Hello Gale's subscribers! I will get back to you with all your questions. I'm just caught up with my schedule now. Thank you for your questions, appreciate it
Hello @Gary R ... thank you! it's funny, these "interview" type videos do not get the views that my rambling/talk videos get. I sort of think these interviews are good information. Anyway, thank you! I appreciate your feedback a lot! 😀
Thank you! @Peter Nielsen ... my name is Gale, but I answer to G5 these days. 😄please do me a huge favor and like/subscribe to help me grow the channel. 🙂
Good information. A question about loans. From my understanding, when you take out a loan in the Philippines be that an auto loan, or a home mortgage ,you can not pay it off early. Can Marie clarify that, and are there any exceptions to being locked in? Lastly, why when purchasing items such as a car ,or motorbike that the dealer wants you to pay cash? Why isn't a bank check or an electronic transfer allowed? I know some will allow credit cards to be used buy then tack on an additional 5% fee. I have not heard what is expected as payment if you purchase a house that is already built.
Hi there! Just wanted to share general information about inflation rate, as we all know and agree every year inflation rate fluctuate but every year basic commodities, real estate etc inflation rate goes up even reach to 8% or more annually. Sad reality that is why preparation in everything for the future is the best thing to do. One preparation is through real estate, health insurance and life insurance, traditional or through VUL (variable).
Hello... thanks for the videos -- very nice, informative and much appreciated! Wife and I are building a house in the Philippines. My question is this... wife and I are paying cash for this house as we build it - no loan. For me in America, insurance is very important to me (home owners insurance)... how do you get it, where do you get it, how much does insurance cost there, and what all does it cover? Is homeowners insurance there like the US insurance where it covers the property to rebuild it, the personal contents at a % of the rebuild cost, and put you up in a hotel or another similar home for one year? Please respond and let me know about home owners (and automobile / motorcycle / ATV insurance in the Philippines). Interest % . Mariquit said 5% each month. HOW is that compounded? Like in the USA, you get a $100,000 USD house (haha - never again available)... but that would be over a 30 year loan at 5% APR... your monthly payment for just the P/I would be $536.82 USD and over the 30 years your $100,000 USD house would cost you for P/I $192,255.78. How does the Philippines do it differently where you aren't paying that kind of interest over the 30 years - or are you? From what I've seen on line, they seem to be higher costs than the US is. Or, am I wrong?
Hello again @angryman71 ... sorry for the slow reply, been busy with other stuff. These are all very good questions. Funny how I have acclimated in many ways over here. I have been renting our house, so I have not given homeowners insurance the first thought, but when we eventually build, I will be just like you wanting to get coverage. I need to research this, starting with Marie, to get the ins and outs on homeowners and renters insurances. I wish I had thought to bring that up in the interview! Argh! 😆 And for mortgage interest, I literally have the same questions that you do. For me personally, I do not want to borrow money for anything, I have been debt-free for 6 years now, and OH-WHAT-A-FEELING of freedom that has been! 😃I made the video for the sake of my youtube friends, more than for myself. Anyway, I can say that banks in the Philippines do seem to model their practices after the U.S. and European standards, so I would almost assume that interest is compounded similar to what we are used to. What I have observed though, for example at the motorcycle shops, they will have a display card next to a motorcycle that shows the cash price, and then list "payment options" and when you do the math, you are paying the price of 2 motorcycles by the time you pay off the loan. I think this just has to do with the "high-risk" nature of these loans, so they charge exorbitant interest rates. Anyway, this really does lend itself to doing a follow-on video discussing these. I have this on my hit list to do sooner than later. Thanks for your feedback, thoughts and questions! Peace and Blessings Friend!
Majority of expats can't get a loan or financing unless with extreme rates 3rd party loan or married to a Filipina sometimes srrv holder can ,but Insurance is easy but always very low to Philippines cost of living average same as car insurance. Pre paid funeral services is good deals here unless already arranged military etc. Why most expats just buy condos cause they own plus can get financing.
Hello there @leathernecktonyasianadvent2512 ...thanks for your input. I'm anti-debt if at all possible. Haha! It's tempting though, we're ready to commit to buy/build a house, but I am holding out until I have enough saved to do it out-of-pocket. 😀 As for insurance, I agree with you.👍🏻
What would happen in the unfortunate event that the foreigners Filipina wife or spouse were to pass away before to expat? What would happen to the home since foreigners are not allowed to own property? Also, if the foreigner and the wife were to split up would the foreigner simply get kicked out and he would just be out of luck?
Hello @Rcardo Osuna ... I have asked Marie to answer, but I can tell you that in either case, the foreigner will not have legal ownership of the property. That being said, in the case of dissolution of the marriage, it would more than likely take the worst case scenario. In the case of death, it would then fall to the children and/or immediate family, but providing there is a good solid relationship there, the foreigner should be fine and be able to continue living there. These are tough, but perfectly legitimate questions. 🤔
Hi Ricardo! That's a good question though. In any case scenario I believe that prior to having a property to a local (in the Philippines) married or partners, they should have a real talk about it especially if they knew (expats) that they can't own properties here in the Philippines. Now if they have children those properties goes to the children. In the event that they don't have kids and spouse pass away and he has proof that he (expats) finance everything then normally they sell the property and have the cash instead.
Here me out.. Start a corporation, 40% foreigner owned shares, 60% spouse or split between multiple Filipinos. Future purchase contact option/control of the remaining 60% of shares. Corporation purchases the land. Corporation leases the land to the 40% owner for 25 years + one option to renew. Seems like enough control and protection for a foreigner. The house is yours, on your corporations land, which you have a legal right to for the next 50 years. Hell, you could have bylaws in your corporation requiring 75% shareholders support for amendments.
Hello ... @smuuss1993 ... Thanks for sharing your idea! Setting up a corporation with foreign-owned shares and leasing the land to the foreign owner could be way for foreigners to secure their ownership of properties in the Philippines. However, it's important to note that setting up a corporation entails certain legal and financial requirements, and it's best to consult with a lawyer and a financial advisor to ensure compliance with local laws and regulations. Additionally, while this may provide some level of protection and control, it's still important to thoroughly research and understand the legal and cultural aspects of property ownership in the Philippines. Peace and Blessings! 🙂
I would agree that this process should hire a lawyer for legal matters and I believe even to your partners in particular if you want a piece of your hard earned money, put it in legal writing, in this way legalities always on top of everything no matter what.
