The Money Summit and Wealth Expo 2010 promises to be the biggest wealth building and income opportunities conference in the Philippines, featuring 4 proven ways to build wealth and generate passive income. The Money Summit and Wealth Expo will be held on July 2-3, 2010, 8:30AM to 5:30PM, at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati City.

But why should one attend? Let me try to give you 10 reasons…

Top 10 reasons to attend the Money Summit and Wealth Expo 2010

(in no particular order)

money-summit-and-wealth-expo-2010

1. Property Forum founder Noli Alleje – Although Noli “El Subastajero” Alleje is more famous as a real estate auction expert, he himself is also a real estate investor. I am quite used to seeing Noli handle public auctions they conduct and I look forward to hearing him speak for the first time on how to make quick profits through foreclosures.

2. Eden Alemania-Dayrit – Eden will be talking about her real estate investing strategies. Eden is one of the Think Rich Pinoy Franchisees. Although I often see Eden as she is a classmate of mine in a real estate class we are both attending right now, I know I will learn a thing or two each time she speaks.

3. Jomar Hilario – Jomar Hilario is dubbed as the Timothy Ferris (author of the book “The Four Hour Work Week”) of the Philippines who works only four hours per week and yet earns so much more than the monthly salary he used to get working for a big consulting company, and I want to be just like him. For those who don’t know, I created this blog last October 2008 right after I volunteered and helped facilitate one of his internet marketing workshops just over 1 year and 7 months ago. Jomar always has something new to teach and I look forward to learning more from him.

4. I shall sharpen my saw – I believe that the moment a person thinks he knows everything, that person will get left behind. That is the reason why I consistently try to improve myself by attending seminars like this. I look forward to learning a lot of new things which are practical and actionable. Some people might even say that that I am a seminar junkie and they are right. If it were not for my being a seminar junkie, I’d probably be stuck in the rat race up to now.

5. I am really interested with the Business Track – Along with my teammates in the RYP Realty Team, we want to turn real estate investing into a real estate business where we are the business owners. We want to set it up in such a way that it would be like a turnkey business. I believe that the business track will really help us with this and should also help other attendees as well.

6. This is neither a get rich quick scheme nor a scam – The Money Summit & Wealth Expo features 16 real life successful entrepreneurs, top investors, best-selling business authors, sales superstars, and money experts, who walk the talk. They are already rich and successful and have been money experts for a long time.They are not professional speakers who make money through seminars, they are real money experts, real investors, real entrepreneurs, and real millionaires. Need I say more?!

7. I want to rub elbows with like minded people – Those who will be attending will obviously include people who also want to be rich and financially free, those who are already rich and financially free, and everything in between. It is always nice to be with like minded individuals as we can network with one another, synergize, and help each other succeed.

8. This will help enhance the entrepreneur in me – I truly believe that attendees like me will not only be inspired to take the path to entrepreneurship, we will also know how to start, and enhance the entrepreneur within us. With so many successful entrepreneurs sharing their knowledge, it would be hard not to find at least one entrepreneurial path that fits us. I intend to find multiple paths to help provide multiple streams of passive income.

9. Get a lot of free, legally downloadable e-books and audiobooks – By registering  through this link on or before June 12, 2010,  you will be able to get a lot of legally downloadable e-books and audiobooks, at absolutely no additional cost. These tools will help address the seven most common obstacles to success, and a whole lot more.

10. If you attend and use our link, you will be helping us win the Apprentice challenge – Yes, we are on the last leg of the apprentice challenge, and once again, we need your help. I believe that if we win, everyone wins, as we are committed to share virtually everything we will learn to those who are willing and are also committed to learn real estate investing. We believe being Trace’s partners would really help speed up the learning process not just for us but for everyone else as well. I have said it before and I will say it again, if we win, no one gets left behind!

Full disclosure – Please read!

I would like to disclose that we will be earning 10% of the proceeds if you buy using our link, but we have decided to donate 50% of our net profit to Bo Sanchez’ Anawim and Grace To Be Born.  Anawim is the home of 55 abandoned elderly plus a few orphans and physically and mentally handicapped persons. By signing up with us, you are helping us help the poorest of the poor. Grace to be born provides counseling and a halfway house for pregnant young women who are being forced to have an abortion.

With your registration to the Money Summit and Wealth Expo 2010, you are actually supporting a baby because we are donating part of the ticket proceeds to the Grace to be Born ministry of Bo Sanchez.

We are allocating the rest of our profit to those who may want to refer a friend, and earn 5% of the summit fee. That means if your friend avails of the VIP Pass, you get Php224.75. Refer 10 friends and earn Php2,247.50!

I hope to see you at the summit! Please  forward to your friends and relatives. Thank you!

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!

Top 10 reasons to attend the Money Summit and Wealth Expo 2010 is a post from: Foreclosure Investing Philippines

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I am featuring here a recap on the first ever Think Rich Quick Seminar by Trace Trajano which was held last March 27, 2010. I was supposed make my own post about the Think Rich Quick Seminar but DJ already created one so I might as well feature it here and just add some of my inputs. Read DJ’s article about the first ever Think Rich Quick Seminar after  the jump.

1st Ever Think Rich Quick Seminar by Trace Trajano

By DJ Dimaliuat

Last Saturday, March 27, 2010, the 1st ever Think Rich Quick Seminar conducted by Multi-Millionaire Real Estate Mentor Trace Trajano finally pushed through. Trace Trajano, for those who still don’t know him, is the best-selling author of the book Think Rich Quick. In this book, he highlighted his experience in real estate investing where he shared that anyone can invest in real estate and earn even with no money down! Wow! That means anyone can be rich if you just learn what Trace is doing! As a quick background, Trace has made over half a billion pesos of real estate deals in the USA.

Everything Happens for a Reason

I first bumped into his book, Think Rich Quick, March of 2009 I was waiting for a client (who eventually didn’t showed up) at Greenbelt, Makati. I decided to wait at Powerbooks to browse something to read. Since I read Robert Kiyosaki‘s best-selling book Rich Dad, Poor Dad, I already had an interest in real estate investing. At Powerbooks, I was searching for real estate investing books that are done in the Philippines setting or written by Filipino authors. I am thinking that it is the best way to learn how to do real estate investing here in the Philippines is to learn from those who have done it. I bumped upon a number of books, searched the table of contents, and the book that really caught my attention is Trace Trajano’s Think Rich Quick. I know I have a limited number of time during that day and I want to read a book that is very concise and at the same time contains specific examples from experiences. That’s exactly what I found with the Think Rich Quick book. From that moment on, I fell in love with the book. I told myself, I wanna meet Trace Trajano one day!

Fast forward to 2010

I learned about the Thinks Rich Quick seminar barely 2 weeks before the seminar date. Fortunately, participants are still welcome and are in the last week of accepting payments for the event. I even got excited when I learned that this would be the very 1st seminar he will conduct! I made contact with the organizers, I became a member of BFD, Trace Trajano‘s online network at http://buyfirstdeal.com, read Jay Castillo’s blog at Foreclosure Philippines (http://foreclosurephilippines.com) and paid for the event the following day (if the banks were open that time I could have paid on the same day).

Think Rich Quick Seminar 1.0

The event was a success! 100 participants are expected, the numbers reached about 160! Trace started his talk on time, about 9:00 AM, and everyone was ready to go! He talked about what every Filipino need in order to be really successful. He called this module “The 5 Ms to Millions”. He then discussed a strategy called Wholesaling, in which anyone can sell a house to an investor and profit from it even without no money down! Your ROI would be not 50%, not 75%, not even 100%, not 200%, your ROI would be infinity! Afterwards, one of his students Thea Santos talked about her very 1st deal in which she sold a house in 2 weeks giving her P250,000 profit! Wow! In just 2 weeks! This story can be read in Trace’s book Think Rich Quick.

Trace then discussed his eXtreme Marketing concept to sell a house fast. This means again quick money! Next he taught us how to find, analyze, and negotiate good deals using formulas that he has been using in all his deals! And I’m telling you, it really works!

The event also featured Jay Castillo, the very famous author and owner of the blog Foreclosure Philippines (http://foreclosurephilippines.com), and he talked about.. have a guess.. yes! you got it right! FORECLOSURES! Just a brief background of Jay Castillo is he made 3 foreclosure deals in his very first year of doing real estate investing and made really good money out of it. He did this part-time, while he was still working as an employee. This means any of you can do it too!

Actually I bought those properties on my third year of real estate investing, which was last 2009. However, these were the very first deals that I closed as previous deals were either passive investments or are still pending. These 3 deals made 2009 a ground breaking year for me and helped me to get out of the rat race for real.

The next topic was an exercise to analyze a deal and tell if it is a Deal or No Deal. We had a lot of fun analyzing the properties and in turn, learned a lot from it! We are also taught how to raise money from investors. Did you know that during the exercise, one of the attendees raised P20M from an investor and Trace Trajano talked to this investor live at the phone! Mind-blowing! In just 30 minutes someone raise P20M out of nothing!

The highlight of the event is the Apprentice Challenge where 10 teams will compete with each other, given tasks to complete, and the winning team will become Trace Trajano’s next apprentice!

__

It’s fun when you don’t have a boss and you’re earning big!

Financial and Time Freedom Combined!

DJ Dimaliuat

Pinoy Student Millionaire Maker
Sulit URL: http://takehome.sulit.com.ph
Globe: +639154233799
Smart: +639284063994
Sun: +639228111086
Landline: +632346487
E-mail: dj.takehome@gmail.com
Blog: http://takehomephiliipines.com

Source: http://www.takehomephilippines.com/2010/03/1st-ever-think-rich-quick-seminar-by.html

DJ is a team mate of mine in RYP Realty.

By the way, I would like to thank all of the readers and subscribers of foreclosurephilippines.com who attended the event. I’m really glad I was able to meet you all personally during the seminar. It was a blast and I look forward to seeing you again in future events!

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

PPS. If you know someone who might be interested in this post, please do share this to them. 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. Inbox getting full? Subscribe through my RSS Feed instead!

First ever Think Rich Quick Seminar recap is a post from: Foreclosure Investing Philippines

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For the very first time, I am featuring a listing of properties to be auctioned in a  foreclosure sale. During the past year (Yes, Foreclosure Philippines is already more than 1 year old), I have been featuring information and listings for the two most common types of foreclosures we can invest in here in the Philippines. These are bank foreclosed properties or acquired assets and real property being sold through tax foreclosure auctions.

Foreclosure sale auctions
This time around I want to introduce everyone to foreclosure sale auctions. Foreclosure sales are quite new to me which is why I have done my homework by trying to learn as much about them and I shared an overview through my previous posts about Act 3135 as amended by Act 4118.

Where to find notices of foreclosure sale auctions
As per Section 3 of Act 3135 as amended by Act 4118, “Notice shall be given by posting notices of the sale for not less than twenty days in at least three public places of the municipality or city where the property is situated, and if such property is worth more than four hundred pesos, such notice shall also be published once a week for at least three consecutive weeks in a newspaper of general circulation in the municipality or city.”

I usually find notices for upcoming foreclosure sales posted outside the Register of Deeds of Marikina City although I often see them after the auction date… bummer. Now however, I was finally able to find a public auction announcement for a foreclosure sale for prime properties through a newspaper ad and this appears to be from the Star Group of Companies.

Click here to download the listing of properties included in the foreclosure sale of prime properties by the Star Group

Source: Manila Bulletin, December 20, 2009 issue

Foreclosure sale details
I would like to share the following information which I got by simply calling to inquire about one of the properties on the list:

• Payment shall be in the form of cash or manager’s checks for the entire winning bid. I believe the winning bidder has five working days to come up with the full payment.
• The creditor will be participating in the bidding and will make the minimum bid which is usually equal to the outstanding loan balance they want to recover. If there are no other bidders, the property will become their acquired asset or foreclosed property, which they will then dispose through a public auction or sell them through negotiated sale as banks normally do.
• The foreclosure sale will be conducted through a sealed bidding.
• The mandatory 12 month redemption period starts when the winning bidder facilitates the annotation of the Certificate Of Sale (COS) on the title of the subject property at the Register of Deeds
• The requirements to participate in the foreclosure sale are available at the office of the Sheriff
• Just in case the previous owner is able to redeem the property before the lapse of the 12 month redemption period, the winning bidder is entitled to earn interest with an interest rate of 12% for 12 months or 1% per month

Please bear in mind that I will have to confirm if the information above are 100% accurate by checking with the office of the Sheriff that covers the location of one of the properties on the foreclosure listing. I’ll post additional information as they become available.

—

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.

The Star Group of Companies invites everyone to a foreclosure sale of prime properties! is a post from: Foreclosure Investing Philippines

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Update dated June 2, 2011 – After much thought, I have decided to leave Trace Trajano‘s local coaching program and my role as one of the local coaches. I would also like to inform everyone that I am not part of Trace’s other programs.

For those who don’t know, I was once a student of Trace, and I was also part of the team that won his first apprentice challenge, although I decided to leave the RYP team last September 2010. I became one of the local coaches as part of the now defunct Terrific Trio University. I also helped promote his seminars in the past including TRQ 1.0, TRQ 2.0, TRQ Cebu, his quick cash seminars, and the last one was TRQ 3.0.

It has also come to my attention that some materials that Trace used in marketing some of his seminars might make it appear that I am one of his partners. I would like to make it clear that I am not a business partner of Trace Trajano.

Things did not turn out as planned, but lessons have been learned, and I feel it is time for me to move on. ~ end of update ~

One of my mentors, Trace Trajano, recently posted a story about Anna, who bought a property in a foreclosure auction in the US. Take note that some of the things in the story might not be applicable here in the Philippines. Nevertheless, there are lessons here that are applicable to real estate investors  no matter where our locations may be. Before that, here’s the story of Anna…

The Story of Anna
Posted by Trace Trajano on October 15, 2009 at 8:31am

Let me tell you the story of Anna…

Anna excitedly attended a foreclosure auction because she read a book saying that you can get a good deal at auctions.

She bid at the auction and won – wow. “Now I am going to be rich”, she told herself.

She needed 10% down – so she withdrew her life savings and use that as downpayment. Her credit is very good so she was able to qualify for a loan. She pulled it off.

Now it’s time to rent out the property.

BUT, there is a problem. In FORECLOSURE auction, there is very limited time to inspect the property. In fact, she bought it because the outside looks good and she figured the inside should be in good condition also.

There is termite damage at the joints and it’s an additional $5,000 repairs that she couldn’t afford. She pulled out her credit card and got a cash advance – payable with 24% interest. She figured she can rent the property for $1,000 a month so that will more than cover it, right?

She got a tenant. She did not pre-screen her properly. She got a bad tenant. A tenant from hell in fact. Her tenant only paid the first month’s rent and now does not return her phone calls. She optimistically said, “No problem – I’ll get her evicted”. Her tenant from hell is a professional tenant. He (the tenant from hell) accused Anna of being a slumlord. The eviction was delayed.

Two months of no income…then three months. Now Anna had to skip paying her credit card because she cannot even afford the minimum payments. Anna had to fire her eviction attorney because he couldn’t handle the eviction against the professional tenant.

Wan’t to know the rest of the story? Read the rest here: http://buyfirstdeal.ning.com/forum/topics/the-story-of-anna

Real estate investing lessons learned

Let me try to dissect Anna’s story and share lessons learned with regard to real estate investing.

1. Invest for the right reasons
After Anna won the auction, one of her immediate thoughts was “Now I am going to be rich”.  There really is  nothing wrong with wanting to get rich, who doesn’t! However, I can’t help but feel that money was her biggest motivating factor.

Besides, once you win your first auction, becoming rich is usually the last thing on one’s mind, at least that’s how I often felt when I won on my bids during auctions.

I usually had thoughts like “Oh no, I won… what did I get myself into?”, “Now you’ve got a lot of work ahead of you Jay…”, and “I did my due diligence right, so this deal should work!”. That’s why I can’t help but feel there’s something lacking here based on the story because her focus was on the money.

Just remember that if you are going into real estate investing just for the money, something is definitely missing! Personally, I always try to keep in mind that my decision to go into foreclosure investing is not really just about the money, it’s about financial freedom!

2. Don’t risk everything when investing!
Anna withdrew her life savings and used that as down payment. Don’t ever do this, it is not a good idea to risk it all for one deal!

You should at least have an emergency fund intact somewhere safe. I don’t believe in putting everything on the line like my entire life savings as I would rather set aside money for the specific purpose of investing and only use that.

I refer to this as my “Financial Freedom Account” or FFA which is just one of my “money jars” which I learned from T. Harv Eker and you can read more about it here: Manage your finances by becoming your own Chief Financial Officer.

Some of you may be thinking “But maybe Anna did not have enough money so she needed to use her life savings?”. Just a word of advice, if one cannot manage his/her money in order to set aside enough money to put down for a real estate investment, then one is not yet ready to start investing.

There should really be no need to use one’s entire life savings if one is able to manage their finances well. I believe that financial literacy is a prerequisite to real estate investing.

3. Always do your home inspections as part of due diligence
Anna bought the property because the outside looks good and she figured the inside should be in good condition also. Argh! Never buy a property without first doing a thorough inspection and getting estimates from reliable contractors.

I made this mistake once, but I was lucky that property’s  after repair value (ARV) was more than enough to cover the actual repair cost that I underestimated by Php100,000.

In Anna’s case, had she done her inspections well, she could have discovered the termite damage and avoided buying the property since she could not afford the termite damage repair.

Actually it would be okay to buy properties that have similar problems as long as they are discovered before purchasing the property, the costs are considered and justified after analysis, and the additional cost is reasonable and affordable.

With regard to the very limited time to inspect properties being sold in foreclosure auctions, this is very true, even here in the Philippines. This is the reason why I would rather buy bank foreclosed properties or bank acquired assets, which are also often referred to as ROPOA or ROPA.

In contrast, properties being sold in foreclosure auctions are those that have just gone through foreclosure proceedings, they are often for sale on cash basis only, it is hard to inspect these properties as they are often still occupied, and they still have a 1-year redemption period, just like tax foreclosures.

My point here is, foreclosure auctions are different from bank foreclosed property auctions, although in general, both are often referred to as “foreclosures”.

4. Always Pre-qualify tenants
Anna did not screen her tenants well. Without pre-qualifying tenants, one is inviting trouble. By Pre-qualifying tenants, you basically want to ensure that your tenants not only have the capacity to pay but are also good payers. A simple interview or a questionnaire and some background checks would have helped her avoid that tenant from hell.

Anna’s problems snowballed into something she could no longer handle but the sad thing about it is all of these could have been avoided had she done her homework. This is really one story which outlines how one should NOT invest in foreclosures and all real estate investors should learn from it as it contains perfect examples of what NOT to do.

Did I miss anything? Any reactions? Please share your comments below. Thanks!

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To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com

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

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

P.P.S – 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 instead to my RSS Feed.

How NOT to invest in foreclosures is a post from: Foreclosure Investing Philippines

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I found this very interesting advertorial in the in-flight magazine of the Cebu Pacific flight we took in our recent Boracay vacation and I just want to share it to all of you here, along with my insights and opinions. The advertorial which I am posting below is from The Property Forum Philippines, one of the top property auctioneers in the Philippines. Its president, Mr. Noli “El Subastajero” Alleje, has become a very familiar face when it comes to auctions of foreclosed properties.

This is a picture of the magazine

Secrets Revealed: Investing in foreclosures. Own your dream home or best real estate investments in auctions

With the collapse of the global financial markets, one investment stands as the best and most secured product, and that is real estate. Manuel “El Subastajero” Alleje’s top picks for property investments are foreclosures.

El Subastajero Alleje has powered his company, The Property Forum Phils., to move over 6 Billion pesos worth of real estate assets in 40 auctions conducted nationwide.

So why foreclosures???

LOW CASH DOWNPAYMENT: While you have seen the bank’s offer price to be P3M, you may have failed to notice that the downpayment is only a measly 5% to 10%. That’s only P150,000 to P300,000 as initial cash out. So how much can your P300,000 cash-in-the-bank be worth if you buy a property at 10% down payment? You would now be the owner of a P3,000,000 real estate investment…

I never knew that there were auctions that only required down payments as low as 5%! As far as I remember, all the recent auctions conducted by Property Forum Phils. required at least 10% down payment. Anyway, having a low down payment requirement is really one of the advantages of buying foreclosed properties. I often hear people say that investing in real estate requires a lot of money. I beg to disagree! However, I do understand where these people are coming from as I too had the same thoughts until I found out that only low down payments are required when buying bank-foreclosed properties and this is often called leverage. You can read more about leverage here.

LONG PAYMENT TERMS: After paying the low down payment, the balance of the investment can be paid over a short period of 5 years to a long period of 15 years. So you are hedging and earning over market appreciation…

I’m not really sure what the last sentence meant but what I do understand is that longer payment terms mean lower monthly amortizations which translates to higher positive cashflow. The last sentence could also mean that you will be paying amortizations based on the value of the real estate at the time of purchase (so you peg the price). At the end of the payment period, the value of the property has already appreciated and you can profit from the appreciation when you sell the property. Hedging basically means that you buy low now and peg the purchase price because you anticipate that the value of the property you bought will appreciate later.

LOW INTEREST: Imagine getting this low down payment, plus long payment term, at low interest rate of just 8%. Compared to purchasing fresh housing loans today with a demand of a higher lending rate, buying into bank foreclosures always offers a lower interest rate…

8% interest rates are usually available only for the first year and this is often not a fixed rate. This means at the end of the year your loan may be subject to “repricing” or adjustments in case the market interest rates have changed. What happens if a new financial crisis happens(God forbid) and interest rates shoot up? Then the interest rate of your loan shoots up as well along with your monthly amortizations, which can lead to negative cashflow situations and even more foreclosures. This is the reason why I often advice that one should always make sure that their interest rates are fixed for the longest possible term. By the way, other lending institutions like Pag-IBIG may offer lower interest rates (6% for loans up to Php400,000 and 7% for loans over Php400,000 up to Php750,000). I suppose transferring a loan from a bank to Pag-IBIG would be a good option in such cases.

EASY CREDIT APPROVAL: Fear not the credit investigation. Maybe in the past you may have made a wrong business decision that has affected your credit standing, thus preventing you from availing a mortgage. In buying foreclosure, banks go thru the CONTRACT TO SELL documentation, which entails the property to remain in their ownership. Therefore, the possibility of no mortgage or lenient credit investigation, to none at all…

Some banks use a Contract-To-Sell (CTS) wherein the Title of the property is not yet transferred to the buyer until the purchase price is paid in full. In contrast, if a property was bought through a mortgage loan, the Title is already transferred to the buyer and the same Title is then mortgaged to the bank. Because of this, the latter may require more stringent requirements. But still, even if a bank or a lending institution will be using a CTS, they would still do a credit investigation like checking a buyer’s capacity to pay, etc.

GOOD TITLE: A constant concern in real estate investment is the veracity of the title. Remember that before this real estate asset became a foreclosure, it was a collateral for a loan and has undergone due diligence review by the bank. You must also consider that banks will not endanger their integrity and credibility…

Banks are supposed to do due diligence before they accept a property as collateral for a loan so this is very true. Nevertheless, one should always do his or her due diligence even if one is buying a foreclosed property from a bank  because sometimes foreclosed properties are involved in pending court cases (like the red tag foreclosed properties from BPI-Buena Mano)  and these are annotated on the Title as a lis pendens (pending case). Always do your due diligence. At the minimum, one should get certified true copies of the Title plus traceback from the registry of deeds, etc.

IMMEDIATE APPRECIATION: When you buy real estate investments you make money, so be sure you get the best deal. It would be good to check out market values in the neighborhood…

I believe what they were trying to say was one can get immediate appreciation in the form of instant equity (Equity is the difference between a property’s current appraised value /market value and the loan principal balance) if you are able to buy a foreclosed property at a price below market value. This is the essence of the statement “You make money when you buy, not when you sell” as often said by Robert Kiyosaki, author of Rich Dad Poor Dad. Just make sure that you really are buying a property below market value by doing your own property valuation.

Now that you know the secrets of buying foreclosures, how do you get started?…

Hold your horses! Before you go out there to start looking for foreclosed properties, make sure you have learned to manage your finances first. Start increasing your financial IQ and be on your way to becoming financially literate. If you can’t manage your cashflow now, you won’t be able to do so when you already have investment properties. Without financial literacy, no matter how many good deals you find, you will surely end up losing money.

SEARCH FOR YOUR CHOICE: For the complete list of ready-to-market foreclosures, go to www.propertyforum.net.ph and utilize the first Philippine real estate search engine.

Sadly, their website is not updated. Don’t worry, as long as I get copies of their foreclosed property listings, I’ll post it here in Foreclosure Philippines.

INSPECT ALL CHOICES: It’s time to go shopping! Prepare a list of choices. Be sure to have made necessary arrangements to be able to enter and inspect the properties. The Property Forum Area partners will help you choose your investment, as all properties listed in our auctions are pre-inspected.

Before inspecting all those foreclosed properties, make sure you have at least analyzed and shortlisted them, and visit only those that look really promising. When inquiring, make sure you also ask the right questions.

GRAB THAT GREAT DEAL: Our auction assets go through a price deliberation process that ensures bidders that they get value for their money. That great deal may be handed to you at even almost half its market value.

Better make sure you really are getting that foreclosed property you are eyeing at below market value by doing your own property valuation as I have mention in my post on how I estimate market values of foreclosed properties.

If you want to be a foreclosure real estate investor by acquiring property, fixing it up, and leasing it out, or you would like to buy a ready to move in house with low down payment, long payment terms, and with the right interest rate, then call us. We will gladly share with you our experience on how do it step-by-step. HAPPY TRIPPING!!! PROPERTY IS PROSPERITY.

Personally, I have found it a pleasant experience in dealing with Property Forum Philippines. I attended my very first auction which was conducted by Property Forum Philippines sometime during the first half of 2007 , and then a year after, I had my first win for a bid for a foreclosed property during a public auction also conducted by them (read more about it near the bottom of this post). I believe they now also offer investors a means to invest passively in foreclosures. I’ll check on this and post more information as they become available.

Happy investing!

—–

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com

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

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

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Secrets Revealed: Investing in Foreclosures is a post from: Foreclosure Investing Philippines

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