Every story of a persevering Filipino, especially an Overseas Filipino Worker (OFW) is inspiring. As modern-day heroes, they chose to go abroad, far from home, seize opportunities, reach their dreams and aspirations, and provide for their families through their hard-earned money.
However, due to the pandemic, their savings might be spent on more immediate needs, especially since the current situation put the country’s economy into recession. That is why financial experts say that OFWs should consider putting their extra income into long-term investments, like real estate properties.
Take it from Bossing Vic Sotto, who has seen the importance and advantages of having property investments that he considers safe and a good source of passive income, especially for OFWs considering retirement.
“Investing in property is one investment that OFWs won’t regret, as long as they carefully plan ahead to make it successful. When you have done it right, you will reap the fruits of your labor,” Bossing said.
One of the benefits of real estate investments is its ability to provide you greater cash flow.
Over time, the more you have paid off mortgage payments and operating expenses, the more your net income from the investment increases.
As you pay down your property mortgage, you build equity–an asset that is part of your net worth. By growing your equity, you can leverage it to increase your cash flow and wealth even more.
Real estate’s value also increases over time, especially when you invest and take care of it properly.
Since the value and the cash flow of properties increases over time, the longer you invest in real estate, the more you can earn in the long run. It makes itself the perfect retirement plan for anyone who wants to continue earning even after retirement.
For OFWs, another option is to turn it into a condotel, which could generate easy passive income. And since the Philippines is an attractive tourist destination attracting visitors every year, it adds to the advantage for Filipino investors.