Comments on: Reader Q and A #1: How can I apply for a loan and thus finance my first deal? http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html Your trusted resource for foreclosure investing in the Philippines with listings of foreclosed properties, real estate auctions, real estate investing tips, and more! Wed, 08 Feb 2012 16:17:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jay Castillo http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3195 Jay Castillo Tue, 26 Jan 2010 05:42:06 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3195 Hi Jun, I think there's a lot of people who visit here that have the same question so I'll answer it in another post for more details. At the moment I believe that the only way to qualify would be for you to have a business with steady income and/or some assets that can serve as collateral. Let me get back to you on this. Thanks for visiting! Hi Jun, I think there’s a lot of people who visit here that have the same question so I’ll answer it in another post for more details. At the moment I believe that the only way to qualify would be for you to have a business with steady income and/or some assets that can serve as collateral. Let me get back to you on this. Thanks for visiting!

]]> By: jun http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3194 jun Sun, 24 Jan 2010 09:43:25 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3194 Hi Jay, with reference to Angie's post, I am also unemployed right now and anxious about how I can qualify for a bank loan. I haven't applied for any bank loan in my life so I would really appreciate if you can give us some info on how an unemployed can qualify for a bank loan to buy and sell a foreclosed property. Looking forward to your reply. Thanks Jay. Hi Jay, with reference to Angie’s post, I am also unemployed right now and anxious about how I can qualify for a bank loan. I haven’t applied for any bank loan in my life so I would really appreciate if you can give us some info on how an unemployed can qualify for a bank loan to buy and sell a foreclosed property. Looking forward to your reply. Thanks Jay.

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3193 Jay Castillo Thu, 21 Jan 2010 04:41:12 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3193 Hi Joseph, thanks! Thank you also for the call, will send you an email shortly. Thanks for visiting! Hi Joseph, thanks! Thank you also for the call, will send you an email shortly. Thanks for visiting!

]]> By: joseph_coronpalawan http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3192 joseph_coronpalawan Wed, 20 Jan 2010 14:40:57 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3192 great advise! really helpful to newbies in real estate. more power! great advise! really helpful to newbies in real estate. more power!

]]> By: Angie http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3191 Angie Wed, 20 Jan 2010 06:37:12 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3191 Hi Jay! Your website is very informative and interesting. I was looking for a property that we can use for a small piggery business that we would like to start (that's how i can across your website). Most properties that i saw are quite big for the budget that we set. But when i read your article on investing in foreclosed properties, i had a lightbulb moment! The budget we have for buying the land can be used as downpayment for a much bigger property...or what you have called "leverage"! What a great idea!! My husband and i are both unemployed...He is an ex-OFW and we would like to start a small business with the savings that we had accumulated. That is why we need the property. But, can we qualify for a loan? Thank you very much and hope to hear from you soon Regards, Angie Hi Jay! Your website is very informative and interesting.

I was looking for a property that we can use for a small piggery business that we would like to start (that’s how i can across your website). Most properties that i saw are quite big for the budget that we set. But when i read your article on investing in foreclosed properties, i had a lightbulb moment! The budget we have for buying the land can be used as downpayment for a much bigger property…or what you have called “leverage”! What a great idea!!

My husband and i are both unemployed…He is an ex-OFW and we would like to start a small business with the savings that we had accumulated. That is why we need the property. But, can we qualify for a loan? Thank you very much and hope to hear from you soon

Regards, Angie

]]> By: Gladis http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3190 Gladis Wed, 20 Jan 2010 04:44:29 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3190 Hi Jay, I have just discovered your website after reading the book Think Rich Quick and Cashflow Quadrant. This particular article is very important for me as 1st time investor. Thanks to you for posting your answers to the questions. I hope to join your seminar soon. Gladis Hi Jay,

I have just discovered your website after reading the book Think Rich Quick and Cashflow Quadrant. This particular article is very important for me as 1st time investor. Thanks to you for posting your answers to the questions.

I hope to join your seminar soon.

Gladis

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3189 Jay Castillo Wed, 20 Jan 2010 03:45:50 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3189 Hi Vladie, May I know what terms the bank is willing to offer for the balance of Php5 million? If we used an interest rate of 12% per year and payable in 15 years, that would mean a monthly amortization of Php60,008.40 (I arrived at this using the mortgage calculator that you can find here: <a href="http://foreclosurephilippines.com/wp-content/uploads/2009/06/mortgagecalculator.html" rel="nofollow">http://foreclosurephilippines.com/wp-content/uploads/2009/06/mortgagecalculator.html</a> ). I believe the monthly amortization is quite steep, unless the mango orchard can produce a monthly cashflow that is at least equal to that. Of course you will also have to consider other expenses like real property tax, cost to maintain and operate the orchard, etc to determine if the property is really going to be an income generating asset or will be a money pit for you. Another option that comes to mind would be for you to find a partner or investor with whom you can have a joint venture agreement so that you can split the capital needed to buy the orchard. Let me know what terms the bank is offering so we can make a more accurate analysis. Thanks for visiting and it's nice to know that you are actually taking action to pursue your dream! Hi Vladie,

May I know what terms the bank is willing to offer for the balance of Php5 million? If we used an interest rate of 12% per year and payable in 15 years, that would mean a monthly amortization of Php60,008.40 (I arrived at this using the mortgage calculator that you can find here: http://foreclosurephilippines.com/wp-content/uploads/2009/06/mortgagecalculator.html ). I believe the monthly amortization is quite steep, unless the mango orchard can produce a monthly cashflow that is at least equal to that. Of course you will also have to consider other expenses like real property tax, cost to maintain and operate the orchard, etc to determine if the property is really going to be an income generating asset or will be a money pit for you.

Another option that comes to mind would be for you to find a partner or investor with whom you can have a joint venture agreement so that you can split the capital needed to buy the orchard.

Let me know what terms the bank is offering so we can make a more accurate analysis. Thanks for visiting and it’s nice to know that you are actually taking action to pursue your dream!

]]> By: vladie http://www.foreclosurephilippines.com/2010/01/how-can-i-apply-for-a-loan-to-finance-my-first-deal.html#comment-3188 vladie Tue, 19 Jan 2010 11:06:29 +0000 http://www.foreclosurephilippines.com/?p=2997#comment-3188 Sir: It is my ultimate dream of having a mango orchard for I believe that it is s great investment. Fortunately, a bank offered me a foreclosed property from the, a 6.1 mango orchard with 288 25 year old mango fruit bearing trees amounting 7.5M. I can comply with their required downpayment which is 2.5M. I am a simple business man earning a net of 10,000Php monthly. Could you please advice me if I can be able to pay my remaining balance together with its accumulated interest. Or atleast advice me what wise steps should I ill be doing regarding this matter. Thank you very much. I hope to here from you very soon. Sir:

It is my ultimate dream of having a mango orchard for I believe that it is s great investment. Fortunately, a bank offered me a foreclosed property from the, a 6.1 mango orchard with 288 25 year old mango fruit bearing trees amounting 7.5M. I can comply with their required downpayment which is 2.5M. I am a simple business man earning a net of 10,000Php monthly. Could you please advice me if I can be able to pay my remaining balance together with its accumulated interest. Or atleast advice me what wise steps should I ill be doing regarding this matter. Thank you very much. I hope to here from you very soon.

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