Quote:
Originally Posted by Creative Source
Hi Escott
I did not realise you were also interested in SL. Have you been there?
Equity release? Is that the same as remortgaging a property to release some money? Thats what I'm doing to fund this SL development.
CS
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I have not been to SL nor do I have any plans to go there. I am interested in all things I don't know which is a whole lot of things!
Here in the Dominican Republic interest rates are VERY HIGH and if I needed money I would take it out of the states instead of here. I have done 39 mortgages here in the last 5 years. Least I charged is 2 1/4 percent and the most was 3 percent but that is per month. I give only 40%LTV and that is MY LTV and not that of even a bank appraiser. I take title and give a contract sale back. Great business here.
I always had lines of credit on properties I owned in the States. That way I was always liquid enough to jump on a good deal.
I am investing right now in the Dominican Republic and doing very well as this market is rising fast and will continue for at least the next 2 years or more in my opinion for many reasons.
I am also studying Palm Beach County Florida and Atlanta Georgia. You won't believe what you can buy there NOW for little money. I figure to start picking up properties there in the next year or year and a half. That's when I think things will straighten out in the states.
I always find it a good time to buy when there is blood in the streets. I just want to wait long enough so that that blood isn't mine! lol
I haven't looked at SL and won't because of the questions that remain open regarding safety. I also wouldn't invest in an Islamic Country at this time for the same reasons. Just too unsettled for my comfort levels. I see big interests here by investors in areas I won't touch but that is what makes a ball game! Different strokes for different folks.
Buy low and sell high and the best of luck to you.
Escott