Moving to the DR on a low budget! Questions and Musings - Page 19

mountainannie · #**181** 02-03-2009, 08:11 PM

Plus, of course, you have medical insurance, and a stash for medicine just in case, and a plane ticket home, and ... and.... and....

but, then, you may be under 35 and still immortal and therefore just spending what you have... I remember how it was.

Chirimoya · #**182** 02-04-2009, 08:52 AM

The posts dealing exclusively with the 'gringo' discussion have been moved to a new thread in the Debates forum.

The Great Gringo Controversy revisited

Please keep comments in this thread on topic.

rhumanol · #**183** 02-04-2009, 11:23 PM

Hi folks,
Been reading the forum for a few months but registered only today so I'm new but not unfamiliar.

I PM'd the question about budget accommodation in SDQ and some one suggested that I throw it out there to get are more varied response; so here goes:

I have been reading the posts about living in the DR on a budget.

I live in the US but over the years I have been fortunate to be able to visit some Central American countries and Mexico fairly frequently, albeit for only a few days at a time.

I am interested in renting a budget apartment in Santo Domingo as I intend to visit the country 2 - 4 times a month for 2 or 3 days at a time in an effort to improve my Spanish and discover the country. It seems it would be more economical to do so instead of staying in a hotel each time.

I would appreciate any help you could provide in suggesting where these can be found. I don't mind living like a local. Not necessarily in poverty but just a modest lifestyle.

Any info, ideas, considerations or suggestions would be appreciated.

Thanks in advance.

augustus · #**184** 02-06-2009, 02:53 PM

Hey, check out that affordable house in Monte Ilano on todays post .....

cancit · #**185** 03-02-2009, 06:50 PM

hi, i've been reading lots of posts and replies, some good and some not so good, i'm thinking about the dr. banks, how many dollars to deposit into the dominican bank to get 1500-2000 per month in interest? probabaly rent first for a while, thinking about outside santiago and boca chico, trying to keep it simple cause i'm chewing gum right now, not a multi tasker, lol, only the experienced need apply. thanks. ps: if and when i do move to the dr. and your advice mixed me up. i WILL be moving in with you, lol.

MikeFisher · #**186** 03-03-2009, 09:38 PM

?????????????????????????

Bronxboy · #**187** 03-03-2009, 09:47 PM

Quote:

Originally Posted by cancit

hi, i've been reading lots of posts and replies, some good and some not so good, i'm thinking about the dr. banks, how many dollars to deposit into the dominican bank to get 1500-2000 per month in interest? probabaly rent first for a while, thinking about outside santiago and boca chico, trying to keep it simple cause i'm chewing gum right now, not a multi tasker, lol, only the experienced need apply. thanks. ps: if and when i do move to the dr. and your advice mixed me up. i WILL be moving in with you, lol.

Elaborate cancit!

NotLurking · #**188** 03-03-2009, 10:44 PM

Quote:

Originally Posted by cancit

...how many dollars to deposit into the dominican bank to get 1500-2000 per month in interest?

This is by no means advice and I don't mean to advise you on anything financial. This is ONLY a reply to your question.

First off you will not get very far by depositing your money in US dollars in a DR bank the interest rate is just a tad better than US banks for US dollar deposits. Not really worth it in my opinion. You could use a financial house as your investment platform but that is not what you are asking about and as I stated, I'm not here to advise you on anything financial. If you want the best interest rate you can get here in DR you'll need to exchange your US dollars for DR pesos. At the current published rate of RD$35.59 to US$1 you'll need somewhere around US$135k-US175k. The math looks like this:

Let's say you want an average payment per month of US$1800 or DR$64,062 at current exchange rate. That's US$21,600 or DR$768,744 per year. If you are willing to invest in Banco Central Plazo Fijo CDs you can get 16% per year for 36 month investment commitment. That said, you'll need US$135k (DR$4,804,650)exchanged at the current rate to generate monthly interest payments of US$1800 (DR$64,062), again, at the current exchange rate. Please note that the exchange rate has been relatively stable but there are absolutely no guarantees. Best of luck to you and remember this is by no mean to be taken as advice or endorsement by me to your investment idea.

NotLurking

cancit · #**189** 03-04-2009, 07:20 AM

Notlurking, thanks, numbers seem to be in line with what i figured, as for the fijo cd, a 36 month term would pay monthly interest? if anyone has any thoughts and experiences with fijo cd, i would appreciate they're input. Notlurking and Bronxboy, i'm assuming you both live in the dr. Mike, ???????????? thanks, cancit

catcherintherye · #**190** 03-04-2009, 07:50 AM

Notlurking's information is always well researched and documented. He knows what he is talking about, and knows enough not to offer advice. He will have to tell you where he lives.

Bronxboy is also a great source of information, but I'm fairly certain he still lives in NYC. Am I right about that Bronxboy?

MikeFisher has lived in the DR for many years, and he is one of the most consistent and knowledgeable contributors on this board. When Mike asks a question (???????????) than it would be wise to understand why he is asking it.

Not every bit of advice is going to be presented on a silver platter. Sometimes you have to read between the lines to find what is real and what is not.