Newborn Lurker
Hey guys. Thinking of buying a condo right across the street from BB'S. If if I did, was wondering if there would be an interest from any of the members here to rent. It is a two bed/two bath unit. Would probably rent for 300 a week. Pretty decent place. Thanks in advance for your help. Just curious as to the interest level.
Senior Member
If you really plan on buying something there, you should talk with John the owner of BB's and see if you can work something out with him as far as using your place as an overflow location.
Lurker coming out of the shadows
Sounds more like you are testing the waters to see if it would be a good investment in rental property.Originally Posted by KGK
Newborn Lurker
Great idea about talking to John at BB'S. We are now buying this condo for sure. And for sure would love to test the water here and see if any of you all think you would rent this. We also are going to use a rental agency as well. Condo pretty cheap at 80000, and how can you beat that right on the ocean, and right across from BB'S! Any thoughts here please all share. Thanks guys! KGK
Administrator
I don't think most guys go to that part of Puerto Plata? How do you know 80K is cheap, have you looked at many houses?
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Monger
I agree with Jimmy here. My first thoughts would be to look at the surrounding area there and see if that really is a good vfm. Second unless you can get around the salida at BB (subleting with John may help that) then being across from BB has minimal value as a monger spot and more as a "local bar".
Unless that area holds special value to you it isn't convenient to anything but the beach...which in itself is a good thingGood luck which ever way you choose
It aint over till I am done!!!
Administrator
Why would BB do that?
Member
Re: Condo by black beards
80K in Costambar is not a bargain!
Board of Director
Have been looking at north coast properties for over a year and would certainly agree with DominicanBilly...... if anyone would know he would.
Monger
No reason to but I was trying not to be negative. you never know, He may be able to negotiate well (hopefully better than I spell!) and John is always game to listen to a good business idea.
John was talking with me for over an hour last nov about import/export posssibilities. Now when I asked if he wanted in...he heard a phone ringing and had to go answer it LOL
Green since - 6/02/2010
I would never buy in Costambar. I hate that dirt road to the main road. I would buy in Puerto Plata but not Costambar.
Senior Member
They are going to be "re-paving" that main road leading into Costambar soon. And by re-paving I mean, leveling it out with more earth. They have the dirt there and are waiting for the funds to complete the job.
Mr. Big
That's been done a thousand times, and look at the results. As far as a condo right across the street, I think you mean, 'across the street, and down the road a little ways', right?
Across the street, there's an empty lot, and next to that empty lot, is John's house. If you're getting John's house for 80K, it's a fair deal. If the apartment is in the building further west, I'd be offering around 45-50K.
I have looked at various studio apartments in Costambar in the same area for 25K-30K, and I thought THOSE were overpriced.
If you think it's love try not paying in the morning..
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Headquarters
I was recently offered a choice of two similar (to each other, not necessarily to yours) 2-bed, 2-bath apartments in Costambar for US$400 a month. Not so close to the sea and I have no idea of the size and condition of yours (these two were average-to-good). But $300 a week doesn't sound particularly cheap.
The big problem with all these stand-alone places is security. You need to spend a fortune on guns, dogs, barbed-wire, and/or alarm systems, etc, to be safe inside and even then you are vulnerable when entering and leaving. Costambar is safer than most areas but there have still been many robberies and two or three gringos murdered in recent years.
Active I.S.O.C. Member
Security should definitely be a concern where ever someone lives. One thing to consider even with whatever security you plan on using is will your place be a more valuable target than all your neighbors for miles around? We all want the nice creature comforts (nice TV, good furniture, computer etc) but if nobody else around has them your place becomes the top target in the area.
Not worth the risk no matter how much you try to keep people from knowing what you have inside your home people will find out. When the people come to deliver the new refrigerator, or furniture, or the new TV box is outside people will know. People who look for places to rob will take extra interest in knowing.
In a stand alone unit or a small complex one of the most difficult decisions for me would be hiring a security guard or using some other method. Security guards can easily be involved in either telling a friend of a good place to rob or could even do it themself. Everyone knows dogs can be poisoned or shot also.An alarm is also great but only if it alerts someone and they actually come and do something about it. Even barbed wire can be but or a robber can throw something over it and climb over.
In a place like the DR I think the best way to avoid being robbed either personally or in your home is to be around people who are better targets. Always look as poor as possible and be around people who appear to even if they dont have more money or more valuable things to steal more easily than you do.
Buy or rent a home in an area where you can be as comfortable as you need to be but still look like the poorest guy on the block.
Jimmy owes me a dollar!
Newborn Lurker
Wow! Thanks for all of the replies. Let me give you as much detail as I can. If you walk out of BB'S and go left, there is a brown condo building with for sale signs in the windows. It is a bottom unit that is on the side of the ocean. Square footage is 1400 feet, and it is two bedroom and two bathrooms fully furnished. There is a guy that lives there (Ramon I believe), that takes care of the proprety and looks after the condos. When we priced other condos, it seemed ok. Other properties on the ocean seemed to be close in price (dominican realty). There is another condo right next door to it (I think yellowish?) that has a small pool and less footage that is for sale for 84,000. With this knowledge do you all think that this is a bad deal? Love your feedback guys. So assuming that based on your comments none of you would probably rent? Thanks for all of your inputs. KGK
Administrator
What is the mgmt fee? You may net nothing after all is said and done.
Monger
KGK,
IMHO, I'd hold off on buying anything for some time. North Coast property is often way overpriced, especially for gringos who don't know the market and are enamored of all the cuties running around.
The tourist market is very soft, and getting a rental in Costambar might be more difficult than it looks. Ask if the place has been rented to vacationers, and if so, have a look at some of the (verifiable) records. If it's so easy to rent out, why would the owner want to sell? One of the answers may involve the fact that the markup is so high because you don't know the right prices yet.
If you want to buy NC property with the intent of renting it out often, have a look at the usual spots, namely Sosua and Cabarete. That's where the non-AI tourists go, and where you'll have the best shot at landing steady renters.
That said, be very, very careful. Rent property and stay out there for a few months to really get a feel for prices and the issues the agent isn't telling you about. Don't worry about missing out on a "golden opportunity," as 1) most properties stay on the market for years, and 2) there are tons of other similar or better opportunities, often in the same complex.
A "bargain" out there can become awfully expensive awfully quickly.
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