DaveT

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  • in reply to: Jaco condo options #176750
    DaveT
    Member

    Debbie,
    Thanks for alerting everyone to the website link highlighting the SEC violations against Trevor Edward Chilton who is one of the proprietors of the development you mention. Once again that website was:
    http://www.sfsc.gov.sk.ca/ssc/files/enforcementorders/trevoredwardchiltontemp-aug14-01.pdf

    Imagine that…a shady, hypocritical, jealous, double talking, snake oil salesman developer in Costa Rica who buries the competition while peddling his own property. Did anyone see the developer’s website? The home page looks like something you would find on any get rich quick scheme late night infomercial splashed with big bold letter quotes like:
    “Quality living with cash flow…”
    “Have you built a tidy nest egg to invest in your dream, but are worried your hard-earned cash might evaporate…then worry no more.”
    “Don’t miss the opportunity of a lifetime…”
    HHHmmm…these quotes sounds like something straight of a boiler room sales office.

    And yes, if any of you have not I would encourage you to read the above mentioned article on the Gardens website in which Mr. Clinton throws Scott Oliver and I under the bus (but be willing to get terribly bored by the 27 page rambling in the process). I cannot wait to challenge Mr. Clinton’s unfounded plethora of misinformation. But wait a second, what else would we expect from someone who touts themselves as a former “broker of financial services” that was given in an 8 year sanction by the SEC in his home country of Canada. No wonder he ended up living in Costa Rica. Does this scenario sound familiar (see Paragon Properties)?

    Lotus, I wholeheartedly agree with your thoughts on buying into pre-construction developments. At this point we are all speculating and hoping to capture a higher profit margin for the extra risk associated with buying in at the early stages of a project. Yet, if you were to listen to Clinton you would think he has bottled this magic formula for rental money in Costa Rica and you can’t go wrong making $1744 a month in passive income by investing in his garden of dreams. Never mind the fact that he has not moved any dirt yet -that’s irrevelant…just trust this SEC rules violator that everything he says will come to fruition. C’mon Slick Willie (I mean Mr. Chilton), who are you kidding?

    For all of you who read my article and then Mr. Clinton’s remember that there is one major difference between the two of us. He is trying to sell you something and I am not! Like many of you the genesis of my relationship with Scott Oliver started through correspondence on his website and a subsequent live meeting in Costa Rica. I offered to write Scott an article (my idea not his) about my buying experience in CR real estate for his website because I noticed a lot of the web forum participants were asking a lot of the same questions I was. I thought it would be a nice token of appreciation to Scott for liberally giving his time when I was in CR. I wrote this article for FREE and expected nothing back in return. Instead, I was verbally bashed by some bozo who is pitching a competing development adjacent to the one I bought in (One Jaco). Stay tuned…as Mr. Clinton says the rest of the story is sure to follow!

    Edited on Jun 03, 2006 20:09

    in reply to: Would be Jaco 1br apartment a good investment? #176175
    DaveT
    Member

    Dwayne,
    I agree wholeheartedly with you about the casual investor. No one should make investing in a foreign country their primary investment strategy and I am certainly on the record for being highly against that. Also, not that I think you were accusing me of being one, but I am not any kind of trust fund kid with loads of disposable income lying around. I organically grew a small business, and sold at a pretty young age (29), but still have mortgage payments and an overall modest financial portfolio. However, I am a FIRM believer in real esate investing and think it is a powerful tool to generating wealth and financial security. There is a saying that says:

    * The poor spend their money
    * The middle class bury their money
    * The rich invest their money

    You are right as well that CR is a cash intensive country to invest in, and the barrier to entry is steep by any standard. For that reason, I pooled my money together with 5 friends to minimize the risk and to leverage our buying power. We also all believe in Costa Rica and think the timing is good to buy. I think that people who are financially capable to do so and are looking to make viable real estate investments should not be on the sidelines right now in CR. Again, this is just my opinion and like you highly encourage everyone to be careful and to do their own due dilligence and research before pulling the trigger on any real estate transaction (especially in a foreign country).

    in reply to: Would be Jaco 1br apartment a good investment? #176172
    DaveT
    Member

    All,
    Good thread – I was out of pocket a few days, but wanted to briefly chime in on the discussion.
    Full disclaimer here: I am one of the buyers Scott is referring to earlier in this post who he met two weeks ago, and am part of a group of like minded investment friends who bought two 8th floor, 2BR condos in the One Jaco Place project. I mention this because obviously I have a biased opinion about this project, but I am very happy and confident with the purchases we made. I just finished writing an article outlining our buying experience at One Jaco that I think Scott will be posting soon, so I want go into any detail here.

    One of the nice things about a discussion forum is people with differing opinions can both make legitimate, intelligent points which is what we have here.
    Dwayne/Rankingee- what I think your hitting on is risk tolerance and if the real estate bubble is going to burst in the US and the domino effects it may have globally in subsidiary real estate countries like Costa Rica whose economy depends on tourism activity. There could be an entire book around that debate, but your point is and should be well-received.

    I am huge proponent of buying real estate and do think the Costa Rica market is going to continue to prosper in the long term. My group of investor friends and I own condos and/or a cross section of property throughout the US (Las Vegas, Florida panhandle, Biloxi, Atlanta, New Orleans, Orlando, etc.) and I will say we left Costa Rica just as confident as we did investing in these US markets. Again, this is just an opinion and one certainly needs to feel comfortable within their own buying criteria.
    If anyone is contemplating buying in One Jaco and wants to discuss my first hand experiences your more than welcome to contact me offline.(daveterry73@juno.com)
    Thanks, Dave

    in reply to: Iguana land company in San Ramon #175548
    DaveT
    Member

    Debbie,
    Since this posting was a little outdated, I started a new post…Dave

    in reply to: What Area Is Best For Me? #176143
    DaveT
    Member

    Hello,
    I just got back from Costa Rica last week and these are the screening type questions I used when I talked to various developers.

    * Tell me about some of the other development projects you have worked on specifically in Costa Rica? How long have you been developing in Costa Rica?
    * Can you provide a cross-section of references to me from buyers, lawyers, etc. that you have worked with on these past projects?
    * Why did you decide on this location?
    * Who is your target audience/market? I like to ask what percentage of existing or prospective buyers are investors v. retirees, families, etc. remember too many investors buying in one area is a key ingredient to a real estate bubble.
    * What kind of other development activity is going on in the area or who would you consider your biggest competition (I like to know this in order to get comps)?
    * What is the status of the infrastructure on the property? This is particularly important if you are buying raw land.
    * How was the price of the land/property determined a good developer will have quantifiable data to support their prices…then go out and research the area yourself – talk to people familiar with the area, especially anyone who does realty for a full time living, etc.
    * What does the developer foresee as the biggest challenges that they will be confronted with (i.e. try to pick up on things that could go wrong or that could be interpreted as red flags)?
    * Will my reservation money be used as working capital or put in escrow?
    * Do you receive titled land with a folio number or shares in an existing corporation?
    * What makes there project different do they offer a competitive edge (i.e. larger homes/condos than are typically available, better communal amenities, multiple floorplan options, etc.)?
    * What is timeline for completion of the project?
    * Do they offer in house financing for the project they are working on?
    * Is my reservation money refundable and tell me the worst case scenario of what can happen with the money I invest with you?

    You are on the right track though. One of your first priorties should be to focus on a specific region within Costa Rica based on the questions that Scott has listed. You will get quickly overwhelmed if you focus on too large of an area.
    Good Luck!

    in reply to: WLI development firm #175525
    DaveT
    Member

    Here is that website forum discussion on WLI that I mentioned:

    For those of you not familar with American European Real Estate Costa Rica (www.american-european.net) I have found it very useful. The website/forum is hosted by Russ Martin, who incidentally Scott mentions in his book. I believe Russ has lived in Costa Rica for 15+ years and writes articles for a number of newspapers on Costa Rican real estate.

    in reply to: WLI development firm #175520
    DaveT
    Member

    Great article – thanks for posting.
    DO YOUR HOMEWORK very carefully with Worldwide Land Investments!
    Long story short – I have two friends who recently put deposits down for lots with WLI and are actually down in Costa Rica now to walk the properties. I know, I know – I tried to warn them about putting money down before they went down, but I did not catch them in time. They met with reps from WLI and the views they saw were nice, but nothing like the “dog and pony” digital pictures they received beforehand. The lots are very raw with no existing infrastructure along roads that are extremely inept. In short, the types of lots they were shown were pretty common and could be found for much less than what they bought them for. The sales reps then took them to some more developed areas with higher elevation views and said “See, this is what things are going to look like when we are done.” Needless to say, they were extremely disappointed and immediately demanded a refund. They are being given a really hard time about why they want their money back, even though during the sales pitch they were promised that they could get their money back with no questions asked.
    There is also extensive debate about this company on another website that I don’t want to cross-promote on Scott’s website, but can easily be found on the web.
    Hope that helps.

    in reply to: Iguana land company in San Ramon #175538
    DaveT
    Member

    Debbie,
    I am heading down to Costa Rica in a few weeks (April 20th – 23rd) and am spending some time reviewing some of the projects Ben is working on. Thus far I would echo the sentiments of Bill – I have found Ben to be very responsive to my questions, honest, and knowledgeable of the area. I will follow-up with a more detailed posting after my meeting.

    in reply to: Costa Rica Housing Market #174958
    DaveT
    Member

    Matt,
    Do you mind if I contact you via e-mail? I read your posting and I happen to be looking in the Samara Beach area for real estate as well and am planning a trip in April, and would like to hear more about your buying experience. I had also just started to make contact with ABC Real Estate (Peter Marte).
    Thank you,
    Dave Terry
    daveterry73@juno.com

Viewing 9 posts - 1 through 9 (of 9 total)