The year 2008 were such busy days, big decisions, for our family in terms of realizing our financial goals in adding a passive income. We acquired a 300 sqm property with existing 3 units, one bedroom apartment. With thorough researched and advice from closed relatives, it was time to go forth and bigger. Our decision to purchase the property was so quick, although transaction process was slowed a bit. We thought we had a good deal since during that time, dollar to peso exchange was high. I recalled back on fourth week of November, my husband was able to sent money at our local bank account at an exchange rate of $49.35. Location is perfect, very closed to my parents and approximately 120 meters from the main city road with private access via car leading to the property. I believed the apartment is around 15 years old. It was built lower than the main road, which according to my father, should be fine for the next ten years. It was recently painted and termite treated, although the roof needs new paint coating and drainage system has to be upgrade. The current rent each units are P3,000/month and at the time of the sale, one unit was.
Summarizing how we came up to buy are:
- that time and ability to purchase with, having that hard earned money diverted from just a mere 4% interest from the bank, as long as our allocated emergency fund is intack
- reasonable price
- location, easy access to main point of interest, 15 minutes drive to MOA, 10 mins to the market and malls, 30 minutes to NAIA2, 2 hours to Tagaytay
- safe, quiet neighborhood since they are mostly relatives, it’s a closed area, mini compound were kids could go around and play with only one exit to the main road
- it’s a basic needs, such properties don’t depreciate in value
- income earning investment
- location, location
Then, several weeks after the sale, we came up with an idea with another big investment decision. I kept saying big since we have not been involved through this enormous amount of money. This was not an easy task for me and my husband because we will have to withdraw from our hard earned savings, borrow from my parents plus the on going stress I am having now, hehehe, in a positive way. Due to the available lot, we came up with the idea of adding another two units, considering the prices of construction materials are still low, and the appealing cost of labor. We have a good family relationship with a carpenter, a good friend of my father, and a drinking partner, too. You know what I mean.
Below are some photos of the project….
Day one started with foundation measurement and digging for main walls and posts. Only hired one laborer to do the job, my father acted as a foreman.
Fourth day, added one more laborer, all the diggings are done and laying out for hollow blocks.
I do a little bit of inquiry around Bacoor for competitive prices, plus with an established business relationship with sellers (connection), thus paid off. A win win situation. As an example, cost of 12mm steel bar was P154 from Hardware A while Hardware B which happened to be located opposite of A cost only P138. Hardware A may offer a one week credit which B can't, so it is really depends on you, when you need it and supplies availability.
Here is a run down cost of building materials:
Portland cement – Rizal brand gray (low grade, not recommended) P202 Rizal brand red, P205
Gravel one half Isuzu Elf P1800
Sand one Isuzu Elf size P1,100
Hollow block each size 4 P8.50, size 5 P9.50
Steel bar 12mm P138 each
Steel Trust C purlins 2x3 P410
Steel Trust C purlins 2x4 P460
Steel trust Square tube P900
One gallon epoxy primer with cat gray cheap brand P650
Labor per day – foreman P300, assistant P200
What a difference time and money can make on seventh day. I will update more on this..........
How the Galvamast looks like .jpg)
My hubby was brave enough to sketch the plan, ang galing ahhh! Approximately 27sqm floor area for each door.
