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05-09-2008, 06:20 PM
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Bronze
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Join Date: May 2008
Posts: 1
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Cheap investment properties
Hi
I am currently living and working for an indefinite amount of time in the DR, in Santo Domingo. I have some money in a bank account back at home, and am weighing up the possibility of using it to buy a cheap apartment in this country and having the rental income suppliment my current income. I don't really have the money to spend on a beachfront property, as most of the discussion on this board seems to cover, as i am not eager to take out a bank loan. I'm looking for something more with the aim of renting to Dominican people on a permenant basis, rather than as holiday accomodation. Can anybody suggest somewhere online where i can look in order to do some early research. Also, can anybody suggest the sort of prices i would be expecting to pay, for example, for a cheap apartment in Santo Domingo or San Cristobal? What sort of price range is there? I am currently just looking at figures, seeing if this sort of thing is viable etc. Any advice would be gratefully received. Thanks.
Joe
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05-09-2008, 06:59 PM
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Gold
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Join Date: Sep 2006
Posts: 756
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In juan Dolio, apartments on the beach road, but not on the beach go for around 60,000 us$ up to 100,000. Rental then is around 300 a month to 350
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05-10-2008, 07:16 AM
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Gold
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Join Date: Jun 2003
Posts: 2,149
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Quote:
Originally Posted by jjwilliamson85
Hi
I am currently living and working for an indefinite amount of time in the DR, in Santo Domingo. I have some money in a bank account back at home, and am weighing up the possibility of using it to buy a cheap apartment in this country and having the rental income suppliment my current income. I don't really have the money to spend on a beachfront property, as most of the discussion on this board seems to cover, as i am not eager to take out a bank loan. I'm looking for something more with the aim of renting to Dominican people on a permenant basis, rather than as holiday accomodation. Can anybody suggest somewhere online where i can look in order to do some early research. Also, can anybody suggest the sort of prices i would be expecting to pay, for example, for a cheap apartment in Santo Domingo or San Cristobal? What sort of price range is there? I am currently just looking at figures, seeing if this sort of thing is viable etc. Any advice would be gratefully received. Thanks.
Joe
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Don't do it. Use the search feature here on dr1 and see what can happen when a Dominican refuses to pay your rent.Then look at the cost of your "cheap" apt. and the rent it MIGHT bring in. Determine the possible return on cash and then keep your money in the bank or another investment.
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05-14-2008, 12:17 PM
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Bronze
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Join Date: Feb 2004
Posts: 8
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I donīt like to waste my time,but if you are serious,you could build 6 apartments for that same one hundred gran and rent the six for about 300 each.Of course you would need to buy a piece of land.You could build on about 500 mts. which in the PC area, I could help you get one at around 60 dollars a metro.So with about US $130,000.00 investment you could bring $US1800.00 a month.Despite what people are saying, there is a big demand for these kind of apartments here!
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05-14-2008, 03:44 PM
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Bronze
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Join Date: May 2008
Posts: 1
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Re: Investment
Hey Joe,
Spent a bit of time working in Santo Domingo myself on a project which unfortunately came to an end. Lucky you. I still return for holidays as I made a lot of good dominican friends. Check out
SuperCasas.com - Homes for sale Dominican Republic, condos, villas, caribbean real estate - super-casas for a good selection of properties at realistic prices. I also liked a previous reply recommending the purchase of a site and construction of a small apartment block given low labour charges in the DR. However in all transactions the use of a trusted dominican as a front man would be a good idea in obtaining value for money. Let me know if you want more advice |
Yesterday, 09:04 AM
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Bronze
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Join Date: Oct 2007
Posts: 13
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Cheap investment properties
Listen to Johne. Don't do it.
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Yesterday, 02:09 PM
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Gold
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Join Date: Jun 2003
Posts: 2,149
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Quote:
Originally Posted by leeanna
I donīt like to waste my time,but if you are serious,you could build 6 apartments for that same one hundred gran and rent the six for about 300 each.Of course you would need to buy a piece of land.You could build on about 500 mts. which in the PC area, I could help you get one at around 60 dollars a metro.So with about US $130,000.00 investment you could bring $US1800.00 a month.Despite what people are saying, there is a big demand for these kind of apartments here!
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In today's world of foreclosures one can duplicate that return on investment in a first world country. Also a lot easier on the learning curve of real estate laws, lanquage, culture and needs (of the renter). Not necessary to have such an exotic investment such as this unless I'm missing something here. If I am-I would welcome the information.
JOHN
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Yesterday, 02:34 PM
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Gold
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Join Date: Sep 2004
Posts: 1,091
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If you have an itch to invest money in the DR, a much simpler, and likely safer and more profitable route would be to simply put it in CDs in the Banco Central or open an account in an investment house like Anoeca. 16% interest on peso accounts is obtainable. This would pay the equivelant of over $1700.00 on a $130,000 deposit, and you wouldn't have to worry about maintaining the apartments or keeping them rented.
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Yesterday, 03:59 PM
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Gold
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Join Date: Jun 2003
Posts: 2,149
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Quote:
Originally Posted by sweetdbt
If you have an itch to invest money in the DR, a much simpler, and likely safer and more profitable route would be to simply put it in CDs in the Banco Central or open an account in an investment house like Anoeca. 16% interest on peso accounts is obtainable. This would pay the equivelant of over $1700.00 on a $130,000 deposit, and you wouldn't have to worry about maintaining the apartments or keeping them rented.
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I need to disagree with this because of the use of phrases such as "likely safer", "more profitable route" and "wouldn't have to worry about maintaining.."
A great deal has been posted here in the past about investing in peso accounts and OP should research VERY throughly.
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Yesterday, 05:50 PM
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Gold
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Join Date: Jan 2002
Posts: 1,007
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Don't do this in the DR - too many horror stories and problems, especially for a foreign investor.
A better choice may be to wait another 6 to 9 months, and then swoop up a foreclosure in the Miami area. You would also get legal protection against your tenants, title insurance, GOOD TITLE, and the possibility of good financing from a bank which would be more than happy to get property off their "Real Estate Owned" account at the bank.
With a limited amount of leverage using, say 50% borrowed money, you would also get more bang for your investment, and at the same time maintain safety against going upside-down on your investment.
LOTS more foreclosures coming there, and some real deals down the road.
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