All Forum Posts by: Dominic Jones

 If I were you, I would start in Chile or Uruguay. You know people on the ground and as you said you used to live there. The other places, I wouldn't touch until I got systems in place in Chile and Uruguay and were able to close numerous deals with relative ease.

I struggle with my focus sometimes and I know that this is detrimental to running any kind of business. You stretch yourself too thin and are becoming the prototypical "jack of all trades but master of none," which you don't want. Or another way to look at it is, being "good in a lot of things but great at none."

I would love to learn more about what you plan on doing and if I can help in anyway to setup and run the systems, I would be interested in doing so. I want to own an international portfolio and even though wholesaling internationally isn't exactly owning a portfolio in that country, it can lead to it, just as it is helping me build capital to start my portfolio here in the states.

I'm not biased right now to any one particular country, I'm trying to learn and network with as many people as I possibly can and when I get educated enough about the real estate market in different countries and more experienced, pull the trigger. Do you think my suggestion makes sense? and/or did you find it helpful? 

 I am not sure either. You could try getting in touch with local experts from cuba by continuing your internet research. I Googled: "homes for sale cuba" and found the following websites:

1. http://cubahomesdirect.com/ (has listings on the main page and a contact us) that opens a new e-mail 

Even discusses Cuba Laws.

2. the cubahomeforsale.com website that you linked to originally also has contacts that you can e-mail 

I always feel like it is easiest just to speak to someone. 

3. http://www.havana-houses.com/index.php/en/ and 

So on and so forth... I'm sure if you reach out to those places that you'll find someone willing to assist you and teach you more about the real estate market in Cuba. Keep me updated on how it goes! I would be interested in a JV in Cuba in the future.

Very interesting conversation going on here. I was not aware of this system either; however, it makes me really question the benefit of investing in South Korea. I may have misunderstood something so please correct me if I'm wrong.

I'm a landlord who owns the apartment of @Marcus Coleman's friend. She pays me an $80k down payment for 2 years. At the end of the 2 years, she gets to own the apartment herself? Is this how it works? Or she just gets her $80k back.

This seems like it would have a dramatic affect on purchasing in South Korea and being an owner, in regards to purchase price. Can anyone here provide further information on buying in South Korea? @Jacob Michaelsor  @Daniel Ryu

Unfortunately, I'm not able to answer that question myself but I'm interested in learning the answer. Do you have any specific countries you're interested in down in Central & South America Harry?

All colleagues are welcomed and so are you for the resource. I found it helpful so I figured it would be helpful for others too! Looking forward to connecting with you and building a relationship. Talk to you soon.

I apologize I didn't see this before now. I'll check out your website and be in touch soon. Thank you very much for reaching out and making your voice heard here! I greatly appreciate it.

Sure thing. Thanks for the well wishes. I've already contacted some contractors in my area via a site called Thumbtack which you can find here: https://www.thumbtack.com/

I now have two contractor contacts who are willing to walk through the property with me and give me their quotes. I mentioned that I'm starting out as an investor and looking to sell this property to another investor, but I just want quotes to help me price my deal appropriately.

I got really good responses and they were thankful that I was honest with them and not being shady as if I needed the work done myself. I also mentioned that the end-buyer of the property may already have their own contractors who they work with so this isn't any guaranteed work via what I'm asking. One of the two even went as far as giving me advice on how to screen contractors before dealing with them. I look forward to learning from them and working with them in the future. 

 Hahaha, exactly! My thoughts entirely. You answered one of the questions I had in my head for my mentor. I want to see how he does it but I feel like adding in that padding for negotiating process is absolutely critical. I also read an article about the psychology of pricing / buying. In a nutshell the article said that people do not like "5"s and "0"s. For ex. 

If you're asking for 15,000 it would be better to ask for 16k. With the zero's, it would be better to ask for 19.9 as opposed to 20k. If you want to read the article yourself, let me know and I'll try and dig it back up from my history.

I've seen a lot of different things. 6% is generally the lowest I've seen but it can stretch up to 12%. I really believe it should be based on your personal situation and your relationship with the developer. How well do you know this guy? Do you have a lot of experience with him either in business or just in a general friendship? Is he just an acquaintance?

The closer you guys are, the more (in my humble opinion) it makes sense to ask for smaller percentage of interest, and maybe a percentage of the profits as suggested up above.

If you guys aren't really all that close and are more of acquaintances than anything else, then having a higher interest rate makes more sense in my opinion. You don't want to over-leverage him and make it harder for him to make the deal make sense.

Lastly... what does your personal situation warrant? Are you taking the money from a different account with a low interest rate and investing it with him to get a higher interest rate? (charge a higher interest rate to get the $$$ return that you want). Do you just have the money sitting around and not really in need of more money? Then the 6% may be plausible for you.

These are the things I would think about when I get in your position to be able to provide loans for others.

 Thanks a lot Christian. I plan on working with my mentor before I do anything else but the plan is to market it like crazy and get it gone as soon as possible. I'm very excited since I didn't put anything down on the contract. Meeting the seller yesterday was very cool experience and he was amicable and helpful after hearing this is my first deal.

Only thing that worries me is the amount of work that needs to be done on it. I'm not sure the costs (which is what I want to work with my mentor on estimating -- have him put me in touch with a contractor he trusts to walk through and give me a quote) so I can pick the appropriate price point. I know what I want minimum on the property but if I can increase my margin like @Mark Gallagher was alluding to then I definitely want to do that as well.

Christian, I sent you a connect request on LinkedIn, and look for requests on the rest of social media as well.