If you plan to visit the Housing Fair 2011 to get listings of acquired assets from participating Key Shelter Agencies (KSAs) and Government Financial Institutions (GFIs), this post might help you save some of your time because I already found some of the listings for you.

This post includes updated listings of acquired assets from the Banko Sentral ng Pilipinas (BSP), Government Service Insurance System (GSIS), Home Guaranty Corporation (HGC), Home Development Mutual Fund (HDMF) or Pag-IBIG, National Home Mortgage and Finance Corporation (NHMFC), and the Social Security System (SSS).

You will have to get the listings of the other KSAs and GFIs during the Housing Fair 2011 at the SM Mega Mall in Mandaluyong which started last September 30 and runs until October 2.

*More information about the Housing Fair 2011 can be found here and the Program of Activities can be found here.

Vacant /unoccupied acquired assets

For some of the listings, it is indicated that the acquired assets for sale are vacant/unoccupied, which is very welcome. I have said it before and I will say it again, if a foreclosed property is occupied, just walk away, especially if it is your first time to buy a foreclosed property. This will save you time, money,  and help you avoid a lot of sleepless nights.

You still have to do your due diligence

However, even if a listing says a foreclosed property is vacant/unoccupied, you still have to do your due diligence and confirm the physical and legal condition of the property. After all, all of these properties are for sale on an “AS IS WHERE IS” basis.

Acquired assets listings

Here are the acquired assets listings which you can click to view or right-click then save as to download.

• BSP REVISED ACQUIRED ASSETS
• GSIS ACQUIRED ASSETS as of August 31, 2011 (Unoccupied-Past Due Term-With GSIS Title)
• HGC Acquired Assets as of September 2 2011 (vacant)
• NHMFC Acquired Assets
• HDMF or Pag-IBIG FINAL LIST OF ACQUIRED ASSETS as of August 31 2011 (unoccupied)
• NHMFC Acquired Assets
• SSS Acquired Assets as of September 2011

Terms and conditions and other important information

The terms and conditions, interest rates, payment terms, applicable discounts, minimum down payment, requirements to buy any of the acquired assets, how to buy the acquired assets, and other important reminders for prospective buyers can be found in the Housing Fair 2011 fact sheet from the HUDCC which can be found below.

Housing Fair 2011 Fact Sheet - PDF

Source: HUDCC Website

Share a listing of acquired assets

If you want to share a listing of acquired assets from the Housing Fair 2011 in addition to those featured above, just leave a comment below. Thanks!

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

P.S. I am helping a fellow real estate investor market a  Quezon City Townhouse for sale located in Kamuning. This is also available through a rent-to-own scheme.  Please call/txt 09157603090/5059259 for more details. A video of the townhouse can be seen below.

Housing Fair 2011 acquired assets listings for download is a post from: Foreclosure Investing Philippines

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This is part 2 of a series on the “Matthew Effect”. If you have not yet read part 1, you can read it here : The “Matthew Effect” and how it applies to real estate investing (Part 1)

Imagine the time when a real estate investor finally nails his first deal. Can that be a stroke of genius, the result of sheer hard work, or just plain luck? I believe it all starts with what Malcolm Gladwell refers to as  extraordinary opportunities in his book Outliers, and being the person willing to act upon these opportunities when they come.

“For those who have, more will be given…”

I remember from way way back when I always looked at the Sunday edition of the Manila Bulletin (I still do) and looked at their acquired assets section. In fact, I had a big pile at my side table but never got to buying any foreclosed property, it seemed I could not find any that were worth a second look.

Does this sound familiar? Have you ever been in the same situation and had the same feeling?

Things changed however during the early part of 2008. It was during this time when my mentor Jon Abaquin a.k.a. “Doctor Rent”, gave me and my friends (there were three of us) an assignment. After explaining what to look for, we were tasked to find foreclosed properties and analyze them, with the goal of submitting offers, and eventually end up acquiring a property.

After a day or two, from the same pile of newspapers on my table, I found a 9-door apartment from a listing that I had previously looked at. I probably missed it the first time I read that listing because I did not know what to look for.

No, the listing did not mention it was a 9-door apartment, it only indicated it was a lot with improvement as seen below.

If you will notice, this had an unusually big floor area and it was most probably a multi-door property. I missed this before but I saw it the second time around and checked and found out I was correct. My mentor, along with his partners, owned a 24-unit property back then. I wanted a similar property.

My offer for the 9-door apartment at Php1.9 M got approved but it turns out the owner was still living in one of the units and the deal is still pending, which is why I blotted out the address (this in itself is another story and I’ll write about it in another article).

Anyway, I believe that the skill of  knowing what to look for is a perfect example of how the “Matthew Effect” applies to real estate investing. Once you have that skill, “more will be given” to you.

This is because you will begin to see more opportunities in the form of good real estate deals. The good deals did not really appear from nowhere, you simply could not see them before. They were actually there all along.

After “seeing” the property above, I began to see more good deals, they really exist!

More examples of extraordinary opportunities

From my own experience above, I can see two examples of extraordinary opportunities that went my way.

1. I had a mentor. A mentor is someone who can say “Been there, done that, doing it tomorrow”. How I found him is another long story.
2. I learned what to look for because of my mentor

I am just thankful that I was given a chance to do so.

But how can one find those opportunities?

I believe one reason why we don’t see those opportunities that come our way is we are too preoccupied doing other things, or we simply let opportunities pass. We hear words like “I don’t have time to do that, I have too much work” or “I have to do this and that…”.

Let me try to explain something by asking the following 10 questions, the very same questions I asked myself before, some of which I still ask myself to this day:

1. Have you really tried to make time, instead of complaining?

2. Have you really decided to do something rather than just dream about getting out of the rat race through real estate investing?

3. Have you taken the opportunity to analyze potential deals during your free time when you came home from work, instead of watching TV which is really just a waste of time? We have had no TV since early 2008, believe it or not!

4. To begin with, have you even bought a newspaper or visited bank websites to seriously look for foreclosed properties? Are you just like those who dream of winning the lotto but never buy any ticket?

5. Have you really tried to find a location which you can turn into your own niche? You need a niche where you can be an expert so you can easily spot good deals, provided you know what you are looking for.

6. Have you tried to go to the banks to get updated listings or at the very least leave your calling card so they can contact you or send you their updated listings when they become available?

7. Do you even have calling cards that let people know you are a real estate investor? This alone can open a floodgate of opportunities.

8. Have you even tried to learn the whole process of buying a foreclosed property from banks? Even if you don’t have the money yet, start learning so that you will be ready when the time and opportunity comes.

9. Have you even attended an auction? I believe attending not only gives you an idea of what goes on, you get to meet other real estate investors, and you also become a familiar face with banks and they will remember you and send you foreclosed property listings and even some deals.

10. Have you grabbed the opportunity and took the time to learn from other real estate investors who have had success with real estate investing?

Are you beginning to see the big picture? If you answered yes to some of the questions above, I believe you have found and seized “small opportunities”.

If none, what are you waiting for, Christmas?!

A lot of these small opportunities are actually out there for just about everyone who are willing to grab them, and act upon them.  They can lead to a “series of opportunities” and advantages.

This “accumulated advantage” can really help one get started with real estate investing.

But wait, there’s more! I believe the same applies even more when one already has a successful real estate deal.

After the first deal, more opportunities come

When you already have a successful deal, do you believe that even more opportunities will come your way? You bet!

Banks will look at you as a credible and serious buyer and may send good deals your way.

Other real estate investors who get to know you will be more than happy to network with you. You will be “in the loop” and you’ll know it when there are good deals where partners are needed, or other real estate investors simply might send good deals your way.

As your credibility grows, so does the number of people who are willing to work with you.

Aside from other real estate investors, this can also include passive investors, sellers, buyers, real estate brokers, contractors, lawyers, and other people who are involved in the real estate industry.

“From those who have nothing, even what they have will be taken away”

In contrast, someone who does not yet have this “accumulated advantage” and still has “nothing” to show for it yet (in reference to his attempt at real estate investing), and may have difficulty finding the opportunities that I have described above.

This can even lead to a downward spiral as the beginning real estate investor, because of the lack of results which happens because of what seems to be the lack of opportunities, simply loses interest.

Another example of having “nothing” which can lead to circumstances where “what they have will be taken away” would be the lack of integrity. As Peter Scotese said “Integrity is not a 90% thing, not a 95% thing; either you have it or you don’t.”

In real estate investing, or in any business for that matter, would you deal with someone who has no integrity? I don’t think so. And with that, I believe that in a way, all opportunities will be taken away, not by others, but rather by one’s choice to act without integrity.

We always have a choice

In the end, I believe it all boils down to the choices that we make. Yes, we always have a choice.  I believe this is the essence and deeper meaning of being proactive.

The choices we make dictate if we will have opportunities and be given even more, or end up with nothing, and even what we have, be taken away.

Let’s all keep this in mind as we welcome 2011.

I wish you all a Happy and Prosperous New Year!!!

To our success and financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines facebook page

Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. Early bird rates are about to end! Think Rich Quick 3.0 or TRQ Cebu will be happening on January 29-30, 2011 at the Waterfront Cebu City Hotel Salinas Drive, Lahug, Cebu City, Philippines. Enjoy early bird rates up to December 31, 2010 only. Click here for more info!

PPS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Mailbox getting full? Subscribe through my RSS Feed instead!

How to find opportunities and get started with real estate investing is a post from: Foreclosure Investing Philippines

Rizal Commercial Banking Corporation (RCBC) has foreclosed the entire Globe Asiatique (GA) Sky Suites condominium, according to a notice to the public that recently appeared in several major newspapers. The GA Sky Suites condominium is located at the corner of EDSA and Quezon Avenue in Quezon City.

A poster of the GA Sky Suites that was foreclosed by RCBC

In the public notice, RCBC announced that they acquired the property through a “public auction arising from RCBC’s extrajudicial foreclosure of the pertinent mortgages” that included the GA Sky Suites, among a number of properties.

It was easy to foresee that Globe Asiatique would face difficulties arising from their controversial Xevera housing project in Pampanga, portions of which were also foreclosed by RCBC.

But who would have thought it was already so bad that it would come to a point where other projects like the GA Sky Suites had to be foreclosed by their creditor, which is RCBC in this case?!

I can’t help but wonder if Globe Asiatique could have prevented the foreclosure of the GA Sky Suites had their initial public offering pushed through, that is assuming people would still buy shares inspite of the allegedly anomalous Xevera housing project.

According to an article in Manila Standard, RCBC had lent a total of Php2.8 Billion to Globe Asiatique. Coincidentally, Globe Asiatique’s IPO could have raised Php3.3 Billion, but was postponed last September. Could the money they could have raised been used to bail them out? I guess we’ll never know.

What happens to existing buyers of GA Sky Suites?

The GA Sky Suites is not yet ready for turn over to buyers and unit owners, and it seems construction has stopped at the moment. So what happens to the buyers and unit owners and the condominium units they have purchased that are not yet finished?

According to the public notice, “RCBC would like to assure the existing buyers that it will be communicating with them directly to address their concerns”.

Based on what I read in GA Sky Suites forum posts in skyscrapercity.com and pinoyexchange.com, RCBC appears to be doing just that, and they are informing buyers that they are taking over from Globe Asiatique.

Furthermore, latest updates about GA Sky Suites in the same forum in skyscrapercity.com also mentioned that RCBC will continue with the project and construction will resume by the first quarter of 2011.  I just hope that this is true and all goes according to schedule, for the sake of the buyers and unit owners.

To our success and financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines facebook page

Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. New visitor? Click here to get started with learning more about foreclosure investing in the Philippines.

PPS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Mailbox getting full? Subscribe through my RSS Feed instead!

GA Sky Suites foreclosed by RCBC is a post from: Foreclosure Investing Philippines

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Star Properties will be having another auction of Metro Manila foreclosed properties and bank acquired assets on October 16, 2010, at Max’s Jupiter Branch, Makati City, Philippines. Registration for interested bidders starts at 10:00am and the auction proper will begin at 11:00am.

If you are like me who consistently looks for foreclosed property listings, you might have already seen one of Star Properties’  “teaser” ads published in different newspapers that feature a partial list of the properties up for grabs, just like the ad below, which also states that the full list will be available on September 22, 2010.

Here’s good news, I was already able to get a copy of the complete list courtesy Mr. Ramil Alquileta who is accredited with Star Properties. You may download the complete listing below:

>>>Click here to download the complete list of properties for auction on October 16, 2010

If you are interested in any of the properties, please leave a comment below containing the asset code, location, and price of the property. Copies of the title, location maps, and pictures will be sent upon request  to help with checking, verification, and to help locate the concerned properties as part of your due diligence.

If you want to bid for a foreclosed property…

Once a property passes your due diligence, and if you want to bid, you only need to bring show money amounting to Php10,000 per property(cash or Manager’s Check) at the day of the auction. If you win the bid, the show money will form part of the downpayment. The payment term for installment payments is 10% minimum downpayment with the balance payable in 5 years at 15% interest rate per annum. Non-winning bidders will have their show money returned to them as they leave the bidding room.

Disclaimer

All properties are offered on “As-is, Where-is” basis. Titles of properties are either under Seller’s name or under various stages of consolidation in the Seller’s name. Interested parties are therefore advised to check the title, the physical and legal condition of the property. Property details, prices, and terms are subject to change without prior notice. The Seller reserves the right to pull-out any property anytime. Changes in prices are subject to the sole discretion of the Seller.

If you have any queries or need further assistance, feel free to leave a comment below or call Ramil at 0918-3400385/0920-3619322, and he will be happy to assist.

Happy hunting!

To our success and financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter:http://twitter.com/jay_castillo
Find us in Facebook:Foreclosure Philippines facebook page

Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Inbox getting full? Subscribe through my RSS Feed instead!

Metro Manila foreclosed properties auction of Star Properties slated on October 16, 2010 is a post from: Foreclosure Investing Philippines

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This is part one of a 3-part series on the types of income one can get through real estate investing.  Rather than write another 3000+ word nosebleed article, I’ll break it down into three parts which should be more manageable and easier to digest.

Through this series, I hope to help beginning real estate investors by sharing my thoughts and ideas for each type of income, based mostly on actual experiences as a real estate investor. Part one tackles portfolio income through real estate investing.  Here goes…

Obviously, real estate investors get into real estate investing because of the income that real estate investing can generate. But what types of income can one get from real estate investing? What are the advantages/disadvantages for each type of income?

There are basically three types of income that one can get from real estate. These are:

• Portfolio income
• Earned income
• Passive income

Let me first try to explain portfolio income.

What is Portfolio Income

Portfolio income in a nutshell is the income or the gain you get in the form of an increase in equity.

What is equity?

Equity is basically the difference between a property’s current appraised value/market value and the loan principal balance as of a particular point in time.

For example, I bought a foreclosed property for Php1Million by putting down 20% downpayment or Php200,000, with a remaining  loan principal balance of 80% or Php800,000. Assuming the property’s current market value at this point in time is really Php1 Million, then my equity can be calculated as follows:

Equity=Php1 Million – Php800,000 = Php200,000

In this example, my equity is equal to my downpayment because I bought the property at market value.

For the example above, there really is still no portfolio income as I still have no gain in equity.

Portfolio Income from properties bought below market value

What if for the same foreclosed property above, which I bought for Php1Million pesos by putting 20% downpayment or  Php200,000, with a remaining loan principal balance of 80% or Php800,000, I had it repainted and got it ready for occupancy. I then had it appraised afterwards and the new appraisal is Php1.5 Million. My new equity can be computed as follows:

Equity = Php1.5 Million – Php800,000 = Php700,000

From an original equity of Php200,000, it increased to Php700,000.  In effect, I now have a portfolio income of Php500,000 in the form of equity that I have gained.

By the way, sometimes the equity can increase even without the introduction of improvements like painting or fixing up the property. This happens when the property was simply sold below market value because the appraised value or market value used by the seller was outdated.

The problem with portfolio income

There is only one problem with portfolio income. The income is just on paper! One still needs to do something to get the income out. In other words, I still need to turn my portfolio income into cash or realized income. Otherwise, it is just on paper and I cannot make use of it.

I also believe that portfolio income is still just an assumption and can be looked at as a form of speculation until the portfolio income is actually turned into cash.

How to turn portfolio income into cash

In order for one to turn the portfolio income into real cash, one would have to either sell the property at a price equal to the appraised value/market value or have the property refinanced at the new appraised value/market value.

1. Sell the property to get cash

For example, I decided to sell the sample property above and it got sold for Php1.5 Million cash. I would then have to pay off the loan principal balance of Php800,000 with the bank. That would leave me with Php700,000 cash on hand. I have already recouped my downpayment of Php200,000 and made an additional Php500,000 in the process, which was the equity I gained or portfolio income.

Of course one should also consider the taxes(Capital gains tax, etc.)  and other closing costs when a property is sold.

By the way, if one just keeps on selling properties, one is really just investing for capital gains. He/she would lose the cashflow the properties would generate, if any.

2. Refinance the property to get some cash out

On the other hand, if I had the property refinanced at the new appraised value/market value, I would be able to get a big chunk of my portfolio income if the new loan is approved.

Let’s say I went to a second bank, applied for a new loan to refinance my existing loan, and they had the property appraised. The new appraised value turned out to be Php1.5 Million as expected and the bank granted me a new loan based on this new appraised value, and they are willing to loan me 80% of the appraised value which is Php1.2 Million. The second bank would then pay off my loan with the first bank, which is Php800,000 and that would leave me with Php400K. This means I pocketed Php400,000 in cash by refinancing the loan.

Sure it was smaller than what I would have gotten if I had just sold the property, but that’s okay for 2 simple reasons:

(1)    I didn’t have to sell the property which means I don’t have to pay taxes related to properties getting sold like capital gains tax, documentary stamps tax, etc., and

(2)    The property remains to be mine and I get to continue enjoying the cashflow it generates(if any if it is tenanted) and any appreciation in its value, just in case I do decide to sell it down the road.

Of course, with refinancing, the new loan amount will translate to an increase in monthly amortization payments, etc. which should always be considered to determine the cashflow a property generates. At least I have taken out some of the cash which used to be portfolio income and I can use this to buy another income generating property, etc.

My thoughts on portfolio income

From my examples above, you will see that one cannot make use of portfolio income unless one takes steps to get the cash out. It looks good but the income is still just on paper.

However, portfolio income gives a good indication as to the potential of a property in terms of capital gains. It can help one see if you are really following the well known advice from Robert Kiyosaki and his Rich Dad which is

“You should make money when you buy, not when you sell…”

because the portfolio income is basically the money you can potentially make the moment you bought a property at a price below market value.

As stated earlier in this article, until you can turn portfolio income into cash by actually selling the property at a price equal to the market value or refinancing it at an appraised value higher than your purchase price, you are just speculating. Remember, we are supposed to be real estate investors, not speculators.

Since portfolio income is only on paper, having a large portfolio of properties that look good on paper is useless if you can’t get any cash out. Instead of being real assets, they are just liabilities that take money out of your pocket, unless these properties are generating passive income through rental or rent-to-own income.

In hindsight, I also believe that by selling a property, one is converting portfolio income into earned income. Earned income will be tackled in the next part of this series on the types of income one can get through real estate investing.

What do you think?

Coming Up Next: Earned income through real estate investing

Coming up in the next part of this series, I’m going to tackle how one gets earned income through real estate investing, how it can make you feel like you are back in the rat race (this should be interesting), and what can be done about it.

If you want to know more about earned income, head on over to part two of this series – Earned income through real estate investing

To our success and financial freedom!

Jay Castillo

Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Find us in Facebook:Foreclosure Philippines facebook page

Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. Are you a new visitor? Click here NOW to start learning more about foreclosure investing in the Philippines

PPS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Inbox getting full? Subscribe through my RSS Feed instead!

How to get portfolio income through real estate investing is a post from: Foreclosure Investing Philippines

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I have been so busy lately with the title transfer of a foreclosed property that I purchased and I realized that it would be better if I just outsourced the title transfer to someone else. The amount of time that I have already allocated for this could have been put to better use finding more income generating properties, among a number of other activities that are more worthwhile doing, which is why I don’t intend to spend more time with the title transfer.

Don’t get me wrong, handling the title transfer is very important for me and my tenant/buyer, and I also want to learn how this is done, which is why I tried to do this myself. However, with the amount of time and effort needed to complete this, it makes better sense to just let someone else do it for me.

Just yesterday, I spent the whole afternoon following up on some documents I needed and I drove more than a hundred kilometers in the process going back and forth from Makati to Antipolo.

Highest and best use of my time

Outsourcing the title transfer to a title company would free up my time and allow me to use it for its highest and best use. As real estate investors, the highest and best use of our time is to find more deals that would generate passive income and positive cashflow. I should always keep this in mind and focus!

Why do I need the title transferred to me?

I have already paid in full for this particular property of mine and my objective is to transfer the title of the said property from the bank to myself, in the shortest amount of time possible, so that my tenant/buyer can apply for a housing loan for it. You will notice that this is a double closing. This was the only option I had with the bank where I bought the foreclosed property from. Yes, this would mean double taxation but it is okay, I factored-in the taxes I am going to shoulder into my expenses and the numbers still made sense for this deal.

Transferring the title of the property

Just to give you an idea, transferring the title of the property to my name would require the following:

• Payment of Creditable withholding Tax – already done by the bank
• Payment of Documentary Stamps Tax – already done by me
• Payment of Transfer Tax
• Filing of Certificate Authorizing Registration or CAR at the BIR
• Registration/Transfer of Title
• Registration/Transfer of Tax Declaration

Looks easy but in reality, these tasks are very tedious and time consuming but if you are into real estate investing, you will have to do these sooner or later, unless you outsource it.  The tasks above will be done for me by the title company I hired, except for those that have already been done. I’ll update you all of the status of the title transfer in a month or two. Wish me luck!

To our success and financial freedom!

Jay Castillo

Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Like this in Facebook:Foreclosure Philippines facebook page

Text by Jay Castillo. Copyright © 2010 All rights reserved.

PS. Are you a new visitor? Click here NOW to start learning more about foreclosure investing in the Philippines

PPS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Inbox getting full? Subscribe through my RSS Feed instead!

Time to outsource my title transfer is a post from: Foreclosure Investing Philippines

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The Property Forum Philippines will be having another auction of foreclosed properties entitled “El Subastajero’s Choice Auction”. One odd thing I noticed however is that there was neither any date nor time indicated in the auction announcement. I believe these details are too important to be left out so I  was thinking they might have done this on purpose. Now why would they do such a thing?

Based on the print ad, all acquired assets on the list are on 1.00 peso knockout. Maybe their strategy is to sell all the foreclosed properties  through the knockout option where one just had to add Php1.00 on top of the minimum bid price to knockout a foreclosed property from the list of properties included in the auction. Don’t take my word for it though as I’m just guessing.

Initially, I thought this was another round of the PNB “New Moon” auctions but the property codes don’t indicate any PNB properties. I also noticed that some of the properties on the list from other banks are the same properties from previous auctions.

Anyway, I’ll update this post once I am able to confirm the exact schedule and venue of the auction, if any.

Locations of foreclosed properties for sale

Mega Manila

• Antipolo
• Las Pinas
• Makati
• Mandaluyong
• Manila
• Muntinlupa
• Paranaque
• Pasay City
• Quezon City
• Paranaque
• Pasig
• Tanay, Rizal
• Valenzuela

Luzon

• Batangas
• Bulacan
• Cavite
• Laguna
• Pangasinan
• Quezon Province
• Rizal

Visayas

• Bacolod
• Cebu City
• Cotabato
• Negros Occidental

Mindanao

• Agusan Del Norte
• Zamboanga

Click here to download the complete foreclosed properties listing for El Subastajero’s Choice Auction or on the thumbnail on the left.

Source: Manila Bulletin, February 28, 2010 issue, page G3

For more details on any of the foreclosed properties and/or property inspections, please contact Property Forum Philippines directly through the following numbers: (02) 534-9536 / (02) 534-6954 / 0921-6722888

Show money is Php25,000 per property, in the form of cash or manager’s check.

The fine print

All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of title consolidation to seller’s name, thus protective buyers are advised to conduct their due diligence prior to entering into any contract with the seller. Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property from the auction at any time. Changes in prices are subject to the sole discretion of the seller.

Happy Hunting!

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
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Text by Jay Castillo. Copyright © 2010 All rights reserved.

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El Subastajero's Choice Auction of foreclosed properties is a post from: Foreclosure Investing Philippines

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As mentioned in my recent post about PNB’s Asset Gazette for January 2010, Property Forum Philippines will be conducting a series of “New Moon” auctions of foreclosed properties that coincide with the actual dates of the “New Moon”. This particular auction will be held on February 13, 2010, at Max’s Restaurant, Jupiter St., Makati City, Philippines. Registration starts at 8:00am and the auction proper starts at 9:00am.

Foreclosed properties can be acquired for as little as 10% Downpayment, with up to 10 years to pay and at low interest rates. However, the actual interest rates were not indicated on the print ad. This probably means that participating banks might have different interest rates available for their foreclosed properties included in the auction. Better call Property Forum Philippines to verify this as part of your due diligence.

Yes, you read that right, I believe that aside from PNB, there are other participants in this auction. Based on the prefixes of the property codes on the list, I can see that majority of the foreclosed properties are from PNB, while the rest are from TPF (The Property Forum?), UCPB (This is obviously United Coconut Planters Bank), CSB, GHP, UOB (United Overseas Bank?), CB (ChinaBank?), UNI, etc. Although the meanings of some of the acronyms are quite obvious, I can’t decipher the rest. Please do leave a comment below if you happen to know which banks or SPV’s these refer to. Thanks!

Locations of the foreclosed properties for sale

Mega Manila

• Antipolo
• Caloocan
• Las Pinas
• Makati
• Mandaluyong
• Manila
• Muntinlupa
• Paranaque
• Pasig
• Quezon City
• San Juan
• Tanay, Rizal
• Valenzuela

Luzon

• Baguio
• Bataan
• Batangas
• Bulacan
• Cagayan
• Cavite
• Isabela
• Laguna
• Nueva Ecija
• Quezon Province
• Pangasinan
• Rizal
• Tagaytay
• Tarlac City

Visayas

• Bacolod
• Bohol
• Capiz
• Cebu City
• Iloilo City
• Leyte
• Negros Occidental

Mindanao

• Agusan Del Norte
• Cagayan De Oro
• Davao Oriental
• General Santos
• Iligan
• South Cotabato
• Misamis Oriental
• Sultan Kudarat
• Zamboanga Del Sur/Norte

Click here to download the complete listing of foreclosed properties for sale in Property Forum’s New Moon public auction on February 13, 2010.

Source: Philippine Daily Inquirer, February 1, 2010 issue, page B4

Want to bid on a foreclosed property?

Before you bid, you should at least analyze the properties and do the numbers. If the numbers make sense, then the next logical step would be to inspect the properties as part of  due diligence. For property inspection, please call The Property Forum Philippines directly through the following telephone numbers: (02) 534-9536 / (02) 534-6954 / 0921-672288

To participate in the auction and bid on any of the foreclosed properties for sale, just bring the required show money which is Php25,000 per property in the form of cash or managers check.

The fine print

All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of title consolidation to seller’s name thus protective buyers are advised to conduct their due diligence prior to entering into any contract with the seller.

Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property from the auction at any time. Changes in prices are subject to the sole discretion of the seller.

Looking for multi-door apartments?

If you are looking for multi-door apartments, then you better check this list of foreclosed properties as I saw a 7-door apartment with a minimum bid price of Php2.5M and an 8-door property with a minimum bid price of Php2.06M, both of which are in the Mega Manila area. I haven’t checked the details yet so I really can’t tell if they are good buys.

Happy hunting!

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2010 All rights reserved.

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PPS. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

New Moon Auction of foreclosed properties on February 13, 2010 is a post from: Foreclosure Investing Philippines

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Everyone is invited to buy foreclosed properties from Unionbank’s 148th Special Public Auction on January 23, 2010, Saturday, 9:00 AM, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines.

Only 10% downpayment is required, with the balance payable up to 15 years, with fixed interest rates at 13% per annum for the first 3 years and 15% for the next 12 years. Just bring Php20,000.00 show money in the form of cash or manager’s checks (MC) to qualify to bid for each foreclosed property.

The Unionbank foreclosed property listing contains residential, agricultural, and commercial foreclosed properties from the following areas:

Residential foreclosed properties

• Las Pinas
• Antipolo City, Rizal
• Taguig City
• Manila
• Mandaluyong
• Makati
• Paranaque
• Quezon City
• San Juan
• Pasay City
• Tagaytay City
• San Pedro, Laguna
• La Marea Subdivision – Brgy. San Antonio
• Colina Subdivision – Brgy. San Antonio
• Sta. Rosa City, Laguna
• Cabuyao, Laguna
• Cavite – Dasmarinas, Brgy. Salitran (Vacant – Fairway Lots)
• AMALFI Subdivision – Brgy. Paliparan
• Ternate, Cavite – Caylabne Bay Resort
• Bacoor, Cavite – Brgy. Molino
• Trece Martires City, Cavite
• Laurel, Batangas- Canyon Woods Resl. Resort Phase I, San Gregorio

Agricultural and Commercial foreclosed properties *

• Batangas City, Batangas (Agricultural Lots Only)
• Malvar (Agricultural Lots Only)
• Lian, Batangas (w/ Mango Orchard)
• Quezon City
• Makati City
• Makati City – Millenium Plaza, Makati Ave. cor. Eduque St.
• Pasig City – OMM-CITRA, San Miguel Ave., Ortigas Center
• Valenzuela City
• Antipolo City
• Meycauayan, Bulacan
• Paranaque City

*commercial foreclosed properties are subject to credit approval.

Click here to download the foreclosed listing for Unionbank’s 148th Special Public Auction on January 23, 2010.

Source: http://finance.groups.yahoo.com/group/UBP_ARG_Friends/

For more info, please call MR. KIM (637-1445 / 0922-3766505) / DORIS (638-0125) / JUNIE (638-0114) / DONG (638-0092), Trunk line (02) 667-6388 locals ROMEL (8348) / JUNIE (8352) / DONG (8349) , e-mail us at esbabas@unionbankph.com or visit us at www.unionbankph.com

The fine print
The sale is on an “AS IS WHERE IS” basis. Creditable Withholding Tax (CWT) is for the account of the buyer. Misprints are not misrepresentation of any property. Unionbank may, at anytime, withdraw any of the properties listed above prior to auction.

Happy hunting!

—

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2009 All rights reserved.

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PPS. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

You are invited to buy foreclosed properties at Unionbank's 148th Special Public Auction is a post from: Foreclosure Investing Philippines

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During our lunch break at the office yesterday, I begged off from doing something which I have dreaded for the past 12 years in the corporate world, Christmas party presentations! You might be asking what the heck does this have to do with investing in foreclosures in the Philippines? Read on to find out.

This year it is going to be different
During this time of the year, most of us unlucky enough to be employed in a company who force employees to participate in Christmas party presentations that only cause undue stress and humiliation, dread the thought of being forced to go through it all over again. If some people want such activities then fine, let them volunteer for it, and spare those who don’t want to make a fool of themselves.

I really find it silly that people tolerate such a time wasting activity  during the time of year when people who really do work are busiest because of the reduced workdays and tighter deadlines, simply because it has been a tradition. I would rather have games and other really fun activities where people just need to attend the party and have fun, relax, and enjoy.  That’s what having a party is for, right?!

Since I have already decided to quit the corporate world (my last day is at the end of December 2009… yipee!), I said to myself that enough is enough and I did not attend our group’s practice for our Christmas party presentation that was to eat up half of my lunch break. Instead, I decided to visit the bank officer handling my account to pay for the fire insurance for a foreclosed property I recently purchased.

We always have a choice but…
Wait, before anyone of you thinks of quitting your jobs to start investing in real estate, bear in mind that I am at this point after more than 4 years worth of preparations and I already have income streams other than my earned income from my job. Besides, with or without my real estate investing activities, I can see that I really would have called it quits for a lot of reasons that I would rather not discuss here.

Whew, with that out of the way, let me continue by saying that although we always have a choice, there are times when making the choice is really more difficult. In my example above, it was easy for me to choose paying for the fire insurance for my property over practicing for a dance number where a forty year old like me will have to wear a mini-skirt and dance to the tune of “Nobody nobody but you” by Wonder Girls… such an unpleasant thought, definitely not my idea of having “fun”.

But what if you had to make a choice between your son’s first ever recital and a conference call with your counterparts from abroad. How about choosing between being with your wife on her birthday or to be in Singapore for a regional meeting or spending your birthday with your wife and son or be in an annual planning session… the list goes on and on. I had to make these difficult choices in the past. Not anymore…

Just what is time freedom and how do you get it?
My definition of time freedom is being able to spend your time freely to do what you want, when you want, and with who you want. I believe that time freedom is a by-product of having passive income streams, and a good example would be those from passive income generating properties.

How? Buy a foreclosed property with a good enough net operating income to produce positive cashflow, fix it up, rent it out or sell it through a lease option. Might sound easy but it’s not, keep in mind it took me four years to buy three foreclosed properties. However, if this will help me get time freedom, then I believe it is all worth it. Besides, although it is not that easy, it is definitely possible and is not as difficult as you think.

So the next time you feel like giving up on real estate investing, just watch a video of your Christmas party presentations and ask yourself “Do I really have to do this…?!”. It just might help you snap out of it. Merry Christmas everyone!

—

To our financial freedom!

Jay Castillo
Real Estate Investor
PRC Real Estate Broker License #: 3194
Blog: http://www.foreclosurephilippines.com
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2008 – 2011 Jay Castillo. All rights reserved.

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PPS. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

The importance of time freedom, one example why I want to be financially free is a post from: Foreclosure Investing Philippines