making a living

[stevewool]

just a thought here mates, i have like many before me wondered what i could do to make a living out there, and yes i dont want to work really, but have to live still, what does others think about buying a place and then renting out rooms or doors i think its called, i was thinking of buying a place big enough and there are some for sale but rent out rooms, live on site we will and make a income to support us both, could this be done and does it need much working, ie insurance and planning and so on, we dont want to be millionairs but just make enough to live and be happy, i know others on here have places so whats the differance from property here and there and renting too, any advice would be welcome

[bornatbirth]

i think fred already does that and i have thought the same....you will find many foreigner's have that type of business....so you can do the same, you just have to find the right location

keep your house in the uk and live off the rent, i wouldn't sell up in case it all went wrong

[stevewool]

it seems to be the only way to make a living i think, seen a place thats ready and making a income too, yes kep the house here and just rent it till you know its right

[Terpe]

That is exactly what we intend to do. There are so many people with the same idea.
Depending on what 'market' you want to target will dictate where to locate the 'rooms'
or 'bedspaces'.
Keep thinking that way Steve, that's one of the best strategies.

Plenty of associated activities to keep you busy also.

[fred]

Yes..It could be a good idea Steve but it depends on quite a few factors. Im not going to expose my business strategy here on a public forum but am happy to give you some pointers via PM if you wish..
Cheers,
Fred.

[Englishman2010]

All the best Steve

[worthingmale]

I am thinking of buying some landing building a place and renting to Japanese or Koreans.

but would never sell my place in England just in case somethign went wrong.

[gWaPito]

Knowing what I know now, I would never sell my house to fund a venture in The Phil. I nearly did before, if I had of done, I would of lost everything. No one knows of what the future holds for us. At least with your house you have security, not only for you, for your wife as well. You can learn alot from what others do over there. The Koreans and the Jap's aren't stupid, watch and learn, as they say.

[fred]

Knowing what I know now, I would never sell my house to fund a venture in The Phil. I nearly did before, if I had of done, I would of lost everything. No one knows of what the future holds for us. At least with your house you have security, not only for you, for your wife as well. You can learn alot from what others do over there. The Koreans and the Jap's aren't stupid, watch and learn, as they say.

Actually,I disagree...In part.
I sold my house in 2007 as I believed and still do that UK house prices are hyped and over priced.. I may be proved wrong but it was strictly a business decision as I was moving over here regardless!!
The cash from the sale still remains in the bank earning interest(TAX FREE) and remains separate from my business and personal interests here..
If my gamble comes off and UK house prices drop,then I will be in the position to buy something in the UK at better value sometime in the future..
Renting out property in the UK is fine just as long as you take taxes on rentals and exchange rates into consideration.
If I had rented my old property in the south east out with the exchange rate as it is for only income,I would have been forced to return 2 years ago.. Other peoples milage may prove different..
Cheers,
Fred.

[gWaPito]

Like you said Fred, you didnt sell your house to fund a venture in The Phil, the money is still earning interest in some account. I still think bricks and mortar in the UK is the safest place over the long term. We have been here before over the decades, the market always seem to recover. Just my opinion

[fred]

I agree.. Just think the market is way over priced for the times.. As I say,time will tell..My gamble!!
Long term?? Life is too short IMO..
Depends on individual circumstances I suppose,
Fred.

[stevewool]

thanks gang and thanks fred may take you up on the offer sometime in the future , lots of plans still to look at and when we are there soon for our holiday look at other projects too,if only we had a crystal ball to look into and say this is a good idea then it would be sorted , but hay ho press on my life is still going good at this moment

[Terpe]

Buy a winning lottery ticket

[fred]

thanks gang and thanks fred may take you up on the offer sometime in the future , lots of plans still to look at and when we are there soon for our holiday look at other projects too,if only we had a crystal ball to look into and say this is a good idea then it would be sorted , but hay ho press on my life is still going good at this moment

Steve...Imo you are working along the right lines... Personally I would touch no business here unless
it involved land,bricks and cement.. Having said that its because I trust my wife and kids implicitly!!
Fred.
PS: Any time!

[gWaPito]

I agree with you Terpe, im working towards that lotto jackpot too talking of which, i pay by direct debit. Reason being, if you buy online while in the Phil and you happen to win the jackpot, you wont get it. You cant do Euro millions by direct debit, only buy 4 weekly. Fred My Misses knows all my passwords, thats means I trust her as well

[stevewool]

well friends my emma is my life , what i have is hers and i hope that what is hers will be mine, so like before me has said i trust emma 100%, and terpe that winning ticket is all i want. seem to be getting the others at the mo

[Farmerg]

I would advise anyone thinking of renting out a house in the uk to get landlord insurance, I learned the hard way about how important this is!.
I had a tenant that stopped paying rent, it took over six months to get rid of him & with the solicitors costs & court costs & loss of rent & repairs because he vandalised the place came to over £30000!. Don't believe estate agents when they say that they will remove the tenant for you if they stop paying rent because the one I used washed there hands of the situation as soon as the rent stopped!.
Renting out a property can earn a good return but there are some pitfalls & if it goes wrong it can cripple you financially if you don't take precautions.

[jonnijon]

Im on my way just won £10 on the lotto

[stevewool]

its great when you here some great news, invest it wise

[scott&ligaya]

Hi Steve and Fred,
well a lot depends on your location and your local connections. My wife has invested for us in various ventures fron a rice farm up north in Isabella(her cousin runs it, even he had to sign contracts that he would not claim the land after five years, tough woman my mahal lol) to a pig farm near our place in Palawan to land investments ( we bought near where the new Robinsons is going up and also where the next resort area is being prepared) and also a partnership in a salon/spa business with an Aussie guy iand his mahal. To date she has not put a foot wrong and as a farmers dauughter she loves her piggery ( I am at a loss to expalin why lol). We are currently considering investing 4 million pesos in half the build cost of a high end rental property overlooking Puerto Princesa bay with another friend here who already has the land and his own property there (well his wifes heheheehehe). There is a growing number of budget and mid scale hotels in Puerto Princesa (tourist numbers went form 35,000 three years ago to over 230,000 last year so there is a need, but real high end holiday property rentals and only three decent hotels (which are always full of convention, re-unions and annual meeting delegates, even the mayors of Luzon assocation go there) so we hope to capatilise on a gap in the market. I think lots of planning, business modelling and lots of contingency plus being reasonable in your expectations is the key. To date I have to say that our rice farm is the most consistent performer and makes a great return. Good luck with whatever you chose to do.