new to site and could use some help regarding business and condos

Member since 03 March 2015

terry1878New member03 March 2015 02:07:07

Hi there ladies and gents.

im living in aus and have planns to move and live in phillipines. i am hoping to have a decent sum of money to go over there with , but not enough to live off for the rest of my life (im 34)
therefore i am looking at options to make money.
i know all about the condo situation (i can own 100%) and i know i cant own land but can lease it for 50 + 25 years.

i have a couple of scenarios that i would appreciate advice on.

scenario 1) can i but multiple condos for cash and then rent them out for income?
is there a cap on how much property a foreigner can own?
if i am able to do this what visa will i require? becuause im assuming if i did do this scenario that it would be classed as a business right? meaning taxes etc.
would a retirement visa cover me?

scenario 2
i know some people over there, can i buy the land? put it in their name (60%) then lease it for say 1000 peso a week for 75 years?
if i can do that i know i can build and own a house (not the land)
but can i build a hotel / dive school/ bar etc and own that 100% as i dont own the land?
or does the hotel have to be 60/40 also?

like i said i have a reasonable amount of money and the easiest thing for me sounds scenario 1, so if i could buy 4/3 condos ($35000 each) then i could live modestly of the income. however i would become very bored so i would prefer to have a business to run and would actually prefer to do scenario 2 if its possible for me to own the business 100%.

also if anyone on here has any advice on other ways to invest money please mention it as i am very open minded about any suggestions that might arise.

thanks everyone

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gmcne4 Active member

Member since 10 June 2014

gmcne4Active member03 March 2015 03:51:19

Hi Terry. I am actually doing scenario 1. This has pros and cons. Send me a private msg and I will answer all your questions. We can chat online or skype.
Regards
Garry

terry1878 New member

Member since 03 March 2015

terry1878New member03 March 2015 04:12:05

yeah mate can chat.. im new here so dont know how to private message yet lol im trying to figure it out. iv already posted the same topic 3 times by mistake .lol

kenjee ViP

Member since 02 June 2014

kenjeeViP03 March 2015 10:31:18

19610

Hello terry1878

I have erased the two other topics for you

For sending a private message, click on the avatar of the member you wish to communite to. This will send you to the profile of the member, and to the right of the screen you will see a green button ''Send Message''

Kenjee
Expat.com Team

GuestPoster254 Guest

GuestPoster254Guest04 March 2015 10:28:39

Are there still condos that sell for $35k? Rentals may not be a constant source of income. It depends on whether your units are all occupied. Usually, the renter pays for homeowners association dues. But if the unit is vacant, you will have to pay the HOA dues.

rachelleannebooc Member

Member since 25 March 2015

rachelleanneboocMember25 March 2015 04:55:54

Option 1 is a good thing/invest for you to earn decent amount of money here but I totally agree with FilAmericanMom that it depends on the location of the condo you are about to buy. There are many options to earn a living here, if you have time you can PM me so that we can talk about it. Hope I can help.