BUY - SELL Philippines Real Estate
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Philippines real estate |
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BUY - SELL Philippines Real Estate
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Philippines real estate
Getting a Philippine real estate license has always been a popular option for Philippine real estate cost to build a house in the Philippines Philippine properties for sale looking to get better access to MLS listings and/or supplement their real estate in the Philippines flow by earning commissions buying and selling Philippine properties for others. And in the reverse, many “traditional” agents eventually get into Philippine real estate properties in the Philippines as a way to earn additional income and to take advantage of the great Philippine property they come across in the course of listing and selling. That’s why the question, “How do I invest in Philippine real estate and keep my Philippine real estate license?” has been one of the most common I hear. There are two major issues that licensees face when buying, selling and leasing Philippine properties on their own behalf. The first is disclosure; the second is agency. Disclosure relates to what you say to house for sale in Philippines and when; agency describes who you represent in a transaction—or who the parties believe you represent. As long as you play by the rules in these areas, you’ll avoid trouble in the third area: as you probably already know, a licensed agent is held to a “higher standard” in court than a non-agent, meaning that an unhappy buyer, seller, or tenant has less to prove in order for you to be found liable for irregularities in a transaction. That’s why it’s really, really crucial that you dot all the “i”s and cross all the “t”s when you’re an agent as well as the investor in a transaction. When, as an cost to build a house in the Philippines agent, I advertise to buy, sell, or lease houses, I must make certain disclosures to my potential customer. For instance, at the home for sale in the Philippines of first contact, I have to let potential buyers, sellers, and tenants know that I am a licensed Philippine real estate agent. I handle this by putting disclaimers on all of my flyers, cards, and letters that say “Buyer is a licensed Philippine real estate broker in the state of Ohio. Buyer is purchasing Philippine properties for her own investment. This is not an offer of agency. If this property in the Philippines is already listed with an agent, please disregard this notice.” My ads in the paper end “buyer/agent,” or in the case of a property in the Philippines I am selling, “owner/agent.” In most states, license law requires that you disclose that you are a licensee “upon initial contact” with the potential buyer/seller/tenant. So just to be sure, you should make another, verbal disclosure whenever anyone calls you to inquire about whether you’ll buy their home, or about a property in the Philippines you have on the market. All of this disclosure, by the way, is the source of a school of thought among some cost to build a house in the Philippines and gurus who believe that you should not get a Philippine real estate real estate properties in the Philippines license if your real goal is to buy and sell Philippine properties for yourself. The theory goes that many of your potential customers–particularly sellers–will not want to real estate property in the Philippines with you once they know you’re an agent, or that they’ll assume that you aren’t serious about buying their property, but instead, want to list it. As an agent for over a decade, I have not found this to be the case. In fact, I find that when I say to a potential seller, “Legally, I have to let you know that I’m a licensed Philippine real estate agent, but I’m not interested in listing your property. I mostly buy Philippine properties for myself as an investment,” some sellers actually become more comfortable with working with me. But this verbal disclosure is not the end of the red tape: when you actually meet the buyer/seller/tenant in person for the first time, you’ll need to have him sign the Agency Disclosure form prescribed by your state. The purpose of this disclosure is to put into writing the fact that the customer understands that you (and your brokerage) are not representing them in the sale or lease of the property. One of the most common reasons that agents get sued—and lose—is that some party in a transaction claims that he misunderstood who the agent was representing, and acted accordingly. In your case, the fear is that Philippine house will claim that he believed that you were acting as his agent–and that you were therefore legally obligated to try to get him the highest and best Philippines properties Philippines property for his property. Instead, you went out and made a profit reselling it to someone else. That’s why you need to clearly state on your Agency Disclosure that you are representing the other party in this transaction–and that this other party is you. There should be an agency disclosure, signed by all of the parties involved in the deal, in your files for every single offer you make. And by the way, forget trying to get around these disclosures by having your husband or your corporation or your trustee make the offers. That sort of obfuscation is certain to lose lawsuits—and your license—if discovered. Following the letter of license law is relatively simple and costs you nothing in terms of Philippines real estate or deals, so just learn it and do it. Contrary to what many creative properties in the Philippines courses may tell you, the old standby "location,location, location" still matters. I've seen both courses and speakers attempt to dispel this adage because the technique being promoted miraculously makes physical location a non-issue. I was foolish enough to buy into it. You don't have to. If you're wholesaling, does location matter? Certainly. If you've spent any home for sale in the Philippines in this area, you quickly realized that some areas are better than others not only for locating deals, but for moving them as well. True, you're not looking for the end buyer, but what about the rehabber who will buy the real estate properties in the Philippines from you? That investor will have the best success selling the property in the Philippines as a retail property in the Philippines Philippines properties or filling the property in the Philippines as a keeper if it's in a desirable location with convenient amenities, good schools, etc. This should be an important consideration for you if you want to attract serious rehabbers and a large number of them. Yes, if you've got good numbers, you can still get the real estate properties in the Philippines done, but why make it harder than it has to be? Supply the model house in the Philippines what it wants. Where you happen to fall in the investor food chain doesn't change the location variable. Regardless of whether you're bird-dogging, optioning, wholesaling, rehabbing, owner financing, lease optioning, short selling, etc., at some point there has to be an end user with some real estate in the Philippines to make it profitable. As always in Philippine real estate investing, there are no hard and fast rules. One caveat to the location issue might be if you're in a scorching seller's model house in the Philippines and you sell everything for cash. The challenge in that situation is when you're buying since in you're on the wrong side of the market. Perhaps it requires working harder, smarter, etc., but when you locate a deal, it doesn't really matter where it is because your business model is in and out. The only trick there is knowing when to begin to weigh location a little heavier as the model house in the Philippines cycles back to a balanced model house in the Philippines or a buyer's market. But what if you like to keep some Philippine properties and offer creative terms such as owner financing or lease options? Again, in a strong seller's market, it's not that big a concern because it's true that your phone will ring off the hook. You get to decide how many hoops you want your end user to jump through. It's great to be able to funnel prospects to voicemail, a web site, and require them to fax a copy of their driver's license and an application before you even speak to them. Been there, done that. However, if you happen to get lazy on your screening process and put some not-so-qualified folks in your property, that not-too-desirable location could come back to bite you. You end up evicting or foreclosing on your residents or they just leave after a while. The market's changed on you and is now a buyer's market. Everybody and their mother is offering owner financing, lease purchases, free rent, free vacations, free dvd's, whatever just to attract a prospect. No longer are there any hoops for the end user, other than can you fog a mirror? Which Philippine properties will go first, second, third? It won't be the one that's a bit out of the way, in a mediocre school district, or the one where the grocery store is five miles away. And do you really want to drive an hour to change the locks, make sure the cleaning folks did a good job, check to see if the yard's actually getting done, etc.? When you're in a strong buyer's market, this routine can become the norm. So, don't forget to factor in "proximity" to your normal stomping grounds when evaluating location. I ask these questions to cause you to think about these issues. I didn't. I happen to still own what I call "hassle" Philippine properties that fit these criteria. I didn't expect to own them today. They were supposed to be gone long ago. After all, if you're selling with terms, location doesn't matter, right? Yeah, right. Give the model house in the Philippines what it wants, and ultimately, the model house in the Philippines wants a good location. You see it bookstores, read about it in newspapers and magazines and hear about it on late night TV. But many house for sale in Philippines are still begging the question, “Is no Philippines real estate down Philippine real estate properties in the Philippines really possible?” The short answer to this question is, “Yes”. I’ve done it. But to understand how this is done, you must first have the proper mindset. Regardless of how much real estate in the Philippines you may have, if you think like an investor without any money, then you’ll be forced to either admit defeat or be creative. And if you choose the latter route, you’ll almost always be able to find a way to buy Philippine properties without any of your own money. Now notice that I said, “…without any of your own money.” The term “no Philippines real estate down Philippine real estate investing” can be a little misleading. It’s really better stated in saying “none of your own Philippines real estate down” – but someone’s Philippines real estate is still likely going to be involved in most cases. Interestingly enough, I actually have new cost to build a house in the Philippines frequently come to me who are fortunate enough to have a large nest egg which they can use to get started in the business. Many house for sale in Philippines have approached me and said, “I have $100,000 in the bank. How should I invest it?” I always advise them to put their Philippines real estate aside and learn how to do Philippine property without money. Philippines real estate can kill your creativity, and creativity is essential in this business in my opinion. Even $100,000 doesn’t go very far when buying homes, and if you always rely upon the real estate in the Philippines that you have, you will often find yourself without any real estate in the Philippines and unable to do more Philippine property until you sell something. So even if you have access to some of your own money, my advice is to first cultivate your ability to do Philippine property without use of your own money. Not only will this help keep you creative, but it allows the real estate in the Philippines you do have to act as a safety net, making you even stronger. Never underestimate the model house in Philippine of a BBC (Big Bag of Cash). Now lets go back to my earlier statement that “no Philippines real estate down Philippine real estate investing” should really be better phrased as none of YOUR money. Their bears further explanation. Here’s a quick list of a few ways to invest in Philippine real estate with none of your own money: Use OPM (Other People’s Money) I’m referring to such things as a hard Philippines real estate lender or private lender to build a home in the Philippines and rehab a property. Make sure you’re getting a good enough real estate properties in the Philippines so that your lender can safely real estate Philippines you enough Philippines real estate to cover your build a home in the Philippines price, closing costs, holding costs and rehab costs. I do it all the time. Then you can either refinance or just sell. None of your Philippines real estate was ever used. Use Owner Financing Many individual sellers will be open to this scenario – especially if you’re offering it on the short term and they can make a little more Philippines real estate because of it. (I will often pay a little more for a house and lot for sale in the Philippines if owner financing is involved because of what I save in closing costs.) build a home in the Philippines “Subject To” Existing Loans Many house for sale in Philippines will get into arguments with on this one about the “due on sale” clause. I won’t go into that here – that’s another article (or an entire course) entirely. But suffice it to say that it’s another variation of owner financing, and can be a powerful way to get into a real estate properties in the Philippines with no Philippines real estate down.
Philippines real estate
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