This is part 7 of the not-so-commonly-seen look into a real, live Ecuador real estate transaction (of my own with my own money) as I reveal all the dirt as it happens in this rare, completely transparent property play.
OK, so today I came to agreement with the seller to buy his 475 m2 (5112 ft2) beachfront lot near Salinas, Ecuador with title issues for $4300.
What’s my plan?
The plan is to buy—> legalize the title issues—> and resell.
Hopefully all within 1-3 months.
Nothing fancy about it.
I know I’m taking a risk here. I may lose everything I’ve invested.
But the potential reward is really good, based on my experience, the lot, when legalized with clear title, is currently selling for at least 2-3 times what I’m paying for it.
Once when I was 20 I bought a car in San Diego for $350 with title issues.
I didn’t know what I was doing and new to the state.
No problems until I went to register the car.
And I found out I couldn’t register it unless I paid an unpaid tax lein that was worth more than the car itself.
So what did I do?
I tried to sell it to an ex-girlfriend.
But then the cops pulled her over and i felt bad and gave her her money back, then I junked the car, it was essentially non-transferable, no one would buy it with the lein it had against it worth almost double the car (it hummed like a helicopter).
This time I did my homework, went to the Registry office beforehand and followed up with numerous “experts” I know down here and have concurred that in fact the title issues of this property as mentioned in the previous posts can in fact be cleared in a timely fashion.
Besides, I must get it right cause my ex-girlfriends in Ecuador probably can’t afford it.
Haha, just joking.
So what price should I put on it?
Anyway, stay tuned, we’ll see how it goes.
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