I have been buying for 2 years and seen doubles and triples guys. Check it out.
Escott
I have been buying for 2 years and seen doubles and triples guys. Check it out.
Escott
Those are some serious interest rates.
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
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.Originally Posted by will_blueprint
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!
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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.Originally Posted by will_blueprint
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 MondayOriginally Posted by Don Tomas
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!Originally Posted by Escort_King
I echo what DT said. No way a US institution will lend money out of country.Originally Posted by will_blueprint
I WOULD buy property there (cash of course), but ONLY if the price were right.
Ok great I will look into it. DT share some of your knowledge with your Catholic School South brother.
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.Originally Posted by will_blueprint
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! 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
Catholic School South "brother"? I seem to remember our schools being mortal enemies!Originally Posted by will_blueprint
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?
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
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.
THAT is some funny stuff.Originally Posted by will_blueprint
Cyber-art!!!
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.Originally Posted by Reel Deal
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.Originally Posted by Escottindr
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?
I will be in town and it will be my pleasure to chat with you. I love talking about dirtOriginally Posted by el_papi_chew_low
Escott
cool see you then my man.
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