The peso has weakened considerably against the dollar. But for our overseas-based kababayans, there is a silver lining. | Prof. Enrique Soriano III/PDI
Adversity to opportunity: Real estate investing 101He was so devastated when he realized that his cash flow and cash reserves were already running on empty. With no visible means to support his family and out of desperation, his last option was to sell his house. From the proceeds, he immediately settled some of his maturing loans and mounting debts and whatever excess he made, I told him to consider investing in a condo unit. He ended up buying two units in Makati. That was the tipping point.
His monthly gross revenue can average anywhere from P800,000 to P850,000 a month. That is almost P10 million in annual sales of literally doing nothing. His take home income is more than enough to cover for expenses including a couple of loyal assistants tasked to service their tenants. OFWs should thus take advantage of the current slide in the value of the peso. On top of the foreign exchange, the burgeoning population, the post COVID-19 economic recovery of many industries plus the resurgence of tourism, I am confident the Philippines, especially the growth areas found in Metro Manila, Iloilo and Cebu, will continue to bring in tenants, whether short or long stay.
Whatever the outcome, the critical element is to research as much information as you can. Your next step is to make a shortlist of reputable developers that can offer the best quality, affordable homes and provide a seamless OFW-centric service process.
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