Real Estate 101 For The Young Enthusiasts

[takumi]

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In fact, you don't need to be a broker to be in real estate. If you can start your own lang, OK naman. Kapoy pud mag broker kay daghan mga broker nga hanas na kaayo, ilugan daw ka pirmi, luoy ang mga newbie, daug-daugon lang sa mga old ones hehehe So kung ikaw jud tag-iya sa house and lot, ang mga broker pa mag uyon2x nimo, ikaw ang bosing hehehe Yeah, it's true, broad kaayo ang real estate. You can always do your own ways...tigumi lang jud or calculate well and you can start in no time I have several things in my head now how to continue my real estate dreams in small ways lang una kay di man pud ko ana ka know-how, mga basic ra man pud akong nahibaw-an.

[cirext]

thanks for the comments.

ok we'll continue...

"Im very interested but I am young. I do not know where to start. What/where is the best venue that could help me best?"

a. from books
b. from my relatives in the business
c. from developers
d. from real estate firms
e. from friends who are researching like me
f. from REALTORS

While books could generally help us with things we don't know,. Unfortunately, there is not much reference available for real estate in Philippine setting. The American setting is too far from ours. They have a more systematic and professional system with regards to real estate practice.

Asking from friends of the same interest may help but not having the actual experience could lead you to impracticality of knowledge.

Relatives in real estate could guide you more on practical matters. But they could just give you short tips on the matter. Time element is lacking. Still your knowledge would not be sufficient.

REALTORS and real estate firms could be good sources of knowledge, if they have the sufficient training facilities to mold you from scratch into the highest pedigree.

Again, my answer would be based on my experience. And my vote goes to letter C. Developers.

Simply because these developers w/ a systematic in-house force have the facilities - the trainings, the venues, the exposure and most importantly the competition is there.

Now, to answer the thread questions and comments.

neil11 is planning to own a real estate company (not necessarily a broker).
Its a good idea but mind you guys, the best training is still in sales.
Just as what smurky quoted, if you want to be disciplined, join the army.
If you want to be thoroughly knowledgeable in real estate, be in sales.
Youll get the skills, the updates, you'll know every small movement in the field.
To be an owner of a real estate company, u need to know the field on all angles.
I was surprised that big-time people are joining our Real Estate Broker's Review last month.
There is the president & owner of a big real estate developer. What is he actually doing there?
He is there to learn more about the field.

Takumi's rental is a good real estate business.
Because of Cebu's healthy tourism economy, rentals enjoy a good spot even w/ the World Crisis.
If you have the money, but doesn't necessarily want to be in the field, its a good option.
But again, she needs to consult or ask help w/ those in the field.
Because they have the supply of clients.

Coming soon...

"What are the necessary skills and knowledge to start with real estate?"

[W.Axl Rose]

Im in kay wala pa kaayo knowledge ani

[neil11]

i agree that sales is the best way to train yourself before venturing to own a real estate company...

[takumi]

Ya, brokers are needed sometimes kung gusto ka makakita dayon ug tenant kay sayang ang days nga bakante imong lugar. You can find brokers just anywhere and dali ra ni sila ma approach, mas malipay gani ni sila if naa kay e-hagad nila kay once maka close deal sila, maka kwarta man pud sila. Worth it man pud bisan muhatag kag 1 month sa broker. But if you can find tenant on your own, mas maayo kay wa na kay hataganan. I advertise and at the same time ask help from brokers, sa maka-una lang basta ma occupy dayon akong lugar.

[Rafalga]

Is there an equivalent law in the Philippines like the "Like-Kind Exchanges" Under IRC Code Section 1031?

[cirext]

Is there an equivalent law in the Philippines like the "Like-Kind Exchanges" Under IRC Code Section 1031?

what do u mean w/ ds bro?
i believe u have read a lot..

its weird, but i havent encountered these terminologies in practice, even in real estate law reviews
but u know many laws or knowledge watsoever should not be taken as if we're law students.
meaning,lets not be too bookish about the real estate practice..
Let's just digest the important details.

[jabez_rmc]

Like Kind exchanges

Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.


refer to :Like-Kind Exchanges - Real Estate Tax Tips


sa US man ni cya..duno pud if na a similar clause dri Pinas..


anyone dha knowledgeable ?

[Rafalga]

what do u mean w/ ds bro?
i believe u have read a lot..

its weird, but i havent encountered these terminologies in practice, even in real estate law reviews
but u know many laws or knowledge watsoever should not be taken as if we're law students.
meaning,lets not be too bookish about the real estate practice..
Let's just digest the important details.

Its something I picked up from Robert Kiyosaki, which I did followed up to know more

what he was talking about, and I see that its very useful if you take advantage of it the "right" way.

Thats why I was interested if we have an equivalent law here in the Philippines.

With the kind of reaction you gave, I'll take it as a no.

[cirext]

Yes, we are not as organized as to the US.
Our business systems seems to operate the basic way here.
And the govt (BIR) only operates for collection.
Sad to note, but no help were extended to us - in the real estate business.