Eager to Share Insights on Dominican Republic Real Estate!

[NanSanPedro]

I used to buy bank repos, and did really well with them.

I'm assuming you bought or offered after a thorough inspection, correct?

 

[cavok]

I used to buy bank repos, and did really well with them.

How did you find out about them?

 

[JD Jones]

I'm assuming you bought or offered after a thorough inspection, correct?

Of course, but the documentation was never an issue. One of the great things about buying properties from a bank is that you can rest assured the title is legit.

Cavok, I look at the adjudicated properties pages for each bank to see what they have to offer. ( my last purchase was a house they offered at 15 million, and I got it for 3 million because it was on the market for a long time and they were paying a guard to be there 24/7)

But, to be honest, I suspect that ship has sailed.

The last house I was trying to buy was here in San Cristobal.

BPD had a list of about 18 or 19 properties that seemed ripe for picking. The one I was interested in had pretty good bones and would have been an easy flip.
I submitted my offer (lowball, of course) and waited for the call.
After a few weeks, I gave my Bank manager a call, and she told me the entire group of properties were bought by one group, who also made an even lower lowball offer for everything. (I've seen this happen before on Customs auctions)
Understandably so, the bank was more than happy to get rid of all their listings in one fell swoop.
I would have done the same thing.

 

[Tug7777]

After 12 years (and counting) of living full-time in the country, I've not enough confidence in this country's kangaroo justice system to purchase property down here but I do admire your enthusiasm and I wish you all the best.

My advice to anyone looking to buy property in the DR would be to rent a place for at least 3 years in the same area you want settle down in prior to making the investment. You can thank me later.

Bingo rent first, and hire a reputal counsel

 

[RDKNIGHT]

Of course, but the documentation was never an issue. One of the great things about buying properties from a bank is that you can rest assured the title is legit.

Cavok, I look at the adjudicated properties pages for each bank to see what they have to offer. ( my last purchase was a house they offered at 15 million, and I got it for 3 million because it was on the market for a long time and they were paying a guard to be there 24/7)

But, to be honest, I suspect that ship has sailed.

The last house I was trying to buy was here in San Cristobal.

BPD had a list of about 18 or 19 properties that seemed ripe for picking. The one I was interested in had pretty good bones and would have been an easy flip.
I submitted my offer (lowball, of course) and waited for the call.
After a few weeks, I gave my Bank manager a call, and she told me the entire group of properties were bought by one group, who also made an even lower lowball offer for everything. (I've seen this happen before on Customs auctions)
Understandably so, the bank was more than happy to get rid of all their listings in one fell swoop.
I would have done the same thing.

100% correct let the bank do the dirty work .... I'm sorry after 10 years here and so many horrors stories I don't trust anyone.........MY FRIEND I GOT A DEAL FOR YOU . my response ram it where the sun don't shine cono

 

[PamelaCanablueRealEstate]

Thanks for your reply and very well noted. I have found in my years of being in the business, that these horror stories tend to happen to buyers who aren't well represented and who don't necessarily do their proper research.

I am born and raised Dominican. I have lived in Santo Domingo, las Terrenas for short period of times, and lastly Punta Cana for 12 years. I have never once been a victim of theft. You may call this luck, but you may also call this cleverness by making sure to avoid shady locations and people, being well educated about my surroundings and thorough investigation about where I put my money in when investing in property.

Regarding migration, I have found the DR is very jealous with providing foreigners residencies and citizenships, and I don't think this is necessarily a bad thing. (?) Isn't every other country also strict with their foreign and migrations policy?

Our infrastructure is enviable compared to other Caribbean countries. You may find other Caribbean countries cheaper (maybe safer because of its size), but I assure you, they will not have the infrastructure and facilities that you can find right now in the DR.

 

[PamelaCanablueRealEstate]

Good luck Pamela. I worked several years with real estate but in Santo Domingo and we liked working with commercial leases. I have only heard good things about your brokerage in Punta Cana.

Thank you!

 

[PamelaCanablueRealEstate]

Welcome Pamela and good luck on this forum. You’re going to hear a lot of horror stories here about the pitfalls of renting/buying or building in the DR.

I started spending my winters in the DR two decades ago. A lot of my expat friends constantly urged me to buy property. I’m glad I rented and didn’t invest in property. Two of my friends had their house completely gutted by thieves right down to the electrical wire in the walls. One friend is constantly dealing with petty thievery. I watched them do major repairs on houses that were only a few years old. It took a long time for them to get the Deslinde deeds and the legal fees were expensive.

My main detractor is the length of time and money it takes to get citizenship. The process is much harder and costlier and they make you jump through more hoops. I’m talking about Pensioner Residency, supposedly the easiest to get.

I can go to other Caribbean countries and get a six month visa as soon as I arrive. If I could do that in the DR I’d have more incentive to spend more time there.

The DR I first visited is long gone. The cost of everything has increased significantly, gasoline, electricity, car rentals, local and imported foods. The crime rate has skyrocketed and driving on the roads is more dangerous than ever. Other Caribbean countries are cheaper and safer.

I love the climate, the culture, and the different geographical regions of the DR but the urge for me to rent or purchase property is long past. I can rent and explore other areas such as Spain, Portugal, and Southern France. Places that are cheaper, have better medical systems, and police enforcement that actually works.

Thanks for your reply and very well noted. I have found in my years of being in the business, that these horror stories tend to happen to buyers who aren't well represented and who don't necessarily do their proper research.

I am born and raised Dominican. I have lived in Santo Domingo, las Terrenas for short period of times, and lastly Punta Cana for 12 years. I have never once been a victim of theft. You may call this luck, but you may also call this cleverness by making sure to avoid shady locations and people, being well educated about my surroundings and thorough investigation about where I put my money in when investing in property.

Regarding migration, I have found the DR is very jealous with providing foreigners residencies and citizenships, and I don't think this is necessarily a bad thing. (?) Isn't every other country also strict with their foreign and migrations policy?

Our infrastructure is enviable compared to other Caribbean countries. You may find other Caribbean countries cheaper (maybe safer because of its size), but I assure you, they will not have the infrastructure and facilities that you can find right now in the DR.

 

[PamelaCanablueRealEstate]

I used to buy bank repos, and did really well with them.

I do lot's of flipping! Money is fast and good. What's important is LOCATION.

 

[Ecoman1949]

Thanks for your reply and very well noted. I have found in my years of being in the business, that these horror stories tend to happen to buyers who aren't well represented and who don't necessarily do their proper research.

I am born and raised Dominican. I have lived in Santo Domingo, las Terrenas for short period of times, and lastly Punta Cana for 12 years. I have never once been a victim of theft. You may call this luck, but you may also call this cleverness by making sure to avoid shady locations and people, being well educated about my surroundings and thorough investigation about where I put my money in when investing in property.

Regarding migration, I have found the DR is very jealous with providing foreigners residencies and citizenships, and I don't think this is necessarily a bad thing. (?) Isn't every other country also strict with their foreign and migrations policy?

Our infrastructure is enviable compared to other Caribbean countries. You may find other Caribbean countries cheaper (maybe safer because of its size), but I assure you, they will not have the infrastructure and facilities that you can find right now in the DR.

Panama, Colombia, Costa Rica are just three countries I can think of with better infrastructure, and much better public education and medical systems, compared to the DR. Costa Rica spends very little money on its military and a lot of money on education, medical staff and public hospitals.

Colombia is safer, has excellent infrastructure, and apartment rentals are cheaper than the DR. The overall cost of living in Colombia is less than the DR.

Since 2013, crime in the DR had increased by 800%. A shocking and inescapable fact.
Since the downfall of Venezuela, the DR has become a major drug shipment centre for drug runners. From the DR, the drugs are shipped to Miami and other US ports. Members of the DR government have been caught and charged with drug money laundering. So many police and military personnel have been charged with drug trafficking and money laundering crimes, I’ve lost count. Despite better roads, the DR is still the most dangerous place to drive in Latin America and the Caribbean. Lack of enforcement and corruption within the police force is one of the main causes.

I’ve seen new DR infrastructure fail quickly because it was built quickly or cheaply or for political reasons during elections. Many times, the quality of the construction is impacted by contractors and DR government officials giving and taking bribes. The money wasted by previous DR governments on educational infrastructure is obscene and the DR still ranks as one of the Caribbean countries with the lowest education levels.

DR electrical and water supply infrastructure is failing because of poor government management, poor maintenance, and internal corruption. Countries like Panama and Columbia have dependable drinking water supplies and you can drink the water directly from the tap. They also have dependable power grids.

I’ve spent a lot of time travelling the North Coast spending time in the cities and the countryside. A lot of it was spent with DR families who were friends of my expat friends. I’ve talked to lawyers, politicians, church leaders, and DR foundation staff.

I don’t like disparaging the DR because I like the country and the people. I’m not naive. I’m very aware of the real DR because I’ve made the effort to live with the DR families and not spend my time in gated sterile communities and resorts.

If the DR government was truly interested in allowing more snowbirds and expats, they would eliminate the overstay fees and issue 6 month visas. You would get many more American and Canadian snowbirds and expats renting and eventually buying DR property. DR real estate agents and developers should be pushing hard for this change, especially with an election happening this fall.

 

[RDKNIGHT]

Thanks for your reply and very well noted. I have found in my years of being in the business, that these horror stories tend to happen to buyers who aren't well represented and who don't necessarily do their proper research.

I am born and raised Dominican. I have lived in Santo Domingo, las Terrenas for short period of times, and lastly Punta Cana for 12 years. I have never once been a victim of theft. You may call this luck, but you may also call this cleverness by making sure to avoid shady locations and people, being well educated about my surroundings and thorough investigation about where I put my money in when investing in property.

Regarding migration, I have found the DR is very jealous with providing foreigners residencies and citizenships, and I don't think this is necessarily a bad thing. (?) Isn't every other country also strict with their foreign and migrations policy?

Our infrastructure is enviable compared to other Caribbean countries. You may find other Caribbean countries cheaper (maybe safer because of its size), but I assure you, they will not have the infrastructure and facilities that you can find right now in the DR.

I have to disagree with you Columbia Costa Rica has way better infrastructure and is safer I've spent months in these countries at a time.

You have to admit in this country you really can't trust anyone even the simplest things like getting change back you have to count it because they try to beat you.

and another thing the medical is horrible here if you get a heart attack very slim chance of surviving also if you're a gringo they will triple charge you to me that is a disgrace.

positives are it's a beautiful country beautiful views beautiful golf courses if you have a group of close friends it can be a lot of fun and the weather

 

[windeguy]

Thanks for your reply and very well noted. I have found in my years of being in the business, that these horror stories tend to happen to buyers who aren't well represented and who don't necessarily do their proper research.

I am born and raised Dominican. I have lived in Santo Domingo, las Terrenas for short period of times, and lastly Punta Cana for 12 years. I have never once been a victim of theft. You may call this luck, but you may also call this cleverness by making sure to avoid shady locations and people, being well educated about my surroundings and thorough investigation about where I put my money in when investing in property.

Regarding migration, I have found the DR is very jealous with providing foreigners residencies and citizenships, and I don't think this is necessarily a bad thing. (?) Isn't every other country also strict with their foreign and migrations policy?

Our infrastructure is enviable compared to other Caribbean countries. You may find other Caribbean countries cheaper (maybe safer because of its size), but I assure you, they will not have the infrastructure and facilities that you can find right now in the DR.

I personally know several people currently living here full time illegally from North America. They also work here.
The exit fine strategy of stay as long as you want, pay when you leave, and welcome back any time is very permissive of this happening.
They are also allowed to get insurance and drive on foreign licenses forever illegally, providing zero motivation for them to become legal.

One person in my development was on the FBI's most wanted list and hid here until the statute of limitations ran out on his crimes.
The owner of a famous rib joint in Sosua had the RCMP finally come for him, and so did a group of Hells Angels from Canada.

So no, the way the DR deals with people from tourist card countries is anything but strict or secure when people can easily stay illegally with no real ramifications.

 

[JD Jones]

I personally know several people currently living here full time illegally from North America. They also work here.
The exit fine strategy of stay as long as you want, pay when you leave, and welcome back any time is very permissive of this happening.
They are also allowed to get insurance and drive on foreign licenses forever illegally, providing zero motivation for them to become legal.

One person in my development was on the FBI's most wanted list and hid here until the statute of limitations ran out on his crimes.
The owner of a famous rib joint in Sosua had the RCMP finally come for him, and so did a group of Hells Angels from Canada.

So no, the way the DR deals with people from tourist card countries is anything but strict or secure when people can easily stay illegally with no real ramifications.

Isn't that famous rib guy living here again?

 

[windeguy]

And I have to agree with Ecoman1949 and RDKNIGHT about the other aspects of the DR they pointed out in posts 50 and 51.
Lack of infrastructure, horrible drivers, dishonest people in business, etc...

I don't have the experience in other countries they have, but I know there are far stricter immigration policies than the BS tourist card
one the DR has. A snowbird 6 month visa is needed.

 

[windeguy]

Isn't that famous rib guy living here again?

I don't know. Has he served his time already in Canada? I never met him so I would not know him if I saw him.

 

[Big]

a couple criminals vs 10s of thousands of snowbird overstayers who pay an exit fee and pump monies into local economies.

 

[drstock]

I love the climate, the culture, and the different geographical regions of the DR but the urge for me to rent or purchase property is long past. I can rent and explore other areas such as Spain, Portugal, and Southern France. Places that are cheaper, have better medical systems, and police enforcement that actually works.

I just checked the cost of living between those countries and as of November, 2023 compared to the DR Spain has a cost of living 1.59 times higher, Portugal 1.43 and France 1.88, according to this website: https://livingcost.org/cost

 

[Big]

I personally know several people currently living here full time illegally from North America. They also work here.
The exit fine strategy of stay as long as you want, pay when you leave, and welcome back any time is very permissive of this happening.
They are also allowed to get insurance and drive on foreign licenses forever illegally, providing zero motivation for them to become legal.

One person in my development was on the FBI's most wanted list and hid here until the statute of limitations ran out on his crimes.
The owner of a famous rib joint in Sosua had the RCMP finally come for him, and so did a group of Hells Angels from Canada.

So no, the way the DR deals with people from tourist card countries is anything but strict or secure when people can easily stay illegally with no real ramifications.

I am so glad those grungy Hells Angles got kicked out. They were a regular fixture on the north coast with loud motorcycles. I have not seen one of those losers in years.

 

[windeguy]

a couple criminals vs 10s of thousands of snowbird overstayers who pay an exit fee and pump monies into local economies.

10's of thousands? I suspect it is in the very low 10's of thousands if even more than 10,000 , at least on the north coast in total.
I am still in favor of regulations that match up with the laws and currently they don't at all. But it's good for business!?
Yeah, I know.

 

[windeguy]

Lax government regulations for Chinese business

Diario Libre continues to cover the lax attitude of Dominican authorities that seem to look the other way and allow new-to-market Chinese businesses to install and operate in violation of Dominican laws. The Dominican Association of Commercial Malls (ONEC) has consistently complained the rules...

dr1.com

Chinos get special treatment as well.