ok lets try some other options

smigg3011

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Feb 21, 2006
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can anyone tell me how i can find finance for a home in the dr . is it possible? are there companies outside the country that do it . the details are as of my last post i have a cash lump sum and of that money i can put 60000 us $ that is the maximum. the house i have seen is 122 000 us dollars . is there a way of financing the reast and any opinions from you great people will be much appreciated as the decision whether i rent or i buy is dependent on your answers . thanks people
 

smigg3011

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Feb 21, 2006
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wow i have just been reading some previous threads and it looks like buying is impossible unless you have the full cost of the home
 

Chris

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Oct 21, 2002
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There are lots of ways to do it. Question is however, do you want to tie your money up in real estate in the DR? Real Estate no doubt is a good investment if you have spare cash or investment money. But if you want to invest all you have, you have to ask yourself some questions. If you can afford a property outright, that is the way to go. So, rather lower your sights, buy right and sell if you can. Do not ever again tell a public forum how much disposable money you have... This is a fool's way.. and a fool and his money is soon parted...

Anyway, the interest rates on borrowed money here, even for real estate, are very very high. If you do a good deal, you can do an owner-financing perhaps for a lower interest rate. Everything is for sale here. The idea is, don't borrow money in the DR - but make your money work. Buy your property over a period, with owner financing at a better rate than the published rates. There are folks here that want to leave and simply want to get paid out for what they?ve spent.

You have to be here and be ready to look for, and go for any deals.
 

Robert

Stay Frosty!
Jan 2, 1999
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If you have property in the USA, I know a company here in Santo Domingo that will loan you money against this property for around 6%. They are licensed in 50 USA states and realtors here are successfully and happily working with them. PM me for more details.
 

british bulldog

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Jan 21, 2006
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WELL SAID CRIS!I to seen smiggs other post of what he said he had,and was concerned.Ithink he;s genuian ,just a bit nieve ecuse my spelling had a few brugals! smigg,no more of what your comming here with,and please rent before you buy,you may not like it here full time.
 

macocael

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Aug 3, 2004
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I second all that has been said here. NO more private income info, and dont even THINK of buying anything until you have come here, looked around and begun to feel comfortable with the place. Over the internet, prices are higher, and deals may or may not be sound; there is no way to tell. Moreover, a lot of business is still handled here by means of radio bemba -- that is, you sometimes learn about good deals just by word of mouth, -- also by walking around. Sometimes you will pass by a house, no for sale sign, nothing to indicate that the house is up for sale at all, but you start talking to the owner, and suddenly you find out that he is indeed willing to talk business.

Financing is very tricky. I cannot advise you there, as I am just beginning to learn the ins and outs myself. I do know that interest rates here are ridiculously high,and for that reason most dominicans try to pay at least half down for the "inicial." My downstairs neighbor bought her place and paid in full, cash, with money that her hardworking children overseas diligently saved up over the years.

I didnt know about the options that Robert and Chris mentioned. glad to hear of it. But Smiggs DO NOT MAKE ANY HASTY DECISIONS EVER. That should be your number one guiding rule in this new venture of yours. Things here come to you IF you are PATIENT! Everything here moves at a slower rate, learn to flow with the current and you will do just fine. Force things and you will make a mess of it.
 

smigg3011

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Feb 21, 2006
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thanks guys dont worry i havent got mug written on my head and yes i was maybe a little naive to put that info on there i just wanted to put as much info as possible . the purpose of this thread is to weigh up the pro's and cons of renting to buying i think renting is the option i have chosen then look at buying . great advice as usual guys
 

macocael

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Aug 3, 2004
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rent for now, think about buying when the time is right. And always always play your cards close to the vest. Lots of beautiful land here, and here in teh capital there are homes that have real architectural interest and would be worth investing in. Course, there is the colonial zone . . . . . . 16th century shell of a mansion, anyone?
 

Flamingojohn

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Nov 11, 2005
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Bhd

I think BHD or Popular could help you. I know they are represented in the USA and my company uses them from time to time for US transactions. The interest rates are scary high though- generally in the 18+% annual range. Rent if at all possible before paying that kind of money. I would also try to get the seller to hold the note for you and you could probably negotiate a decent rate.
 

JRR

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Dec 9, 2004
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Do you own property in the US?

Do you own property or have assets in the U.S.?

If you do , then the best way to do it is to refinance the property in the U.S. and pay cash here. That way you can get up to 100% financing, pay single digit interest rates, keep your tax deductions for taxes, interest and if an investment property maintenance and depreciation. There are also programs out there that start with rates as low as 1%!

Here, you will pay between 18-21%, it is adjustable, and worst of all, you buy the property in U.S. dollars, but when you finance here it must be in pesos. Today the peso is $35, tomorrow $26, how much did you really pay for that property? You will never know!

JRR
 

Simon & Nicky

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Feb 3, 2004
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Banco Leon

Mybe just a rumour but I've heard they're offering 8% loans for up to 20 years. Finally we can all have affordable mortgages. You will still need a LARGE deposit.

Would someone like to confirm this?