Build-and-sell worthwhile risk, former OFW says
By Tessa Salazar Inquirer MANILA, Philippines--Reynaldo Flores, 46, and Zenaida Fajardo-Flores, 48, never thought they would someday build and sell properties for other people. Reynaldo was a project engineer and estimator of buildings in Saudi Arabia from 1986 to 1987, and from 1991 to 1993, while wife Zenaida, who has a fine arts background, borrowed money from her parents to put up a small grocery store and refreshments dealership. In 1986, Zenaida was able to build a duplex from the 160-sq-m lot she bought at North Susana in Commonwealth, Quezon City. She offered half of the duplex for rent, and its earnings helped her pay the P500,000 housing loan from the Social Security System. Through loans By the time RG Flores Construction started building and selling property and houses in 1993, Zenaida had sold the duplex, applied once more for a loan from the bank, as well as loan from her sister, and then bought a 246-sq-m lot also at North Susana worth P1.4 million. The husband and wife team cut the 246 lots into two. They built a 2-story residential house at the 106-sq-m lot, which was quickly sold for P2.8 million. The remaining 140-sq-m lot, which already had a house-and-lot concept, was sold for P3.8 million (the ready plan was sold along with the lot). The Floreses again used the money to buy the lot beside the old one. This lot was quickly sold to a TV newscaster. After that sale, the Floreses bought another lot in North Susana and built a house over it. A show-biz celebrity bought this house and lot for P6.8 million. Referrals Developers started noticing the Flores couple’s designs and asked for their help in construction. One of the Floreses’ buyers referred the couple to Monterey meat shops, where eventually RG Flores Construction became its builders. Zenaida told Inquirer Property in a phone interview that currently RG Flores Construction builds the Netopia chain of Internet cafés. Zenaida credits the couple’s hard work to the three bundle of joy—a son and two daughters. Their courses are medical technology, architecture and the youngest in high school. The Floreses expanded business to buying and selling seven units of townhouses in Cubao, three units in Scout Fuentebella (367 sq m), a duplex in Scout Chuatoco (200 sq m) and five units in Project 6 (505 sq m). The company is also working on the layout of another project in Don Antonio Heights in Quezon City. Zenaida said that although the build-and-sell business pays off well, many loans have to be paid, too. Buying viable land With property and houses in North Susana, Cubao, and Quezon City among others, the Floreses have risen and strengthened their business in building and selling. A crucial aspect of their success is their principle of immediately buying viable land, including those foreclosed by banks. The Floreses recently took out a mortgage loan from GE Money Bank to buy the Don Antonio Heights. “If you don’t take a loan, you won’t grow. But it is important to manage your finances,” she said. The 8.75 percent fixed annual interest rate and a loan of P1.5 million (with a free GE ref worth P33,000) sealed the Floreses’ decision to choose GE Money Bank. Zenaida said it took just five working days to release the loan.
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