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Property purchase

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  • tomroselle
    Would like some help regarding purchase of either a condo or casita for income purposes. I am interested in Flamingo Bay. Any caveats or suggestions would be
    Message 1 of 7 , Dec 31 12:33 PM
      Would like some help regarding purchase of either a condo or casita for
      income purposes. I am interested in Flamingo Bay. Any caveats or
      suggestions would be appreciated. Thank you
    • tomroselle
      Would like some help regarding purchase of either a condo or casito for income purposes. I am interested in Flamingo Bay. Any caveats or suggestions would be
      Message 2 of 7 , Dec 31 12:33 PM
        Would like some help regarding purchase of either a condo or casito for
        income purposes. I am interested in Flamingo Bay. Any caveats or
        suggestions would be appreciated. Thank you
      • Roy Lee
        Try www.EcologicalRealEstate.com they are at Pioneer stages with introductory prices. I purchase a few acres. Roy tomroselle wrote: Would
        Message 3 of 7 , Jan 1, 2008
          Try www.EcologicalRealEstate.com they are at Pioneer stages with introductory prices.

          I purchase a few acres.

          Roy





          tomroselle <trbently@...> wrote:
          Would like some help regarding purchase of either a condo or casito for
          income purposes. I am interested in Flamingo Bay. Any caveats or
          suggestions would be appreciated. Thank you






          ---------------------------------
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        • crhomebuilder
          There are titled properties in that area as well as projects located in concessions. I would suggest discussing the properties you re contemplating with an
          Message 4 of 7 , Jan 1, 2008
            There are titled properties in that area as well as projects located in
            concessions. I would suggest discussing the properties you're
            contemplating with an experienced attorney who has completed purchases
            in the Flamingo area. I lived out there in the early 90's and built
            housing. I know many folks who purchased in that area and enjoyed a
            great deal of appreciation when they sold. However, don't sell the farm
            until you have considered the following information, which may save you
            a lot of stress in the future.

            Plan your legal strategy before you invest in property or build your
            home in a foreign country. Make sure you fully understand and accept
            everything you will need to do to make Costa Rica your home. Do not rely
            on suggestions from on-line bulletin board participants when investing
            your hard-earned money.

            Do not do anything you would not do in your own hometown. Many
            foreigners seem to believe they can outsmart the system when they come
            to a less developed country. Maybe, it's the kind and helpful attitude
            most Costa Ricans exhibit with foreigners, which turn newcomers into
            wishful thinkers. Do not leave your common sense at home.

            The legal system in Costa Rica is Napoleonic, not Common Law, so legal
            matters here are different from North Americas and European laws.
            Because of that, the best place to begin your investment plan is in an
            attorney's office, and not on one of the local internet forums where
            residents share their interpretations of life in Costa Rica.

            It is best not to try the Do It Yourself method. Some people, in trying
            to save some dollars in legal fees, avoid the work of finding a good
            attorney to guide them through their problems. Do not do that! There is
            no yellow brick road in Costa Rica. Do your homework, just like you
            would do in the real world. Find an attorney you feel comfortable with
            and stay with him for as long as he continues to do good work.

            Do not rush into the decision of hiring an attorney. If you are thinking
            of investing in Costa Rica, like it or not, hiring a local attorney is a
            must. It does not matter if you are buying a car, a home or planning to
            set up a million dollar business. Sooner or later, you will need an
            attorney. You may not like the idea of paying legal fees. However,
            accept it, and live with it. The idea is to have your lawyer working for
            you as "preventive maintenance," before problems occur. This inexpensive
            insurance can help you avoid costly mistakes. Consider the legal fees,
            an inexpensive insurance premium, because that's really what it is. The
            legal fee's you pay as preventative maintenance, will be a fraction of
            what it will cost to fix a problem down the road. Not to mention the
            stress involved, that has ruined more than one Costa Rican Dream.

            How can you find a good attorney? Ask! Investigate! There are many
            attorneys in Costa Rica and several of them will be recommended to you.
            Have a clear idea of what it is what you are looking for.

            You can find a wide range of attorneys, from attorneys working at the
            big law firms, with political connections and Washington-like hourly
            fees, to solo practitioners.

            Would a 'general practice' attorney do the job for you or do you need a
            specialist?

            The US Embassy in San José has a list of recommended attorneys at;
            http://www.usembassy.or.cr/attorney.html
            <http://www.usembassy.or.cr/attorney.html> . Make appointments, go to
            their offices, interview them and evaluate your options.

            Once you have narrowed it down to a few ones that you like, call the
            Costa Rican Bar Association and inquire if they are in good standing or
            if there are any disciplinary actions that have been filed against them.

            Then once you have made your decision, ask the attorney to write a
            contract for his services that clearly describes all services to be
            provided and the method that will be used to charge and pay the legal
            fees.





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          • ajhaig
            Regarding a statement on this website http://www.ecologicalrealestate.com/ecoparadisevision.html Please look up the definition of sustainable . I say that
            Message 5 of 7 , Jan 1, 2008
              Regarding a statement on this website
              http://www.ecologicalrealestate.com/ecoparadisevision.html
              Please look up the definition of "sustainable". I say that because
              what you are doing is NOT sustainable in the true sense of the word.
              Just don't use it if you are not doing it.
              From the website:
              "Eco/Paradise Eco Sustainable Country Sites, helping to keep our
              finest precious resources of all while providing
              the ideal living environment: raw nature, ecologically sound
              development, proximity to shopping & culture with privacy enough for
              enjoying the sensuous vistas, variety of flora and fauna of this
              region. This location is surrounded by incredible mountain vistas and
              beautiful trees. The big plus: ecological breathtaking views without
              the worry of unwelcome change."

              Here is a clip from Wikipedia:
              "Users of the word, however, overlook the fact that the word has a
              reasonably agreed-upon meaning, as a plain, English-language word, and
              in this particular environmental usage is used to refer to ecological
              longevity of human support systems. Definition is therefore implicit
              in usage. Human economic systems that are sustainable will be expected
              to last for a very long time; by definition, indefinitely, by virtue
              of preserving the conditions upon which they depend, and will
              therefore be around for future generations to make use of, should they
              choose to do so. Those systems that are not sustainable, will not last
              as long, will be of less or no use to future generations, and may harm
              other systems that future generations will need. Author Michael Pollan
              has defined an unsustainable system simply as "a practice or process
              that can't go on indefinitely because it is destroying the very
              conditions on which it depends."[1]

              The unsustainable part of this development is that it makes no
              provision for future use by succeeding generations. It requires use of
              fossil fuels to access, build, operate and maintain. It heralds
              proximity to very toxic tourist centers like resorts, golf courses,
              airports, etc.

              Sure, there are a few good green ideas but all in all, gringos
              building a resort development are all doing the same thing - sucking
              the wealth out of another country, taking advantage of a low standard
              of living to cut their costs, using land that is now out of the
              economic range of the Costa Rica citizenry, and luring other gringos
              to participate in a pyramid scheme that has no forseeable end but for
              economic collapse of the real estate and other markets structures.

              How we extract ourselves from this teetering economic tower is the
              quandry that needs our immediate attention. (And my own personal
              situation is no easier to work out.)
              Arlie
            • dan.chaput
              HI Tom, I have looked around for something similar, and it seems to me that the prices are too far out of whack to make a good income property. The formula for
              Message 6 of 7 , Jan 2, 2008
                HI Tom,

                I have looked around for something similar, and it seems to me that
                the prices are too far out of whack to make a good income property.

                The formula for me is pretty simple..1% If I buy something for
                $100k, it needs to rent for around $1000 a month to cover the
                mortgage and other costs, yielding around 10% per year.

                What I have found in flamingo...and well everywhere for that matter,
                is that the 1% mortgage is FAR in excess of what you could rent it
                for.

                Last time I was in Flamingo there was a couple rows of condos being
                built on the beach for *gasp* $1.2mm each. These were maybe 2000-
                2500 square feet each. Maybe they would rebt for $2500-$3000 per
                month long term?

                Here in the central valley, It is maybe a 5-6% return on a rental
                property (a $100k place maybe you could rent for $500 month). I rent
                for $900 a month...the owner would sell it to me for $180k.

                On top of that prices are no longer going up.

                In markets like this I would perfer to buy Bonds (austrailia yields
                around 6%) or somehitng else which is not overpirced and that is
                actually liquid.
              • trbently@aol.com
                Thank you for your information. The best advice yet!! Please stay in touch with any opportunities that may arise. I have been to Costa Rica and loved it.
                Message 7 of 7 , Jan 3, 2008
                  Thank you for your information. The best advice yet!! Please stay in touch
                  with any "opportunities" that may arise. I have been to Costa Rica and loved
                  it. I have done quite well with ROI in real estate in New York and Florida
                  and thought it would be nice to repeat this in Costa Rica. I understand that
                  property taxes are very reasonable. Here in Houston it is way too high and
                  rises annually! Tom



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