I hope EIGHT is really a lucky number as we just made our first real investment today, May 18. The Chinese folks believe that 168 is a lucky number reason why Philippine motor vehicle plates with 168 numbers are quite pricey – in the range of P30,000.
We discovered the place while fuelling up in Shell gas station along Pasong Tamo avenue since it’s en route to our favorite mall Waltermart, my son’s school and our church Don Bosco Makati. The real estate project is called The Oriental Place condominium and it’s managed and developed by Federal Land Inc., a member of MetroBank Trust Company group. The selling price of a 1 bedroom 24 sq.m. condo is in the range of P1,8M but of course we don’t have that amount and instead we’ll mortgage it.
Here’s the deal: They call it 10-15-75 scheme. We paid P50,000 as reservation fee; after a month we have to pay the balance of the 10% down payment. From months 3 to the 33rd month, we have to pay P9,000 a month (interest free) only which accounts for the 15%. The remaining 75% will be paid P15,000 a month for 15 years.
We’ve done our math and it shows a potential ROI in 6 years if rent is aggressively priced or 10 years if rent is just right. Worse case scenario is we lose our deposit, down payment and first 30 months payment. If my computation is correct, the deal is better than placing your money in time deposit at 4 percent per annum.
I hope and pray that we made the right decision.
We discovered the place while fuelling up in Shell gas station along Pasong Tamo avenue since it’s en route to our favorite mall Waltermart, my son’s school and our church Don Bosco Makati. The real estate project is called The Oriental Place condominium and it’s managed and developed by Federal Land Inc., a member of MetroBank Trust Company group. The selling price of a 1 bedroom 24 sq.m. condo is in the range of P1,8M but of course we don’t have that amount and instead we’ll mortgage it.
Here’s the deal: They call it 10-15-75 scheme. We paid P50,000 as reservation fee; after a month we have to pay the balance of the 10% down payment. From months 3 to the 33rd month, we have to pay P9,000 a month (interest free) only which accounts for the 15%. The remaining 75% will be paid P15,000 a month for 15 years.
We’ve done our math and it shows a potential ROI in 6 years if rent is aggressively priced or 10 years if rent is just right. Worse case scenario is we lose our deposit, down payment and first 30 months payment. If my computation is correct, the deal is better than placing your money in time deposit at 4 percent per annum.
I hope and pray that we made the right decision.
