Per my response to josh2203, I love technology. Was thinking that prestamo industry could be disrupted with a mobile/web-based application. However, to err on the side of caution, your suggestion is well-received. Will continue exploring. Just to be clear, I'd prefer to invest in a viable business model to be managed by a trusted individual(s). I have no interest in overseeing day-to-day operations long-term.
- Thread starter Jarrote
- Start date
Investing in Carro Publico or Prestamo Business?
Jarrote
I had 4 check cashing stores in Philadelphia.... all cash, no credit.
They were managed by trusted employees and ran well.
Yes, the Chinese staff only w/ family.
I have seen them run the cash register for a total......
then the old mother double checked it w/ her abacus..... to be sure.
Obviously, a layer of management is doable..... but it takes a good control system
which the check cashing industry has....
might be a bit different here
I had 4 check cashing stores in Philadelphia.... all cash, no credit.
They were managed by trusted employees and ran well.
Yes, the Chinese staff only w/ family.
I have seen them run the cash register for a total......
then the old mother double checked it w/ her abacus..... to be sure.
Obviously, a layer of management is doable..... but it takes a good control system
which the check cashing industry has....
might be a bit different here
Publico Business
many NYC taxis are rented for the shift...
there's a model that works
investigate that..... owner carries the license, rents to the drivers
many NYC taxis are rented for the shift...
there's a model that works
investigate that..... owner carries the license, rents to the drivers
Quick questions...how well do you know the Dominican culture, do you speak Spanish and how long have you lived/visited here?
I am learning the Dominican culture. I speak Spanish and per my replies to other posters, I have NOT lived in the DR but recently visited for the first time on business and pleasure. While there I was in Santiago and visited Puerto Plata, Monte Cristi, Castanuelas and returning soon.
OK thanks for repeating some things...I do speak Spanish (Cuban wife) and have been coming to for over 10 years. I have had
business ventures with Dominicans, Cubans, Puerto Ricans, Mexican and Central Americans, some born in the states but most were naturals. Each culture is different and their way of thinking, strategic planning, expectations and definitions of success vary.
Good for you to want to do business in the DR but DD will take you a bit longer since you really don't know anyone. Dominicans are good people....a lot of times it's not who you know who hurts you, it's who they know and who they have given information about you.. I wish you the best.
business ventures with Dominicans, Cubans, Puerto Ricans, Mexican and Central Americans, some born in the states but most were naturals. Each culture is different and their way of thinking, strategic planning, expectations and definitions of success vary.
Good for you to want to do business in the DR but DD will take you a bit longer since you really don't know anyone. Dominicans are good people....a lot of times it's not who you know who hurts you, it's who they know and who they have given information about you.. I wish you the best.
Dominicans are EXPERTS at parting you from your money....All the other posters are correct in their comments. I personally know several taxi drives that spend 500-750 per day renting cars. While starting a business in many places is a great idea to build a network, stay busy, and make money, However... the Dominican Republic is NOT one of those places. For most Dominicans.....YOU ARE A MARK....its not your fault! Its just what happens after a society puts NO value on education, hard work, and the development of values and principals. Most people you bump into in the US don't think about what they can take from you, but in the DR...MOST DO...Its just the way things are. Sadly, many people have had to find out the HARD WAY....I HOPE YOUR NOT ONE OF THEM.
Jarrote,
All the advise that you are getting are based on how the culture treats money in the DR. My mom up until her death was a prestamista by word of mouth. She had no security and kept just a ledger. The amounts were small, but she collected every week on the interest. What you are proposing is doable, would require your presence in the day to day business or be ripped off. If it was such a good idea, why has the lawyer not gone into the business? The taxi is a good idea, but once again not being here all the time would open you up for getting ripped off. They will even provide authentic documents for collateral to get large lowns only to find out that they are worthless. I thought that I inherited a multi-million dollar lot on one of SD'd main avenues (27 Febrero) only to find out that mom got conned. Heed my friend and spend your capital for businesses that will cater to foreigners.
All the advise that you are getting are based on how the culture treats money in the DR. My mom up until her death was a prestamista by word of mouth. She had no security and kept just a ledger. The amounts were small, but she collected every week on the interest. What you are proposing is doable, would require your presence in the day to day business or be ripped off. If it was such a good idea, why has the lawyer not gone into the business? The taxi is a good idea, but once again not being here all the time would open you up for getting ripped off. They will even provide authentic documents for collateral to get large lowns only to find out that they are worthless. I thought that I inherited a multi-million dollar lot on one of SD'd main avenues (27 Febrero) only to find out that mom got conned. Heed my friend and spend your capital for businesses that will cater to foreigners.
very true! i once bought a fishing boat, equipped it with stuff that was way better than every other boat in the port, and got the best fisherman around to operate it. well. he never caught a single fish. he always came home empty.
then i figured it out. he just offloaded our catch to another boat while they were at sea. however, i was too slick to go to sea with them..they could have thrown me overboard and kept both my fish and my boat.
Like my ex wife you to say:
"You watch to many movies!!!!!!!" lol
Could have happened though. Seen many cases on ID channel. lol
I once I hired a guy to paint a new apartment for me. I left him to go run an errand. I came back and he was gone with all the paint, brushes, and rollers. Ill never forget what another gringo told me. Welcome to the Dominican Republic...You've Just been initiated
Along with the dinner with your new found friends was there a (daughter, sister, aunt, or cousin) in attendance that just happen to look like a model and goes to Universidad Tecnol?gica de Santiago and gave you a look you had never seen before in your life...Good luck.
Carro publicos pay anywhere between 700 to 2000 DOP daily to the car's owner, depending on the route. I know in Santiago RUta K is very profitable, you'll notice most cars on that route are newer models, it is profitable. But, I would not recommend a foreigner to be doing this kind of business. Same goes to Prestamos...
Hello fellow members. Just returned to the states from Santiago and visited other interesting areas looking for good business opportunities. I plan to return to the DR within 30-60 days and stay up to 6 months.
Biz opportunity #1)
While in Santiago I hired a driver for a week that operates a FIXED route picking up passengers from 6A-4P at least 4X a week. Third day into my trip I observed his route/shift. Nice adventure. He currently rents the vehicle (which is NOT in great condition) from the owner, paying $1,200-$1,500 RD daily + PROPANE gas, maintenance, etc. He proposed an idea to invest in 1-3 used cars (in good condition) whereby he would work
ONE shift then another driver would take over the same route from 4P-12P. The maximum earnings a driver can make on a fixed route seems to be $1,500 RD per shift which is $33 USD. If one driver works 5 days a week and earns (being conservative here) $1,200 RD (or $24,000 RD a month) = $533 USD/month. Two drivers would be $1,066 USD/month. Frankly, this is a low margin business to me. However, owning a small fleet of vehicles operated by independent drivers COULD prove profitable.
Your thoughts are appreciated
Biz opportunity #2)
The idea of loaning money for business or personal needs was confirmed to be profitable by a few people I met doing this and the owner of a popular hotel. Does anyone here know a lot about this business model? Right now, the loan method is traditional with NO electronic means for people to receive loans and repay the loan over 7, 15 or 30 days. They have to physically meet the financier to receive the money and surrender their debit card until the loan is repaid allowing the fianancier to place a lien on their property (or other assets) in case the loan is NOT repaid.
Thank you in advance
#1 Is all OK until the car crashes, breaks down, etc... Then it becomes a nightmare you can only wake up from by dumping it and not looking back.
#2 Is the BEST option ONLY if you'll NEVER come in contact with anyone seeking cash or be KNOWN as the OWNER of the business. It's highly profitable and will never be affected by a slow down of the economy. When things get bad in the economy your lending biz does better yet.
The problem and key of the #2 option is the man that will carry out the biz for you. It's hard to find honest, hard working people these days.
You once owned a fishing boat????? I always wanted a fishing boat.
To the OP:
Good Luck!!! with your new business in DR.
be careful what you wish for. before i got it, i could not wait. then it was the worst and dumbest idea, ever. i ended up giving it away.
actually, mine was a little more sophisticated than that. fish finders, twin Evinrude, and running Japanese long lines. now if only it caught fish and brought them home.