A Financial Independence Day Greeting – Declare Your Financial Freedom!

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Today we observe Philippine independence day. On June 12, 1898, the Philippine declaration of independence happened at the ancestral home of General Emilio Aguinaldo in Kawit, Cavite. I would like to greet all fellow Filipinos a happy and meaningful Independence Day!

How about our “Financial Independence”?


Much the same way as a declaration of independence was done in Cavite more than 100 years ago, I believe that we should also declare and proclaim to the world our goal of achieving financial independence. I would say that this is a defining moment in our quest for financial freedom. Without the declaration, we are not really clear on what our objectives are. After we declare it, the more we can focus on it.

This again is another insight from watching “The Secret” as mentioned in my previous post about achieving financial freedom. Following the Law of Attraction, declare and radiate to the world what you really, truly want, and the world will give it to you (assuming you are willing to pay the price to achieve this). And yes, it is possible…

"Whatever the mind of man can conceive, it can achieve." ~ W. Clement Stone

“Whatever the mind of man can conceive, it can achieve.” ~ W. Clement Stone

My declaration of financial independence and financial freedom

“I declare that I shall be financially independent by building at least Php60,000 in  monthly passive income before my 40th birthday through multiple streams of passive income from foreclosure investing, internet marketing, and other passive income opportunities.”

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I really can’t remember when I started to declare this to myself and to the whole world. I guess what is really important is that I made the declaration, and doing so has left me no choice but to achieve it!

Now it’s your turn

How about you, have you declared your financial independence? I invite you to share them here for all the world to see through the comments section below. Wouldn’t it be nice to come back here someday to make a follow up comment saying “I did it, I am now financially independent…”

Happy Financial Independence Day!

To our financial freedom!

Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com

P.S. – Migrating this blog to a self-hosted WordPress blog with no downtime and all permalinks intact has turned out to be more complicated than I anticipated and I may need another day or two before I make the switch.

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About Jay Castillo

Jay is the founder of Foreclosurephilippines.com where he shares real estate investing tips and foreclosed property listings. He quit his job as an I.T. Manager to focus on Real Estate Investing and Internet Marketing. He is a PRC licensed Real Estate Broker (REB License # 3194)... [Read more]

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  • Jojo Castillo

    I’m sick and tired working in the office and going nowhere not because I do not want to earn money anymore but I’m sick and tired working hard and every paycheck I recieved the senators, the congressmen and other govt expenses make a big share of my hard earned salary. And only remains in me enough for my day to day expenses barely to pay my house bills. I want to have financial freedom outside the employed income.
    I want to start to invest property that work for me for positive cash flow…. I declare to myself after five years I considered mylself as a FREE MAN yes a free man in my financial difficulties by working hard today, invest and have enough positive cash flow…. thank you for this site I’ll be back in this forum after five years and let see…

  • Roselle

    Hi Jay, I really like your site.
    I’m on my search for financial freedom after reading Rich Dad Poor Dad.

    Right now I’m into network marketing, but when I have enough money, I plan to try out stock market or real estate. But I think real estate investment has lower risk (please correct me if I’m wrong).

    Is no money down real estate investing in our country possible?
    Should I be a licensed real estate broker first?

    I will sure get back on this post once I’ve reached my Financial Independence.
    Thanks for sharing your knowledge!

    Roselle

    • http://www.foreclosurephilippines.com Jay Castillo

      Sorry for the late reply Roselle, and thanks for the feedback, really appreciate it!

      Real estate investments may be considered to have a lower risk as compared to paper assets because it is a tangible asset, which means it is highly unlikely it will lose all of it’s value.

      However, I believe the real key is buying right by buying only below market value properties. This way, you don’t have to depend on appreciation to make a profit when you sell the property. Besides, if you have a property that has improbements and is ready for occupancy, at the very least you can have it rented out. You can’t do that with paper assets.

      “No money down” is possible in the Philippines but the question you need to ask is “why is it possible to get that property for nothing down?”. Usually, there is an underlying reason for this and you should be prepared.

      For example, if someone is willing to sell a property at no money down, you should know why they are willing to do so. In our case for example, we sold our property in Marikina for nothing down with assumption of mortgage payments because we simply do not want to go back to Provident Village after Ondoy.

      The catch there was only people who live in Marikina and are aware of, and are used to floods, would buy it. This means if you bought the property from me at no money down with the intent of flipping it, you will have a hard time selling it, but you will still have to pay for the monthly mortgage payments until the property gets sold. That can be a long time.

      Other “virtually” nothing down deals can come from properties that can get a high appraisal and approved loan amount, which can be more than your downpayment, thus it is “virtually” nothing down. Still, you need money for the downpayment at the start.

      Other examples of possible “nothing down deals” would be if you sold properties of other people. However, you would need to be a licensed broker for that because of the RESA law, unless you acted as the principal and got the properties under contract in your name.

      Thanks for the question, I’ll be expounding on this a bit and turn it into a full blown article.

      I look forward to hearing news that you are already financially independent. Cheers!

  • http://www.birmingham-properties.com/ Birmingham investment realty

    Hello Viviene,

    I am so happy for you. At last you got married. But me, I have been wandering for a very long time, searching for my partner, but for God’s sake, I found no one. LOL….so sad….
    but it’s okay… maybe it’s God’s plan…

  • http://www.journeyofawoman.wordpress.com viviene

    I married an engineer a few months ago and we are planning to venture in real estate and I remembered your site. I usually visited your site in the past to learn more about foreclosed properties..

    and now I saw my previous comment here about ‘declaring financial independence’ … gosh this was a year ago and I doubt I did any visible step to be financially independent! I’m glad to have found your site again!

    • http://www.foreclosurephilippines.com Jay

      Hi Viviene,

      Congratulations, welcome to married life! Now you have a partner for your real estate venture!

      Well, it’s never too late to start, I’m glad to see you back.

      Cheers!

  • Pingback: A financial independence day story: Cross-over from IT to RE()

  • http://www.foreclosurephilippines.com Jay Castillo

    Hi Dan, if the Real Estate Service Act bill is signed into law, yes, only those who finish the 4-year course will be qualified to become licensed. People are saying that the coming Real Estate Broker’s licensure exam this October will be the last one so I suggest that those who want to be licensed to take this last opportunity unless they want to attend a 4-year course.

  • Dan

    Sir Jay,

    Good day sir! I would just like to ask if the rumor is true that by next year, one should finish 2 to 4 year course to qualify in the real estate broker licensure exam?

    regards,
    Dan

  • Jun

    Hi Jay. I want to be a licensed real estate broker. How do i get started to become one?

    • http://www.foreclosurephilippines.com Jay Castillo

      Hi Jun, first thing you need to do is to attend a DTI accredited Comprehensive Real Estate Seminar and Review (CRESR). I highly recommend the one conducted by Engineer Enrico Cruz. I attended his seminar and i passed the November 2007 broker’s exam. Please check the schedules here: http://urban-institute.blogspot.com

  • Scott

    Christina,

    I agree with your idea to buy a foreclosed hows and not to redo your already owned home. Yes it is inexpensive and also be an investment. I would also suggest to be much aware of
    Foreclosure Help Scams so as not to spoil your hard earned money.

    Scott

  • Anonymous

    Hi sir:

    I hope you could advice me. I am planning to buy my dream house. However, due to very expensive costs in acquiring a decent new house & lot, I dont know where to begin. My doctor friend told me to check foreclosed assets of financial institutions. I checked some of the listings but, most of the houses are deteriorating even cannibalized. Is it not more expensive to renovate or repair properties like this?

    Thank you for your help. I learn alot from your website.

    Cristina

    • http://www.foreclosurephilippines.com Jay Castillo

      @ Cristina, I’m so sorry for the late reply, looks like your comment was sidelined by the blog migration. Anyway, I would suggest you first decide what are the specifics of the house you are looking for like lot area, floor area, # of bedrooms, # of toilets and baths, etc. and at what location. Afterwards, you can check for current prices of similar houses that are for sale but are not foreclosed. Then you can compare this to foreclosed properties with the same specifications. As for repairs, you really need to have a repair estimate done by a contractor. You can then use this to gauge if the repair cost is worth it. For example, if a foreclosed property is being sold for 1M and requires 500K worth of repairs, yet it will have an After Repair Value (ARV) of 2.5M, then I would say that the repair cost is definitely worth it. Just let me know if you need more info. Thanks for visiting!

  • http://www.breathingsite.blogspot.com/ viviene =)

    Wouldn’t it be nice to come back here someday to make a follow up comment saying “I did it, I am now financially independent…”

    –> Wow. nice! I’ll have to put the words together and will surely get back here. =)

    • http://www.foreclosurephilippines.com Jay Castillo

      @ vivien, thanks for the comment and I look forward to your declaration of financial independence!