Untapped Paradise

[d0ug]

I went on a dive trip some 24 years ago to Provo in the Turks and Cacaos.
The girl that booked the trip for us said why do you want to go there. There is nothing going on there it’s very quiet. I could have bought half the beachfront property for next to nothing. In hind site I wished I did, now it’s a string of high-class hotels and the price for land is crazy. It’s manly a dry rock with little vegetation. Right now I think the Dominican Republic is going through the same transition. The price of land is starting to rise and there is lots of work being done on new investment for tourist projects and sub divisions. The DR has everything as far as land, mountains, rivers, good farmland and beautiful beaches. It's a great place to retire to and reasonable.

 

[MooreBonds]

So any suggestions for investment for us crazy and insane enough to consider buying direct foreign real estate while not living in that country?

 

[sailor]

So any suggestions for investment for us crazy and insane enough to consider buying direct foreign real estate while not living in that country?

Not doug, but i'll bite (I own direct foreign real estate)
1. don't
2. have somebody you really trust be a partner with their money on the stake, offer them additional percent of income for their troubles - for example you own something 50/50 with your partner, he gets 60% of net income and you get 40%
3. I would not have considered buying direct if there is no local partner to deal with all the hassles (even on raw land purchases)

 

[lazygood4nothinbum]

what i want to know is how come ya mention florida and you get at least two comments right away about hurricanes, but mention d.r. and it's as if suddenly you're buying into an area with the infrastructure to actually handle such an event.

having lived in the caribbean as a teen i would tell you how amazing it is to live there. though i've heard much damage has been done to the reefs since then. still, its gotta beat suburbia.

 

[Arif]

Buying property overseas can be totally different from the US. For instance, here in Panama they have two types of properties. One is ROP (Rights of Possession) and the other is titled land. If you don't know the difference you could be in essence just renting land rather than buying it. For instance, in Bocas del Toro, a lot of the land there can not be bought only leased for 25 years (ROP). There have been quite a few incidents of foreigners buying ROP land thinking they own it but instead end up renting it from the gov't. A lot of homework to be done when venturing out of the US. We bought our lot here and the process was very different from the states.

I agree with sailor, only invest if you have someone you trust that is on the ground and knows what they are doing. Or plan to invest time in learning how property is bought in the country.

 

[kcowan]

We rent a penthouse in PV from some friends in Bellevue. They purchased new six years ago. They still do not have title because the 3 remaining parking stalls have not yet been sold (at $20k each). They already have bought one but some of the tenants have no need for a car (because it is central and taxis and buses are handy and cheap).

So you never know what you are getting into. It might work out just fine but only if you are lucky.

 

[Celany]

I would looooooove to buy beachfront property in Eleuthera, Bahamas. When we were there a few years ago, there were a LOT of advertisements & we met a lovely expat british couple of archetects, that'd bought some land & were building a number of little beach houses, to rent out. They made it sound soooo easy.

I also spoke to the people we rented from about it, casually. The couple we rented from are real estate agents in FL, and the place we were staying in was their little getaway place. They'd divided it up into 3 little apartments & rented it out year-round.

Sadly (or maybe not), I'm too smart to not realize what a HUGE amount of work it would be, to buy the land, build on it, then be landlords for it. It just doesn't seem worth it, if I was looking at it as a genuine way to make money. Not at this stage of my life anyways; I'm not mature enough yet to manage something like that.

 

[d0ug]

I moved to the Dominican Republic about six years ago. Bought some land and built my retirement home. The land I bought was about ½ acre and cost US$6,000. It is possible where I live two build a two-bedroom house cement floor, block walls and medial roof for US$ 10,000. That is now. I have been watching expatriates building new houses and buying land at an increasing rate. As more and more expatriates move down here the prices will change. I’m not in the real-estate business or plan too but if someone is interested MP me if I can help with any information

 

[brewer12345]

d0ug, I am curious: how did you end up moving to the DR? Did you just go there one day and never leave? Have family there? Long-planned move upon retirement? Something else?

 

[d0ug]

When I retired I went sailing the Caribbean after 6 years. When I reached the DR and found it friendly, quiet, safe and cheap. I decided to live here that was about 6 years ago. I have started a new family here.

 

[Sheryl]

The north coast of Honduras is going through a similar period of build-up, I think. It's very remote, and still affordable, but American developers are starting to put up resorts. Roatan is already getting expensive for those seeking bargains, but still affordable relative to other Caribbean locations.

It takes more cojones than I have to buy there.

 

[d0ug]

I went to the Guanaja one of the bay islands on a dive trip and loved it. I was very sad to here about the damage that the hurricane did I hope there getting back to normal. Yes I think the Bay islands and Honduras will develop very fast as people start going there.

 

[Patrick]

Doesn't the Dominican Republic have one of the highest HIV/AIDS rates in the world? I think I heard that somewhere.

 

[chinaco]

Doesn't the Dominican Republic have one of the highest HIV/AIDS rates in the world? I think I heard that somewhere.

I saw a news piece... apparently the other side of the island does... Haiti