Buying a condo in D.R.....

Jozee74 · #1 09-12-2005, 04:08 PM

How difficult is it to buy a condo in D.R.? I want to be able to send montly payments. People tell me that in D.R there are no laws and its going to be difficult to get rental payments off occupants. How true is this? Do I still need to go to a bank and get a loan? I can have the Condo paid off in like 5 years. But I dont know how to start.

Escott · #2 09-12-2005, 04:48 PM

Condos are easy to buy.

Financing is difficult and expensive.

I wouldn't own a property unless the condo complex had good management in place to deal with the rental.

Escott

ricktoronto · #3 09-12-2005, 04:55 PM

If your credit or collateral is good enough you can always borrow the money at home and pay cash in the DR. I think the interest rates are quite staggering in the DR vs. North America and it is always difficult to borrow money in a foreign country if you don't live there.

Rentals can get you tenants that you need dynamite to get out of there if they don't pay properly.

JRR · #4 09-12-2005, 05:10 PM

if you do there are a number of options available to you. Whether you are a U.S. citizen or not, there may tax advantages to the purchase here.

The interest rates here are much higher than they are in the U.S. (more than double) and your options are not as varied.

Please contact me so that we might discuss these alternatives to paying the staggering rates here.

JRR

Jozee74 · #5 09-12-2005, 05:23 PM

Quote:

Originally Posted by JRR

if you do there are a number of options available to you. Whether you are a U.S. citizen or not, there may tax advantages to the purchase here.

The interest rates here are much higher than they are in the U.S. (more than double) and your options are not as varied.

Please contact me so that we might discuss these alternatives to paying the staggering rates here.

JRR

I have been approved to buy a house, but the prices now are ridiculous...I was checking the pricing for condos that start at $44,000...whew thats cheap compared to the almost $200,000 you pay here for a condo. Plus I just want to have that as a start of owning a few properties in the D.R. I dont plan on using the rent for paying the property off....I plan on putting that in a savings account....am I being a lil too unrealistic?

duhtree · #6 09-12-2005, 11:37 PM

Hey! go back in the archives to 4/4/05. There should be several posts regarding financing, american style, in the DR. Or look under edflowers. that's the posters name. He says that he can offer 80/20's; 30 year fixed at 1/2 point or so of market in the states.
If you have trouble I can give you phone numbers, etc. John

rellosk · #7 09-12-2005, 11:58 PM

Quote:

Originally Posted by Jozee74

I have been approved to buy a house, but the prices now are ridiculous...I was checking the pricing for condos that start at $44,000...whew thats cheap compared to the almost $200,000 you pay here for a condo. Plus I just want to have that as a start of owning a few properties in the D.R. I dont plan on using the rent for paying the property off....I plan on putting that in a savings account....am I being a lil too unrealistic?

The price of rent-able condos seems to have escalated (more than doubled) in the last 3-4 years. I don't believe that you will find anything in the tourist areas for anywhere near $44,000. Additionally:

Quote:

Originally Posted by Escott

I wouldn't own a property unless the condo complex had good management in place to deal with the rental.

DavidZ · #8 09-13-2005, 02:28 PM

duhtree - I was interested in the "american-style" financing you referred to, but tried to do a search for edflowers and go back in the archives to find info, both to no avail... Any idea how I can find more info?

jerryme · #9 09-13-2005, 02:46 PM

you might try owner financing. If you find a condo (these days) for 44,000 USD don't expect much except for a dump.

And by the way, of course a condo is cheaper here than in the US. This is a third world country.

rellosk · #10 09-13-2005, 04:52 PM

Quote:

Originally Posted by DavidZ

duhtree - I was interested in the "american-style" financing you referred to, but tried to do a search for edflowers and go back in the archives to find info, both to no avail... Any idea how I can find more info?

Here is the link where Ed Flower offered his services:

Financing Condo in D.R.

I will also PM you the email he sent me. I never followed up on it, but I'd be curious to hear anything you find out.