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The first monday of every month there is a flea market about 10 miles south of my house. I go sometimes because there are some unique plants for sale. While I was there buying plants, the daughter-in-law of the owner of these houses saw me and said hello. She begged me to make an offer. The parents have already moved to Italy but the son and daughter-in-law stayed behind until the houses and and pizza businesses sell. She said “we can take less”. I said it will take a lot of money and time to finish the house in the back. She said “you could give us a little money now and the rest after you fix up the houses, just please buy the houses”
If this deal were in Texas, I’d get a contract then wholesale the whole thing to someone else for a quick and easy profit.
But there is no one to wholesale to in Panama. I asked all my contractors if they want the deal but none of them see beyond the next job and the next job.
After the remodel on my house, I can see the finish line to NO CONTRACTORS. The last thing I want to do is take on another rehab project.
I’ll try putting an ad on craigslist in Panama to see if I can find anyone who wants this opportunity.
HI Elizabeth
Foreigners can buy real estate in Panama ( so long as it is not 10 kilometers to the costa rica border.
But, I would not recommend investing in Panama until you have been to Panama and seen the area(s) you are considering investing in. Some areas are certainly better than others. Some areas are over priced (no upside potential). Some areas have hidden problems you would want to avoid. Some areas have a huge upside potential.
You should know that not all property is titled. Some is called ROP (right of possession). I will not invest in that kind of property and would not advise that others do either.
For my tour clients, I have negotiated with developers to offer seller financing in some areas where I think it would be a good investment. That same opportunity would certainly be available for cashflowdepot members too.
Investing in Panama is a good way to diversify your portfolio with a lot of tax benefits too.
Jackie,
Do you have a point of view on the coffee farms that you hear about on Real Estate Guys radio commercials? Supposedly they buy up ill-performing coffee farms in Panama and sell them in parcels in the $18k range. If it weren’t endorsed by those guys, it’d seem absurd to take a chance on that kind of investment. But anyway, just curious if you have any boots-on-the-ground knowledge of these farms.
Cheers,
BillBill, run run run from the coffee farm investment and their cacao investment and their coconut investment. All the same company. Those folks have a horrible reputation in Panama. They pay a 50% commission to the “real estate guys” so you can imagine how much the mark up is.
I own an organic coffee farm in Panama and understand what’s involved and the yield you can expect. Coffee farms are everywhere in the area where I live.
The yields they promise are totally false and based on the “greater fool” theory that you can buy then quickly sell to the next unsuspecting out of country investor.
They also charge large management fees which would eat up what little profit you could make.
If you want to own a coffee farm in Panama, there is a much better way than dealing with a middle man and their unethical tactics.
There’s another company who promotes investing in organic mangos and avocados in Panama – they are just as bad.
There are a lot of incredible investments in Panama but a coffee farm is not one of them, unless it is Panama geisha coffee which is selling for over $100 a pound currently. Everyone who has a geisha coffee farm has their coffee sold before harvest (which happens in December and January only).
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