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I’ve been crazy busy in Panama the last couple of months. First I had two tours back to back ( 4 days in between), then I was notified that the custom cabinets I ordered several months ago were ready so I had my kitchen literally knocked down two weeks ago and have been camping out in my house. The new cabinets where installed the last 3 days ( they look amazing), the countertops will be installed tomorrow, then the sinks and faucets installed on Saturday so I can move back in to my kitchen… finally.
Today I got a call from a motivated seller in Panama. I’m buying their 3 bedroom 2 bath house on an acre for $55,000. It needs a couple thousand to get it in tip top shape then I could sell for $150,000 or rent out for $900-$1000 a month. There are NO property taxes on this house and house insurance is $180 a YEAR. I love Panama real estate!
Since MLS in Panama is almost non-existent and the real estate agents are horrible, you have to develop a network of people who are always out there looking for motivated seller situations. You can’t do direct mail – there are no address and no mail delivery to houses. Internet marketing will not work for real estate in Panama because most people don’t use the internet except on their phone occasionally. Bandit signs would work but I like being under the radar. If there was a way to mass market to whatsapp, it would work great.
Jackie,
What about a courthouse presence that scours the different departments. Recording deeds, deaths, legal defaults, contracts recorded, notices filed. Just spit balling. Might be totally different there. Any type of utility shut off that can be monitored? What about magnetic car signs? Any large social gatherings were a flyer could be handed out?Good ideas Don but not for Panama.
There are plenty of large social gatherings. Panamanians LOVE to party and there are frequent ferias (fairs), parades, and parties.
90% of all homes in Panama are free and clear so a foreclosure is rare… though I have purchased 3 properties that were headed to foreclosure here and even negotiated a short sale on one.
I’m not looking to buy 4-5 houses a month, like I did when I lived in Texas. I’m happy to just pick up a good deal once in awhile through my network of scouts. If I get 4-5 a year now, I’m happy.
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