Real Estate is HOT

[Escottindr]

I have been buying for 2 years and seen doubles and triples guys. Check it out.

Escott

[Escort_King]

Those are some serious interest rates.

[Escottindr]

You also have to remember that prices were going down for 8 years before that. Not all peaches and cream.

I bought one lot for 15k and remember the broker telling me "But they paid 36k for it" and me saying "So?". Now the 15k lot is worth 50k or maybe even more. A lot two lots down the road turned down 70k and I know this for a fact because I gave the offer for the purchaser.

I anticipate the upswing to last for several more years because in the DR the prices are still WAY under the rest of the Caribbean. This is a far nicer Island than ALL THE OTHERs with a possible exception of Cuba which is out of the question at this time.

Besides that the people always have a smile on their faces, the gals are hot and life is still relatively inexpensive compared to everywhere else.

Escott

[will_blueprint]

I am considering buying a villa there, what is the going interest rate?

[Don Tomas]

I am considering buying a villa there, what is the going interest rate?

If you are buying property in the DR, BUY IT, don't even think of mortgaging it.

As for your question, I think something like 35% right now.

Of course with the unstable economy you couldn't get me to buy in the DR right now, if you gave me the money as a gift!

[will_blueprint]

35% wow thats nuts, so it be better to get the loan here then. It will be for rental property only of course

[Don Tomas]

35% wow thats nuts, so it be better to get the loan here then. It will be for rental property only of course

Finding a mortgage company to write a mortgage on a foreign property in the DR will be impossible.

Though a home equity loan on your U.S. home would work.

[Escort_King]

35% wow thats nuts, so it be better to get the loan here then. It will be for rental property only of course

Finding a mortgage company to write a mortgage on a foreign property in the DR will be impossible.

Though a home equity loan on your U.S. home would work.

I agree... are yoiu in country right now Don? would love a conversation with you... am in tomorrow until Monday

[Don Tomas]

35% wow thats nuts, so it be better to get the loan here then. It will be for rental property only of course

Finding a mortgage company to write a mortgage on a foreign property in the DR will be impossible.

Though a home equity loan on your U.S. home would work.

I agree... are yoiu in country right now Don? would love a conversation with you... am in tomorrow until Monday

Nope, about 20 days for my next trip to Santiago. Actually if I was in country I wouldn't be posting, I do computers for a living the last thing I touch in the DR is a computer!

[Reel Deal]

35% wow thats nuts, so it be better to get the loan here then. It will be for rental property only of courseI echo what DT said. No way a US institution will lend money out of country.

I WOULD buy property there (cash of course), but ONLY if the price were right.

[will_blueprint]

Ok great I will look into it. DT share some of your knowledge with your Catholic School South brother.

[Escottindr]

I am considering buying a villa there, what is the going interest rate?As the other fellow said the rates here in the DR are up in the air. Mortgages that I give out are high and for only 40% loan to value. If your property doesn't show a positive cash flow figuring paying 3% per month interest and you don't have the cash, don't waste your time.

I think this is a great time to buy real estate. This country is not for the faint of heart for sure but the government has been stable and this president especially is pro business. The last president Mejia was from the populist party and they are NOT pro business.

I like buying R.E. when thiings are bad. I especially like buying when blood is running in the streets which it is NOT now. I look for steady climb upwards for the next three years. Interest rates are coming down and now real estate doesn't have to compete with 30-60% interest that the Central Bank was paying on CD's. In the States Real Estate soars when interest rates are coming down. I see no reason why the falling real estate rates wont be a further catalyst for the upwards spiral in Real Estate.

I am not a broker and I won't be making a nickle by selling anything. If you stay in my condos I will though but that is no reason to try to pump anything other than my condos:)

You can always wait till the DR catches up in price with the rest of the Caribbean or even Costa Rica for that matter then buy at the top of the market! :idea: :idea: I never thought that was a good idea though.

Santiago is way different than the North Coast and maybe it would be a better idea to wait till the economy picks up before buying there. North Coast market is driven by outside money from Europe and N. America

Escott

[Don Tomas]

Ok great I will look into it. DT share some of your knowledge with your Catholic School South brother.

Catholic School South "brother"? I seem to remember our schools being mortal enemies! :lol:

BTW How old are you approximately, did you actually go to St. Rita or Quigley South? If you are old enough and went to St. Rita, here's a trivia question...Who won the LAST game ever played in the pit? :twisted:

As for the info, yeah forget financing unless it's private party finance, there are some people that will finance privately and usually look for about 10%. There are several real estate web sites to get an idea of prices, just subtract 30-40% from the web price.

http://www.juanperdomo.com/
http://www.americanrealtydr.com/
http://www.remaxnorthcoast.com/
http://www.dr1.com/realestate/index.shtml

[will_blueprint]

I know DT it was a joke, And yes we still are Mortal enemies. We are now bros of the ISOC tho. I am only 26, ao I went to ST. Rita in the old Quigly building. but i Do remember the pit and all I have to say about that is ‹^› ‹(•¿•)› ‹^›. Well thx for the info before I went and made myself look like a fool @ a bank. This board is more valuable than to find out where your next peice of ass is coming from. I knew the real estate lady made it too good to sound true, but I do believe a solid investment can be made. I mean the prices of other goods is rising there, and dont look like they are falling.

[Reel Deal]

‹^› ‹(•¿•)› ‹^› THAT is some funny stuff.

Cyber-art!!!

:lol: :lol: :lol: :lol: :lol:

[Don Tomas]

‹^› ‹(•¿•)› ‹^› THAT is some funny stuff.

Cyber-art!!!

:lol: :lol: :lol: :lol: :lol:

I was expecting something meaner, if you didn't figure it out it was a loaded question. One of the biggest rivalries played the last game in the infamous pit. Mt Carmel (my school) vs St. Rita of course.

[el_papi_chew_low]

I am considering buying a villa there, what is the going interest rate?As the other fellow said the rates here in the DR are up in the air. Mortgages that I give out are high and for only 40% loan to value. If your property doesn't show a positive cash flow figuring paying 3% per month interest and you don't have the cash, don't waste your time.

I think this is a great time to buy real estate. This country is not for the faint of heart for sure but the government has been stable and this president especially is pro business. The last president Mejia was from the populist party and they are NOT pro business.

I like buying R.E. when thiings are bad. I especially like buying when blood is running in the streets which it is NOT now. I look for steady climb upwards for the next three years. Interest rates are coming down and now real estate doesn't have to compete with 30-60% interest that the Central Bank was paying on CD's. In the States Real Estate soars when interest rates are coming down. I see no reason why the falling real estate rates wont be a further catalyst for the upwards spiral in Real Estate.

I am not a broker and I won't be making a nickle by selling anything. If you stay in my condos I will though but that is no reason to try to pump anything other than my condos:)

You can always wait till the DR catches up in price with the rest of the Caribbean or even Costa Rica for that matter then buy at the top of the market! :idea: :idea: I never thought that was a good idea though.

Santiago is way different than the North Coast and maybe it would be a better idea to wait till the economy picks up before buying there. North Coast market is driven by outside money from Europe and N. America

Escott

Scott, we need to talk. Maybe if you are in town around Memorial Day, Will and I can check out the property. I'm looking to get something for personal use.

[will_blueprint]

I played football at Rita. Just like @ Carmel. they make you learn the history before you get your pads. What yr did you grad DT?

[Escottindr]

I am considering buying a villa there, what is the going interest rate?As the other fellow said the rates here in the DR are up in the air. Mortgages that I give out are high and for only 40% loan to value. If your property doesn't show a positive cash flow figuring paying 3% per month interest and you don't have the cash, don't waste your time.

I think this is a great time to buy real estate. This country is not for the faint of heart for sure but the government has been stable and this president especially is pro business. The last president Mejia was from the populist party and they are NOT pro business.

I like buying R.E. when thiings are bad. I especially like buying when blood is running in the streets which it is NOT now. I look for steady climb upwards for the next three years. Interest rates are coming down and now real estate doesn't have to compete with 30-60% interest that the Central Bank was paying on CD's. In the States Real Estate soars when interest rates are coming down. I see no reason why the falling real estate rates wont be a further catalyst for the upwards spiral in Real Estate.

I am not a broker and I won't be making a nickle by selling anything. If you stay in my condos I will though but that is no reason to try to pump anything other than my condos:)

You can always wait till the DR catches up in price with the rest of the Caribbean or even Costa Rica for that matter then buy at the top of the market! :idea: :idea: I never thought that was a good idea though.

Santiago is way different than the North Coast and maybe it would be a better idea to wait till the economy picks up before buying there. North Coast market is driven by outside money from Europe and N. America

Escott

Scott, we need to talk. Maybe if you are in town around Memorial Day, Will and I can check out the property. I'm looking to get something for personal use.I will be in town and it will be my pleasure to chat with you. I love talking about dirt:)

Escott

[will_blueprint]

cool see you then my man.

[Escottindr]

I figured I should bring this thread back to life to tell you all "I TOLD YOU SO"

Prices have risen substantially since I made this original post and just felt I should remind you what I said.

Escott

PS> why am I listed as a paid advertiser when I haven't paid a dime?

[Homer Simpson]

You must be the only guy that knew real estate was on the way up.
Us dummies didn't have a clue.

[sicpup71]

I figured I should bring this thread back to life to tell you all "I TOLD YOU SO"

Prices have risen substantially since I made this original post and just felt I should remind you what I said.

Escott

PS> why am I listed as a paid advertiser when I haven't paid a dime?


shhhhhh don't tell jimmy or he'll get ideas.

[Jimmydr]

You must be the only guy that knew real estate was on the way up.
Us dummies didn't have a clue.
Its much easier if you live there. Real Estate Prices in Queens NY have climbed about 25% as well.

[guttaman]

Its much easier if you live there. Real Estate Prices in Queens NY have climbed about 25% as well.

In the past 10 years i am sure it has tripled in Queens.

[Phoenix]

Its much easier if you live there. Real Estate Prices in Queens NY have climbed about 25% as well.

My little area of PHX is the largest increase year after year. Last year it went up 14%. I bought my house four years ago and for what it is worth now I could not afford to buy it lol

[Jimmydr]

In the past 10 years i am sure it has tripled in Queens.
In the past 10 years co-ops went from $70,000 to $280,000. Houses, well $1,000,000 was comoon, now $1,000,000 is a steal.

[guttaman]

I have always been told to buy land. They are not making anymore. Making it a collectors item. 40 acres in Bumfuck, Vermont for 80 grand now will probally be a million in 20 years. Real estate in the long run always beats the market.

[Jimmydr]

I have always been told to buy land. They are not making anymore. Making it a collectors item. 40 acres in Bumfuck, Vermont for 80 grand now will probally be a million in 20 years. Real estate in the long run always beats the market.

Not to sound like a racist but if only 1 Indian or Chinese family finds their way there, 50,000 more will follow!

[PapiQueRico]

One of the big differences, between buying in the US or in the DR is the mortgage issue. In an economy in which prices are appreciating, buying with 20% (or less) down still gives you 100% of the appreciation. If your property value goes up 10% you really reap a 50% profit, assuming the property pays its entire nut through the rent, which is the bottom line in investing for me. In the DR you need all of the cash up front.

[Jimmydr]

One of the big differences, between buying in the US or in the DR is the mortgage issue. In an economy in which prices are appreciating, buying with 20% (or less) down still gives you 100% of the appreciation. If your property value goes up 10% you really reap a 50% profit, assuming the property pays its entire nut through the rent, which is the bottom line in investing for me. In the DR you need all of the cash up front.
In Dr banks are now giving mortgages. In the US when the market says your property is worth, x dollars you will get that offer.

[bachag]

Right now you can get financing in the DR locally with 50% down and interest of 1 1/2% per month (18 % per an)-not for 30 years, but at least 3-7 years. If anyone is interested-let me know.

[Jimmydr]

Right now you can get financing in the DR locally with 50% down and interest of 1 1/2% per month (18 % per an)-not for 30 years, but at least 3-7 years. If anyone is interested-let me know.

Beware, if you miss your last payment, you lose the property.

[Escottindr]

You must be the only guy that knew real estate was on the way up.
Us dummies didn't have a clue.You can know everything. If you aren't in the game you don't make a dime. Did you buy property here?

[Escottindr]

Right now you can get financing in the DR locally with 50% down and interest of 1 1/2% per month (18 % per an)-not for 30 years, but at least 3-7 years. If anyone is interested-let me know.Less in a bank in the DR today. Only thing is that you have to be qualified.

[Escottindr]

One of the big differences, between buying in the US or in the DR is the mortgage issue. In an economy in which prices are appreciating, buying with 20% (or less) down still gives you 100% of the appreciation. If your property value goes up 10% you really reap a 50% profit, assuming the property pays its entire nut through the rent, which is the bottom line in investing for me. In the DR you need all of the cash up front.That's the power of leverage for sure! Certainly not as easy here for that. The thing with Real Estate is that it runs in Cycles. Goes both up and down. If you have staying power you can wait for another UP cycle but if you are overleveraged you may fall down.

I personally like paying for a property these days. When I was younger I had as many as 15 mortgages at one time. Now I have none and I even give them out here in the DR to the poor people who cant get financing in a bank:)

[Homer Simpson]

You can know everything. If you aren't in the game you don't make a dime. Did you buy property here?
I know nothing.
You 're the only one that knew real estate was going up.
That's why you had to tell us. I told you so.
Because we're all dummies and know nothing.