Getting Started

1. jp says:

   August 22, 2009 at 12:29 am

   Nice site! keep up the good work.. like you, i’m a follower of bro. Bo’s teachings.. I’ve read the book of larry gamboa and wondering how can i put that into real life.. thanks to your site!!!

   Reply
   • Jay Castillo says:

     August 25, 2009 at 6:08 pm

     Hi JP! Thanks! I’m glad to know you also follow Bo’s teachings and books, and Larry’s book as well. You’re welcome and goodluck!

     Reply
     • Ferdinand Callueng says:

       November 17, 2009 at 12:13 pm

       Good Day. I’m also a listener of Bro. Bo, although I,m quite new to this line of business, I’d like to join your circle and be updated if you would please allow. Im currently based in Batangas. I’ve also attended seminars form Eng. Cruz and aiming to take the next Brokers exam. Hope to hear from you guys. Thanks.

       Reply
       • Jay Castillo says:

         November 24, 2009 at 12:42 pm

         Hi Ferdinand, welcome! Since you are based in Batangas, I suppose that area would become your niche. When did you attend Engineer Cruz’s seminar(s)? We may have been classmates.

         Reply
2. dodong costanos says:

   September 17, 2009 at 12:23 am

   Hi Jay,

   It seems I hit a gold mine today. All topics are interesting and somehow, it helps me push a bit to venture this kind of business when i come back to the phils. For now, I just have to read all your posts to learn more. Btw, I am a CE and REB licenses holder, but havent done much on real estate business. Learning from your end, hopefully I would earn my financial freedom.

   Keep it up. God Bless

   Reply
   • Jay Castillo says:

     September 17, 2009 at 5:54 am

     Hi Dodong, Thanks for the kind words! I am happy for you as being a civil engineer is really a big advantage especially if you have plans to go into rehab/build and sell. Right now I am more into rehabbing but I see that I am going to make the most out of my broker’s license soon especially with the new RESA law which I believe makes licensed brokers more in demand. Yes, you will gain financial freedom, all of us will!
     Thanks and God Bless!

     Reply
3. noel says:

   October 19, 2009 at 9:52 pm

   hi jay,

   what if the foreclosure property has tenants?Is there any guidelines for tehm to evict in good terms.

   noel

   Reply
   • Jay Castillo says:

     October 20, 2009 at 11:26 pm

     Hi Noel, as for me, my rule of thumb is I walk away from foreclosed properties that have tenants or occupants. There are simply so many properties out there that are unoccupied. Besides, the occupants might be holding on because they really might have a good reason to do so. I’ll explain this in greater detail in another post. Thanks for visiting!

     Reply
4. Dinah says:

   October 20, 2009 at 9:56 am

   Whoa, this is a very comprehensive list on foreclosures and real property investing! Thanks for this, I need not go anywhere else

   Thanks for so generously sharing your ideas Jay!

   Reply
   • Jay Castillo says:

     October 20, 2009 at 11:27 pm

     Hi Dinah, thanks! I also need to update this with new articles…

     Reply
5. B-Ray says:

   November 2, 2009 at 2:00 am

   Jay, what is your findings about dealing with National Home Mortgage, (a Philippines Government Agency using tax payer money for housing loans), regarding foreclosers?

   We have bought two properties, one no payment on the loan for 18 years, from them and find things not handled very well. Mistakes with paper work run wild and very slow once things are started.

   BTW, we knew the conditions of these properties. Basicly a small lot, 4 walls and a roof for a (50m2), 2BR and under P1/4 million and took that much to remodel too basic foreign standards. They now rent for P10,000 a month furnished along with 4 other rentals in our neighborhood within sight of our house.

   As a foreigner and OLD, why did we get involved with rental properties? They are my legacy for my much younger Filipina wife and her future, (security), when I’m gone.
   B-Ray

   Reply
   • Jay Castillo says:

     November 5, 2009 at 1:20 pm

     Hi B-Ray, the closest I got to buying an NHA foreclosed property was when we inspected units at the BLISS near Trinoma. Unfortunately, we never got back to the person who knew which units were foreclosed, they can’t tell when the units would be vacant.

     Wow, in-spite of the mishandling of your purchase, I believe you have great rental properties there! Considering the cost to acquire was so cheap and the high monthly rents you are getting, I can see you are enjoying a very big ROI and nice positive cashflow! Congratulations!

     It’s great that you are leaving a legacy that can really be passed on to generations to come. I wish more people would do the same. Thanks a lot for sharing and welcome to the Philippines!I hope to meet you sometime and chat over coffee.

     Reply
6. renante says:

   November 5, 2009 at 2:39 pm

   hi

   I really want to indulge in a foreclose property investing. Is there a way where i can go with someone doing the business so that i can personally witness how the business is going in and out. If possible a business partner.

   Reply
   • Jay Castillo says:

     November 10, 2009 at 9:46 am

     Hi Renante, sounds like you want to be in the business by becoming an apprentice. Good news, Jessie Raquel, a TRP franchisee, hosted a TRP Real estate investor club meeting last month and I attended out of curiosity and found out that he has plans to accept apprentices soon. He said that there is an option that would make it free of charge (just contact him for more details). I’m posting Jessie’s e-mail below so that you may inquire with him directly. Good luck!
     > =================================================
     > From: jessie raquel
     > To: thinkrichpinoy@googlegroups.com
     > Sent: Friday, September 11, 2009 8:15:27 AM
     > Subject: [-thinkrichpinoy-] TRP Real estate Investor club meeting with TRP
     > 1st Millionaire.
     >
     >
     > Hi!
     >
     > Do you want to learn how to succeed in Real Estate investing business?
     > Let us teach you this saturday, Sept. 12, 2009, 2-4pm near Sta. Lucia East
     > Mall, Marcos Hi-way (final venue will be announced to those who will be
     > interested).
     > By the way, I am Jessie with my wife Apple, the first Millionaire of Think
     > Rich Pinoy Network. We have acquired, sold, leased and hold over 50 Million
     > worth of property.
     >
     > +++CLICK HERE FOR DETAILS+++
     >
     > In the club meeting, you will have the privilege to hear and experience
     > first hand lessons, techniques on Real Estate based on our hot experience
     > here in the Philippine Market.
     >
     > Hey, we can just handle few people right now, so call 7033006 to reserve
     > a slot or email us voxdei.reaty@gmail.com. LIMITED slots only.
     >
     > See you on Saturday,
     >
     > Jessie & Apple Raquel
     >
     > P.S. Attend our TRP Real Estate Investor club, this saturday, Sept. 12,
     > 2009, 2-4pm near Sta. Lucia East Mall, Marcos Hi-way for fre..e. Call
     > 7033006 to reserve a slot. Limited slots only.
     >
     > P.P.S. If you are looking for a REAL ESTATE mentor who can be your partner
     > and guide (but as of now, I can handle only few students, so limited slots
     > only), for details, please
     > visit http://pinoyrealestateinvestorapprentice.blogspot.com/
     > ========================================

     Reply
7. ronnie cruz says:

   November 14, 2009 at 8:48 pm

   Gud Day Sir Jay Castillo!
   Kmusta po kayo jan sa Pinas?
   I would like to thank you for sharing all you knowledge regarding real estate investing especially in foreclosure property. Last July 11, 2009 I accidentally and I am happy that I check your blog regarding foreclosure, actually I just type the name “larry gamboa” on yahoo to check what is ongoing/latest activities he doing. I believed he has upcoming think rich pinoy seminar on Nov 21, 2009. I am glad that he and his team continuing this for the benefits to help our kababayan to be one of the new pinoy millionaire on 2020 as larry’s mission & vision, and I believe that you will be the one included to his list. Katatapos ko lan basahin lahat ng Blogs mo. Kaya sabi ko sa sarili ko dapat kitang tawagin “maestro” pede ba yun?Anyway I met Mr. Larry Gamboa twice when they held “think rich pinoy seminar” here at Abu Dhabi UAE together with Bo Sanchez last August 2007. Actually I attended twice because the first time I attended his seminar, my wife is not available. And when his team came back, I’ll make sure that my wife met his team and fortunately it happened. And that time I would like to share that I talked to Mr Larry Gamboa personally, thanking him for teaching me how to create passive income, and also make some autograph signing for all his book available there which is I bought that time! And you know what? After his talk. I feel a little bit shock when he called my name and he let me share what I did and how I applied in real life after attending his first think rich pinoy seminar here at Abu Dhabi. But not doing the same as Foreclosure Property! Wala po d2 nun.hehehhe! that is why I wrote this letter to you, I want you to be my Mentor and willing to be student /apprentice while my wife and I spending vacation this coming Dec 18, 2009. But we need to go back here at Abu Dhabi by Jan. 08, 2010, Kelangan na po, but not because of my daytime job? Kun sa work lan pede pa ko mag extend, 45 days ang available leave ko pa. Kaso nga po because of what I learned to Mr. Larry Gamboa, I started creating passive income here by sub leasing flats(condo unit) then pina pa rent ko rin po sa mga kabayan natin d2 by room/bed space. Its really great! Passive income came in to our life! Dumating na sa point lahat ng gusto ko bilihin ay galing sa passive income naming( laptop, flat TV, Cellphone etc) at dumating din sa point lahat expenses namin is galling sa passive income namin(from rat race to past track). That is why Larry introduced Robert Kiyosaki to me! I immediately look it at the bookstore after that. I started to read “Rich Dad Poor Dad” and after that I read his Cashflow Quadrant, Guide to Investing, Retire Young, Retire Rich and his last Why we want you to be rich with his friend Donald Triump and o and now i am starting to read automatic millionaire by David Bach. But while doing this…nde maiwasan un malugi ka rin, minsan nababakantehan, May umaalis na tenants, basta marami reason pa? atleast for every failure, may lesson ka makukuha d ba? Na nde naman tinuturo sa mga eskwelahan d b? Same like what I read in Bo Sanchez Blog — sabi nya dun sa friend nya na kapareha nya lan ang status dati? Kase tinanung cia kun anu pinagkaibahan nila at baket successful si Bo ngyon at cia nde…ang sagot nya kase marami beses na cia nalugi, maramiing beses na cia business at nag failed, marami na rin pera na nawala sa kanya. Same with me when I started to share with my friend to open flower shop business…. Wala na loss lang nde nagtagal. But I got some lesson! Maiisip ko na lan na nde kop ala na apply un nabasa ko sa book ni Robert kiyosaki . By the way. Masyado na humahaba to sharing ko… Hope to meet you someday…sana pag uwi naming jan ma meet ko kayo at makapag umpisa ko ng investment jan sa pinas.. actually wala pa kami property jan sa pinas, aside from dun sa pinatayo ko munting bahay dun sa vacant lot ng mother ko sa Batangas, every time na umuuwi kami, nag stay kami either sa haws naming sa Taytay or sa haws ng wife ko sa Taguig. We still live with our parents houses! Nga pala maciado ko na excite mag share sau nde ko pa ko nakapag introduce man lan ang name ko; by the way I am Ronald Cruz, married, pero wala pa anak, mag 3 years na kami d2 at mag 3 years na rin kami kasal d2 sa abu dhabi at every December lang kami umuuwi, I started to plan our Goal kun hangang kelan kami mag stay d2. Hoping sa pag uwi ko jan, mag meet tayo, makapag laro ng cashflow, iuuwi ko un gameboard ko d2. at makapag start na din tayo ng foreclosure property investiment.

   Thanks!

   RONNIE
   Abu Dhabi UAE
   +971 50 819 3904

   Reply
   • Jay Castillo says:

     November 16, 2009 at 9:37 pm

     Hi Ronnie!

     Grabe, nagulat naman ako sa isa sa pinaka mahaba at nakakainspire na comment na nareceive ko dito. Okay naman kami dito, things are going great, kahit na dinaanan kami nila Ondoy at Pepeng dito sa Pilipinas.

     Ganun naman talaga tayong mga pinoy diba, kahit ano dumating, kinakaya. Just like you and your wife diyan sa Abu Dhabi. Pero mas bilib ako sa inyo kasi nakahanap kayo ng paraan na makagawa ng passive income diyan, ang galing niyo!

     Alam ko narinig ko na rin ang kwento niyo during one of the talks of Larry Gamboa, all of us were so inspired and I guess lahat ganun din ang iniisip, ang galing niyo! Now I get to meet you guys!

     Basta I will be looking forward to meet you this December pag uwi niyo, mukhang mahaba-habang usapan ito.

     Regards sa inyong lahat diyan!

     Reply
     • Ronnie says:

       November 17, 2009 at 7:43 pm

       Salamat po! Kala nde ka na mag rereply eh! oo nga maciado ata mahaba eh…lagi ko nga browse everyday to check kun may reply ka na or wala pa. i read also everyday may love story…baka may nasabi ako nde maganda kaya ayaw mo mag reply.hehehe so far its look nothing naman..salamat din pala at lagi na ko naka received ng email from this site… anyway sinusunod ko lan naman c robert kiyosaki sa payo na “invest more time not money” kaya talga tiyaga lan para maabot mo un financial freedom na hinahanap mo! nde rin pa naman kabilib bilib un ginagawa namin mag asawa d2..kase minsan talaga out of the rat race na kami ….pero minsan din back to rat race na naman..like what happen during recession…may mga nakuha ko flat na mataas ang price,,, tapos bigla na lan nagbaba…kaya hirap makakuha ng tenants…kaya minsan kahit mababa na ang paupa ko…basta makabawi lan…sa iba flat na lan kami bumabawi. so far ngayon almost half pa ng expenses ko ang gi- goal ko para maka out uli kami sa rat race! Especially pag uwi naming jan sa December…. May DOODADS agad kami. ( we’re getting marriage! By this time sa church na) pero atleast alam mo un…. sarap ng feelings pag out of rat race ka in real life ha! At least na experience ko na…maybe cguro wala pa kmi maciado obligation in life kase wala pa kami baby….pero on processing na un eh…hinuhulma na maiigi para mabuo hehehhe… basta importante sa lahat … un mga ginagawa naming mag asawa sa ngyon eh ang damin naming natutunan sa buhay..rememeber the triple “E” or Robert!!!Experience, Education, Excessive cash. Kahit pa panu meron na kaming Little Experience, Little Education. Un lang! EXCESSIVE CASH? Wala na ata!hehehehehe..
       Anyway basta isa sa goal naming mag asawa sa ngyon eh every vacation naming atleast makahanap kami ng isa deal jan sa pinas..kahit small deal lang or kun kaya naming mag big deal tignan natin…..un eh kun papayag ka maging mentor naming ha..sana po!hehehehe.

       So hanggan d2 na lan muna…humahaba na naman to..back to work muna ko… one time may share ako sau, email message ng cousin ng wife ko from U.S.. gandang eye opener un para sa mga kababayan natin jan na naghahanap din financial freedom tulad natin. Saan ko pede I send un message? I-post ko na lan din d2? Nde ko kase alam email add mo eh.

       Thank you uli sau..

       GOD BLESS ALWAYS!

       Reply
8. jacques castillo says:

   April 2, 2010 at 9:18 pm

   hi jay.. i’m having an info overload right now.. haha! i can’t believe how much info your blog offers.. thank you so much for the generosity and the sincerity in helping people like me reach the financial freedom everyone is aiming at.. thank you and i’ll surely follow your site and recommend this to others as well.. keep up the great work! god bless..

   Reply
9. Victor Valero says:

   April 29, 2010 at 5:08 pm

   Sir Jay,

   This is Victor classmate from UIRE, just wanted you to know that your work here is inspiring and uplifting. When i learned and heard your future plans in life, It inspired me to dream bigger. Keep up the good work.

   Reply
10. Ged Galasca says:

    July 7, 2010 at 12:23 am

    Hey Jay, I got my real estate broker’s license in 1994 but never renewed it after 1997. Would that mean I have lost my privilege to renew it and must start from scrath like a new applicant?

    Hope to find your answer soon. Thanks

    Ged

    Reply
11. John T says:

    July 24, 2010 at 6:22 am

    Hi Jay!

    I just fortunately landed on this site. And luckily though, I was overwhelmed to get answers about the fundamentals of real estate investing. I am really interested into venturing this kind of business. This will eventually take me to my first move to getting out from the rat-race.

    I am 24 and am currently working abroad. I am really thankful for your blogs. Thanks!

    Reply
12. charlie says:

    August 14, 2010 at 11:30 pm

    Hi sir Jay! Do you know if AMA have a scheduled bidding this August?
    Thanks and God Bless!

    Charlie

    Reply

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