Has anyone bought a cheap place and redone it?

Lots of reasons not to, the main ones being: - As a foreigner, you can't own land here - Construction and remodeling work differently, and as a foreigner you're likely to get overcharged or taken advantage of in other ways - If you spend too much on the remodel, you could end up with a house that's too expensive for the neighborhood, and nobody will want to buy it there - When you try to sell, you'll find real estate here can be extremely hard to sell

Honestly, it's not a terrible idea if you're a cash buyer. But I'd definitely see the unit as a cost of living spread out over time, not as an asset you could sell someday. A lot of buildings are so poorly maintained that they just rot. Trump Tower in Makati is an ‘upscale premium condo’. It was finished only nine years ago, and frankly it already feels worn out and dated inside. Less upscale developments have the same problem, five times worse. The cracked tile by the pool will still be cracked ten years from now. Condos in this country are like underwear... they need frequent washing and have to be thrown out after a while. Don't be the guy wearing 20-year-old underwear with holes forming

Dear god. Hell no. You don't move to the Philippines to start a business or build wealth. The whole point is being able to save money, or live off your investments and pension while your overall balance still grows.

I wouldn't recommend investing in Philippine real estate. Compare it to Japan: both countries get hit hard by natural disasters, but the Philippines has far worse construction quality and maintenance standards. Japan, despite its recent troubles, has a decent economy and is a functional country, and even there real estate doesn't appreciate well. The Philippines, on the other hand, has a bloated market driven not by real demand but by people (mostly overseas Filipinos) who refuse to sell and are holding out for prices to rise. Unfortunately, there isn't much upside in the Philippines. As for flipping, you have to think about who your buyers will be. Most Filipinos would rather buy a new condo than one a foreigner renovated, and even if your renovations appeal to Westerners, those bells and whistles aren't what most Filipinos will spend money on, given the living standards they're used to.

House Flipper is a great game. Sadly I never got to play it myself, I've just watched others play 😂