Author Topic: Buying a Property in DR using an LLC  (Read 305 times)

KeepitTrill

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Buying a Property in DR using an LLC
« on: October 16, 2020, 10:59:20 AM »
I'm looking to buy a property in DR, already weighed the pros and cons but I want to buy the property using an American LLC? Basically I want the title to be under an American LLC, even if the mortgage is under my personal name? Any information would be helpful. I'm very knowledgeable on the DR but its pulling hairs just to get information out of anyone, and even if you pay its not guaranteed to be useful information. Any help would be appreciated from the OG's on here

JoeyInNY

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Re: Buying a Property in DR using an LLC
« Reply #1 on: October 16, 2020, 11:13:31 AM »
Search the topic of dr1.com. Lots of good info from actual landowners and Dominican lawyers. One thing you will consistently hear is to rent before you buy.

jd66

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Re: Buying a Property in DR using an LLC
« Reply #2 on: October 16, 2020, 11:19:15 AM »


Placing foreign property in a US LLC should not be an issue

How you structure that mortgage might be an issue though if you are planning to use that property as collateral.

Lenders typically require the mortgage and the ownership be consistent and might not be to interested financing a foreign property but if you have other assets that you can pledge as collateral it will likely go much smoother.

All depends on the circumstances but often they will want a personal guarantee on the mortgage regardless on where the deed is located

You will want to discuss it with your lender first so that it all goes smoothly.


KeepitTrill

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Re: Buying a Property in DR using an LLC
« Reply #3 on: October 16, 2020, 11:56:22 AM »
Ive actually put 20% down already but the bank lady was just feeding me negative vibes telling me it's a hassle and all the terms will change. I'm knowlegeable in America but in DR it's like the professionals only tell you what will benefit them, not what you actually need to hear.

So if I put 20% down on the property i'm looking to see whats the next step to get this apartment under my LLC.

Interested in hearing from americans who bought in DR

lazy_monger

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Re: Buying a Property in DR using an LLC
« Reply #4 on: October 16, 2020, 12:17:50 PM »
Search the topic of dr1.com. Lots of good info from actual landowners and Dominican lawyers. One thing you will consistently hear is to rent before you buy.

This is probably your best bet KeepitTrill.  I learnt a lot about buying there from that site.  Didn't pull the trigger but it may be helpful for you.  Please do your due diligence, people have gotten fleeced based on assumptions they made because of dealing with American real estate.  Different animal.

Lurker

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Re: Buying a Property in DR using an LLC
« Reply #5 on: October 16, 2020, 01:04:45 PM »
A lot of people, here, hate him, but you should hit up Taylor Made Dreams.  He's a very knowledgeable person about all things DR.  He's purchased property in the DR, and has connections to real estate agents and attorneys (in fact, he had a Dominican attorney on one of his live streams answering legal questions. https://www.youtube.com/watch?v=UhAFujDdr1M).

I got in contact with him very quickly by dropping a little money in his PayPal, and he got back with me.  I dropped some money to acknowledge and respect the fact that he's a very busy man.
« Last Edit: October 16, 2020, 01:09:19 PM by Lurker »

KeepitTrill

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Re: Buying a Property in DR using an LLC
« Reply #6 on: October 16, 2020, 09:28:45 PM »
A lot of people, here, hate him, but you should hit up Taylor Made Dreams.  He's a very knowledgeable person about all things DR.  He's purchased property in the DR, and has connections to real estate agents and attorneys (in fact, he had a Dominican attorney on one of his live streams answering legal questions. https://www.youtube.com/watch?v=UhAFujDdr1M).

I got in contact with him very quickly by dropping a little money in his PayPal, and he got back with me.  I dropped some money to acknowledge and respect the fact that he's a very busy man.

Thats official. Much respect for taking your time out to respond. I actually know everything there is to know about DR, long story, its just alot of legal limbo and tax breaks im tryna learn about.  ima definitely reach out to the bro thanks.

Hoosier

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Re: Buying a Property in DR using an LLC
« Reply #7 on: October 17, 2020, 01:28:27 AM »
I'm looking to buy a property in DR, already weighed the pros and cons but I want to buy the property using an American LLC? Basically I want the title to be under an American LLC, even if the mortgage is under my personal name? Any information would be helpful. I'm very knowledgeable on the DR but its pulling hairs just to get information out of anyone, and even if you pay its not guaranteed to be useful information. Any help would be appreciated from the OG's on here

Instead of listening to all these internet real estate lawyers, why don't your contact an attorney in the DR, like Maria Abreu, and find out facts.


https://www.abreuimmigration.com/investments

lazy_monger

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Re: Buying a Property in DR using an LLC
« Reply #8 on: October 17, 2020, 09:26:43 AM »
I'm looking to buy a property in DR, already weighed the pros and cons but I want to buy the property using an American LLC? Basically I want the title to be under an American LLC, even if the mortgage is under my personal name? Any information would be helpful. I'm very knowledgeable on the DR but its pulling hairs just to get information out of anyone, and even if you pay its not guaranteed to be useful information. Any help would be appreciated from the OG's on here

Instead of listening to all these internet real estate lawyers, why don't your contact an attorney in the DR, like Maria Abreu, and find out facts.


https://www.abreuimmigration.com/investments

That's the same lawyer he has on the video posted above. lol

Lurker

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Re: Buying a Property in DR using an LLC
« Reply #9 on: October 17, 2020, 10:57:09 AM »
I'm looking to buy a property in DR, already weighed the pros and cons but I want to buy the property using an American LLC? Basically I want the title to be under an American LLC, even if the mortgage is under my personal name? Any information would be helpful. I'm very knowledgeable on the DR but its pulling hairs just to get information out of anyone, and even if you pay its not guaranteed to be useful information. Any help would be appreciated from the OG's on here

Instead of listening to all these internet real estate lawyers, why don't your contact an attorney in the DR, like Maria Abreu, and find out facts.


https://www.abreuimmigration.com/investments

That's the same lawyer he has on the video posted above. lol

LOL...yup.  I thought writing her name, but decided not to put the woman's name on a monger forum.  That's why I simply put the YouTube link.
« Last Edit: October 17, 2020, 10:58:44 AM by Lurker »

 


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