Buying a Second Property

[Barnabe]

15K for that lot... I wish I could live on the North Coast.

I have a family house in a SD barrio with the DNCD paying a visit every now and then and any casita sells for almost one million pesos...

What I wonder is what can you spend the day at on the North Coast if you have a wife you do not cheat and if you do not play golf?

Almost everybody on this board is saying that the business in the North is dead. Is it only a retirement place?

Barnab?

 

[Escott]

Well let me ask what you do in your barrio you couldnt do on the North Coast if you don't golf or cheat on your wife?

 

[lurker]

dear jazz

i recently did my own investment analysis of the north shore.
i thought maybe i missed something. sounds like your only rationale that its bottom is that it seems cheap and 4 vendors didnt counter. people hold property for many different reasons. me to make $$$$$$$$$$. my conclusion was that now there is only risk. reward is not in the equation for the foreseeable future.

best
L. Urker

 

[duhtree]

R.E.

jazzman mazel on your purchase. I see you agree about the renting, cd's, living off the overflow. Question: where did you go to feel secure ( relatively speaking) to accomplish that. Any tips, hints?

 

[Escott]

Hey Lurker we wouldnt have a horserace if everyone bet the same horse, right?

I also don't do this for only investment purposes in mind. I plan on moving to the North Coast on a permanent basis. I am a Permanent Resident now. I have a DR Drivers Licence. These are just additional steps in my masterplan and schedual which I have been working on for years.

Where do you think is a good place to invest? You mentioned only the North Coast but I am assuming you are referring to the whole Island considering your past statements. If you feel this way, which I am not completely sure how you feel, why are you even reading a message board and site that specializes just on the DR instead of another board that may be more about a different place where your investment analysis looked better?

"sounds like your only rationale that its bottom is that it seems cheap and 4 vendors didnt counter. people hold property for many different reasons."

Well after all my writing those are all the tidbits you want to acknowledge and not all I have mentioned.

We aren't talking about properties that are NOT for sale. I was referring to properties that WERE for sale and not even a counter offer of the same dollar ammount offer. Not a question of hanging on for any reason.

These are properties for personal use also which you fail to understand. I closed on the condo two days ago and already have it rented for the 22nd of this month. I could have had it rented for a few months but turned them down because I want to make improvements.

There is someone on the board from Panama who said the prices were cheap also. I was in Costa Rica in March and the prices there were triple what they are in the DR.

How about offering up suggestions on what YOU think is a good investment? Share your wisdom with the rest of us so that maybe we can learn a little.

 

[Escott]

Re: R.E.

jazzman mazel on your purchase. I see you agree about the renting, cd's, living off the overflow. Question: where did you go to feel secure ( relatively speaking) to accomplish that. Any tips, hints?

For years I have been preaching that it doesn't make sense to buy. Rents are only about 1% of the purchase price and there are costs involved in owning so if you make better than 1% you do not make money.

I just started hunting and pecking in the last two months because I feel that things cant get any worse in the DR real estate market. It is usually darkest before the dawn so I decided to pick up a couple of pieces. I haven't made a big investment and feel comfortable at the prices I paid.

Regards

 

[Barnabe]

Jazzcom,

I do not live in DR, the casita is the place I stay when I am there.

I have a tyre business in SD, that is why I do not go on the NS.

A lot like yours in SD, well, as you know, 100K+ in Arroyo Hondo, sea view not included?

I wonder why you often answer so aggressively? I know you are supposed to be fat, etc..but still...

About your rejected offers, what the point answering to them if the seller think you are starting too low?

Europe way of doing business is not the same as in Morocco.. This is a lot, not a carpet on sale in the casbah.. The German responded to your offer not because you were "in the market", just he needed to sell, for one reason or the other, and you were lucky or wise enough to be there at this time.

Barnab?

 

[Escott]

Jazzcom,
I do not live in DR, the casita is the place I stay when I am there.

I have a tyre business in SD, that is why I do not go on the NS.

A lot like yours in SD, well, as you know, 100K+ in Arroyo Hondo, sea view not included?

I wonder why you often answer so aggressively? I know you are supposed to be fat, etc..but still...

About your rejected offers, what the point answering to them if the seller think you are starting too low?

Europe way of doing business is not the same as in Morocco.. This is a lot, not a carpet on sale in the casbah.. The German responded to your offer not because you were "in the market", just he needed to sell, for one reason or the other, and you were lucky or wise enough to be there at this time.

Barnab?

I would accept lucky over wise any day. Same benefits and I am not proud.

Well the point in answering with a counter offer is that I may up my offer. In the US which is the only place I have bought property previous to last month, that is common practice for me when I have bought properties. Now when I sell it is a different story I set a price that I think it is worth and won't sell for a penny less. Guess the difference is what you are saying "I don't need to sell".

What specificly was agressive in my responses? Sometimes it is hard to understand the typed word as opposed to when you speak to someone in person. There are many ways to say "**** you" but only one way to read it. I meant no offense and frankly don't know to what you are referring to. I sure hope it wasn't when I put the same question you asked back to you. I am still interested in hearing your response as to what you think the Capitol has going for it that the North Coast doesn't.

I go to the Capitol on business sometimes and have spent a few days there visiting friends whom I really enjoy but getting back to the beach and the country makes me feel better. All my aches and pains go away within a couple of days of getting there and don't come back.

As I told another person from here while responding to their email about something else, when a person asks me which is the best word processor I always say the one you are most familiar with. The best place for 'you' to live is where you feel the most comfortable. I feel most comfortable on the North Coast. Great people, nice climate for me, no hurricanes for the most part and I can't think of a thing to do in the Capitol that appeals to me other than seeing site specific friends than I can't do on the North Coast.

If you haven't been to the North Coast I would like to recommend that you check it out. Prices are very reasonable and the people are great! You can't help but to feel comfortable. Sheesh I feel like a one man chamber of commerce and welcome wagon rolled up into one

 

[Barnabe]

Jazzcom:

So, if I understand correctly, if your were selling whatever property of yours for say 50K, I am not sure you would even look at me if I would come with a 20K offer.. BTW, if you accept 7K for your lot, I'm your man

As for the NS, as far I can see on magazines, TV, the Net, it is far more attractive than SD or Boca chica/Juan Dolio. The thing is, my business is in the South, my wife's family is in the South, I know a little bit of SD as I have been there maybe 50 times in 10 years.

I can't stay idle, I need to work, and the NS is no good in this point of view.

So maybe one day we'll drink some beer in Sosua!

Barnab?

 

[Escott]

Ah, you don't want my lot, there isn't a damn thing to do here Hell I was gonna sell it to you for 5k but you would be bored unless you cheat on your wife! LOL

I am saying this. If the property was worth in my opinion 50k. My first offer would be 40k. Not really insulting but definately an offer that a seller can work with. Then the counter would be 48 and mine would be 42 etc. That is the way it has gone for me in the States. When I get to a place I can live with I accept the counter offer. I also try to find out in advance how motivated the seller is. That is part of the process.

Another thing when I was a buyer of property in New York State people that wanted out would come to me and almost beg to sell me their property. Now that is better than being in the right place at the right time. I use to buy property from people and at the closing they would THANK me for helping them. I made a ton of money and was thanked. How much better can it be?

Some guy once contacted me from one of the western states to sell me 15 acres of land locked land. I paid him 5k for the land because it was unbuildable. I sold the logs off of it for about 25k, attached it to another piece and donated it to a Church Camp and got a 200,000 dollar tax writeoff with 50k coming from the 15 acres which saved me taxes on the 20k I made in profit on the logs and another 15k in additional writeoffs.

I think of myself as a real estate professional. I have a great feel for these things and have been very successful in the past albeit is not a guarantee for the future.

I think that I can market my lot 15k lot on the internet at 25k today from what I have seen. I can give you plenty of sites to shop on. I challange anyone to show me a comparable lot on the internet for less than 25k.

I understand your relationship to the Capitol but you really ought to take a weekend and come by bus to the North Coast. Nice big comfortable a/c busses with tv's and movies and when you arrive you are nice and relaxed and not exhausted from the drive.

Let me know if and when you feel like doing this to see if I am in town and all your beer is on me and it would be my pleasure! I will drive you around and show you the area. I will be your guide.

Scott

 

[Barnabe]

Thanks for the offer Jazzcom,

I might be in RD in August, maybe we'll have an opportunity. I'll drive if my old 96 Explorer is still living and if so, I'll bring a cam.

As for the internet sites, I am always surprised at the prices. You said as a reply to Andy B that there are plenty of 400K+ houses in Sosua.

200K only are now 6 million RD$. With that money, it's a f*** nice mansion you can build. With 2 million you can have a small but pretty house, if you control the people. And that's for the capital. I think in the NS you might save on labour. Anyway if one day I come and live in the DR I want to build myself, it's a mess but at the same time a lot of fun!

Barnab?

 

[KenoshaChris]

Why would I characterize it as an investment when I plan to die there? My kids can make their money the same way I made mine. So if it isn't an investment and its at the down side or close to it, who cares if I get in at a good present dollar price when I could give a rat's ass about its value on the day I die? I'd hope nobody tries to bust my balls for wanting to put an additional five to seven thousand in it when oh my gosh, I could be getting 2% on that money in a savings account. Great minds think alike as do cheap bastards that think they'll live forever. Go count your money while I spend mine and die with a big smile on my face. Better on my face than on my childrens' faces.

 

[Escott]

Some people can do a second home and not sweat it and some can't. Personally I want my daughter to be wealthy and have everything on a silver plater. I would rather have a wealthy kid than a wealthy ex wife. LOL

 

[johnsr]

Great minds think alike as do cheap bastards that think they'll live forever. Go count your money while I spend mine and die with a big smile on my face. Better on my face than on my childrens' faces.

And they say "Dad, why do you and Mom go away on vacation six weeks every year"!!!
John

 

[one_more_wave]

Beware Barnabe!

of RE professionals offering to get you drunk and drive you around!

That's what I call 'service' way beyond the norm.....

I'd be leaving the check book at home.....

Hey Escott.....think Buffet will make a play a part in Fannie/Freddie May Show ...... maybe it's a bit rich even for him.....Would you invest?

Me, I like to watch.....

 

[one_more_wave]

sorry....edited to read

"for a part"


and if he (Buffet) just wants to watch....best believe his seat will be right behind the stage light controls and on the side of the props.....now that the FCC has redesigned the stage...

I agree, every actor has to have "good timing" and a great script!

 

[KenoshaChris]

Its 6:15 a.m. here and you bring up my ex-wife. Thanks for ruining the rest of my day Scott.

 

[Escott]

One more wave... I buy and don't sell, I even offered to buy the beer! I am no longer investing anywhere. I have mortgages I hold on buildings I have sold in the US, I have one mortgage in the DR and I just want to stop doing anything...

Kenosha... can I introduce you to my wife? She needs a new Mercedes, hers is 3.5 years old now and I won't buy her another and she sure loves the star in the front Maybe I would even kick in a few bucks to help you out!

You guys are all crazy!