All Forum Posts by: Brian Price

@Mike Lambert

Good insight Mike. Yes it would be nice to vacation there once or twice a year and have some cash flow; however, 5% is not very attractive. With the RE market being so hot in the US I should probably stay focused here and revisit this idea down the road.

On the other hand, nothing wrong in getting some insight from the locals the next time I’m down there! I’m sure there are deals to be had, just might take some digging. Plus with my wife being Costa Rican, she seems to get a better deal by 50% then I do! They haven’t implemented the “snowbirds” discount like we Floridians do! Lol

@Claudio Salvatorelli

Checking the Airbnb, great idea.

Thanks

Anyone have any advice on investing in Costa Rica? I looked in Jaco because it seems like a good central beach location. Tourists could make day trips north and south. I’ve looked at 1BR in Condominium Tropicale across the street from the beach for $75K. I was told it rented year round from both locals and tourists. I’ve also looked at some 2BR & 3BR 3-5 blocks off the beach from $165K to $250K.

Meanwhile my wife thinks we should explore the more upscale areas of Manuel Antonio or Guanacaste.

It’s my understanding that everything is owner finance down there which I like. Also my wife is a TICA (pura vida!) so she would probably be able to negotiate a better deal then this gringo! I’m not so interested in becoming an expat just yet. Just want to be able to take her home once or twice a year and rent it out the rest of the time. I’m thinking I would need a local management company as well.

I would like to spend a month or two down there looking at the areas.

Any thoughts? Advice?

Brian

@Farrukh Amini

Thx I would like to speak with you about another deal I’m working on. I have connect requested you

@John Minock

John

Any thoughts on the questions I asked of Jason? I’d like to pull the trigger this week. Just wanna make sure I’ve got all my ducks in a row!

Thx in advance

Brian

@Jason Shackleton

Thx Jason

I want to make sure I understand this completely before presenting it to the seller. He's asking $199K, if I put $99K down, ask him to keep his current VA loan in place, pay him $1150/mo for 2yrs with a balloon at the end of 2yrs with no prepayment penalty. Meanwhile I can rent it out for $1675/mo, creating a $525/mo cash flow. If for any reason I default he retains the property and all moneys paid in. Am I missing anything? Closing costs? Lawyer fees? Who would be responsible for those?

So I can explain it better, What benefits would there be in him taking my $99K deposit and paying down his VA loan? I'm assuming his payments would go down and he would continue to put my entire $1150 monthly payment towards his loan. At the end of the 2yrs how would we calculate the balloon amount?

Thx for the feedback

Brian

@John Minock

No it is pristine, rent ready, in an A- neighborhood

@John Minock

Thx John. The seller was a bit apprehensive about it but I was explaining to him all the risk is on me. I have confidence that my situation will have changed in 2years and I’ll pay it off or refinance. And I really can’t think of another way then seller finance or buying a cheaper u it and paying cash but then I have to worry about quality of tenants! Is there anything I should consider writing in the agreement? If I’m just sending him a monthly amount over the next two years to cover his note, how would that be with closing? I guess a lawyer would know that answer. Essentially, I guess what I’m proposing is really a rent to own with a large down payment.

For whatever reason my accountant has not done my 2018 & 2019 taxes! Yes I'm looking for a new CPA!! In the mean time I have found a FSBO who might be willing to finance for a short period. His asking price is $199K but would do $195K. I explained to him that my house w $100K equity is up for sale, as is my commercial building with $400K equity but the real issue is me qualifying for a loan with no tax returns and little money coming in right now. I could put $75-$95K down and pay the remainder in 2yrs. He has a VA loan at 3.4%. Is there a way to structure a deal where he can keep his loan in place while I pay it for the next 2 years ($1,150/mo). I could easily rent the property for $1600-$1685/month.

FYI, I don’t know his payoff amount and not sure if that even matters. What advice can I get? Anything I’m overlooking? I know a RE lawyer would need to write it up.

@Derek Dombeck

Thx good to know!