Real Estate > DR Real Estate
Buying a Property in DR using an LLC
KeepitTrill:
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:
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:
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:
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:
--- Quote from: JoeyInNY 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.
--- End quote ---
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.
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