Are condo owners making money renting their place to expat ?

Naturally, that depends.  On location, amenities, cost of capital and expenses etc.  I can tell you as a property manager there is money that can be made but there are a lot of variables.  Also, it's not an easy way to make money and can have a lot of risk.  Resales can be difficult.  If your primary reason is ROI I think you can find better alternatives.

Thanks. Risk in what sense ?

Depends on location and management.  Have you been here before?
We had an ocean front complex and did very well with it as a rental but it was a great location, and we were here full time to manage it.

Bob K

You have all the regular risks plus the law in this country and how it is actually applied.  That takes time to learn.

Yes I have.

I wanted to leave the management with a real estate company for a commission.

Can you tell me the name of that complex?

Thanks,

Sophie

The complex we had the condo in was Ocean Dream in Cabarete.

Bob K

Ocean Dream places that face the water are some of the best places in all of the Dominican....I have stayed there and it is great place, nice pool, and great location walking to the restaurants/nightlife as well.

Hi Sophie,

I think if you are asking the question about risks, you need to do a lot of research before jumping into a pool of flesh eating sharks.  With an honest property manager, one that doesn't rent your your apartment and take your money and then tell you that there have been no rentals, you still run the risks of bad tenants, destroying your property and leaving you holding the bag.  The amount of damage and liability you will risk is high and forget the insurance it's nearly useless.  Repairs are expensive, materials are garbage, people want the best luxury for the lowest price...this is just the beginning...naturally the area, location, type of property etc. etc. etc. plays a role in the success.  Do your homework and if you still decide to go ahead, cross your fingers.  This is not the US or Canada so don't be thinking like a one.  Anyone tells you differently it's because they are trying to offload their property onto you or persuade you that you will make lots of money from your investment.  Real Estate companies are win win win here.  They sell you a property and make 10% commission or more.  They manage your property and make a bunch more money, at least 50% of what they take in and then when you realize you are losing money, you decide to sell your property and if successful your real estate agent makes another 10-30% commission or more.  If you think the commission is high, then you need to find out more about how things work in this country.

Best of luck.

Thank you very much for sharing.  I was  indeed tired of having only one side of the story, the Realtor's opinion and convincing,  not mentioning any potential risks, that do exist in a 3rd world country where people are not always who they appear to be. I have heard of 'fake lawyers and fake titles' and so on...that's why I am reluctant and would not blindly invest.

Sophie

Mike - great post!

It's a difficult country and finding someone who will tell it like it is and has the experience to do so is like finding a needle in a haystack.

Good luck.

Thanks

Sophie

I won't comment on the condo part because I don't own a home and never wanted to own a home.  I prefer to rent and avoid the cost and headache of home ownership.  As for things to do because the beach. I do many old the same activities here that I do in the United states.  Go to museums, music shows,  theater,  aquarium,  malls,  play basketball,  bike ride,  go out to dinner,  and travel to other areas for site seeing. The beach is the main attraction here,  but I also live in southern California from time to time. The beach is the main attraction also. Try boating, jetskiing, sailing,  or parasailing. You can find many things to do here.

Tough question.
Simple answer, some are, some are not.
Hundreds of reasons for the above.
Tom.