Buying house in POP downtown, any advice?

gerd

Member
Jan 10, 2002
289
0
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I have the chance to buy a little house in POP, close to Caribe Tours or S. Messon, or for those more familiar with the area: About 30 meters uphill from the "Puente de Guinea".
It was built 5 years ago by dominicans, has about 60-70m? over two floors. A living room and "kitchen" downstairs, two bedrooms, bathroom and a small living area upstairs. Tinroof covered with cheap wooden boards on the inside, but no water coming in through the roof. Price so far US$10.000 could go down to $8.000 I guess.

Since I don't need it for myself at the moment, I was thinking about buying it, have some things improved, like security, nicer bathroom and kitchen, water&electricity supply secured etc for about $2.000-4.000.

Once this is all done, I was thinking about renting it for $20/day, $100/week, $250/month, promoting it over the internet. What I'm aiming at is having an average of $200+ income and on top having a place where friends could occasionally stay, or even myself, in case I feel like spending the weekend in POP or my dominicana is in her bad mood again :hurt: .
My question is: Do you think there's enough people who could be interested in renting a nice little house in that area for these rates?
I guess I would have been happy about such an offer, when I first came here 10 years ago.
There should be more people being interested in seeing POP citylife and not only AI resorts, I guess. Or am I completely wrong here?

Btw, since garbage has become such a big issue on this board today, I will check this situation there. I forgot this completely..... :D
 
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Conchman

Silver
Jul 3, 2002
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160
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www.oceanworld.net
Paying 10K for a shack and putting money into it does not sound like a great idea. First of all, will you have clear title on it? People like to sell real estate in the DR that they dont actually own. A corrupt lawyer might even let you do it under his supervision, I talk from my own experience.

'Promoting it over the internet?" I dont think you e-mail box will get full from this location.

If you rent it out long term, you might have freeloaders living in there for years without collecting rent.

Do you live in POP to oversee the rental, or would you have to do this from overseas? This is a big question because I can guarantee you, you will get screwed if you try something like this from overseas.

I'd be very careful.
 

arturo

Bronze
Mar 14, 2002
1,336
97
48
Rent, don?t buy

that is my advice, rent don?t buy. With rental rates where they are, the benefits of renting, in my opinion, outweigh the significant risks of buying that other posters have outlined. Renting, by the way, does not necessarily prevent the promotion scheme you mentioned. Best of luck.
 

Fiesta Mama

Bronze
Jan 28, 2004
772
60
0
gerd said:
I have the chance to buy a little house in POP, close to Caribe Tours or S. Messon, or for those more familiar with the area: About 30 meters uphill from the "Puente de Guinea".
It was built 5 years ago by dominicans, has about 60-70m? over two floors. A living room and "kitchen" downstairs, two bedrooms, bathroom and a small living area upstairs. Tinroof covered with cheap wooden boards on the inside, but no water coming in through the roof. Price so far US$10.000 could go down to $8.000 I guess.

Since I don't need it for myself at the moment, I was thinking about buying it, have some things improved, like security, nicer bathroom and kitchen, water&electricity supply secured etc for about $2.000-4.000.

Once this is all done, I was thinking about renting it for $20/day, $100/week, $250/month, promoting it over the internet. What I'm aiming at is having an average of $200+ income and on top having a place where friends could occasionally stay, or even myself, in case I feel like spending the weekend in POP or my dominicana is in her bad mood again :hurt: .
My question is: Do you think there's enough people who could be interested in renting a nice little house in that area for these rates?
I guess I would have been happy about such an offer, when I first came here 10 years ago.
There should be more people being interested in seeing POP citylife and not only AI resorts, I guess. Or am I completely wrong here?

Btw, since garbage has become such a big issue on this board today, I will check this situation there. I forgot this completely..... :D

I think I know the area you are talking about and by the description of the house I think there is a slim to no chance that many tourists would want to rent it (the prices you suggested are too high for most locals I think - especially in that area)? Also, if you did rent it to a local person, you wouldn't be able to have it for you own use because it would most likely be a long-term rental. If you want an investment property, location is key so look closer to Sosua or Cabarete (but not likely you will find any properties that tourists would want to stay in for $10,000 U.S). Just my 2 cents.
 

marliejaneca

Bronze
Oct 7, 2003
980
10
0
...or turn it into a private cabana for all those posters out there asking if the hotel they are staying at is "guest friendly" !!!!!!!
Should make a few bucks that way, ha ha ha.
Marlie
 
T

TiberiusMineola

Guest
Noise!! Security!!

I'm familiar to some extent with this part of POP. I don't think that any North American would stay in your putative house; NOISE - there are usually 25 - 50 - 75 motor conchos, most with motors running, waiting in front of Silverio Messon - Tienda Jimenez - all day every day. This part of the Camino Real is, in my opinion, the worst designed & most crowded section of any street in POP. Day & night, I suspect that security, esp. but not exclusivley, of the house itself, will be major, perhaps insurmountable, problem. Inverter? Generator? Food for thought: Costambar may be a better long term bet; condos are available for US $15K - $20K - 25K - w/i 1/4 mile of the beach..
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
4,837
0
0
Not Really

gerd said:
Once this is all done, I was thinking about renting it for $20/day, $100/week, $250/month, promoting it over the internet.My question is: Do you think there's enough people who could be interested in renting a nice little house in that area for these rates?
Btw, since garbage has become such a big issue on this board today, I will check this situation there. I forgot this completely..... :D

Tourists would not rent an non airconditioned shack for $20 a day and if you get a local as pointed out you may never pry them loose.
 

daddy1

Member
Feb 27, 2004
351
0
16
Follow these simple instructions

ricktoronto said:
Tourists would not rent an non airconditioned shack for $20 a day and if you get a local as pointed out you may never pry them loose.
maybe you can do the following:
1.Buy
2.Breakdown
3.rebuild
4.and than sell!!!
That's it!!! if you buy or rent in the ghetto, you will get back ghetto problem's Nuuuuuuuuuuuuf said!