Controlled The Property For PhP 50K; Sold In 7 Days!

January 22, 2008

FINALLY, I have CLOSED this transaction just today!

This is my 8th property which is now under my control using Php 50K ONLY. The property's market value is Php 1.6M.

The property is foreclosed by a rural bank, but under redemption period. The total loan plus penalties has amounted to Php 800K but I negotiated it to be lowered down to Php 600K and the bank gave in. I had used leverage of investment debt to pay the rural bank.
After redeeming the property, we executed the Deed of Absolute Sale by a notarial act after paying Php 50K to the owner. We have also executed a COMPROMISE AGREEMENT by a notarial act also, stating that the former owner shall move-out from the house on or before February 13, 2008. I already got the TCT of the property.

To sell this fast, I will sell the property below market value. I will sell it for only Php 1.298M; Php 200K DP Lipat Agad! The After Repair Value (ARV) of the property is PhP 2M.

February 20, 2008

SOLD IN 7 DAYS!

February 13, 2008- Eviction of the Former Owner
February 17, 2008- Mobilization for Rectification/Repainting
February 20, 2008 (TODAY)- SOLD to a Hungry Tenant Buyer

She is a "Hungry Tenant Buyer" because she bought the property despite termite infestation. Unit's rectification is not net yet finished.

SOLD at PhP 1.298M, the price I dictated! No further negotiations.

Gross Profit = Total Selling Price - Acquisition Cost - Repair Cost
                     = PhP 1,298,000.00 - 650,000 - 70,000.00

                     = PhP 578,000 (Not bad for a 7-day deal!)