All Forum Posts by: Dustin Oaks

@Brianna S. and @Andrew T

I have been told by local banks that they only loan money to customers buying within their own county. The sad thing about this is that I have been a long term customer at that bank and even knew the vice president of the bank that told me that. I couldn't believe my ears and it was a $70k loan in the adjoining county.

That interaction with the bank has made me leary on trying to get loans on any investment property unless I can pay cash outright.

@ Stephen E

Why not redo the kitchen cabinets and the counter tops and the sinks and faucets in both the kitchen and bathroom along with the vanity and tub? Then reassess after that? Especially if the flooring is still good throughout the condo. Given your costs you list above it would be about 10K more or less and almost meeting your partner partway. Then your business partner can see how well it looks and gets on board fully with the idea or stands his ground with cold feet.

@Zach Shepard

I will look into that myself because he is absolutely refusing to buy anything in Chicago because of the taxes he says and doesn't care what the listing price is.

@Dave Cieslicki

It shouldn't matter but I don't wanna buy a property and then not be able to resale it and get stuck with the property tax as well. But I will definately look at it closer

thanks for the input guys

@ J Scott

Yeah that is a large margin and reason why I am hesitating on it even though it seems like a good deal. Undeveloped land for the size it is carries taxes of 2% which isn't bad. Like you pointed out it would take all my time to oversee the project which I wouldn't mind but I would be funding most of the build my self and would have to continue my current job to be able to support that project that would be super advantageous.

And @Steve K pointed out that the government is now taxes the importation of building materials whereas a year ago they were allowing tax free as an initiative to bring wealthy investors back to the bahamas. I haven't seen any prices for this yet.

The other issue I have found is that there are a few builders that build in the bahamas and poses another issue in itself where they can control the market in the area and the possibility of getting a reasonable bid won't be easy. I am not saying they are unethical nor do a good job, but it is just one price I would have to eat I guess since its a small market of builders.

Thanks for input guys

@J Scott

Well would like to build an open floor plan 2 level home; figuring cost would close to 500k because of importing materials to island with possibility of selling between 750k to 1 million depending upon the closeness to the beach. That is dependent upon the island of course. This island is known for its Sport Fishing tournaments that people come from all over for. It would take atleast 2-3 years to get the funding to build the house without getting any outside funding. This is just off the research I have done and some rough math of course

@Wayne Brooks

Given what you said about the appraisals not meaning much, I have a question.

I am looking at some land in the bahamas that hasn't been developed and the roads are overgrown and I would have to drill a well for fresh water. The agent told me it appraised to 30k but selling it for about 60% of that because she wants to rehab a condo she owns on the other side of the island. What would do you think?

@Zach Shepard

I am trying to talk him into it and I am looking into it. He said his biggest issue is the taxes involved! That kind of put a damper on my thoughts about it because I have seen some condos come up for auction. Along with the taxes, I just don't know what areas are better than others you know. I am not giving up on him

Welcome Dave,

I am trying to get a friend that lives in chicago and is single to get on here and branch out and start investing since he has started a new job and gives him the available funds to do so. You have came to the right place as you can already see that there are people ready, and able to help out in any way.

Welcome once again

Dustin

@SteveH i appreciat ethe advice. I usually would do something like that but never did in this case. I eventually heard from teh agent who said they were trying to get ahold of the seller. I had moved on to other listings when I heard back because I was not going to waste my time waiting.

Thanks for the idea of sending the seller copies of the emails in case this happens in the future!

Great information. I was wondering the same ordeal and was pondering ensuing in the same direction for a piece of land in the bahamas.

Thank you guys