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In late May and June, we will be doing several highest bidder sales and a MAGIC bus in Panama. We will have signs and materials in English and Spanish. It will be interesting to see how they work in Panama.
For the HBS, the houses will be sold to retail buyers – owner occupants. We have an option for $70,000 to $100,000 below market respectively. Lots of wiggle room! I have a few more that I can get but I want to wait to see how it goes with these two first.
The Magic Bus will have wholesale properties mostly next to the Pacific Ocean ( houses for as little as $20,000). Some of these will be purchased by investors but I think most will be purchased by owner occupants who want a 2nd or 3rd home (which is also common in Panama)
90% of all homes in Panama are free and clear. It is customary for buyers to pay cash for a house – even at high retail prices. For the most part, it is only expats who get mortgages.
Only 5% of Panamanians even have a credit card. Panamanians do NOT like debt. And if they do have any debt, they will work 2 or 3 jobs if they need to to get it paid off as fast as possible. Even for Christmas presents, Panamanians use lay-away and pay a little bit every week until it is paid off just in time for Christmas. No credit card debt! Remember when the USA was like that!?
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