want to go with a clear conscience.

    The advice from George was excellent! I just hope when I get there I can get as lucky as you Paul and find a connection like that. Keep up the good content Paul. Your videos are entertaining and educational.

  28. Forming a corporation to buy property in the Philippines is a BAD IDEA . Former President Garcia instituted the ” Filipino First ” rule of law
    60% of a Corp or property must be owned and Controlled by a Filipino or Filipinos . In such cases the foreigner is always at a disadvantages
    and the one to lose their shirt if things go south . Courts will always side with the Filipino . Also my advice ON BUYING AND OR BUILDING A HOUSE
    WITH A FILIPNIA IS 1ST BE MARRIED TO HER , 2nd then only consider Buying and or Building if your married to her for at least 10 years .There’s more
    but I want to keep it short for now !

  29. If the foreigner owns 40% an the Filipinos on 60% of the corporation then you have the same results your outvoted and you lose anyways. All the money to incorporate just slows the process down but you still have the same result…, you loose . Rent is cheap enough why throw money away on owning a small percentage.

  30. I would very much like to invest in property for my Filipina girlfriend and me for our future.
    I understand there is risk but if you hire a good lawyer there must be ways of making an agreement so it will be fair for both of you.
    Is it possible to discuss that?
    Thanks Old Dog! Man you are constantly surrounded by Baby Mae and her beautiful friends, what a hard life you lead man 😂😂. Great job.

  31. That of one of the most amazing things I find about the Philippines is how easy it is to meet new people and really become good friends after just a short time. Jorge is a great example. Another quality interview, you just keep them coming. Hope you are getting settled into the new place and things are working out well.

  32. Paul I agree with your approach, there is a reason foreigners buy condos and I believe with buying a condo that the risk / reward is better. Great video!!

  33. IF YOU MARRY A PHILIPPINES GIRL AND YOU HAVE A BABY WITH A PHILIPPINE GIRL YOU CAN BUY LAND AND A HOUSE IN THE BABY NAME IN THE PHILIPPINES PLUS YOU CAN PUT YOUR SELF AS THE NEXT OF KIN TO THE BABY AND YOU HAVE ALL SAY OVER THE HOUSE AND LAND FOR THE BABY

  34. you should have a prenup agreement before you buy a house or any land you buy and before you marry a Philippines girl so you not lose your house your money as these prenup are uphold in the Philippines this way you get back some or all your money.

  35. If it’s a 40% ownership of a corporation, you better not be contributing more than 40% to the investment. Otherwise the other owners have every incentive to sell the property by majority vote and get free money.

  36. I would not do a corporation unless your have a business . It ok to buy property but it really a gift security for her future a gamble most likely a foreigner not going to win in a division. She can sale the property give you half if she a good Filipina but she don’t have to. then there tax declaration a nightmare were tax owed maybe more than property value Only my observation looking into it. I agree you need a lawyer anytime money exchanges hands to document it.

  37. A foreigner can’t own land, but can own a property like a Condo. If you want to buy a home, you can own the home, but not the land the home is on, so you would have to buy the home and land in a Filipino name, and sign a trust agreement with a lawyer leasing the land to yourself from the Filipino for $0 for 25 years. The lease agreement will not allow the Filipino of your choosing(Doesn’t have to be a woman) to sale the land for 25 years. Moral of the story. GET A LAWYER

  38. Can a foreigner do an addendum in the contract before putting title in the name of the lady, that will state that she cant kick the foreigner out or sell the property without the foreigner’s consent or the foreigner will receive a certain percentage should the couple decide to sell. It is called USUFRUCT . Lawyers in the Philiipines can execute that to be included in the closing.

  39. 51% still overrides 40% every day. Every investment in property in the Philippines is a donation in most cases. Stay on good terms with your partner[s] or start over again.

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