Just woke up really early in the morning, packing my PC and going to Guavaberry Resort & Club. Going to do an inventory and update the existing one, as today have people staying over the apartments we have for rent in Guavaberry.
I live in Ireland, and when we bought our first property, as first time buyers in Ireland and with a young family, we decided to move away from the bustle and hussle of the city and relocate to a beautiful town called Greystones, in the Garden of Ireland, Wicklow. I have been living in Wicklow for over 4 years now and don’t regret the decision of moving away from Dublin.

That brings my thought for the day, “my ten cents”. Here in Dominican Republic there are amazing projects in the city, mostly sky high apartments, but being my choice, Guavaberry Resort if I were to relocate to the Dominican Republic would be my choice.

Why? you say. I suppose being used now to a slower lifestyle I would make the choice of living in a place not too far away from the city (only 45 minutes), and enjoy the pleasures that the Caribbean has to offer. Taking into consideration as well that I can get a Villa in Guavaberry for a mere US$300 to US$400k whereas in the city I would have to dish out 20 to 30% more to suit my space requirements. I would have the Golf Course, the Equestrian Centre, The Beach Club, the Club House and any other recreational facility I would long for.

It is my opinion, I would love to hear your ideas, city living versus country living. What are your 10 cents!

Annie

As promised, I am endevoured to write everyday to all passing on what I hope is some valuable advise regarding how to purchase, sell or even take out a loan in the beautiful land of the Dominican Republic.

This one is a famous one from all over the world, please note it does not only happen in the Dominican Republic, it also happens when purchasing real estate n any other country.

A client approached me a while ago regarding buying one of my products in the beautiful Los Corozos de Guavaberry, (where by the way I have 3 units for sale with financing of 6% per annum fixed for whoever is interested). Unfortunately, the prices for a 1 bedroom apartment where too high for him, and he ended up not buying from Egan Overseas Properties Ltd., then he procedeed to travel to the area of Punta Cana Beach where he met an agent who showed him a development in the Bavaro area.

He was undecided, as the prices were right for him, but still wanted a bit more time, as one should have, to think things through and do the numbers to see if they worked for him.

The day before he was due to fly back to Ireland, the Real Estate Agent calls him and tells him there is an opportunity he cannot miss, one of the units became suddenly available and it was one of the last ones, and the owner was giving a huge discount, but he had to give the booking deposit of US$5,000 plus sign the commitment letter in order to avail of this fantastic one of a kind deal.

The client did not have time to think so he signed on the dotted line and stated he did not have the cash with him, but the agent advised him that he could send this the minute he got back to Ireland. He did this and upon his return wired transferred the booking deposit for the property inmediately.

Lord and behold, 2 weeks later, one of my clients friends who was also interested in purchasing in the Dominican Republic started looking at properties on the Internet, and found the same units, at 15% less than what my client paid.

The client proceeded to contact me to find out if this was a true price, I contacted the agent and the developers and indeed these prices were correct at a whopping 15% less than what this person paid. He then wanted to sue or withdraw from the deal.

But what could I do, he did not purchase this property from Egan Properties therefore, my work was very limited on how to wiggle out of the contract.

So the moral of the story is boys and girls, if it is too good to be true and you don’t do your due diligence, you are going to pay 15% over the odds.

We would love to know about things that have happened to you or your friends, email us on info@eganproperties.net with your story.

If you have experienced any kind of deal that sounds too good to be true or need advise please contact our legal team for an initial consultation on legal@eganproperties.net

Keep your eyes open!

Annie

TO ALL INVESTORS AND FUTURE CLIENTS

First of all we would like to congratulate all of our 100% ROI (Return on Investment Clients), which 18 months ago invested through our Company Egan Overseas Properties Ltd., and each and every single one of you have by now received double your investment! Also a special thank you to our 35 investors who also invested in our 30% ROI (Return on Investment) in 12 months, each and every single one of you who invested from €15,300 all the way up to €192K have also been matured and we appreciate and thank you for making this investment with us and would like to wish you a well deserved congratulations and enjoy your spoils.

We would also like to thank all of those investors who throughout the years have trusted Annie Egan (Managing Partner) regarding the purchase of their house in the Caribbean, land or development property, we are happy we have assisted you in this very important endeavour and wish you every success in the future.

For all those that have expressed a keen interest in our investments, but did miss out on our investment opportunities we would like to also thank you for your interest and helping towards making our company what it is today.

We would like to inform our investors and potential purchasers that due to market trends and our current market needs, we are due to open a new and improved Realty Firm as well as a Solicitor’s Firm in the Dominican Republic, we will however, continue to advise, promote and sell our investment opportunities in the Republic of Ireland so please do not hesitate to contact us for further investment opportunities on info@eganproperties.net or directly to our Managing Partner Annie Egan on aegan@eganproperties.net or on 086 128 1996.

Our recent news and investment opportunities include the following:

1) Our Star Investment: 3% return on investment per quarter, monies fully secured and guaranteed (maximum term 2 years) We have a target which is 40% sold on this investment so if you are interested in same please contact us immediately. With this investment your funds as always are secured and guaranteed and investors will receive 3% every 3 months, so regular cashflow will be of almost immediate access to investor.

2) The Palms at Cana Bay: 7% Guaranteed Rental Return on 1,2 & 3 Bedroom Golf Apartments located in Punta Cana with easy access to Airport and inside a Jack Niklaus Golf Course as well as beach club, controlled entrances and more. Mortgages available, please contact aegan@eganproperties.net for an updated price list.

3) City Apartments recently finished: from US$100,000 these apartments can be rented through our management company in the DR achieving a confortable 5%* (minimum projection based on 1 bed @ 100K)

4) Legal Services in the Dominican Republic: If you require our assistance on any legal matter such as conveyancing, residency, citizenship, company formations, adoption, litigation in the DR, please talk to us our contact us on legal@eganproperties.net to see what your options are.

5) We are looking for investors now, to join part together with several business opportunities we have in the Dominican Republic, one of our programmes involves purchasing property at amazing discounted prices and reselling them making an inmediate return and a confortable 5% per annum**

Finally, we would like to again thank you for all your continued support throughout our business years, though recession has hit us all in one form or shape we still are endeavoured and committed to provide you with the best investment opportunities out there.

Yours Sincerely,

Annie Egan
Managing Partner
aegan@eganproperties.net
http://www.eganproperties.net
Facebook: Inversiones Inmobiliarias Annie Egan SRL
Spanish Blog: Casa Dominicana

Thank you very much to those who came to the Show on the Friday, Saturday & Sunday, we had a brilliant time and most importantly had very interesting seminars on the DR’s first ever GREEN Project, this is sure to be a great seller due to the fact that all houses will come with their own solar panel technology. Also thanks to Mr. Jonathan Chang from Resource Earth Energy who talked about the great investment his company has for my investors in Solar Panel Technology, this is sure to be a winner as well as the world turns their attention to alternative energy. Charlotte’s Cove and Royal Palm s Samana are also very interesting projects developed by our own Irish Developers and they are great value for money so this is an investment to keep a close eye on.

Again thanks so much everybody for coming.

GOLF IN DOMINICAN REPUBLIC IS DEFINITIVELY GETTING WORLDWIDE ATTENTION. Millions tuned on to watch the spectacular PGA Seniors Tour in Cap Cana which was a huge success, everything was fully booked!

If you want to enquire about possible investment opportunities in Cap Cana and surrounding areas email me on aegan@eganproperties.ie

Financing for property in the Dominican Republic has been a widely discussed subject from our Company. Most institutions will not lend on properties that are not completed and titles are not issued. Several lenders will only do so to US, Canadian and Puerto Rican Citizens, though our Company has secured lending for Europeans, both EU and Non-EU Citizens.
The way financing works in a condominium is that the Apartment has to be finished and the titles have to already been through the “deslinde” proccess (division of main title into the individual condominium titles).Because this proccess is so complex and taking into account that the property will have already risen in value when completed, Egan Properties Ltd., has been able to secure pre-approved financing for our customers.There is a certain criteria that has to be met in order to pre-qualify for mortgages. Just think of the same criteria your bank requires from you when purchasing a property in your own country. Loans vary depending on the individual, but usually we can secure 70% LTV (loan to value). The benefits of the mortgage is that if you pre-qualify for a loan with us, the appraised value of the property will be higher than the original price booked (sometimes 20% more) therefore you can probably benefit of obtaining a mortgage that would cover the price originally booked.

Egan Overseas Properties Ltd., has been committed since its opening to protect and advise our investors in how, when and where is the proper way of investing in any overseas destination. Below some questions that should help you make an informed decision in any Real Estate Purchase.

QUESTIONS FOR REAL ESTATE BROKERS, BUILDERS CLIENTS SHOULD ASK WHEN PURCHASING OVERSEAS

PRICE. (IS THIS THE CORRECT MARKET PRICE?) ASK ABOUT SURROUNDING AREAS PRICES.

ASK FOR A BANK VALUATION ON PROPERTY. (ASK IF THEY HAVE A FAIR MARKET VALUATION CERTIFIED BY A BANK ONLY NOT ARCHITECTS OR ENGINEERS OR AGENTS)

TITLE. ASK WHO OWNS PROPERTY AND CAN YOU SEE COPY OF TITLE OR TITLE REGISTRY NUMBER. (WITH THIS INFORMATION YOU CAN PROVIDE YOUR SOLICITOR WITH TITLE NUMBER AND INVESTIGATE TITLE)

ASK FOR A CERTIFICATION OF TAXES PAID ON PROPERTY.

ASK FOR RECEIPTS OF UTILITY BILLS PAID TO DATE.

ASK ABOUT SECURITY IN THE AREA.

ASK ABOUT ELECTRICITY SUPPLY. IF IT IS AN INDEPENDENT PROPERTY YOU HAVE TO HAVE A GENERATOR IN THE PREMISES.

ASK ABOUT INSURANCE FOR PROPERTY. HOW MUCH WILL IT COST YOU ON INSURANCE PER YEAR.

ASK ABOUT TRANSFER TAXES OR PROPERTY TRANSFERS, CLOSING COSTS ETC.

ASK ABOUT CAPITAL GAINS TAX. (USUALLY 25%) VARIES FROM COUNTRY TO COUNTRY. POSSIBILITY OF SETTING UP CORPORATION TO BUY PROPERTY. (ALTHOUGH CORPORATION TAX WILL BE 30% FLAT IN DR ONLY).

IF YOU ARE LOOKING FOR THE PROPERTY TO BE RENTED OUT, ASK WHO WILL HANDLE THE RENTAL, ALSO IF THEY WILL PROVIDE YOU WITH A MINIMUM GUARANTEE!!! AS FROM EXPERIENCE RENTALS ARE VERY SEASONAL AND YOU NEED TO HAVE MINIMUM MONIES COMING IN.

ASK ABOUT FINANCING FACILITIES. CAN YOU GET A MORTGAGE, WHAT PERCENTAGE INTEREST AND HOW MUCH?

ASK TO WHO YOU DISBURSE FUNDS. TRY ALL THE TIME NOT TO HAND OVER MONIES WITHOUT A BANKING GUARANTEE OR TO DISBURSE DIRECTLY, TRY TO USE AN ESCROW AGENT UNTIL CLOSING IS DONE.

IF BUYING OFF PLANS, DEMAND A TIGHT PROMISE OF SALE, WHEREAS DISBURSEMENT OF FUNDS ARE DONE ACCORDING TO PROGRESS OF PROPERTY AND ASK FOR THEM TO INCLUDE A PENALTY CLAUSE IF THERE ARE DELAYS ON TITLE OR DELAYS ON CONSTRUCTION. (REMEMBER, ALWAYS NEGOTIATE YOUR PROMISE OF SALE OR SALES CONTRACT).
Note: If you are considering an Overseas Investment sold by other companies and would like us to carry out Due Diligence on your Behalf as to the property you are acquiring, please contact us at info@eganproperties.ie to avail of our DUE DILIGENCE SERVICES.
Drafted by Annie Egan-Managing Partner- Egan Overseas Properties Ltd.

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