@ Lulla,
Welcome to Dr1! You have gotten some solid advice about location and renting before buying, and please heed that advice.
If and when you decide to purchase a property you should have a property manager like to asked about.
I have been successfully renting my first property in Sosua for 5 years. It can be done and is more common than earlier posts alluded to.
The common mistake made when picking a property manager is they use a local or an ex pat who does it part time. The local is a bad idea from the word go. Don't even think about it. In time you will understand. The part time P.M. will give you part time success. A monkey can find renters during the high season.
You p.m. should be well established for years or working full time to establish a client base of renters. He/she should be affiliated with a real estate company. The more well know the better in my opinion.
This is what has worked for me with my properties, and my some details
I pay a set monthly fee.
1- this cover the supervision of any repairs ( you will have them) and cleaning. Covers paying of all bills. If any appliances break he will replace them a.s.a.p. ( at my expence)
2- I pay a percentage of rental income the amount depends on the length of stay. My p.m. handles all communications, accepts and returns all deposits. Checks in and out guests, and insures guests is satisfied with thier stay. All funds are deposited into my Dominican bank account.
I also receive a monthly statement that account for every penny.
Please please, make sure your p.m. has the agree on the type of client you accept. There I a female P.M. in Sosua for example who will rent a 1 bedroom to 6 locals during the Easter Holiday. This same P.M. will also rent to mongers who bring chica after chica into the unit. ( I have no issue with what adults do behind closed doors) , this can lead to issues later on.
I hope I didn't scare you with this post. I have been a landlord for 25+ years and the working relationship I have with my p.m. has made renting in Sosua the easiest rental property I own. It sounds like I pay a lot up front, but the quality and professionalism is worth it.
Also you should have a Web based advertisement. I have used Home away from day one and I am very happy . Vrbo is also good ( Vrbo is owned by homeaway and they will overlap services ) There is flipkey, airbnb, and bookings. I am unfamiliar with these.
Half of my tenits come from Homeaway, half from my p.m. most of my booking now are return guests. My H.A. site is $325 per year and worth every penny. Even if I am booked it still provides a wonderful reference about my unit. My second property I will build a Web page , for that exact reason.
I could go on but your not at the point yet. If you have any questions feel free ask.
Oh , fyi, Cabarete looks great on paper, and posts. Bear in minds Cab, is 20% more expensive for everything and look at the amount of open places to rent verses Sosua. People love to bash Sosua, but it has a lot to offer for vacationers and retirees. But it isn't for everyone.
I wish you the best of luck and enjoy the hunt for your new home!
John
Welcome to Dr1! You have gotten some solid advice about location and renting before buying, and please heed that advice.
If and when you decide to purchase a property you should have a property manager like to asked about.
I have been successfully renting my first property in Sosua for 5 years. It can be done and is more common than earlier posts alluded to.
The common mistake made when picking a property manager is they use a local or an ex pat who does it part time. The local is a bad idea from the word go. Don't even think about it. In time you will understand. The part time P.M. will give you part time success. A monkey can find renters during the high season.
You p.m. should be well established for years or working full time to establish a client base of renters. He/she should be affiliated with a real estate company. The more well know the better in my opinion.
This is what has worked for me with my properties, and my some details
I pay a set monthly fee.
1- this cover the supervision of any repairs ( you will have them) and cleaning. Covers paying of all bills. If any appliances break he will replace them a.s.a.p. ( at my expence)
2- I pay a percentage of rental income the amount depends on the length of stay. My p.m. handles all communications, accepts and returns all deposits. Checks in and out guests, and insures guests is satisfied with thier stay. All funds are deposited into my Dominican bank account.
I also receive a monthly statement that account for every penny.
Please please, make sure your p.m. has the agree on the type of client you accept. There I a female P.M. in Sosua for example who will rent a 1 bedroom to 6 locals during the Easter Holiday. This same P.M. will also rent to mongers who bring chica after chica into the unit. ( I have no issue with what adults do behind closed doors) , this can lead to issues later on.
I hope I didn't scare you with this post. I have been a landlord for 25+ years and the working relationship I have with my p.m. has made renting in Sosua the easiest rental property I own. It sounds like I pay a lot up front, but the quality and professionalism is worth it.
Also you should have a Web based advertisement. I have used Home away from day one and I am very happy . Vrbo is also good ( Vrbo is owned by homeaway and they will overlap services ) There is flipkey, airbnb, and bookings. I am unfamiliar with these.
Half of my tenits come from Homeaway, half from my p.m. most of my booking now are return guests. My H.A. site is $325 per year and worth every penny. Even if I am booked it still provides a wonderful reference about my unit. My second property I will build a Web page , for that exact reason.
I could go on but your not at the point yet. If you have any questions feel free ask.
Oh , fyi, Cabarete looks great on paper, and posts. Bear in minds Cab, is 20% more expensive for everything and look at the amount of open places to rent verses Sosua. People love to bash Sosua, but it has a lot to offer for vacationers and retirees. But it isn't for everyone.
I wish you the best of luck and enjoy the hunt for your new home!
John
