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Scott:
I have spoken to you in the past about this property in the Los Suenos area. A Mr. Martin Gill initially contacted me, but was on his way to the US for a week and he has not gotten back in touch with me. I am awaiting his contact. However, I continue to look for advice or assistance in selling this home (construction has not started yet) during the construction phase, or the best way to sell it when construction is complete. Thank you for your assistance.
I would be interested to know who MSG1014 is. I just returned from Costa Montana and building a house there. The infra structure is there; electricity and water & roads are pavers and about 50% complete. The company worked closely with Tarcoles people to get this done. My name is Howard Armstrong I would be more than glad to communicate with anyone regarding this project. Can you say the same MSG1014? Lay out your facts, as a property owner there I will be more than glad to listen to them.
Scott:
One more comment on your advice; which I greatly appreciate. I obviously would retain US attorneys and disclose everything to any potential investor. I would probably set up limited partnerships and not a US Corp. I realize that the SEC would be concerned if I started selling shares in a US Corp. without the proper and legal documentation. I believe one is limited to 25 or less shareholders before having to register with the SEC. Once again, I simply want to help people invest in Costa Rica, and get a better return on their investment than they can get from traditional investments in the US, but if it isn’t legally feasible then I will have to take another approach. I love CR and would very much like to move there with my family some day soon. I will be making my 4th trip to CR in February to check on my home construction and would like to meet some honest developers and realtors. I personally like to area south of Tarcoles to Domincal. Please advise. Howard Armstrong
Scott:
Thank you for your advice. I will obviously take it VERY seriously. I simply see a great opportunity for a company with high integrity and competent managment to offer investment opportunities to people such as myself without having to go through “high pressure boiler room” operations. My strategy was as follows: Solicit X number of investors to raise X amount of money that would be placed in an interest bearing escrow account until the appropriate development or real estate project could be identified through Costa Rican realtors or developers. A Costa Rican corporation would be set up and purchase the real estate and the investors would own the shares (and the real estate) in the Costa Rican Corp. I obvously do not want to violate any laws, but I am very enthusiastic about the Costa Rican opportunity. I currently own two lots just north of Los Suenos with ocean views. They are approximately 5000 square meters each and the development has the infra structure complete and is currently finishing the roads. The name of the development is Costa Montana next to the main highway by Tarcoles. I paid $80K each for the lots and currently finalizing the financing to build a home on one of the lots. Banco Nacionale is doing the home financing. The lots have appreciated enough so that the bank is not requiring additional money down. My plans are to build the house and put it on the market to sell during the construction phase. Simply put, it seems to me that if one is honest with high integrity there should be a way to help others out there who would like to invest in this great country.Please advise. Thank you: Howard ArmstrongI have a lot of experience with Costa Developers. I own 2 lots in Costa Montana and will start building a home this month. I too have had some problems with Costa Developers; primarily with not disclosing additional cost to build the foundation for the home, but they are honoring the $90 per sq. foot construction cost and THE ROADS ARE PAVERS AND ARE ABOUT 50% COMPLETE. The utilities are in as well as the main entrance, club house and model homes (two of which they have sold). I am very familliar with both Flores’ (Jorge and Carlos). Jorge is the CEO and Carlos head of home sales. As far as my experience and research tells me, Costa Developers over all has performed up to their promises and contractual requirements. I also have not had any problems getting things in writing from Andrea (legal department). It is my understanding that 14 homes will soon be under construction. A few are now under way (I saw this first hand the first of August during my recent visit.
Howard
