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To Redeem a Prime Property or Not

ggurl · 16 · 1870

ggurl

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on: Jul 04, 2014, 02:32 PM
Let me begin by saying I'm feeling confused, angry and resentful right now. My dad mortgaged a prime property for P2M to finance his gambling habits. He was able to mortgaged it without the knowledge and consent of my martyr mom. He simply forged her signature. Second time nya na itong ginawa. Sa first transaction which happened 10 years ago, na-foreclosed ng bank ang property.

Fast forward, alam na ng mom ko ang nangyari. Being the martyr wife that she is, she simply accepted it and told me na kami nalang ni hubby ang mag-redeem ng property kase we have the financial resources to save the property -- kesa daw mapunta sa ibang tao.

Property is now considered Commercial ang classification. 1000 square meters here in gensan. loan amount is P2M plus interest which I dont have any idea. My husband is ok with redeeming the property for as long as it will be immediately transferred to our name. The property has lessees with rental of P15T/month.

Our cash on hand right now is P3M. We are both working. Our combined income is P150T with P30T monthly expenses. We have a home loan with pag-ibig na may P400T pa na balance. The 3M is our hard earned savings -- we were able to save this much through sheer pagtitipid and living within our means.

Your opinions and inputs would be very much appreciated.


LiveLoveInvest

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Reply #1 on: Jul 04, 2014, 02:45 PM
 "as long as it will be immediately transferred to our name. " ---> tama siya dito make sure na this will happen

The property has lessees with rental of P15T/month. ---> if may ganito namang scenario feeling ko good investment naman siya kasi ongoing na ang pag generate niya ng income so konting compute compute nalang if gano niyo katagal bago mabawi ang capital if magkano man ang ilalabas niyong pera.

pero if I were in your position, feeling ko sa statement ng mom mo na "kesa daw mapunta sa ibang tao" may something significant and sayang talaga or may panghihinayang sa mom mo if mapunta sa iba. so ako personally if I have the money by all means kukunin ko and if kaya baka idevelop ko pa siya in the long run.

just my 2 cents :D


ggurl

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Reply #2 on: Jul 04, 2014, 03:13 PM
Thanks LiveLoveInvest: Nasabi ito ng mom ko "kesa mapunta sa ibang tao" kase yung katabi nitong lot which is a corner lot was already sold by my dad doon sa pinag-sanglaan nya ng subject lot ngayon.

Corner lot yun and yung nakabili constructed a gasoline station. two years ago, my dad sold it for P2M. he didn't leave my mom any choice. in 2012, newly married pa kami ni hubby and we offered, literally begged kami nalang bibili but my dad replied: " gusto ko mahawakan ng buo ang P2M, ayoko ng tingi tingi". eh ang kaya namin at that time was installment payment. Sa iba nya binigay kase " yung iba daw may kakayahang mag develop"

Iba mag-isip ang dad ko. Nagpa-dala din cya sa sulsol ng ibang tao na ibenta dahan dahan ang mga properties nya kaysa ang mag-enjoy yung son-in-law nya (my husband). my husband is a responsible family man. Nakakainis at nakaka-lungkot pero iba talaga cya mag-isip.


george88

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Reply #3 on: Jul 04, 2014, 06:40 PM
15 thousand monthly ang rental for 1K sqm? parang mababa it will take you more than 10 years para marecoup ang 2M though meron naman property kung mapapataas nyo ng 25-30k ang monthly rental ng whole 1K sqm that is a very very nice source of  passive income... Tama si LiveLoveinvest kung maitransfer agad ang name sa hubby mo para wla ng habol ang daddy mo get mo na... Baka pwede tapusin nyo na ung 400k na loan nyo sa pagibig i mean bayaran nyo na since may cash on hand naman kayo tapos iavail nyo ung lot thru pagibig or kung pwede 50/50 at least malaki pa ang Cash on Hand matitira sa inyo..Remember CASH IS KING
« Last Edit: Jul 04, 2014, 06:41 PM by george88 »


GIG

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Reply #4 on: Jul 04, 2014, 07:29 PM
Get the real number first, the property with all the interest due,property transfer expenses etc. to get a better picture and for you to make a better decision. If its about 2M or thereabouts then its a good investment. Property values in gensan will be going up and besides the 15K a month is a bonus. Also, check if you could raise the rent after you take over the property. Think cutting up the property and renting small spaces. Sometimes by just doing this you could increase the monthly take of a property.


n5110

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Reply #5 on: Jul 08, 2014, 07:08 AM
Prime property? No questions redeem kung may means. Habang wala pang pinagkagastusan good investment yan. Katabi pa ng gas station. You can do a lot with 1k area. Sa mga 100 sq mtrs nga nagkakasya ang 2 storey na apartment. You can just imagine the returns in the future given the proper planning and funding.


DonT

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Reply #6 on: Jul 08, 2014, 08:23 AM
As GIG mentioned, get the total picture. How much do you need to shell out for it. Since you are earning naman, I think its better to take a bank loan to acquire the lot. Are you into some time pressure?

Eto cguro suggest ko na sequence.
1. Estimate how much you need to pay up for the property.
2. Check if you can still take a loan for it.
3. If not, with your 3M cash, pay up the other 400K loan so that you can take a new loan for this property.
4. Invest your remaining cash in better investments. I hope the 3M is not just sitting in your savings account.

Important thing is, aside from the amount to redeem the property from the bank, do you need to pay your parents as well? are they willing to prepare a deed of sale?


patski

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Reply #7 on: Jul 08, 2014, 09:47 AM
15 thousand monthly ang rental for 1K sqm? parang mababa it will take you more than 10 years para marecoup ang 2M though meron naman property kung mapapataas nyo ng 25-30k ang monthly rental ng whole 1K sqm that is a very very nice source of  passive income... Tama si LiveLoveinvest kung maitransfer agad ang name sa hubby mo para wla ng habol ang daddy mo get mo na... Baka pwede tapusin nyo na ung 400k na loan nyo sa pagibig i mean bayaran nyo na since may cash on hand naman kayo tapos iavail nyo ung lot thru pagibig or kung pwede 50/50 at least malaki pa ang Cash on Hand matitira sa inyo..Remember CASH IS KING

Hi TS,

How many tenant do you have? If you have 10 tenants, for 1 year the lot will earn PHP 1.8M Definitely a good investment..


pulubing_palaboy

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Reply #8 on: Jul 08, 2014, 11:48 AM
it's NOT 15K per month for each tenant
it's 15K a month total for all lessees (for right now)


Market_Market

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Reply #9 on: Jul 08, 2014, 11:54 AM
Thanks LiveLoveInvest: Nasabi ito ng mom ko "kesa mapunta sa ibang tao" kase yung katabi nitong lot which is a corner lot was already sold by my dad doon sa pinag-sanglaan nya ng subject lot ngayon.

Corner lot yun and yung nakabili constructed a gasoline station. two years ago, my dad sold it for P2M. he didn't leave my mom any choice. in 2012, newly married pa kami ni hubby and we offered, literally begged kami nalang bibili but my dad replied: " gusto ko mahawakan ng buo ang P2M, ayoko ng tingi tingi". eh ang kaya namin at that time was installment payment. Sa iba nya binigay kase " yung iba daw may kakayahang mag develop"

Hold on a second.
Beside a gasoline station?
Wow!  Prime property nga.
Imagine kung ano ano pede nyo ipatayo dyan once umalis na yung tenant.
Future business venture?  No problem, you have a commercial lot next to a gasoline station!
Buy it!  Immediately transfer it to your name!
Buy it now!


freefront

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Reply #10 on: Jul 08, 2014, 01:55 PM
Walang aangal na ibang kapatid?

May nagsabi dito dati to consider yung costs involved when you preterminate a loan and take out another one. Pampatagal pati ng process. 


george88

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Reply #11 on: Jul 08, 2014, 03:15 PM
Medyo mahirap din sitwasyon ni TS kasi malalaman ngayon ng tatay nya may pera sila magiging mabait naman ang tatay nya ngayon sa kanila lalo pag naubos na datung ni daddy...


ggurl

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Reply #12 on: Jul 08, 2014, 03:42 PM
YES, PRIME PROPERTY nga, katabi ng gasoline station along the national highway.

Hindi ko pinapa-halata na meron kaming ganoong cash on hand. Nag-drama nga ako na I am taking out a consolidated loan sa GSIS (government employee ako) and si husband will be taking out cash advance sa company nya (seafarer si hubby) and will be extending sa work ng 2 months para lang matubos namin ang property.

Walang aangal na kapatid. I only have 1 sister, single and she has no financial resources.

DONT: only 1M is sitting on our savings account the 2M is invested in various mutual funds.

iniisip nalang namin ni hubby na bumili kami ng property from other persons, na hindi ko binayaran ang inheritance ko. wala na kase kaming mahahanap ng ganitong commercial property at this price. kung meron man P3M pataas ang price.


george88

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Reply #13 on: Jul 08, 2014, 03:49 PM
YES, PRIME PROPERTY nga, katabi ng gasoline station along the national highway.

Hindi ko pinapa-halata na meron kaming ganoong cash on hand. Nag-drama nga ako na I am taking out a consolidated loan sa GSIS (government employee ako) and si husband will be taking out cash advance sa company nya (seafarer si hubby) and will be extending sa work ng 2 months para lang matubos namin ang property.

Walang aangal na kapatid. I only have 1 sister, single and she has no financial resources.

DONT: only 1M is sitting on our savings account the 2M is invested in various mutual funds.

iniisip nalang namin ni hubby na bumili kami ng property from other persons, na hindi ko binayaran ang inheritance ko. wala na kase kaming mahahanap ng ganitong commercial property at this price. kung meron man P3M pataas ang price.

Ayun naman pala... Follow mo na yung mga advise kunin mo yan via loan para alam nila LOAN nyo sya kinuha pero tapusin nyo na yung sa pagibig loan nyo na worth 400k tapos hugot hugot muna kayo sa kayamanan nyo hihi habang masagana pa ang economy natin kikitain nyo rin naman yan agad...


gang13

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Reply #14 on: Jul 09, 2014, 04:27 AM
Good deal, in my opinion. Grab it! Basta siguradong lipat agad sayo ang title!  :rakenrol:


 


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