Looking for investment partner for Cali real estate.

calipro says on Jul 25, 2008, 15:51:

Looks to me like you'd be interested in the 100 million peso range....so with me 100 million and yours combined....we could purchase a property around the 200 million mark.

Now if you could come up with another 100 million we could get into the 400 million priced properties and there is a huge difference between a 400 million property and a 200 million.

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GregYohn says on Jul 25, 2008, 16:16:

Hola!

I watched the Andy Griffith Show last night that showed a nice guy that wanted $500 or $100 from 5 people to dig for a treasure from the Civil War with a fake map! YES, that was alot of money 40 years ago! Even Aunt Bea gave $100!

REALLY, giving to a person money without knowing much about him is not a good idea! YES, he could be honest. What happens if this person is ignorant as to where to invest? You lose your money!

I am trying to say that talk to the person and then feel good with the investment. I would like for people to trust me before I did the same thing. Look at the ideas and ask the tough questions. People with bad ideas want you to invest in USA ideas, so do the same diligence as would happen in your own country!

12VOIP.com gives free calls to Colombia.Greg

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arthur brode (☼Travelguide writer) says on Jul 25, 2008, 18:53:

calipro says on Jul 26, 2008, 19:49:

robi666

I have never seen a foreclosed property in Cali that I liked or would buy.

The reason that I would like to get someone to kick in another 200 million is because
the 400 million properties are really about 4 times nicer than the 200 million peso properties.

Once you get to the 400 million range there are some incredible bargains.

If I go it alone I'll buy pre-construction and pay in full. I'll get a 5% discount for paying cash plus whatever discount I can negociate for purchasing pre-contruction.

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Timba says on Jul 27, 2008, 07:41:

Well, what is the projected rate of return on the capital ?
I can get 4% risk free in government paper.

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calipro says on Jul 27, 2008, 20:11:

Timba

With the cash and pre-contruction discount, we should have about 20% equity within the first six months to a year depending on how fast the project goes up.

You can count on at least a 10% return (from rent) per year from then on not counting appreciation.

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calipro says on Jul 27, 2008, 22:33:

robi666

I rented my one bedroom apartment out in Cali for 2.5 to 3 million per month based on the length of stay. For more than three months they got the 2.5 million rate.

I rent almost exclusively to foreigners and Art had it rented out almost all of the time..so much so that I had a very hard time finding even two weeks at a time that I could actually stay in my apartment while in Cali.

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Brians says on Jul 28, 2008, 06:19:

Calipro is the money held in escrow and given out released to construction company as consttruction hurdles are met in specified manners? Or is this just going into the bank account of the construction company pre-construction? The reason is if it is the second option then this is a land deal and the risk level is so much higher and I could tell you that 20% equity is a low upside for level of risk. Especially in a third world country.

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calipro says on Jul 28, 2008, 06:59:

Brians

It is going into the construction companies bank account. This is how they finance their projects.

I would only deal with very large well know contruction companies. There is really very, very little chance of losing your money.

The only real risk is buying into a project that doesn't sell quickly and having your money tied up for a year or two untill the apartment is built. But it is fairly easy to check out just how fast a project is selling out and I wouldn't bother with one that was moving slow.

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Albatross says on Jul 28, 2008, 08:38:

"I rented my one bedroom apartment out in Cali for 2.5 to 3 million per month"

$1,500 per month for a one bedroom apartment in Cali ?... I could do better than that in New York.

Anyway, thanks for the offer, but I've got problems enough here with real estate.

“Democracy - a pathetic belief in the collective wisdom of individual ignorance." - H.L. Mencken

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calipro says on Aug 1, 2008, 09:15:

This looks like a good deal.

http://www.inmobiclick.com/d.php?inmueble=641

I'd like to offer them 250 million and see if they go for it.
Anybody like to kick in half and make an offer on this place?

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calipro says on Aug 1, 2008, 18:46:

Harvadexec

It's not easy to get a very nice property in a very nice building for under a million per sq. meter.

If you could get that property for 200 million it would be a steal of a lifetime. But I would be willing to try if you can come up with 100 million for your half;-)

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gringoloid (Trustee board) says on Aug 1, 2008, 19:29:

calipro.......i'm not knowledgeable about the cali market so i can't comment on the price end of this discussion. i can only say that attempting to secure a partner........and a partner that you know nothing about..........could come back to bite you. i know of a situation right now in Miami with two partners buying a property and a huge conflict has developed between the two.

i have a commercial property in tennessee with partners.................i think the lawyers are the only ones who are going to win. i would never do anything with partners again. half want to sell and my half want to hold because i can't lay off those capital gains right now and i would rather wait another year.

the problem with partners is they want to go in different directions as time goes on.

from 'kalder gets a clue' movie..''you piece of shit,, i never said Germany and the USA were secret allies''''i knew you were a pussy because you believe everything anybody tells you.'' ....GL does not suffer fools gladly.

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billyb says on Aug 1, 2008, 19:39:

Do your research. Upscale projetcs in Cali's west are almost , if not already, reaching saturation point. As of april of this year in the west there were 26 highrise strato six residential projects and 4 strato five, coming online or under construction (this is in el Occidente alone), not to say there is not money to be made, but that is a lot or highprised realestate competing for a buck in a slowing economy, so pick carefully.

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papiChulo says on Aug 1, 2008, 19:41:

I agree with gringoloid 100% a Queen's Counsel Barrister friend in Oz told me he just loves partnerships as we drove around Sydney in his new BMW.

I'm givin'er... givin'er HARDCORE

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billyb says on Aug 1, 2008, 19:42:

jaja, it's like mother's milk to the lawyers.

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Lon7 says on Aug 1, 2008, 20:24:

calipro.....pbh is not the place to find such a request fyi

see posts above for an example.

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gringoloid (Trustee board) says on Aug 1, 2008, 20:47:

Lon............that's a good point...........calipro, you've been around here for a long time,........how many bozos have you seen here on PBH?

from 'kalder gets a clue' movie..''you piece of shit,, i never said Germany and the USA were secret allies''''i knew you were a pussy because you believe everything anybody tells you.'' ....GL does not suffer fools gladly.

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billyb says on Aug 1, 2008, 20:59:

"It's not easy to get a very nice property in a very nice building for under a million per sq. meter."

Not only not easy, but impossible if you are taliking west or northwest. If you wait a while, it might be possible, but i doubt it will go that low.

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calipro says on Aug 1, 2008, 21:34:

I have a lawyer that can draw up an agreement between me and any partners that I might have.

It is a risk to have a partner but the rewards are great if you can get into one of these higher priced properties on the cheap.

Also it is a very good opportunity for anyone that doesn't have experiance doing business in Cali or a cedula and bank account.

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gringoloid (Trustee board) says on Aug 1, 2008, 21:59:

calipro........i've mentioned it before, Realty Income Corp; stock symbol O, NYSE. Take a look at the yield on that. They paid dividends for like 30 years, non stop. Why go through all that trouble and expense and risk when you can do an investment like this?

dude, ....partners/tenants/builders/lawyers/accountants are as welcome in my life as are cockroaches in a sloppy kitchen.

from 'kalder gets a clue' movie..''you piece of shit,, i never said Germany and the USA were secret allies''''i knew you were a pussy because you believe everything anybody tells you.'' ....GL does not suffer fools gladly.

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goin_south says on Aug 1, 2008, 22:09:

'Loid... go check yer email, if you have time.

When I was 20, I was worried about what everyone thought. When I was 40, I didn't care what anyone thought. When I was 50, I realized... NO ONE WAS EVER THINKING ABOUT ME :-))

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goin_south says on Aug 1, 2008, 22:25:

otra vez

When I was 20, I was worried about what everyone thought. When I was 40, I didn't care what anyone thought. When I was 50, I realized... NO ONE WAS EVER THINKING ABOUT ME :-))

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gringoloid (Trustee board) says on Aug 1, 2008, 22:38:

gs.........you still there, if you can't reach me........give me your phone number. i'm going to hit the sack in a few minutes.

from 'kalder gets a clue' movie..''you piece of shit,, i never said Germany and the USA were secret allies''''i knew you were a pussy because you believe everything anybody tells you.'' ....GL does not suffer fools gladly.

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calipro says on Aug 2, 2008, 06:01:

"calipro........i've mentioned it before, Realty Income Corp; stock symbol O, NYSE. Take a look at the yield on that. They paid dividends for like 30 years, non stop. Why go through all that trouble and expense and risk when you can do an investment like this?

dude, ....partners/tenants/builders/lawyers/accountants are as welcome in my life as are cockroaches in a sloppy kitchen."

I like the hands on approach......besides I can stay in it when it isn't rented out. BIG PLUS form me.

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