Apartment Building Dominican Republic
We currently own several rental properties in Florida (Miami, Jacksonville, and Tampa). We are looking to refi a few of our properties and to invest in building and operating an apartment building in the Dominican Republic (tourist area). We have great contacts in the country with builders, lawyers, and realtors to make the process easy. I am planning to retire in DR. I was offered to buy 500 m2 (5381 sqft) lot three blocks away from the beach for USD$65000 where we can build 12 apartments each apartment would be 90m2 for a total of 1080m2. Cost to build apartment building will be roughly (USD $300 per m2) for a grand total of USD 390000 "llave en mano" keys in your hand contract. Monthly rent per unit would be USD $500 a month. Property taxes will be 1% (not sure) of the value of the property and insurance should be USD 2k per year. Is it worth investing or we should just continue investing in the States.