All Forum Posts by: Michael Mendoza

Hi BP community,

We have a family property that I need to evaluate after my mom passed away. This property is still under her name.  She is a non US citizen when she bought it.  Any recommended Real estate lawyer that practices there would be great. 

Thank you,

Mike

Hi BP members,

I am reaching out to ask your advice on how to go about this.

I am a Filipino permanently residing here in Atlanta, US. I am a BP follower and a real estate investor as well.  My mom recently passed away and we are reviewing her estate in the Philippines.  She and my step father bought an undeveloped land (Roosevelt California) - residential zone back in 1995-1996 I think from a realty broker that time. They were just visiting the US and not a US citizen.  They bought this with unclear goal and was just plainly seeing this as a future investment for us.  fast forward to 2000s my mom asked me to pay the property taxes so Ive been paying it since then.  She passed away this year. My step father who was also part of the deal is currently in the Philippines.  I reviewed the contract deed or deed of sale and its under a CLT corporation , then my parents name.  I looked up the LA county and it has both my parents name and this corporation. 

I wanted to ask the community how do i go about this.  I was hoping to get it transferred to me.  I asked the LA county assessor and they sent me forms but i am not sure if they account for the fact that my parents were not US citizen and im the only one here in the US.  Where should I start? is there a path to transferring this to my name? what resources I need now that my mom passed away. 

Looking forward to hearing from you.

Mike

Hi BP community

I am a Filipino citizen living in the US. Me and my wife are newbies with real estate and currently owns few properties which we placed in LTR and sTR here in the US.  WE are venturing in the Philippines with a view towards retirement - having properties that will pay for itself, a place to stay when we come to the US and buy & Hold for our future retirement or our kids in the future. 

Would love to know our kababayan or BP members who have invested or currently investing in the Philippines advice or insights.

1. Short term and mid term rental prospects for condominiums in major hubs such as BGC and Taguig. Im seeing ready for occupancy condos. Very difficult to analyze just because of a lot of gray areas - my numbers do not produce cashflow. Looks like more of an appreciation game. Any investors who did STR/ LTR in the Philippines successful in at least getting a break even cash flow? How's the property management, cohosting situation? I am in due diligence with a respectable developer in BGC.

2. Looking at a lot near the beach.  The game plan is to acquire the land and build a vacation home to become a vacation rental. Any experience on this? bank loan, construction loan? contractors? and property management? How did you analyze the deal.

3. On Turnover of the property. Any experience or guide on transitioning to bank loans? as a US resident what's your experience getting bank loans in the Philippines?

4. Tax- property income tax in the Philippines. Any thoughts. Things to know both for Philippines and the US when it comes to paying and reporting it. 

Thank you BP for sharing your time.  Looking forward to your response