Buying land and constructing a medium sized sports bar in puerto plata

[MoneyMike508]

Me and my friend had come up with a plan to start a small-medium sized sports bar. We have $27,000-$30,000 a piece to start off, we have a site in mind, but we still have a lot of questions being that this isn't america.

1)About how much would a small chunk of land about 100x50 with a piece of it being on the beach be?
2)I know you have to be a citizen to buy building in DR but im pretty sure you can buy land and construct your own building and start a business from scratch right?
3)What around is the cash revunue for that sports bar on the malicong? (lol hard question i know)
4)Does anybody have any numbers of any construction companies in the area? Or maybe the location of a large hardware store?

Any assistance would be greatly appreciated, thanks in advance.

[FireGuy]

Just a couple of points from the onset...

As you said "this isn't america".

With that in mind I would

a) Not have chosen the board name you did.

b) NEVER have told potential sellers and/or fleecers how deep/shallow my pockets were.

Just some initial comments, we'll see how things develop from here on in.

Just one man's opinion.

Good luck.

Gregg

[Chip]

I doubt 30k will get you anything on the beach.

Ferreteria 8A has everything you will need. 30k might be large enough to build a small bar. When your ready to do it a let me know and I'll have a friend give you quote to do it.

[FireGuy]

Originally Posted by Chip

I doubt 30k will get you anything on the beach.

OP said $27K - $30K EACH so

$54K - $60K Total; at least as I read it.

Gregg

[AnnaC]

Originally Posted by MoneyMike508

Me and my friend had come up with a plan to start a small-medium sized sports bar. We have $27,000-$30,000 a piece to start off, we have a site in mind, but we still have a lot of questions being that this isn't america.

1)About how much would a small chunk of land about 100x50 with a piece of it being on the beach be?
2)I know you have to be a citizen to buy building in DR but im pretty sure you can buy land and construct your own building and start a business from scratch right?

3)What around is the cash revunue for that sports bar on the malicong? (lol hard question i know)

4)Does anybody have any numbers of any construction companies in the area? Or maybe the location of a large hardware store?

Any assistance would be greatly appreciated, thanks in advance.

Like Gregg said, posting how much you have isn't a good idea.


1. Be careful buying land on the beach. Not even sure if you can buy beach land. Find a good lawyer before signing anything

2.. You DO NOT have to be a citizen to buy a structure in the DR. That statement alone tells me that you don't know much about the country.

3. I suggest checking out businesses that are for sale first, that will give a small idea of income.

4. Unless you have great knowledge of the country and are living there 24/7 to watch the project this is not a good idea


Again find yourself a good lawyer.


This is not to discourage but to arm you.

[MoneyMike508]

Fireguy:
a)yes i know its a pretty immature name, my nickname as a kid.
b)thanks for the input ill keep that in mind for the future.

Chip:
a)what is this Ferrateria 8a you speak of? do you have a link?
b)yes $30,000 is enough for a small bar but with about $60,000 in cash plus a large loan it will go a lot farther.
c)ill be starting this in sep, just the site surveying, ill be there indefinitely in dec, so ill make sure to contact you when i start.

Anna C:
a)i understand that buying a beach will be the most inspensive land investment, but besides that why should i be careful?
b)you're right i dont have a clue about any legal terms in d r, im an american born dominican, my parents are the immigrants, but i am bi lingual i was hoping that sets a little advantage?
c)good idea
d)i will be moving there to watch, start, and maintain the project.

^thanks for all the advice, *side note* im trying to "build" any major profit sports bar, just a small fun semi-holding revenue, while simultaneously accomplishing a child hood goal (constructing a building solo).

More advice will be greatly appreciated!!!

[FireGuy]

Originally Posted by MoneyMike508

Chip:
a)what is this Ferrateria 8a you speak of? do you have a link?

A ferretería is a hardware store - you asked about it in your first posting.

The "Be careful" mantra is for a number of reasons:

a) It is the "wild west" in the DR when it comes to real estate.

b) No matter what you are told, the land 60 meters (approx 200 feet) from the high water mark is owned by the government - you cannot buy it and will never have title to it, no matter how you improve it; and you need lots of permissions (read as muy caro) to build on it.

c) Things happen in the DR for primarily one of two reasons (not necessarily in this order) - #1 is money and you may have barely enough (I'm not sure the loan thing is a great way to start a business in the DR, just my opinion) and the #2 reason is connections and by the very nature of your asking here you are demonstrating that you probably have none.

So I suggest you search the archives well for every tidbit you can squeeze out of them about living and life in the DR and then ask what may still be unclear.

Good luck.

Gregg

P.S. - And the "get a good lawyer" call is based on the fact that depending on who you choose they can be either your best friend or your worst nightmare in the DR.

[Chip]

Originally Posted by MoneyMike508

Fireguy:
a)yes i know its a pretty immature name, my nickname as a kid.
b)thanks for the input ill keep that in mind for the future.

Chip:
a)what is this Ferrateria 8a you speak of? do you have a link?
b)yes $30,000 is enough for a small bar but with about $60,000 in cash plus a large loan it will go a lot farther.
c)ill be starting this in sep, just the site surveying, ill be there indefinitely in dec, so ill make sure to contact you when i start.

Anna C:
a)i understand that buying a beach will be the most inspensive land investment, but besides that why should i be careful?
b)you're right i dont have a clue about any legal terms in d r, im an american born dominican, my parents are the immigrants, but i am bi lingual i was hoping that sets a little advantage?
c)good idea
d)i will be moving there to watch, start, and maintain the project.

^thanks for all the advice, *side note* im trying to "build" any major profit sports bar, just a small fun semi-holding revenue, while simultaneously accomplishing a child hood goal (constructing a building solo).

More advice will be greatly appreciated!!!

Ferretería Ochoa

Be aware that loans here will have interest rates probably more than 20% and are NEVER, repeat NEVER fixed, no matter what anybody tells you. In the DR a fixed loan means the rate is fixed until the bank decides to change it.

best of luck

[augustus]

If your hobby is building, do it yourself........labor is extremely reasonable..............

10 for the price of 1..............compaired to the rates here.........

But even better, if you can find something already built and reasonable and if that works out, make your first building project, a small house.........

[jalencastro]

how about the medium sized sports bar with your living quarters on the top floor? you can knock two things out at once. augustus is right, labor is extremely reasonable but if you know what you are doing you can do it yourself with some help. best of luck in your quest!