Some condo builders in the Philippines allow credit card online payments without fees on the monthly down payment plan. If you have a cash-back credit card, this is one way to recoup some of the condo costs.
I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset
I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out
I've recently been thinking about getting in touch with consultants. I'm an adult, therefore I need direction, but I'm not sure if their services would be very beneficial.
You are brave to trust a Philippine bank. No one working for a bank goes to jail when there is a problem. Being lucky is better than being smart. Glad to hear that you managed well.
Or any bank for that matter. Their all shizers issuing fake loans on your promissory note. I know how the banking system operates. I own a bankers manual and I read Federal reserve publications. My brother-in-law is a retired VP in Fort Worth Texas.
Hello po. Thanks for sharing your experience. I also heard about the age limit when applying for a home loan which makes sense. Mortgage rate is higher which is probably why balikbayans prefer to pay cash or apply for a loan in the US instead. I agree with looking for a competent developers. Not all known developers are building quality units and on time. DMCI, MegaWorld and Ayala are recommendable. House costs more than condo, relatively speaking. Retired people are living-off their savings that need to last until their last breath. I've seen people bought a two-storey house and later they can't climb the stairs anymore My wife and I prefer to rent a condo unit first to get the feel of it. We might find something we don't like later and regret on the purchase. btw, how's your condo neighbors situation? I'm also anticipating the condo market to crash so maybe I can get discounts from those who purchased multiple units as investments ;). Salamat po.
I planned to purchase a two-bedroom condo in BGC back in 2006. After finding they wanted a certain % down then 3 equal payments during construction and then the final payment before the condo was complete so I decided not to go for it. I heard some developers go BK during the construction process which means what money you provide is now mostly gone and your recourse is a lawsuit which is hard from across the Pacific Ocean. also hearing about shady work or cutting corners on parts and construction no matter what developer you get.
I invested here in BGC fourteen yrs. Ago. I used to live In Beverly Hills¿. It was fun and enjoy it a lot, but hey real estate is insane. I recommend BGC or Makati area ,if u love❤cosmo life. Good luck everyone.!
I'm renting studio In Solinea CONDO cebu Dec 2022~June 2024 25k/month. and transfer here I Taft east condo studio corner unit w/balcony 32k contract is 1yr and until I get US SpousalVisaAppovl .I realized it's a good decision of not buying a condo here in cebu city..You are not in control..and its almost 6M for studio in the center of city
If I got a sum close to $100k, I'll just put it in CD. I speak for myself and since I'm not in my 60s yet and neither got a property of my own in the US.
I suggest keeping your money in the US and plan a transfer when you're ready. It will be more secured and exchange rate is likely going to be better. Meanwhile, when in the Philippines, open a dollar account and pesos ATM account with the minimum deposit required.
I have heard that you can open a US dollar account at a Philippines bank and deposit personal checks from your US bank and the fees are very low. The only drawback is it takes 30 days for the check to clear.
another drawback is they charge you for deposit and withdrawal. research on this... 2 banks i tried and aside from the length of time for clearing, they charge you for depositing a check and also when withdrawing...
@jimbo3609 I'm very happy with the condo I bought. I would do it again. However, as I'm getting older, I'm thinking of putting the condo in the market. Not this year...but eventually. That's because US is where I want to be when I pass away. It's a shame that I lost 3 or 4 years of my retirement due to covid. Oh well. Good luck on your hunt.
@@vloggergrandpa2707 Oh, we have almost similar scenarios. I just got back 5 weeks ago. I spent 4 weeks in the Philippines and had a change of heart. I still prefer to stay in the US. I was disappointed with the heat and pollution. I was cranky the whole time I was there in Manila. But settle down a bit when we move to BGC. My plan was just to rent. My cousin advised me to buy it if I decide to live in the Philippines. They owned many properties in Manila and in China.
I have a couple of questions for you. Do you have any concerns about resale of the new condo later? During the time you were sending monthly deposits to your Philippine bank account to accumulate the 80%, did that money earn any interest at all? Also, did you decide to keep your home in the US? Thanks!
Of course I had concerns about resale value. With high theoretical appreciation, however, I'm not concerned because my expectation is more on a realistic level.
It could, just like everything else. It's all a matter of timing. My main concern is the behavior of China and corruption in the Philippines like the POGOs.
We prepurchased a unit and parking at SMDC Sail Residences. They allow credit card payment through their portal which makes it even easier to pay the monthly payment. We don't take possession until next year.
Philippine Condo overpriced, put your money in U.S. market and use the dividends to rent a condo, do not trap your millions in a condo that gets old after a while, ask multiple condo owners and they will tell you it’s very hard to sell a condo, your buyer cannot approve a loan and people who have cash will low ball you if you sell, that’s why a lot of condos are labeled “For Rent or For Sale” -do your research and use your common sense.
It all depends on what you want. We did not work for 40 years to settle. Being able to pick out the exact location we wanted, the exact unit we wanted, the exact furniture we wanted and never have to worry/deal with a landlord worked best for us.
Hola! How were you able to open a bank account in the Philippines -as I recall, you are not a dual citizen (unless I missed out on that part completely). Thank you.
Congratulations! You and your wife make a great decision based on what you said is best for the both of you. I have owned a home here for decades. Great diversification and appreciated value. I purchased a 2 Bedroom Condos on the 12th floor, Atrium Level (love the history of DMCI and research I reviewed) and a B1 parking spot near the elevator 2 months ago. Paid by both in full by transferring from my U.S. Bank to The Sellers Philippines 🇵🇭 Bank accounts requiring their Swift number. Completing the TOO process and in time will receive the title. A retirement Get-a-way for my Wife and I. Our Grandchildren and visitors love it. Love the Build, Build, Build projects that I am monitoring. (many include the Germany 🇩🇪 Developer BAUER and JiCA (Japanese Construction Company - we lived in Japan 🇯🇵 for 30 years). We will have the Makati-BGC and Ortigas North and South Station near. A was born a country boy, but I love the wonderful developed City that have been developed in the past 5 years and continue. I know this is a great investment for my wife and our loved one future.
Not a good idea buying a condo in the Philippines, especially at your age and how many years to enjoy??? A 15 million peso condo is about $260K ( 56 conversion rate), put that in a 11.5% 5 year indexed annuity… will earn you $30,000 per year or 1,725,920 pesos per year or 143,000 pesos a month… more than enough to rent a 2 bedroom condo in Manila… and when you die, your kids inherit the $260K…not the potentially problematic CONDO.
@aniciaguerrera5485 I chose Manila because it has best medical facility and near conveniences to live an active life such as travels. But I'm sure it is more expensive than Zambales.
@@vloggergrandpa2707the Philippines medical system is the main reason I chose not to live in the Philippines. Too much can go wrong. I've heard too many horror stories from an American who use to work in the US embassy in Manila for 4 years. Cheaper Healthcare comes with a price.
@@Robert-ho1ie Don’t forget that it’s only a short flight to places like Bangkok, Singapore, Korea, etc... all with excellent health care at mostly reasonable prices. Of course if you’re in need of frequent medical care that’s another story. Everything in life is a trade-off. There are no guarantees.
Hi Grandpa, is Wise safe to use? I have the app on my phone but haven’t tried it yet. We still use Western Union to send money to the Philippines. Seems it would be easier to send money directly to another family member’s checking account. We enjoy your informative videos.
Yes, it is safe. You may be required to submit documents to verify your identity, such as passport or drivers license. This is only one time to open an account. At least that is how it was some 8 years ago.
Thanks Grandpa, I tested with a small amount as you suggested and it worked great!! I did have to supply ID for verification. Should have done this a long time ago. We trust your suggestions so it gave me the confidence to give it a try.
As it's my plan to retire with generous rental income, I've been investing in properties in the Philippines since 2019. One of them i got RFO (in BGC) because I wanted to start earning so I didn't leverage on downpayment without interest rates.. nowadays developers are offering up to 5-6 years no interest down payment which is great option if you are financially aware and save/invest in other higher return things before putting back into real estate.
Hi boss I have no time to replay all your videos.. I have a question I'm a US citizen.. I'm retiring going to Pinas next month.. need a Philippines bank here to take my retirement money . Is it possible.?. I have wells Fargo right now... I really appreciate your help. I have been a subscriber for a long time. Thank u
I never understand this obsession among mainly Americans to buy condos land houses etc. Im scandinavian been working full-time in Bangkok +15 years now for a multinational Scandinavian company Ttravel all over se-asia in work..and i rented condos all time here with 1 year contracts(or even 6 months). Heck a nice 1 bedroom condo in Bangkok with pool and gym and freewifi often cost under 300$ a month with 1 year contract + government regulated prices on electric and water and i can easily move around in Bangkoks 50 districts..bangkok a city that is 5 times bigger than new york in sheer size and have a excellent subway and skytrain and transport options Seen so many expats in se-asia pay top prices for condos and houses and in the end they are stuck there with more and more bills coming in because it looks nice 1-3 years then it start to deuterate in the tropical climate and can't sell or move..that's MY biggest fear, being stuck in a place.
If you are very mobile, you are right not buying a condo or house. But some people are more stationary and want to settle down in one place. Thus, they decide to buy rather than rent. To each his own.
@@vloggergrandpa2707 Of course but many people seem to ignore that many places in se-asia are a pure tropical climate with all that implies and problem it comes with. Houses rot and fall apart quickly paint peels off mold metal rusts and rubber dissolves and there is often a never ending stream of bills and maintenance and building codes are different so once you have bought your "dream condo" a house can easily be built in front of your balcony or open a loud entertainment venue directly below As well as buyers looking for NEW buildings.. it is enough that your condo building is +10 years old and it is basically unsellable due to the reasons of tropical climate and the market
You can file online and give your bank account number. Unless your return is very simple, get an accountant to prepare the return and handle the online filing.
Do you have a peso and dollar accounts in the Philippines? I’m here in California, planning to retire next year 2025 and will be staying in the Philippines for good. I have a dual citizenship, iş it true I need to go back to US before 12 months of staying in the Philippines? Thanks
@@vloggergrandpa2707 Grandpa, i "hope' you didn't mean "i hope not [that the criminals will be deported]"??? Anyway....Good, bad, or indifferent, condo prices are going to drop around NCR. that's just the reality. be prepared for it; denial will just hurt you in the long run. further, the pipeline of brand-new condos being built and coming on-market shortly....only further exacerbates the situation. silver lining: now's a good time to to start hunting for sweeeet deals! Good time to really roll up your negotiation sleeves, and really grind down the realtors/sellers for a great price, if you're in the market (script has flipped, & the buyer now has TONS of leverage/choices )
I seriously doubt there will be a departure of property owners that’s sufficient to significantly dent real estate prices. If anything the Chinese mafia is very savvy about money and investments. Most of them will find a way to come out ahead.
Do I need to hire a philippine lawyer so that that person can make sure all paperwork is in order? That way, you will not be a victim if you are scammed.
Grandpa I leave here in the Philippines I am a white American citizen married to a Filipino BDO I had 100,000 American dollars in their bank I asked the bank manager if I was to need more money could could I take out a loan he told me that their policy is because I'm not a Filipino banks will not loan me money I looked at him and said but I have $100,000 in your bank you know I have already bought the property can the property stand for collateral on any money that I might need and he said I'm sorry to take you this again because you are not a Filipino banks will not loan you money I said okay my wife this Filipino and he said that does not make any deference you are not Filipino$4 our bank policy says we cannot loan foreigners money I built my home and that was not enough power to run into the house so I had to get the power company to put her transformer on a pole to have enough power they wanted 6000 American dollars to do the job I had to go to a private person and borrowed the money at a 5 1/2% interest I thought you might want know because you are a Filipino you have privileges that I can never have but this was a very interesting video and you have a beautiful day may God bless you for the rest of your life
The condo that I wanted you to buy in BGC is 15 million pesos. Too overpriced so I decided to just rent it for 45 thousand pesos. Much better deal. It seems real estate in the Philippines are overpriced.
Yes , my problem they are very slow to transfer the Deed of Absolute Sale with Notarization and Certificate of Condominium Title . Actually, this coming Dec 24 is the turnover . They promised as a cashbuyer that they would give a Certificate of Full Payment with receipt because it is nice that I hear you it takes 9 month to process these 2 legal document . But I never heard you received a Notarized DOS........I am also requesting developer staff to "notarized" the Certificate Full Payment with receipt ......Be aware once the Title and DOS in your hand .The unit owner needs to proceed to Registered of Deeds for verification and property tax ......Grand PA can we friends message or email each other . I am retiring within 3 years .
How did you get talked into paying for your condo in full and not be given a condominium title in your name..??? Shares of stock in lieu of Condominium Certificate of Title??? I dont know grandpa. I hope you made a good decision .
I did get a certificate of title. But that is like a stock certificate because you do not own the land or building. You only become a part owner of the condominium corporation.
Sounds very complicated. Why not just rent? No strings attached..why would anyone want an entanglement with the unknown? That is asking for trouble for yourself! Everyone should calm down before you jump the gun.. Philippines is rough when it comes to paper works. These retired people are old and you will be dead after you see your condos built. I’m not convinced..sorry grandpa 😮
I agree with you. Interest rates differ, yet a rule of thumb is why pay 100 times more than you can pay in rent? That is 8⅓ years of rent up front to keep from paying more rent later on.
I was hoping I could ask you a few questions in private about the payment process. My wife and I have purchased a condo in Manila and our turnover is next August. Like you, our condo is complete and move in but we are taking advantage of the 3 year down payment to gather the funds.
Some condo builders in the Philippines allow credit card online payments without fees on the monthly down payment plan. If you have a cash-back credit card, this is one way to recoup some of the condo costs.
I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset
I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out
I've recently been thinking about getting in touch with consultants. I'm an adult, therefore I need direction, but I'm not sure if their services would be very beneficial.
Real Estate is still a very LOCAL Market.
Prices in one City do not reflect the Prices in another City.
For those in need of direction, consulting with an experienced, independent financial counselor is advised.
@@angelodgreat6561 wow! There's still a property with that value in San Diego in 2022?
I admire you Vlogger Granpa
Been there done that...glad I sold mine cash quick , that's a miracle if you are not planning to stay for good why bother...
You are brave to trust a Philippine bank. No one working for a bank goes to jail when there is a problem. Being lucky is better than being smart. Glad to hear that you managed well.
Or any bank for that matter. Their all shizers issuing fake loans on your promissory note. I know how the banking system operates. I own a bankers manual and I read Federal reserve publications. My brother-in-law is a retired VP in Fort Worth Texas.
Thank you, very informative
Hello po. Thanks for sharing your experience. I also heard about the age limit when applying for a home loan which makes sense. Mortgage rate is higher which is probably why balikbayans prefer to pay cash or apply for a loan in the US instead. I agree with looking for a competent developers. Not all known developers are building quality units and on time. DMCI, MegaWorld and Ayala are recommendable. House costs more than condo, relatively speaking. Retired people are living-off their savings that need to last until their last breath. I've seen people bought a two-storey house and later they can't climb the stairs anymore
My wife and I prefer to rent a condo unit first to get the feel of it. We might find something we don't like later and regret on the purchase. btw, how's your condo neighbors situation? I'm also anticipating the condo market to crash so maybe I can get discounts from those who purchased multiple units as investments ;). Salamat po.
I planned to purchase a two-bedroom condo in BGC back in 2006. After finding they wanted a certain % down then 3 equal payments during construction and then the final payment before the condo was complete so I decided not to go for it. I heard some developers go BK during the construction process which means what money you provide is now mostly gone and your recourse is a lawsuit which is hard from across the Pacific Ocean. also hearing about shady work or cutting corners on parts and construction no matter what developer you get.
Good for you!
Buying Condo in the Philippines must be carefully analyzed because there are hidden cost like HOA and other additional cost.
If you are not aware of these costs then your broker is not doing his/her job properly
sweet. I needed this
I invested here in BGC fourteen yrs. Ago. I used to live In Beverly Hills¿. It was fun and enjoy it a lot, but hey real estate is insane.
I recommend BGC or Makati area ,if u love❤cosmo life. Good luck everyone.!
Thanks for sharing!
Very informative and helpful
I'm renting studio In Solinea CONDO cebu Dec 2022~June 2024 25k/month. and transfer here I Taft east condo studio corner unit w/balcony 32k contract is 1yr and until I get US SpousalVisaAppovl .I realized it's a good decision of not buying a condo here in cebu city..You are not in control..and its almost 6M for studio in the center of city
If I got a sum close to $100k, I'll just put it in CD. I speak for myself and since I'm not in my 60s yet and neither got a property of my own in the US.
I suggest keeping your money in the US and plan a transfer when you're ready. It will be more secured and exchange rate is likely going to be better. Meanwhile, when in the Philippines, open a dollar account and pesos ATM account with the minimum deposit required.
Thank you for great tips. Which Phil bank is accessible here in US?
I'm only aware of Philippine National Bank in New York. There could be another bank in California.
congrats close to 100K grandpa
Hello. I appreciate your videos, very informative. What agent and bank did you use? Thanks
I used BDO in the Philippines. Also, my agent is Pamela Sue L. Opeñano. Her contact information is [63] 0917 175 2735 (Email: pamsue2009@yahoo.com)
I have heard that you can open a US dollar account at a Philippines bank and deposit personal checks from your US bank and the fees are very low. The only drawback is it takes 30 days for the check to clear.
another drawback is they charge you for deposit and withdrawal. research on this... 2 banks i tried and aside from the length of time for clearing, they charge you for depositing a check and also when withdrawing...
@@hbcruzat banks need to make money. It’s the same as US banks, you have to maintain a certain amount so you won’t be charged a monthly fee.
Good job Grandpa Vlogger! You are good with your predictions. Btw, may I ask who is your builder and how many square feet is your condo?
Builder is DMCI. If I recall, I have 80 to 85 square meter including two balconies.
I lived in DMCI project, free drinking water in each project@vloggergrandpa2707
@@vloggergrandpa2707 thank you. That's a good size. I thought 80 to 100 square meter would be sufficient. I'll check- out the builder.
@jimbo3609 I'm very happy with the condo I bought. I would do it again. However, as I'm getting older, I'm thinking of putting the condo in the market. Not this year...but eventually. That's because US is where I want to be when I pass away. It's a shame that I lost 3 or 4 years of my retirement due to covid. Oh well. Good luck on your hunt.
@@vloggergrandpa2707 Oh, we have almost similar scenarios. I just got back 5 weeks ago. I spent 4 weeks in the Philippines and had a change of heart. I still prefer to stay in the US. I was disappointed with the heat and pollution. I was cranky the whole time I was there in Manila. But settle down a bit when we move to BGC. My plan was just to rent. My cousin advised me to buy it if I decide to live in the Philippines. They owned many properties in Manila and in China.
Who is your agent? I also bought from DMCI and got my unit ahead of schedule.
My agent is Pamela Sue L. Opeñano. Her contact information is [63] 0917 175 2735 (Email: pamsue2009@yahoo.com)
@@vloggergrandpa2707 thank you for your swift response. Appreciate you.
I have a couple of questions for you. Do you have any concerns about resale of the new condo later? During the time you were sending monthly deposits to your Philippine bank account to accumulate the 80%, did that money earn any interest at all? Also, did you decide to keep your home in the US? Thanks!
Of course I had concerns about resale value. With high theoretical appreciation, however, I'm not concerned because my expectation is more on a realistic level.
There alot of RUclipsr in Philippines saying they believe that the Condominium bubble will pop. Like the housing bubble did in 2008
It could, just like everything else. It's all a matter of timing. My main concern is the behavior of China and corruption in the Philippines like the POGOs.
We prepurchased a unit and parking at SMDC Sail Residences. They allow credit card payment through their portal which makes it even easier to pay the monthly payment. We don't take possession until next year.
Philippine Condo overpriced, put your money in U.S. market and use the dividends to rent a condo, do not trap your millions in a condo that gets old after a while, ask multiple condo owners and they will tell you it’s very hard to sell a condo, your buyer cannot approve a loan and people who have cash will low ball you if you sell, that’s why a lot of condos are labeled “For Rent or For Sale” -do your research and use your common sense.
You are absolutely correct. Soooooo many Condo in Asia and its crazy expensive. I would rather buy a foreclose Condo and fix it up my way!
What dividend stock do you keep buying?
I would use my common sense to not purchase any major items in the Philippines! I don't see a logical reason to take that risk.
It all depends on what you want. We did not work for 40 years to settle. Being able to pick out the exact location we wanted, the exact unit we wanted, the exact furniture we wanted and never have to worry/deal with a landlord worked best for us.
@@stephenr2195, I’m with you. Location is very important to me also. I wish you the best.
How long have you waited for the Deed Absolute Sale (notarized), Certificate Condomium Title .You Mention ..... 9 months is correct .
Yes, about 9 months.
Been told at age 60 and after it is not possable to obtain a loan.😢
Hola! How were you able to open a bank account in the Philippines -as I recall, you are not a dual citizen (unless I missed out on that part completely). Thank you.
I am a dual citizen. The only way to open an acct is to be on the Philippines.
Living in a 1 bedroom fully furnished with pool
25k a month in Davao
Congratulations! You and your wife make a great decision based on what you said is best for the both of you.
I have owned a home here for decades. Great diversification and appreciated value.
I purchased a 2 Bedroom Condos on the 12th floor, Atrium Level (love the history of DMCI and research I reviewed) and a B1 parking spot near the elevator 2 months ago.
Paid by both in full by transferring from my U.S. Bank to The Sellers Philippines 🇵🇭 Bank accounts requiring their Swift number.
Completing the TOO process and in time will receive the title.
A retirement Get-a-way for my Wife and I. Our Grandchildren and visitors love it.
Love the Build, Build, Build projects that I am monitoring. (many include the Germany 🇩🇪 Developer BAUER and JiCA (Japanese Construction Company - we lived in Japan 🇯🇵 for 30 years). We will have the Makati-BGC and Ortigas North and South Station near.
A was born a country boy, but I love the wonderful developed City that have been developed in the past 5 years and continue.
I know this is a great investment for my wife and our loved one future.
How? Cash! 🎉🎉🎉
Right I need a vlog on what he does for a living lol
Thank you Grandpa! 😊
Great video. How much is your HOA? And how much is the property taxes per year?
Condo fee is about $100/mo. Tax is less than $400/year.
At your age how did you qualify to buy condo in the philippines.
That's only a problem if you are financing the purchase.
Not a good idea buying a condo in the Philippines, especially at your age and how many years to enjoy??? A 15 million peso condo is about $260K ( 56 conversion rate), put that in a 11.5% 5 year indexed annuity… will earn you $30,000 per year or 1,725,920 pesos per year or 143,000 pesos a month… more than enough to rent a 2 bedroom condo in Manila… and when you die, your kids inherit the $260K…not the potentially problematic CONDO.
11.5%? I do not know how to get that.
Vlogger Grandpa - does your condo includes a parking spot?
You have to buy the parking spot if you want one. I did for resale purposes and rented it out to pay for the monthly condo dues. I'm glad I did thst.
@@vloggergrandpa2707Wow great idea.
It’s been such a longtime grandpa
Look good
Hi Grandpa, which location did you buy your condo?
Pasig. BGC and Makati are nice, but way overpriced for up to 4 month's use each year.
Thank you po. Am planning to purchase condo sa Philippines probably in 2 years but am not sure kong saan ang safe location sa Manila or Zambales.
@aniciaguerrera5485 I chose Manila because it has best medical facility and near conveniences to live an active life such as travels. But I'm sure it is more expensive than Zambales.
@@vloggergrandpa2707the Philippines medical system is the main reason I chose not to live in the Philippines. Too much can go wrong. I've heard too many horror stories from an American who use to work in the US embassy in Manila for 4 years. Cheaper Healthcare comes with a price.
@@Robert-ho1ie Don’t forget that it’s only a short flight to places like Bangkok, Singapore, Korea, etc... all with excellent health care at mostly reasonable prices. Of course if you’re in need of frequent medical care that’s another story.
Everything in life is a trade-off. There are no guarantees.
Hi Grandpa, is Wise safe to use? I have the app on my phone but haven’t tried it yet. We still use Western Union to send money to the Philippines. Seems it would be easier to send money directly to another family member’s checking account. We enjoy your informative videos.
Yes, it is safe. You may be required to submit documents to verify your identity, such as passport or drivers license. This is only one time to open an account. At least that is how it was some 8 years ago.
Thanks Grandpa, I tested with a small amount as you suggested and it worked great!! I did have to supply ID for verification. Should have done this a long time ago. We trust your suggestions so it gave me the confidence to give it a try.
Grandpa I assume you had to declare your Philippines bank account(s) to the US authorities once the aggregate balance exceeded US$10k...?
Yes, I did.
It’s filled using FBAR “Foreign Bank Account Report” for anyone who wants to know.
As it's my plan to retire with generous rental income, I've been investing in properties in the Philippines since 2019. One of them i got RFO (in BGC) because I wanted to start earning so I didn't leverage on downpayment without interest rates.. nowadays developers are offering up to 5-6 years no interest down payment which is great option if you are financially aware and save/invest in other higher return things before putting back into real estate.
Hi boss I have no time to replay all your videos.. I have a question I'm a US citizen.. I'm retiring going to Pinas next month.. need a Philippines bank here to take my retirement money . Is it possible.?. I have wells Fargo right now... I really appreciate your help. I have been a subscriber for a long time. Thank u
Try Charles Schwab and get an ATM card. CS will refund all bank charges monthly when you make ATM withdrawals.
@@vloggergrandpa2707thank you
Wire yourself money from your WF account. I stay long term at Mexico and Philippines, so far so good.
Mabuhay
I never understand this obsession among mainly Americans to buy condos land houses etc.
Im scandinavian been working full-time in Bangkok +15 years now for a multinational Scandinavian company
Ttravel all over se-asia in work..and i rented condos all time here with 1 year contracts(or even 6 months).
Heck a nice 1 bedroom condo in Bangkok with pool and gym and freewifi often cost under 300$ a month with 1 year contract + government regulated prices on electric and water and i can easily move around in Bangkoks 50 districts..bangkok a city that is 5 times bigger than new york in sheer size and have a excellent subway and skytrain and transport options
Seen so many expats in se-asia pay top prices for condos and houses and in the end they are stuck there with more and more bills coming in because it looks nice 1-3 years then it start to deuterate in the tropical climate and can't sell or move..that's MY biggest fear, being stuck in a place.
If you are very mobile, you are right not buying a condo or house. But some people are more stationary and want to settle down in one place. Thus, they decide to buy rather than rent. To each his own.
@@vloggergrandpa2707 Of course but many people seem to ignore that many places in se-asia are a pure tropical climate with all that implies and problem it comes with.
Houses rot and fall apart quickly paint peels off mold metal rusts and rubber dissolves and there is often a never ending stream of bills and maintenance and building codes are different so once you have bought your "dream condo" a house can easily be built in front of your balcony or open a loud entertainment venue directly below
As well as buyers looking for NEW buildings.. it is enough that your condo building is +10 years old and it is basically unsellable due to the reasons of tropical climate and the market
@@gmm5550 Renting is just buying the property for the owner
@@jamesrecknor6752 renting where u have rights and a contract makes u mobile and financial stable with no unexpected big bills coming in.
Vlogger grandpa how much do u pay 4 condo fees ?
About $100. But that will depend on the condo association.
@@vloggergrandpa2707 Is it true condo fee increase every year ?
How do I pay taxes on my pension and my 401k, if i decide to move to Manila.
You can file online and give your bank account number. Unless your return is very simple, get an accountant to prepare the return and handle the online filing.
you need to maintain a US address to keep your bank account. From there you can self prepare taxes via TurboTax or H&R
Kuya just curious what bank did you decide to got with?
BDO
@@vloggergrandpa2707...and are you happy with BDO? Would you recommend it to your friends?
Do you have a peso and dollar accounts in the Philippines? I’m here in California, planning to retire next year 2025 and will be staying in the Philippines for good. I have a dual citizenship, iş it true I need to go back to US before 12 months of staying in the Philippines? Thanks
No. If you are a citizen of both Philippines and US, you can stay as long as you want in either country.
which bank did you use in ther Philippines. Also will you share general area where you apartment is. The size and how much. Thank you.
It is in Pasig. It's about 83 sqm. They now run about 12 million pesos the last time I inquired.
The condo prices will continue to drop, especially when the criminal pogo workers and operators are deported.
I hope not, but one can say how the tide would turn..
@@vloggergrandpa2707
Grandpa, i "hope' you didn't mean "i hope not [that the criminals will be deported]"???
Anyway....Good, bad, or indifferent, condo prices are going to drop around NCR. that's just the reality. be prepared for it; denial will just hurt you in the long run. further, the pipeline of brand-new condos being built and coming on-market shortly....only further exacerbates the situation.
silver lining: now's a good time to to start hunting for sweeeet deals! Good time to really roll up your negotiation sleeves, and really grind down the realtors/sellers for a great price, if you're in the market (script has flipped, & the buyer now has TONS of leverage/choices )
I seriously doubt there will be a departure of property owners that’s sufficient to significantly dent real estate prices. If anything the Chinese mafia is very savvy about money and investments. Most of them will find a way to come out ahead.
Do I need to hire a philippine lawyer so that that person can make sure all paperwork is in order? That way, you will not be a victim if you are scammed.
It all depends on your capability. However, since you're asking, you probably should.
Grandpa I leave here in the Philippines I am a white American citizen married to a Filipino BDO I had 100,000 American dollars in their bank I asked the bank manager if I was to need more money could could I take out a loan he told me that their policy is because I'm not a Filipino banks will not loan me money I looked at him and said but I have $100,000 in your bank you know I have already bought the property can the property stand for collateral on any money that I might need and he said I'm sorry to take you this again because you are not a Filipino banks will not loan you money I said okay my wife this Filipino and he said that does not make any deference you are not Filipino$4 our bank policy says we cannot loan foreigners money I built my home and that was not enough power to run into the house so I had to get the power company to put her transformer on a pole to have enough power they wanted 6000 American dollars to do the job I had to go to a private person and borrowed the money at a 5 1/2% interest I thought you might want know because you are a Filipino you have privileges that I can never have but this was a very interesting video and you have a beautiful day may God bless you for the rest of your life
Thank you for sharing.
Easy transfer BANK U.S ( SWIFT ACCOUNT ) Local Bank .
Anyone want to buy a condo Im selling mine
Where is your condo?
The condo that I wanted you to buy in BGC is 15 million pesos. Too overpriced so I decided to just rent it for 45 thousand pesos. Much better deal. It seems real estate in the Philippines are overpriced.
Wow, P15M is cheap. New condo in Estancia Mall (Pasig) is running at P30M. Estancia is callef mini-BGC. Too much! I wonder who buys them?
@@vloggergrandpa2707
It’s a 32 square meter studio for almost $240 K. I think it’s overpriced.
Yes , my problem they are very slow to transfer the Deed of Absolute Sale with Notarization and Certificate of Condominium Title . Actually, this coming Dec 24 is the turnover . They promised as a cashbuyer that they would give a Certificate of Full Payment with receipt because it is nice that I hear you it takes 9 month to process these 2 legal document . But I never heard you received a Notarized DOS........I am also requesting developer staff to "notarized" the Certificate Full Payment with receipt ......Be aware once the Title and DOS in your hand .The unit owner needs to proceed to Registered of Deeds for verification and property tax ......Grand PA can we friends message or email each other . I am retiring within 3 years .
@@angelocalima6338 Sure. You can leave me your email address.
How did you get talked into paying for your condo in full and not be given a condominium title in your name..???
Shares of stock in lieu of Condominium Certificate of Title???
I dont know grandpa. I hope you made a good decision .
I did get a certificate of title. But that is like a stock certificate because you do not own the land or building. You only become a part owner of the condominium corporation.
Sounds very complicated. Why not just rent? No strings attached..why would anyone want an entanglement with the unknown? That is asking for trouble for yourself! Everyone should calm down before you jump the gun.. Philippines is rough when it comes to paper works. These retired people are old and you will be dead after you see your condos built. I’m not convinced..sorry grandpa 😮
Not the Brightest Bulb huh
I agree with you. Interest rates differ, yet a rule of thumb is why pay 100 times more than you can pay in rent? That is 8⅓ years of rent up front to keep from paying more rent later on.
Good thing we will have a FEMALE President soon!!
God forbid this female wins. We’re screwed
I was hoping I could ask you a few questions in private about the payment process. My wife and I have purchased a condo in Manila and our turnover is next August. Like you, our condo is complete and move in but we are taking advantage of the 3 year down payment to gather the funds.