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Going halfs on an apartment and not got a bank account.....

Hi, i am just about to go halfs with someone on an apartment. The thing is i havent got a bank account, and need to know if the following is legal and also if its possible, and if it isn't legal then how would i make it legal, and if its not possible how would i make it possible....

My friend lives in Colombia, my friend is going to pay monthly in cash for this apartment that is going to be in both of our names. The way i am going to get the money to my friend is to transfer my money from my account from back home to my friends account back in the country my friends from three months at a time as its costs quite a bit for a international money transfer, keeping in mind even though my friend has a Colombian bank account and cedula the decision is we pay in cash. Is it legal, and is it possible?

After all payments are met and the apartment is ready in 2010 would it be possible for me to get an investment visa, or would i have to get an investment visa before i brought the apartment or which is more, would it be possible to even get an investment visa even if half the apartment is in my name, but because we used cash we have no proof of parting with our money therefore not being able to get an investment visa?? I was thinking as long as we had the apartments in our name and we both spent over $100,000 dollers then i could get an investment visa?

Also....can anyone tell me which is the best way if i wished to do so, to get the money out of the country keeping in mind the way i am buying this apartment? Someone told me as long as you make sure you fill out form 5 (i think the bank does this for you) then your legal and you can take the money out of the country changing your pesos into dollers here, then taking upto $10.000 out in cash to back home BUT again, we are paying in cash. Also forms 4 and 11? Would i have to fill these out because i brought an apartment or are these only nessacery if you want an investment visa?

Oh and i have a lawyer involved in the matter too of course.

If anyone has got answers please your comments would be apprieciated.

By Changbeer123 on Jan 24, 2008, 07:12 in Friendly Talkzone.

Gator says on Jan 24, 2008, 07:29:

Best ave an attorney draft that agreement!

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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tejasmarcos says on Jan 24, 2008, 07:44:

good questions. i would be interested in any answers here as well.

* investors pooling their money to take down assets is good business. the tenant in common business in the usa due to rev proc 2002 produced more commercial real estate aquisitions than any other class including pension funds over the last 3-4 years.

ie. guys with 100, 200, 300, 400, 500k a piece pooling their funds with 2-15 others and taking down larger assets with larger capitalization rates and larger resale margins.

i saw one group of investors (12 i believe) take down a $30 million downtown nashville highrise (medium rise really, about 12 stories) and resale it to a pension fund 12 months later for $42 million. they all grossed about $1 million a piece on the resale realized 8-9% cap rates on the 12 month cash flow. i believe it was an 80% leveraged loan, so out of pocket cash was around $500k per person to acquire the property. * you cannot leverage here yet, but...... same principal holds true.

the same principles can be applied here in colombia as well. it would work extremely well on land deals, retail & commercial deals as well as hospitality property (hotels, etc).

trying to walk a straight line on sour mash and cheap wine...

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