Hello guys, I am new to the board however me and my husband are seriusly thinking about moving to teh DR, we live in florida and plan to keep our home here also, however we only have about $100,000 to invest, we were thining of buying a hotel/restaurant in cabarete which costs around $300,000 we are not sure whether we can get a loan from a bank, also would like to know the pros/cons of owning a hotel in DR, I am from the DR but have not been there as much lately, but I do have plenty of family there.
of course when we thought of owning a hotel, we thought about living in the hotel and that way we wont needto pay rent, I just have to find out why the owners are selling this hotel, it made me wonder if there making good $$ why are they selling so many hotels in sosua/cabarete area? I am not sure but will soon find out of course.
anyway I have to find out how to get a business loan over there since I am not sure if we could maybe get a hotel priced at $300,000 for $100,000 down, soemone said we only would need 10% down? also we will have about 50k start up money for the business, I just want to make sure that these hotel/restaurants make money over there since of course we want to make a profit, if anyone has advice for us and would like to share it please let us know, I am sure this cannot be easy but we really wouldlove to live there so I guess we have to get ready to work hard, if anyone can send me info directly at vanessamelly@aol.com it woudl be appreciated, if you think there is another business that could make us more of a profit, any advice is appreciated, however Please dont be rude to me, as I have seen plenty of rude responses, if you cannot give me advice or say something useful Please dont say anything at all.
of course when we thought of owning a hotel, we thought about living in the hotel and that way we wont needto pay rent, I just have to find out why the owners are selling this hotel, it made me wonder if there making good $$ why are they selling so many hotels in sosua/cabarete area? I am not sure but will soon find out of course.
anyway I have to find out how to get a business loan over there since I am not sure if we could maybe get a hotel priced at $300,000 for $100,000 down, soemone said we only would need 10% down? also we will have about 50k start up money for the business, I just want to make sure that these hotel/restaurants make money over there since of course we want to make a profit, if anyone has advice for us and would like to share it please let us know, I am sure this cannot be easy but we really wouldlove to live there so I guess we have to get ready to work hard, if anyone can send me info directly at vanessamelly@aol.com it woudl be appreciated, if you think there is another business that could make us more of a profit, any advice is appreciated, however Please dont be rude to me, as I have seen plenty of rude responses, if you cannot give me advice or say something useful Please dont say anything at all.
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