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I took most of the weekend off. After almost 3 months of being away from Panama, I just need to relax and spend time in my greenhouse planting more veggies and flowers.
Yesterday I was visiting with a local expat who has lived in Panama about 10 years. He’s an investor in real estate and businesses in Panama. He told me about a smokin’ deal he got last month. It’s a 20 room hotel right next to the Pacific Ocean. Literally walk out your room and you’re on the beach. It also has a large restaurant. The very motivated seller was asking $750,000. But the investor got it for $0 down, $600 a month and an option to buy it for $600,000 within 10 years. All $600 payments go towards paying down the option strike price.
He could have subleased it to someone else for a nice profit but instead, he’s doing a lot of marketing to fill up the hotel and keep the restaurant busy.
Would you do a deal like that?
This same investor got a deal that I should have bought the first month I moved to Panama. It was an 8 room hotel. Each room was actually a 1 bedroom apartment. The asking price was $395,000. And the “out of town” seller was willing to finance with a low down. I passed on this one because the property backs up to a river. And you cannot get any flood insurance in Panama. So, if it flooded I’d be either stuck with an expensive mess to clean up or have to walk away from the deal. I passed on it.
But the investor guy took a chance on the property and has it advertised on airbnb so it’s full most of the time. $50 a night in low season and $99 a night in high (tourist) season x 8 rooms = about $800 a night x 30 days = $24,000 a month ( minus expenses).
I should have done that deal.
There are so many really great deals in Panama.
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I did not in any way intend my remark above to be a personal affront, although much later it struck me that it could be misunderstood that way. I intended it as a wedge question to perhaps help pry loose from somebody in authority at Airbnb whatever the truth is regarding why you, Jackie, are being treated so shabbily — in the same country where the investor you describe seems to be having complete success with them.–Dee
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HI Dee
Even though AirBnb’s information states that landlords will be paid within 24 hours after a tenant moves in, their policy is to not pay NEW hosts(landlords) for several weeks. I cannot find this”fine print” anywhere on their site but that is what they told me.
So, I’ve had 3 tenants in a month but not been paid yet. I should get paid on October 4th. If not, I’m pulling my properties from AirBnb.
Landlords can post a profile and I mention that I’m a relocation expert and own PanamaRelocationTours.com so this could be extra exposure for my tour business. Hopefully they pay up October 4th.
HI Dee
Even though AirBnb’s information states that landlords will be paid within 24 hours after a tenant moves in, their policy is to not pay NEW hosts(landlords) for several weeks. I cannot find this”fine print” anywhere on their site but that is what they told me.
So, I’ve had 3 tenants in a month but not been paid yet. I should get paid on October 4th. If not, I’m pulling my properties from AirBnb.
Landlords can post a profile and I mention that I’m a relocation expert and own PanamaRelocationTours.com so this could be extra exposure for my tour business. Hopefully they pay up October 4th.
Jackie, It could be that you are in another country, outside of USA – AIRBNB’s domain, so they take their time to pay up. I have been an Airbnb host for almost 10 months now, and from day 1 have had Airbnb pay the day after the guest checks in. You know they charge a lot in service fees, and state hospitality charges (if there are any), from the guests, that you never get to see. The trick with Airbnb is getting a lot of reviews when you start hosting as a new host to garner a lot of reviews. Like Yelp, the more reviews you have, the more exposure your listing will get. Hope this helps.
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