Thread: Housing Market

smiley wrote:

Mr. D, Just curious, how do you research your out of town properties, do you actually do on-site inspections or do you have RE agents in different areas, internet????? I have just started to flip some properties, but would like to purchase some land also. Do you have any good internet sites for searching different areas? Thanks for your help, it sounds like you have done quite well. Not to mention having a wealth of knowledge!!!

Smiley

Mr. D actually goes out and live within the place. For him to get 11 something percent in the Philippines, he had to exchange his dollar into pesos and place them into time deposit account. I've seen 110% return within 7 years in the banking system there. However, dollar to pesos now is about P54.50 to a dollar. Buying back the dollar will run you P58.00 to a dollar. So as you can see, you may get 11% return, however, you have to spend your money there since you will lose some of the gains you made by buying the dollar back.

Just to give you a heads up, to borrow money in that place, interest rate is about 25%. Can you imagine paying paying that much interest here? That is why only the rich gets richer and the poor gets poorer there. I know, I came from there.