Great video! I went through this process and I was taken aback when my bank asked me for (aside from everything you mentioned) a PERSONAL FINANCE STATEMENT (Estado Financiero Personal) which needed to be prepared by an accredited accountant and the information they used was for the TWO previous tax years. They asked for every bank account, every debt, every asset (even if I no longer held them). These statements can cost anywhere between $500 to $1,200.
You are so right about buying an property in DR , I remember when we purchase our property in the DR . And the process took forever even though were paying in cash it was also stressful .
Lol great video & true! I’m in the process of purchasing my 1st property, it’s a lot faster paying cash for the property, also already built properties too. You just have to make sure you’re having a proper inspection before paying for anything. Process take 3-7 days to complete transaction. Good luck on future investments! 👍🏾🙏🏾
Yeah man. That appraisal and the inspection is very important. I’m already looking a few places. A lot of new development but the prices are starting high. La Terrenas has some really nice places being built? Where did you buy?
Since the cost of building material has went up since Covid it sucks on high starting prices but makes since. I’ve never been to La Terrenas but I’ve heard it’s a good place to invest. My 1st property will be in Santo Domingo, 2nd will be Santiago, 3rd Sosua, if I decide to purchase a Villa for my 3rd property I’ll probably change the city location.
@@terrycallaway7021 ohhh man. The capital and Santiago at getting expensive. I have a buddy that just bought some property and is building 3 units. Got lucky on the land.
Casa de campo! Wow deep pockets! Congrats and many blessing! I’m from la Romana and raised 10 feet from casa de campo, I looked into it but the maintenance feed of about 500$ every month turn me off! So I took my search all the way to the other side of the country in Jarabacoa, & omg super cheap the property and I got a big big new home with about 8 acres with me, super happy, but yes you are 100% correct it was a hard long process is nothing like in the USA! Lol
And you’re right, the maintenance fee is a big problem but it’s the same in the USA. If you buy a luxury condo somewhere those fees will be high. Are you investing anywhere else?
Congrats! You made it work! I will be buying in the DR this fall/winter..... fortunately I have 💰 CASH,,, the process will be faster and less stressful than needing to deal with a bank! 😀
Yeah man for sure. Some of the steps will still be there like the appraisal. But you should have a more streamlined process. Congrats on the purchase. Where did you buy?
I went through the same thing but it's worth it; It is to protect the buyer from deception and, of course, the banks to insure their investment. a little patience does it.
Yes. Agreed. Plus as a foreign investor they need to take a lot of precautions. Hence only providing up to 65% financing. But the resending of docs multiple times was a bit ridiculous. At the end of the day. We have a property in a great place.
My recommendation would be to take a home equity loan on your house back in the States or Canada. Your interest rate will be half of what the banks in Dr charge. You will also have better payback options on that mortgage back home. If you have a mortgage in the DR and you decide to sell your condo or house imagine the time and extra interest you will be paying until the property gets properly discharged. Patience is a virtue……….mañana.
If you have that much equity built up the that should work. But I can’t make that recommendation. lol. I’m considering that In the future. Thanks for the input.
I visit DR when I can and plan on buying out there. Fortunately my wife is Dominican and her family is well connected. But brother you are 100% correct about the pace of business in general there. It’s “Hurry up & Wait” for sure lol. Great video 🎉
I bought a land in DR . Very stressful experience. Definitely I recommend hiring a n attorney ( which was super exclusive) but still it took a while and there were lots of surprises
Yeah man. It started to feel like I was asking for the impossible to with basic tasks. But it’s all good. We crossed the finish line. Next time it’ll be faster.
CASA DE CAMPO is an exclusive complex where literally all the millionaires and powerful in the country have a property. Shakira, Alex Rodriguez, J.Lo, Bill Gates to name a few are some of the personalities that have a property in Casa de Campo, so the process was easy for him.
Punta Cana is the easiest and most comfortable place to buy a property and there are currently more than 3 projects under construction with more than five thousand luxury apartments from 89,000 dollars. Look on You tube for properties in Punta Cana and you will see.
@@crazypeopleoutthere Ha! Yeah, If had their money and can pay cash, it would have been. But Im just an average dude from New Jersey. So they're process is a little different than mine. Thanks for thinking im a millionaire. lol.
My brother and I started the process right b4 Corona so yeah..big headache! We were buying new build so that was totally interrupted but because we bought with cash it was better experience than financing etc. My advice, you nd couple friends or family pool up and buy! The language barrier was a little annoying but doable. Were gonna airbnb it for couple years,hopefully get another and in 4,5yrs live their part time! Goodluck. Again, cash is king!
That’s a great move. It feels good when your vacation cost are cut in half. Congrats. Your strategy is a good one. I’m a bit of a loaner tho. It’s just me and my wife on this. Where did you buy?
@@yesimjose new development in Verona area.2bdrm/2 and 1/2bthrm condo I guess you call it. We really like Bavari area and hope to get another in that area in the future. Definitely help on expenses but because DR has become tourist spot I've seen price hikes as far as stores and restaurants. Especially using American debit cards.
You can. But it’s easy to get scammed out there. Paper work is all over the place. Buying in casa de campo was great because casa de campo has their own legal that verifies the sale of property.
Dude! Casa de Campo is probably the most exclusive gated community in the whole Caribbean. Did not compare this to what is buying outside this community. Like in the US when you buy in a coop building where you have to jump a loop of hoops and still they can’t prevent you for buying.
Great info. Going through this process now. I appreciate the “have patience” part…lol Also, just subscribed. I have a travel channel as well and all of the videos you have will help me out a lot once we finalize this whole process and get to spend more time there!
Thanks for the video. We are buying in cap cana. I completely agree with you and the long process we are still waiting on closing. I hope that by the end of it all we will be completely happy. We love the area and how secure it is. Do you have any idea where to buy furniture in the area?
Hey. Congrats! If you’re renting it out let me know. We haven’t been there yet. Check out Alyss or Zara home in Blue Mall but the prices are a bit high. But there’s Decent stuff there. There’s an ikea in punta Cana I believe. But it’s a showroom and they deliver Tuesdays and Thursdays. There are a few custom places but they’re not cheap. We shipped a lot of stuff over.
Hey. How are you? If any of the credit bureaus are used it would be Transunion. But you’re basically building new credit history in the Dominican Republic. Your credit in the USA has minimal weight over there.
Great video! I’ll be going to Punta Cana early next year to look at investment properties. Can I use a home equity loan from my current mortgage company to purchase property in the DR?
Hey thank you. Good luck in punta Cana. If I hear anything about new properties or developments, I’ll post them. And if you’re going to do a HELOC, I assume, you’d just send the funds to an account in DR after you’ve been funded. But please confirm with your mortgage lender before you do so.
Jose gracias por este video Muy informativo . Nothing like research when you trying to move to the DR,months and months of research. I have found that one of my biggest challenge I’m having is renting a good safe place that would allow a large dog like I have. I have found some but as I suspected with a 20 pound limit.. any suggestions from you or your peeps would be greatly appreciated.Hasta luego.
Hey Angel. Thanks for watching. It’s tough with bigger dogs. Owners are scared that big dogs would damage furniture or other property. Where specifically are you looking to buy or rent.
Thanks for quick response Jose. You right about my dog same thing here in USA I shoulda know that. So now I’m moving on to looking at houses but I don’t have cash money to buy outright but do have some pesos for down payment.I’m looking near the capital but more rural quieter area that I can walk to town. One Bedroom.
Hey angel. I have a friend who is a real estate broker out there in DR. Send me an email and I’ll see if there’s anything I can send your way. Do you want to be in a city or resort complex?
For instance, Juan Dolio is nice and a cool city near a beach. Or there’s places like playa nueva romana that’s a resort complex with private owned villas or condos.
@@yesimjose as long as it’s safe, don’t really matter as long as I can walk to town, or short drive on public transportation. Santo domingo area. I’m planning one week stay there soon,so yeah I need hook-ups.
I’ve seen listings for houses in DR but it showed it in pesos. How do I keep it that way? I was told that these companies are up charging on house prices to Americans especially if you come in with US dollars
That’s a tough one. Because the second you call with a US number or they get a sense you’re not from there they’ll try to bump up the price. I would say try to find someone the know and trust in DR to negotiate on your behalf. I’m my situation, because of where we purchased, everything was already in dollars.
Congrats on your purchase! Question, would you recommend the cash option? After I saw what they were offering for interest rates, I decided to just continue saving until I had enough to buy outright and still have some remaining on the other end. Of course this option means I have to stay in the grind a lil long. Your thoughts? Oh wow, just made it to the part of your video about purchasing with cash if possible lol. Still would like to hear your thoughts tho.
Hey Arthur, yeah man. The interest rates are on the higher side. I can connect you with my bank. We go a rate under 6%. This is a real plus. I would not mind sending you my direct contact at Banco Popular. My honest opinion would be is to save a little more but still use financing. Getting furniture and other appliances can be expensive and you'll need extra cash to cover closing cost and lawyer fees.
@@yesimjose Hi! I am interested in buying in 🇩🇴 I am getting my cédula to obtain citizens benefits, but I’m still looking for a lender to provide a low interest. Do you still have your lenders info? Thanks much!
@@yesimjoseKlk mi hermano, aqui le habla un joven dominicano de 21 anos viviendo en europa ahorrando dinero para comprar mi primera propiedad en nuestro paradiso. Podrias manderme tu contacton en Banco Popular? ese 6% suena muy bien
Dope video. Thanks for the information. I'm 1st gen US born Dominican american and Im looking to invest in DR even though my parents tell me not to...lol. Do you tjonk Cap Cana is a good location to invest in a rental investment property? Any other locations I should be looking at instead?
Hey. Thanks for watching. The DR is tough because there’s no real regulation on Airbnb and other vacation rental apps. So there’s a lot of completion everywhere. I would do some research in any where you select before you buy. But punta Cana is always good. But there’s a lot of development. So a lot of units opening up. In terms of area it all depends on what you like. I like beach. But other like mountains and country. So that’s really up to you. I think Samana still has good opportunity, puerto plata is pretty decent, and juan dolio is somewhat untapped still. But just gotta see what works for you first.
Hey Jose, what's your thoughts on pre-construction villas in punta cana? Saw a great investment opportunity, being talking with a good realtor for 3months, viewed the area personally, but just wanted to here your thoughts.. Planning on using the monthly payment option that the developers offered. Anything is appreciated
Hey bud. Sorry for the delay. It’s a great option. I have another video on just that top. But these new developments are really nice. Just need to make sure you trust the developers. I’m doing the same in Jarabacoa now.
Appreciate the walk through. I'm on a different track though. Tell me what do you think about this plan? I've been thinking about this for a while. I'm retired from the NYC Fire Department. So having to scout out for income is something, I don't need to worry about when, I get down there. I plan on renting for about a year and within, that year. I'm going to apply for citizenship or permanent residency. So, I hope to have duel either or also, plan on purchasing several jetskis and use that as additional income. After that year is up and hopefully uneventful. I'm going to use the same attorney who helped me with the citizenship walk me through Condo ownership. The path that you took is slightly different than mines. But, the information you provided is valuable. Thank you. I'd appreciate any input that you can add to that. I've already scouted out DD information, ship and send places near me and other logistical information. I'm a little lost when, it comes to finding THAT Condo with good security and something within 20 minutes from the beach to set up my permanent jetski business Can you offer any suggestions? I appreciate that. Have a good day brother.
It’s a good idea. Jetskis, golf carts, quads, anything motorized is hard to get at a good price. Finding a condo near a beach isn’t the issue, there’s lots of places. The only problem would be is that you might need a open area. An enclosed area like case de campo or cap Cana would be a little difficult to set up shop, but bayahibe, samana, maybe juan dolio would be cool. From what I know so far. But having the citizenship helps. I’m getting mine now. That would speed up the financing process and open up more credit options for you. But good luck out there. Great place to retire. I’m on that same path! Lol.
@@yesimjose appreciate that tip and, I'll definitely scout those locations. I made up my mind this morning. I'm going to start the process. But, I thank you for everything. When, I get set up, you and the family have an open invite. Free of charge. Take care brother.
That entire process took 5 months. But it was 4 months of waiting for confirmations, resending information, and getting all of my paperwork in order. Not too bad but still stressful.
You have to have a lawyer execute the transaction. They do the work pulling all information and docs on the property before the closing for you to review before you go to closing. So having a good lawyer is clutch.
@@yesimjose You're terrific. Really well organized in your presentation. I will watch more of your videos. How do you compare the situation in Mexico with the DC in all these areas?
@@yesimjose No but im A black guy started from Washington DC.I live in South Africa pops was African.I have 8 passports.Pick up property where ever you can. Its easyer to get A stable Dominican girl if you actualy live there even one week every two months.
Why did you finance over cash? My dad invest in rental properties in Atlanta and told me use other peoples money. I plan on renting our home out after a couple of years so im torn
Hey, scotiabank and banco popular from what I know. And the profits depend on your monthly cost. Usual occupancy rates are 50% of the month and depending on the area, you can charge more. For instance, if you’re in the Capital, Santiago, or punta Cana there is a lot more movement. So profit can be made but there are a lot of variables.
@@yesimjose thank you for your message. I am planning on buying in Santiago and Punta cana.. I want to purchase all cash so I don't have to deal with all the issues with the banks. What kind of variables? Also, is renting acceptable there?
That’s awesome! Yes you can rent in both areas. Santiago is really nice near El Monumento. I recently stayed in a nice one over there. As for the rates, they can go very high. My bank was able to get me a rate under 7%. It’s pretty good for being an investment in another country. I can connect you with my banker. She’s with banco popular.
Hey. Personally, I do not. From what I’ve heard, the process is also long and stressful. But a couple of things still apply. You’ll need an appraisal before you purchase and very important is the land survey.
Last time I was in Santiago I saw a lot of new developments. I was looking at 3 Bedroom penthouse for about $189,000. There’s a lot for sale everywhere but prices are getting higher and higher.
CASA DE CAMPO is an exclusive complex where literally all the millionaires and powerful in the country have a property. Shakira, Alex Rodriguez, J.Lo, Bill Gates to name a few are some of the personalities that have a property in Casa de Campo, so the process was easy for you.
Im just a guy from NJ. I didn't buy in cash so the process was a little different than these super rich people you were naming. Thanks for thinking Im a millionaire tho. lol
I’m not too sure I just did a wire transfer from my USA bank account to a DR bank account. That’s the safest and easiest way. The fee is around $55 total.
Do you know any international banks? I'm thinking of buying an apartment in Santo Domingo I prefer an international bank, banks in the Dominican Republic are very abusive
I know. That was a problem for me. We use banco popular. They had great rates. I can send you my contact there. She’s amazing. The other option out there was Santander.
I would be. But there would still be a lot of docs to be completed, the appraisals need to be done, etc. but yes. It would be faster. Cash is king. And you could possibly negotiate better with cash.
Hey, Sorry. I don't have any information on that. But I would assume if you're legally married in the DR the country recognizes your partner and has their credit history. So it makes it the process faster.
@@yesimjoseI’ve been looking at condos in the Santo Domingo area , piantini, naco . I’ve seen videos of the condos available but the videos don’t give details about maintenance, or and any other fees they might have that I’m not aware of .
@@mkcruz7 there’s a lot of opportunity out there. Tons of new development. I have a friend who recently showed me developments in juan dolio and playa nueva romana. Fairly priced and beach front.
I was lucky enough to have a realtor that sent me clients immediately. But my goal was never to make money off of it. The goal is to cover all expenses, vacation with very low cost, and eventually have a property that’s paid off. Then that’ll be my income. But based on AIRDNA the rental rates in DR are 35-50% of the month depending on where you’re located.
Hey what’s up Los. Your gonna need to put down anywhere from 30-50%. Here I put down about 30%. I was just looking at a condo in Santiago and they wanted 40% down on a $160k condo. So what ever you’re looking at whether it be a house, condo, or even land always think 30 to 50%. For land specifically you’ll need 50%.
@@carloscancel1863 Thats awesome. I can connect you to my banker. Shes great. Works at Banco Popular. I got a really good rate for financing. Where are you looking to buy?
I don’t regret it. It gets interesting in the slow periods but at the end of the day, I can go to DR when ever and have a place. But yes, if I decided to sell it’ll go quickly. Lol
Yes. Having citizenship in the Dominican Republic helps with the credit check and potentially with rates. They don’t see you as a high flight risk because you’re not just an expat
Their commission wasn’t enough? Lol. Just kidding. Just like with everything else in DR they just operate at a different speed. Especially if you’re not a citizen or a millionaire. But at the end of the day, it got done.
Hey Luis, because the market isn’t great in the USA. I live in NJ, so though the rates were low at the time everything was over going asking. And there was no beach and 80 degree weather in the winter.
@@yesimjose I was out in boca chica I had a good time there for 3 weeks I have to explore the rest of the country I had no idea there were advantages to marrying a dr citizen to buying properties
@@panmaking5187 nice! There are a lot of beautiful areas in DR. You should definitely drive around. Samana, Sousa, bayahibe, juan dolio. All nice places.
I will never understand black men and their hatred towards black women you can build with any black Queen but y’all want to go all the way overseas like there aren’t over million black Queens out here and the way he just said it 🤦🏽♀️🤦🏽♀️🤦🏽♀️ colonization is still playing a role on you black men I see
I wouldn’t buy a pencil in that Country The worst Country to invest. Why would you invest in a Country with such a corrupted government. Real Estate agents are joke.. They will sell you anything, but try to do resale. It took me 4 years to sell amazing condo and it took 3 years to get it build. I would never recommend investing down there
Hey Mike, I’m really sorry that happened to you. I’ve been In the mix with real estate in DR For a couple of years. I’ve seen a lot of great opportunities out there. Things are a little frustrating and crazy as well. High Prices are being thrown around in USD. And in some places it’s a bit ridiculous. But still a great investment.
Loads of videos were mad clickbait... but this was the most comprehensive video out there on DR. Thank you very very much.
Wow. Thanks. I appreciate it.
Yea I agree he got str8 to it !
No bs...pure content we came for. Respect my brotha 💪🏾
This was a very to the point video. You have shown everything I had questions about. I will just save up cash for land, Im all set with that process.
Great video! I went through this process and I was taken aback when my bank asked me for (aside from everything you mentioned) a PERSONAL FINANCE STATEMENT (Estado Financiero Personal) which needed to be prepared by an accredited accountant and the information they used was for the TWO previous tax years. They asked for every bank account, every debt, every asset (even if I no longer held them). These statements can cost anywhere between $500 to $1,200.
You are so right about buying an property in DR , I remember when we purchase our property in the DR . And the process took forever even though were paying in cash it was also stressful .
Yeah man. They really take their time. Not an ounce of urgency.
I bought in DR and your explanation of the process is on-point!!!
We feel each other’s pain. ✊🏽
Where did you buy yours?
@@yesimjoseResidential Torre Alta 2, Puerto Plata.
@@s.a7468 dope.congrats man. I’m going to be listing a new apartment near the beach In puerto plata on my Airbnb account. Close to ocean world.
@@yesimjose Nice!!!
Lol great video & true! I’m in the process of purchasing my 1st property, it’s a lot faster paying cash for the property, also already built properties too. You just have to make sure you’re having a proper inspection before paying for anything. Process take 3-7 days to complete transaction.
Good luck on future investments! 👍🏾🙏🏾
Yeah man. That appraisal and the inspection is very important. I’m already looking a few places. A lot of new development but the prices are starting high. La Terrenas has some really nice places being built? Where did you buy?
Since the cost of building material has went up since Covid it sucks on high starting prices but makes since. I’ve never been to La Terrenas but I’ve heard it’s a good place to invest. My 1st property will be in Santo Domingo, 2nd will be Santiago, 3rd Sosua, if I decide to purchase a Villa for my 3rd property I’ll probably change the city location.
@@terrycallaway7021 ohhh man. The capital and Santiago at getting expensive. I have a buddy that just bought some property and is building 3 units. Got lucky on the land.
Cash is king!!
Economy is booming in the Dr family take advantage!
You are correct. But it is getting expensive out there.
Thanks for the info eventhough I'm Dominican I have in New York most of my life and I'm thinking of posibly investing in DR
That’s awesome man. Just gotta do your research. There’s a lot of opportunity but it’s also getting expensive. What ever you need just let me know.
Casa de campo! Wow deep pockets! Congrats and many blessing! I’m from la Romana and raised 10 feet from casa de campo, I looked into it but the maintenance feed of about 500$ every month turn me off! So I took my search all the way to the other side of the country in Jarabacoa, & omg super cheap the property and I got a big big new home with about 8 acres with me, super happy, but yes you are 100% correct it was a hard long process is nothing like in the USA! Lol
First congrats on buying in Jarabacoa. We actually looked at a new development there. We’re considering making the investment.
And you’re right, the maintenance fee is a big problem but it’s the same in the USA. If you buy a luxury condo somewhere those fees will be high.
Are you investing anywhere else?
Congrats! You made it work! I will be buying in the DR this fall/winter..... fortunately I have 💰 CASH,,, the process will be faster and less stressful than needing to deal with a bank! 😀
Yeah man for sure. Some of the steps will still be there like the appraisal. But you should have a more streamlined process. Congrats on the purchase. Where did you buy?
I went through the same thing but it's worth it; It is to protect the buyer from deception and, of course, the banks to insure their investment.
a little patience does it.
Yes. Agreed. Plus as a foreign investor they need to take a lot of precautions. Hence only providing up to 65% financing. But the resending of docs multiple times was a bit ridiculous.
At the end of the day. We have a property in a great place.
My recommendation would be to take a home equity loan on your house back in the States or Canada. Your interest rate will be half of what the banks in Dr charge. You will also have better payback options on that mortgage back home. If you have a mortgage in the DR and you decide to sell your condo or house imagine the time and extra interest you will be paying until the property gets properly discharged. Patience is a virtue……….mañana.
If you have that much equity built up the that should work. But I can’t make that recommendation. lol. I’m considering that In the future. Thanks for the input.
I just came across an opportunity to build in Samana. Thank you for the information.
Congrats! Just do your research and know all cost. But that’s awesome! Let me know if you need any other information.
Thank you so much for the information!! Great video
Glad it was helpful!
I visit DR when I can and plan on buying out there. Fortunately my wife is Dominican and her family is well connected. But brother you are 100% correct about the pace of business in general there. It’s “Hurry up & Wait” for sure lol. Great video 🎉
Haha. Hurry up and wait is correct. Lol. Thanks for watching.
Very informative. Congrats and thank you.
Great job explaining the process.
Glad it was helpful!
I bought a land in DR . Very stressful experience. Definitely I recommend hiring a n attorney ( which was super exclusive) but still it took a while and there were lots of surprises
Yeah man. It started to feel like I was asking for the impossible to with basic tasks. But it’s all good. We crossed the finish line. Next time it’ll be faster.
Where in DR did you buy?
Thanks for your help
Always welcome
Stressing the "patience" part, island time is a real thing. Lower your expectations on customer service and response times. Great video.
Thank You 🙏🏽. School of the hard knocks is real on that island.
I was going to purchase my 1st property in DR but after watching this video I’ll pass. Thank you!
Ha! The process sucks but done let that deter you from buying in DR. Still a great investment if you want to have a great place to vacation.
CASA DE CAMPO is an exclusive complex where literally all the millionaires and powerful in the country have a property. Shakira, Alex Rodriguez, J.Lo, Bill Gates to name a few are some of the personalities that have a property in Casa de Campo, so the process was easy for him.
Punta Cana is the easiest and most comfortable place to buy a property and there are currently more than 3 projects under construction with more than five thousand luxury apartments from 89,000 dollars. Look on You tube for properties in Punta Cana and you will see.
@@crazypeopleoutthere Ha! Yeah, If had their money and can pay cash, it would have been. But Im just an average dude from New Jersey. So they're process is a little different than mine. Thanks for thinking im a millionaire. lol.
Very informative and honest video, thank you!
Anytime! Thanks for stopping by.
Appreciate this ! Great content
Thank you!
Well explained
My brother and I started the process right b4 Corona so yeah..big headache! We were buying new build so that was totally interrupted but because we bought with cash it was better experience than financing etc. My advice, you nd couple friends or family pool up and buy! The language barrier was a little annoying but doable. Were gonna airbnb it for couple years,hopefully get another and in 4,5yrs live their part time! Goodluck. Again, cash is king!
That’s a great move. It feels good when your vacation cost are cut in half. Congrats.
Your strategy is a good one. I’m a bit of a loaner tho. It’s just me and my wife on this. Where did you buy?
@@yesimjose new development in Verona area.2bdrm/2 and 1/2bthrm condo I guess you call it. We really like Bavari area and hope to get another in that area in the future. Definitely help on expenses but because DR has become tourist spot I've seen price hikes as far as stores and restaurants. Especially using American debit cards.
DR is getting very expensive. Well catching up to the rest of the world. So it’s good to invest if your got it. Congrats again brotha.
You can finance directly from the property owner down there.
You can. But it’s easy to get scammed out there. Paper work is all over the place. Buying in casa de campo was great because casa de campo has their own legal that verifies the sale of property.
Awesome, thank you.
You’re welcome n
Dude! Casa de Campo is probably the most exclusive gated community in the whole Caribbean.
Did not compare this to what is buying outside this community.
Like in the US when you buy in a coop building where you have to jump a loop of hoops and still they can’t prevent you for buying.
You say it.
If you have cash, things are most smoother
Cash is always king n
Thanks for sharing
You’re welcome.
Great info. Going through this process now. I appreciate the “have patience” part…lol
Also, just subscribed. I have a travel channel as well and all of the videos you have will help me out a lot once we finalize this whole process and get to spend more time there!
Ha! Thanks for subscribing. Yes, patience is super important. I subscribe to yours too. Share the love.
@@yesimjose Thank you! Much appreciated :)
@@yesimjose We finally closed…haha! Went back and rewatched this video for old times sake haha!
Nice! Congrats man. 😂😂😂
Was the process in my video accurate? Where did you buy?
Great info. Thank you. I bought land in Bonao cash but need to a loan to build on it. Helpful video, thank you.
Congrats. I’m doing the same in Jarabacoa.
Porque no la haces de a poco? Vas juntando dinero y le vas invirtiendo. Asi hice yo la mía sin deudas.
Thanks for the video. We are buying in cap cana. I completely agree with you and the long process we are still waiting on closing. I hope that by the end of it all we will be completely happy. We love the area and how secure it is. Do you have any idea where to buy furniture in the area?
Hey. Congrats! If you’re renting it out let me know. We haven’t been there yet. Check out Alyss or Zara home in Blue Mall but the prices are a bit high. But there’s Decent stuff there. There’s an ikea in punta Cana I believe. But it’s a showroom and they deliver Tuesdays and Thursdays.
There are a few custom places but they’re not cheap.
We shipped a lot of stuff over.
Theres anIKEA in the capital.
@@cvonmurray yes. There’s also one in la romana.
How are you liking Cap Cana so far? I'm thinking of also looking to invest there. Is there plenty of rental demand?
What Credit Bureau do they use to run your score? Or is it where they're creating a new credit file for the DR??
Hey. How are you? If any of the credit bureaus are used it would be Transunion. But you’re basically building new credit history in the Dominican Republic. Your credit in the USA has minimal weight over there.
Great video! I’ll be going to Punta Cana early next year to look at investment properties. Can I use a home equity loan from my current mortgage company to purchase property in the DR?
Hey thank you. Good luck in punta Cana. If I hear anything about new properties or developments, I’ll post them.
And if you’re going to do a HELOC, I assume, you’d just send the funds to an account in DR after you’ve been funded. But please confirm with your mortgage lender before you do so.
Lol I just seen the end of the video...lol 😄
Thank you for this video. Really appreciate it 🙏🏻
Which bank did you use? From u.s only one bank does this .
You’re welcome. We used Banco Popular. They had great rates and have people that speak English.
Thanks
🙏🏽
Very Dope! Accurately
Thanks. I love the experience.
How do i get some information on buying in the same neighborhood ? Website or maybe the number for the realtor you use?
Jose gracias por este video Muy informativo . Nothing like research when you trying to move to the DR,months and months of research. I have found that one of my biggest challenge I’m having is renting a good safe place that would allow a large dog like I have. I have found some but as I suspected with a 20 pound limit.. any suggestions from you or your peeps would be greatly appreciated.Hasta luego.
Hey Angel. Thanks for watching. It’s tough with bigger dogs. Owners are scared that big dogs would damage furniture or other property. Where specifically are you looking to buy or rent.
Thanks for quick response Jose. You right about my dog same thing here in USA I shoulda know that. So now I’m moving on to looking at houses but I don’t have cash money to buy outright but do have some pesos for down payment.I’m looking near the capital but more rural quieter area that I can walk to town. One Bedroom.
Hey angel. I have a friend who is a real estate broker out there in DR. Send me an email and I’ll see if there’s anything I can send your way. Do you want to be in a city or resort complex?
For instance, Juan Dolio is nice and a cool city near a beach. Or there’s places like playa nueva romana that’s a resort complex with private owned villas or condos.
@@yesimjose as long as it’s safe, don’t really matter as long as I can walk to town, or short drive on public transportation. Santo domingo area. I’m planning one week stay there soon,so yeah I need hook-ups.
I’ve seen listings for houses in DR but it showed it in pesos. How do I keep it that way? I was told that these companies are up charging on house prices to Americans especially if you come in with US dollars
That’s a tough one. Because the second you call with a US number or they get a sense you’re not from there they’ll try to bump up the price.
I would say try to find someone the know and trust in DR to negotiate on your behalf.
I’m my situation, because of where we purchased, everything was already in dollars.
Where are you looking to buy?
Congrats on your purchase! Question, would you recommend the cash option?
After I saw what they were offering for interest rates, I decided to just continue saving until I had enough to buy outright and still have some remaining on the other end. Of course this option means I have to stay in the grind a lil long.
Your thoughts?
Oh wow, just made it to the part of your video about purchasing with cash if possible lol. Still would like to hear your thoughts tho.
Hey Arthur, yeah man. The interest rates are on the higher side. I can connect you with my bank. We go a rate under 6%. This is a real plus. I would not mind sending you my direct contact at Banco Popular.
My honest opinion would be is to save a little more but still use financing. Getting furniture and other appliances can be expensive and you'll need extra cash to cover closing cost and lawyer fees.
How much was your property
@@yesimjose Hi! I am interested in buying in 🇩🇴 I am getting my cédula to obtain citizens benefits, but I’m still looking for a lender to provide a low interest. Do you still have your lenders info? Thanks much!
@@yesimjoseKlk mi hermano, aqui le habla un joven dominicano de 21 anos viviendo en europa ahorrando dinero para comprar mi primera propiedad en nuestro paradiso. Podrias manderme tu contacton en Banco Popular? ese 6% suena muy bien
@ mandame in correo electronico. Cdcvacay@gmail.com
Dope video. Thanks for the information. I'm 1st gen US born Dominican american and Im looking to invest in DR even though my parents tell me not to...lol. Do you tjonk Cap Cana is a good location to invest in a rental investment property? Any other locations I
should be looking at instead?
Hey. Thanks for watching. The DR is tough because there’s no real regulation on Airbnb and other vacation rental apps. So there’s a lot of completion everywhere.
I would do some research in any where you select before you buy. But punta Cana is always good. But there’s a lot of development. So a lot of units opening up. In terms of area it all depends on what you like. I like beach. But other like mountains and country. So that’s really up to you.
I think Samana still has good opportunity, puerto plata is pretty decent, and juan dolio is somewhat untapped still. But just gotta see what works for you first.
Hey Jose, what's your thoughts on pre-construction villas in punta cana? Saw a great investment opportunity, being talking with a good realtor for 3months, viewed the area personally, but just wanted to here your thoughts.. Planning on using the monthly payment option that the developers offered. Anything is appreciated
Hey bud. Sorry for the delay. It’s a great option. I have another video on just that top. But these new developments are really nice. Just need to make sure you trust the developers. I’m doing the same in Jarabacoa now.
I'm interested in that as well
Dude, I want to buy property in the DR and you just stressed the hell out of me lol.
Hahaha! Sorry bro. Just letting you know. Better to hear it first then go in blind. Glad I can help. ✊🏽
Appreciate the walk through. I'm on a different track though. Tell me what do you think about this plan? I've been thinking about this for a while.
I'm retired from the NYC Fire Department. So having to scout out for income is something, I don't need to worry about when, I get down there. I plan on renting for about a year and within, that year. I'm going to apply for citizenship or permanent residency. So, I hope to have duel either or also, plan on purchasing several jetskis and use that as additional income.
After that year is up and hopefully uneventful. I'm going to use the same attorney who helped me with the citizenship walk me through Condo ownership. The path that you took is slightly different than mines. But, the information you provided is valuable. Thank you.
I'd appreciate any input that you can add to that. I've already scouted out DD information, ship and send places near me and other logistical information.
I'm a little lost when, it comes to finding THAT Condo with good security and something within 20 minutes from the beach to set up my permanent jetski business Can you offer any suggestions? I appreciate that. Have a good day brother.
It’s a good idea. Jetskis, golf carts, quads, anything motorized is hard to get at a good price.
Finding a condo near a beach isn’t the issue, there’s lots of places. The only problem would be is that you might need a open area. An enclosed area like case de campo or cap Cana would be a little difficult to set up shop, but bayahibe, samana, maybe juan dolio would be cool. From what I know so far.
But having the citizenship helps. I’m getting mine now. That would speed up the financing process and open up more credit options for you.
But good luck out there. Great place to retire. I’m on that same path! Lol.
@@yesimjose appreciate that tip and, I'll definitely scout those locations. I made up my mind this morning. I'm going to start the process. But, I thank you for everything. When, I get set up, you and the family have an open invite. Free of charge. Take care brother.
Good luck brotha. If you need anymore info let me know. I have a great team in DR - lawyer, real estate, and other resources.
@@yesimjose ok, I appreciate that. When, I cross that bridge. Thank you again.
Hmmm , have you ever brought property in the United States? Same exact scenario applies when buying here !
Not exactly. High level yes, but some things are backwards. Especially the financing.
Whats the total time it took from you first finding a spot to closing and getting keys mano?
That entire process took 5 months. But it was 4 months of waiting for confirmations, resending information, and getting all of my paperwork in order. Not too bad but still stressful.
Do you have any type of property insurance? Any suggestions on companies(international or DR)?
Hello Yes. I use a company called Humano. Pretty good and affordable. If you send me an email I can connect you with them.
👍👍👍👍
Great content…do have a ballpark for the appraisal and attorney costs? I’d be curious to know what this might cost.
Hey. For the appraisal you should be anywhere from $250 to $400 each time. For lawyer fees estimate 1% of property value. These are estimated figures.
Well I will just buy the home cash because u want to be done with any monthly payment
You’re 100% right on that. If you got it do it. Interest rates are high. 👍🏽
Island time. Keep the urgency and stress in US!
Hahaha. Sounds like you live here.
How is the title search performed to make we sure there are no liens or claims against the property??
You have to have a lawyer execute the transaction. They do the work pulling all information and docs on the property before the closing for you to review before you go to closing. So having a good lawyer is clutch.
@@yesimjose You're terrific. Really well organized in your presentation. I will watch more of your videos. How do you compare the situation in Mexico with the DC in all these areas?
I say by over seas property in cash.Less hasssle
Agreed. If you got it do it. Have you purchased in DR?
@@yesimjose No but im A black guy started from Washington DC.I live in South Africa pops was African.I have 8 passports.Pick up property where ever you can. Its easyer to get A stable Dominican girl if you actualy live there even one week every two months.
@@kosiboss6126 Ha! That’s dope man. You’re the black James Bond. 😂
Why did you finance over cash? My dad invest in rental properties in Atlanta and told me use other peoples money. I plan on renting our home out after a couple of years so im torn
What is a good international bank to use to purchase in D.R? Also, how's the profit when renting through airbnb or vrbo?
Hey, scotiabank and banco popular from what I know.
And the profits depend on your monthly cost. Usual occupancy rates are 50% of the month and depending on the area, you can charge more. For instance, if you’re in the Capital, Santiago, or punta Cana there is a lot more movement.
So profit can be made but there are a lot of variables.
@@yesimjose thank you for your message. I am planning on buying in Santiago and Punta cana.. I want to purchase all cash so I don't have to deal with all the issues with the banks. What kind of variables? Also, is renting acceptable there?
That’s awesome! Yes you can rent in both areas. Santiago is really nice near El Monumento. I recently stayed in a nice one over there.
As for the rates, they can go very high. My bank was able to get me a rate under 7%. It’s pretty good for being an investment in another country. I can connect you with my banker. She’s with banco popular.
Yes please, and also your realtor. I heard there's alot of scams with realtors not being real realtor.
Sure, shot me an email at cdcvacay@gmail.com. I'll send you an email connecting you with my people.
I just bought a piece of Land. Do you know anything about building from scratch ?
Hey. Personally, I do not. From what I’ve heard, the process is also long and stressful. But a couple of things still apply. You’ll need an appraisal before you purchase and very important is the land survey.
@@yesimjose ok. Thanks for replying
For sure. If I get more info I’ll be sure to post.
Awesome video, what’s the down payment? Of 35%? USD or pesos?
Depending on what you get approved for your looking at minimum 25-30% of a down payment in USD or pesos. Whatever your main currency is. So usd.
Are there any cheap homes for sale in Santiago, or Monti Christi?
Last time I was in Santiago I saw a lot of new developments. I was looking at 3 Bedroom penthouse for about $189,000.
There’s a lot for sale everywhere but prices are getting higher and higher.
This was helpful
CASA DE CAMPO is an exclusive complex where literally all the millionaires and powerful in the country have a property. Shakira, Alex Rodriguez, J.Lo, Bill Gates to name a few are some of the personalities that have a property in Casa de Campo, so the process was easy for you.
Im just a guy from NJ. I didn't buy in cash so the process was a little different than these super rich people you were naming. Thanks for thinking Im a millionaire tho. lol
Can you take a full check from a bank here. Let’s say the property is 100k. Can I bring them a full check of 100k from a USA bank?
I’m not too sure I just did a wire transfer from my USA bank account to a DR bank account. That’s the safest and easiest way. The fee is around $55 total.
Do you know any international banks? I'm thinking of buying an apartment in Santo Domingo I prefer an international bank, banks in the Dominican Republic are very abusive
I know. That was a problem for me. We use banco popular. They had great rates. I can send you my contact there. She’s amazing.
The other option out there was Santander.
Can any recommend a good lawyer in DR for this.
I am Canadian and only speak English.
Hey Benny.
What if you just buy a home outright 200k instead do dealing with banks? Wouldn't the process be easier ?
I would be. But there would still be a lot of docs to be completed, the appraisals need to be done, etc. but yes. It would be faster. Cash is king. And you could possibly negotiate better with cash.
Just so y'all know...is IS very difficult to evict Dominican citizens from rented properties if they stop making payments.
Yes. I bet. That’s always a big fear.
@@yesimjoseMake friends with a policeman. If the occasion comes, he’ll get the people out for you. Going to court is a major waste of time.
@@dumbphonemom great recommendation.
It’s incredible hard to evict tenants in the USA? Make it make sense people
What is the advantage of marrying a Dominican related to purchasing property ????
Hey, Sorry. I don't have any information on that. But I would assume if you're legally married in the DR the country recognizes your partner and has their credit history. So it makes it the process faster.
😅🎉
Im dominican, living in the states, I would love to invest with you.
How much was the place you got and how much did you have to put down for the downpayment..?
Hey. It was over $360k and downpayment was roughly 30%. SMH.
Where are you looking to purchase?
@@yesimjose okay cool that’s the price range I’m looking 350-400k .
@@yesimjoseI’ve been looking at condos in the Santo Domingo area , piantini, naco . I’ve seen videos of the condos available but the videos don’t give details about maintenance, or and any other fees they might have that I’m not aware of .
Can you buy property using VA in the DR
I don’t think so. But just in case, what do you mean by VA? A veterans loan?
Hell no!
Even if you buying cash
If you’re buying in cash you’re gonna need the appraisals and the lawyer to draw up the contracts. Those steps were the fastest.
Thanks! Was your property in construction or already built?
What’s brotha. It was pre-built. Looking a a lot of new developments now. Looking for a good opportunity
Where did you buy?
Hey Isaac. We bought in casa de campo. In la romana.
Have you been there before?
@@yesimjose i was thinking about buying there .. i was born in the USA 🇺🇲 but have family from the Dominican republic..
@@mkcruz7 there’s a lot of opportunity out there. Tons of new development. I have a friend who recently showed me developments in juan dolio and playa nueva romana. Fairly priced and beach front.
Can you elaborate more on the citizenship
Well My wife and I are both American. But having a DR cedula (citizenship) speeds up the process. Easier to approve the loan.
@@yesimjose are u planning on making a vid about that ???
@@panmaking5187 most likely. Going to be interviewing realtors and mortgage people in Dominican Republic when I go back.
Can I ask how long it took to start making decent income from it?
I was lucky enough to have a realtor that sent me clients immediately. But my goal was never to make money off of it. The goal is to cover all expenses, vacation with very low cost, and eventually have a property that’s paid off. Then that’ll be my income.
But based on AIRDNA the rental rates in DR are 35-50% of the month depending on where you’re located.
My brother, how much did you put down for your first condo, everything included?
Hey what’s up Los. Your gonna need to put down anywhere from 30-50%. Here I put down about 30%.
I was just looking at a condo in Santiago and they wanted 40% down on a $160k condo. So what ever you’re looking at whether it be a house, condo, or even land always think 30 to 50%.
For land specifically you’ll need 50%.
@@yesimjose Thank you
I really want to buy a condo in DR.
I will keep researching and start asap.
Thank you.
@@carloscancel1863 Thats awesome. I can connect you to my banker. Shes great. Works at Banco Popular. I got a really good rate for financing. Where are you looking to buy?
Do you regret it ? Will you be able to sell it fast ?
I don’t regret it. It gets interesting in the slow periods but at the end of the day, I can go to DR when ever and have a place.
But yes, if I decided to sell it’ll go quickly. Lol
You didn’t talk about taxes.
That will be in another video. Please stay tuned.
Do you still have the property?
Yes I do. Enjoying every second of it. But also renting it on AIRbnb and VRBO.
👁👁👍
I haven’t heard anyone mention anything about cedula in any DR videos I’ve watched. Does that mean having dual citizenship? Thank you
Yes. Having citizenship in the Dominican Republic helps with the credit check and potentially with rates. They don’t see you as a high flight risk because you’re not just an expat
I don't have patience lol. I will have to buy cash.
If you can. More power to you.
You should also get your appraisal transfer into English so at least you know what it says
For sure. I even had some help with the translation. Legal jargon in English is difficult. Imagine in Spanish.
Don’t know why your email not working.
Cdcvacay@gmail.com
Bro, is negative in here on fraudulent transactions, plus they probably were waiting for a tip.
Their commission wasn’t enough? Lol. Just kidding. Just like with everything else in DR they just operate at a different speed. Especially if you’re not a citizen or a millionaire.
But at the end of the day, it got done.
why not just cut out all the bs and just stack ya money up and just buy it out right thats it
Well in certain places, yes. But DR is getting expensive. In some places you can’t get a good condo under $200k. So if you got, more power to you.
You should of said that in the beginning lol 😆 if u got cash 💸
It wouldnt have been as fun to watch. 😂😂. But like everything else, cash is king.
Why buy there, come back to the states and buy it here
Hey Luis, because the market isn’t great in the USA. I live in NJ, so though the rates were low at the time everything was over going asking. And there was no beach and 80 degree weather in the winter.
And… if you’ve never been to casa de campo, check it out. Here is the link to my website. www.casadecampovacay.com
Sorry your vídeo sounds like complainants and criticizing. Everyone know in 3rd world country things are more difficult.
Yeah. Complaining but more educating first time investors people about the long and drawn out process. 👍🏽 #noregrets
I want to live in dr and buy a house the Spanish part is most frustrating I only know a little yes dr moves hella slow on every dam think
It’s not easy. Some banks have people that speak very good English. Where are you buying? What part of DR?
@@yesimjose I was out in boca chica I had a good time there for 3 weeks I have to explore the rest of the country I had no idea there were advantages to marrying a dr citizen to buying properties
@@panmaking5187 nice! There are a lot of beautiful areas in DR. You should definitely drive around. Samana, Sousa, bayahibe, juan dolio. All nice places.
@@yesimjose thanks I'm going to jot them down I have seen sousa on youtube
It's for foreigner an I want country side is it the same procedure Toi much fakers out there
Similar process. Land gets financed up to 60%.
It’s nice to be a cash buyer lol
You don’t security in the DR.
I’m sorry. Can you rephrase the question. I don’t understand what you’re asking.
@@yesimjose i commenting on the part where you said good security is necessary to move around in the DR. Unless I heard wrong
@@yesimjose i myself bought a couple places down there. A condo cash and a house that 1/2 is financed.
Ahhh. Yes. I meant in casa de campo you don’t need security at all. It’s super safe.
just get you a girl in DR & you good? i did
I got mine already. And we bought this together. Maybe next lifetime. 😂
I will never understand black men and their hatred towards black women you can build with any black Queen but y’all want to go all the way overseas like there aren’t over million black Queens out here and the way he just said it 🤦🏽♀️🤦🏽♀️🤦🏽♀️ colonization is still playing a role on you black men I see
Try mexico . Less BS
I had a friend buy in Mexico. I’ve been thinking about out it. Do you know the process?
@@yesimjose yes
I wouldn’t buy a pencil in that Country
The worst Country to invest. Why would you invest in a Country with such a corrupted government. Real Estate agents are joke.. They will sell you anything, but try to do resale. It took me 4 years to sell amazing condo and it took 3 years to get it build. I would never recommend investing down there
Hey Mike, I’m really sorry that happened to you. I’ve been In the mix with real estate in DR For a couple of years. I’ve seen a lot of great opportunities out there.
Things are a little frustrating and crazy as well. High Prices are being thrown around in USD. And in some places it’s a bit ridiculous. But still a great investment.
black dudes in here looking for sex tourism.
Have you ever considered moving to Monrovia?
I have not. Sorry but I don’t even know where that is.
Point on !! We have an amazing project in Punta Cana delivery March 2025 , if any are interested feel free to contact me :)