How difficult is it to buy a condo in D.R.? I want to be able to send montly payments. People tell me that in D.R there are no laws and its going to be difficult to get rental payments off occupants. How true is this? Do I still need to go to a bank and get a loan? I can have the Condo paid off in like 5 years. But I dont know how to start.
- Thread starter Jozee74
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Buying a condo in D.R.....
Condos are easy to buy.
Financing is difficult and expensive.
I wouldn't own a property unless the condo complex had good management in place to deal with the rental.
Escott
Financing is difficult and expensive.
I wouldn't own a property unless the condo complex had good management in place to deal with the rental.
Escott
If your credit or collateral is good enough you can always borrow the money at home and pay cash in the DR. I think the interest rates are quite staggering in the DR vs. North America and it is always difficult to borrow money in a foreign country if you don't live there.
Rentals can get you tenants that you need dynamite to get out of there if they don't pay properly.
Rentals can get you tenants that you need dynamite to get out of there if they don't pay properly.
Do you own property in the u.S.?
if you do there are a number of options available to you. Whether you are a U.S. citizen or not, there may tax advantages to the purchase here.
The interest rates here are much higher than they are in the U.S. (more than double) and your options are not as varied.
Please contact me so that we might discuss these alternatives to paying the staggering rates here.
JRR
if you do there are a number of options available to you. Whether you are a U.S. citizen or not, there may tax advantages to the purchase here.
The interest rates here are much higher than they are in the U.S. (more than double) and your options are not as varied.
Please contact me so that we might discuss these alternatives to paying the staggering rates here.
JRR
JRR said:if you do there are a number of options available to you. Whether you are a U.S. citizen or not, there may tax advantages to the purchase here.
The interest rates here are much higher than they are in the U.S. (more than double) and your options are not as varied.
Please contact me so that we might discuss these alternatives to paying the staggering rates here.
JRR
I have been approved to buy a house, but the prices now are ridiculous...I was checking the pricing for condos that start at $44,000...whew thats cheap compared to the almost $200,000 you pay here for a condo. Plus I just want to have that as a start of owning a few properties in the D.R. I dont plan on using the rent for paying the property off....I plan on putting that in a savings account....am I being a lil too unrealistic?
Hey! go back in the archives to 4/4/05. There should be several posts regarding financing, american style, in the DR. Or look under edflowers. that's the posters name. He says that he can offer 80/20's; 30 year fixed at 1/2 point or so of market in the states.
If you have trouble I can give you phone numbers, etc. John
If you have trouble I can give you phone numbers, etc. John
The price of rent-able condos seems to have escalated (more than doubled) in the last 3-4 years. I don't believe that you will find anything in the tourist areas for anywhere near $44,000. Additionally:Jozee74 said:I have been approved to buy a house, but the prices now are ridiculous...I was checking the pricing for condos that start at $44,000...whew thats cheap compared to the almost $200,000 you pay here for a condo. Plus I just want to have that as a start of owning a few properties in the D.R. I dont plan on using the rent for paying the property off....I plan on putting that in a savings account....am I being a lil too unrealistic?
Escott said:I wouldn't own a property unless the condo complex had good management in place to deal with the rental.
duhtree - I was interested in the "american-style" financing you referred to, but tried to do a search for edflowers and go back in the archives to find info, both to no avail... Any idea how I can find more info?
Here is the link where Ed Flower offered his services:DavidZ said:duhtree - I was interested in the "american-style" financing you referred to, but tried to do a search for edflowers and go back in the archives to find info, both to no avail... Any idea how I can find more info?
I will also PM you the email he sent me. I never followed up on it, but I'd be curious to hear anything you find out.
Maintenence is high as a kite these days because of the skyrocketing cost of ELECTRIC here. Then you have NO ELECTRIC and then you pay for a PLANTA and diesel which they call here gas/oil is through the roof and inefficient as hell here.jerryme said:you might try owner financing. If you find a condo (these days) for 44,000 USD don't expect much except for a dump.
And by the way, of course a condo is cheaper here than in the US. This is a third world country.
I will pay over 400 US dollars for maintenence this month. Not including anything in my condo such as electric, cooking gas or anything.
My maintenence isn't expensive here just when you compare it to the US.
You can but it won't be built to US standards and it will be small and a dump more times than not.rellosk said:The price of rent-able condos seems to have escalated (more than doubled) in the last 3-4 years. I don't believe that you will find anything in the tourist areas for anywhere near $44,000. Additionally:
Absolutely NOT. You will need a payroll larger than the budget of Sosua to protect it. Stick with a condo.
Unless you buy in Casa de Camp or Punta Cana - Both very desirable tourist areas - read people with $$$ go there - both of these resorts have proven Mangement teams that will rent your property and not ... I repeat not rip you off. Anywhere else " Buyer Beware"