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            Welcome to the forum Sales.  You gonna have all kinds of problems, high interest rates, transaction fees etc, will need the ACR to open any accounts.  Since you bought a condo with cash guessing you be staying a while, have a source of income.  Good luck.

mugteck said. . . .  Welcome to the forum Sales.  You gonna have all kinds of problems, high interest rates, transaction fees etc, will need the ACR to open any accounts.  Since you bought a condo with cash guessing you be staying a while, have a source of income.  Good luck.

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Can't agree with you more Mugsy. . . . . . . . .

Also I'm thinking his cash was up front money for a condo under construction. It seems the OP may be still in the states,  he could be a lesson in what not  to do.

The only thing missing is he met his fiancee on Filipina Cupid.
   

Thank you for your reply ! "he could be a lesson in what not  to do." Make me scare ! Please tell somthing I dont know

I already had an account with Security Bank without ACR card , the condo is in Ortigas turnover in June 2024 which is already paid in Full. I want to buy another condo with that one as colateral, but my bank do not do home loan for expat, BDO will but they need ARC, (59 days) . That is my problem can not stay that long .

         So you cannot stay 59 days, so this is an investment gig.  Why the Philippines?

saleshinerhunter said. . . .
I already had an account with Security Bank without ACR card , the condo is in Ortigas turnover in June 2024 which is already paid in Full. I want to buy another condo with that one as colateral, but my bank do not do home loan for expat, BDO will but they need ARC, (59 days) . That is my problem can not stay that long .

***

(1) So you paid cash for the first condo that is not ready for occupancy.

(2) You want to use that equity in that condo to buy another condo.

(3) Than another, another and another?

(4) BDO will do you a big favor by turning your loan application down.

@Enzyte Bob

Thanks Bob ! Thats exactly what i am going to do as passive income , what do you think ? is it going to work ?

    @Enzyte Bob
Thanks Bob ! Thats exactly what i am going to do as passive income , what do you think ? is it going to work ?
   

    -@saleshinerhinter

The unfinished condo will produce income in June IF it is really finished and you can find renters. Obviously you will need to hire a management firm to handle the rent (or Airbnb).  From that you gain passive income subject to 6% (?) or so cap gains. Your other option would have been to leave the money in your bank. Then you have the 2nd condo which you will borrow money to get. If all goes well you will again obtain passive income subject to capital gains tax (hope you are not American because we are subject to cg taxes for gains in the PI). But that is a wash in terms of liquidity. However, in both cases you "may" earn long term capital gains as property values appreciate. So until you sell, you have tied up your money in the first condo and get the second condo paid off. I see what you are doing but 1. Condo values can rise or fall and 2. You have tied up a lot if money. I don't think I would do the same. I would probably stay with one condo only, if I had faith in the long term appreciation which I am not sure of at this time.

Thanks Bob your advised unfortunatly I am from the stated, i and hoping the value will go up . Do you hear about the volunteered  ARC I-card for tourist who do not have to stay 59 days ?

salesshinerhinter asked. . . .Thanks Bob your advised unfortunatly I am from the stated, i and hoping the value will go up . Do you hear about the volunteered  ARC I-card for tourist who do not have to stay 59 days ?

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No I never heard of a volunteer ACR-1card, so I looked it up.

From the Philippine immigration website:

A foreign national who voluntarily applies for an ACR-1 card . . . . . . . . . .So?

I guess everyone who applies for an ACR card does so voluntarily.

Good advice Bob and Dan. Simply an observation from my perspective as a multiple property owner in Oz.

Say I wanted to purchase a 1 million dollar property but intended to buy another 1 or 3/5 as investment properties. the case of 5 properties, first property 200K deposit, mortgage it, get a tenant in ASAP to help pay the mortgage, next property 200K deposit and same scenario etc.

You are holding your liquidity as a buffer. Building not finished on time, can't find a tenant, body corp fees or what ever they call them here.

The old saying don't put all your eggs in one basket.

To the OP, Is the building finished? If not why pay up front as most condo complexes offer financing especially if you are considering buying another.

Cheers, Steve. 

@Enzyte Bob

The only thing missing is he met his fiancee on Filipina Cupid.

My guess would have been Cherry Blossoms as this guy ranks high on the ’naivety’  index

Just a side note/thought.

Many people rush in and put a deposit on a property and then run around trying to finance it. Not suggesting this is what the OP is doing but many follow this line of thinking.

Cheers, Steve.

    Just a side note/thought.
Many people rush in and put a deposit on a property and then run around trying to finance it. Not suggesting this is what the OP is doing but many follow this line of thinking.
Cheers, Steve.
   

    -@bigpearl

Indeed Steve. Many expats have bought properties unseen. Akin to sending money to Filipina’s they have only met online

    Just a side note/thought.
Many people rush in and put a deposit on a property and then run around trying to finance it. Not suggesting this is what the OP is doing but many follow this line of thinking.
Cheers, Steve.
   

    -@bigpearl

Are people careful to ensure that the contract makes the deposit conditional to financing under such and such terms so you do not lose what you put in if you cannot reasonably finance? That is common practice in the States but who knows how they do it here.

Are there any other Americans that don't believe one word of this guy being from "the stated"? I am being quick to judge, but smells like a scammer to me. Absolutely horrendous English. Doesn't add up for an expat investing overseas.

Larry I assume you are referring to the OP and agree either gullible or thick as 2 house bricks, perhaps a bot? But all in all very naive.

OMO.

Cheers, Steve.

Yes, I meant the OP.

@Larry Fisher

Def not from the States.

    @Larry Fisher
Def not from the States.
   

    -@nickfisher0640

Yet the flag on his tag says US. And he says so too. I really think this is a fake account.

        Why does it have to be fake stupidity?  There's plenty of real stupidity out there.

You cant get a bank loan with a ACR tourist, or can someone prove me wrong?