Gaithersburg, MD · Member since 2015 · 30 posts · 8 votes
Hey just joined up on BP,
I am talking with some people about buying an apartment in Cuba, I know that there are some legit websites out there that help facilitate the deal for foreign investors, like http://www.point2cuba.com/?lang=en.
But I am looking to go through this other website that has far cheaper apartments, http://cubahomeforsale.com/default.html. I was wondering if any of you have info about this topic and if there are scammer websites out there.
For instance there are apartments for sale on CubaHomeForSale.com in the hundreds of dollars, listed next to apartments in the hundreds of thousands of dollars.
I talked to them on the phone and still am not entirely sure, I am new to real estate and wanted to check with some reliable experts.
Does anyone have any info on this??? Brandon Turner??
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
11y
I spent 1 month there back in the early '80's on my Aust. passport & also picked up a little of Russian by necessity.
One intriguing issue I found in coastal construction, particularly the various early 1920's Mansions, was the structural failure of the cement used. We later found that the cement was originally mixed with salt water & hence the issue. The old Dupont mansion is a perfect example.
I had returned several times since & find the place to be an amazing time warp, (over run with Canadians), that has so much potential & great people. But I would be more interested in buying a tobacco farm as their cigars are still world class.
However, I doubt if we will see that in my life time.
I am talking with some people about buying an apartment in Cuba, I know that there are some legit websites out there that help facilitate the deal for foreign investors, like http://www.point2cuba.com/?lang=en.
But I am looking to go through this other website that has far cheaper apartments, http://cubahomeforsale.com/default.html. I was wondering if any of you have info about this topic and if there are scammer websites out there.
For instance there are apartments for sale on CubaHomeForSale.com in the hundreds of dollars, listed next to apartments in the hundreds of thousands of dollars.
I talked to them on the phone and still am not entirely sure, I am new to real estate and wanted to check with some reliable experts.
Does anyone have any info on this??? Brandon Turner??
I am not sure either. You could try getting in touch with local experts from cuba by continuing your internet research. I Googled: "homes for sale cuba" and found the following websites:
So on and so forth... I'm sure if you reach out to those places that you'll find someone willing to assist you and teach you more about the real estate market in Cuba. Keep me updated on how it goes! I would be interested in a JV in Cuba in the future.
Miami Beach, FL · Member since 2015 · 7 posts · 3 votes
11y
Today Cuba was taken from off the blacklist, laws will change a lot soon, many people will seek to get back the properties taken by the revolution years ago, nobody knows what the results will be, there are also some old laws which prevent people from buying or building property within a certain distance from the beach, many have been build in the last few years, who knows what will happen if the old laws take effect. However, I have to say, Cuba will offer a very good opportunity for landlords, investors, construction companies and travel related industry, including the vacation rentals. AirBnB featured more than 1000 properties within weeks of law changes. Miami is been talking about casinos for years and it does not seem to be happening in the next few years, Cuba will attract a lot of visitors looking for the Caribbean Vegas, especially now that new charters have been issued for some Cruise lines and ferry companies. Check the laws and bet on the opportunity. Good luck!
House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
11y
I would visit the Island prior to investing. The standards of the dwellings may not meet the standards you would be happy with. I would exercise plenty of due diligence before investing. Having said that, I believe Cuba would be an excellent investment as it will attract plenty of new visitors who will fall in love with what it has to offer.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
11y
I spent 1 month there back in the early '80's on my Aust. passport & also picked up a little of Russian by necessity.
One intriguing issue I found in coastal construction, particularly the various early 1920's Mansions, was the structural failure of the cement used. We later found that the cement was originally mixed with salt water & hence the issue. The old Dupont mansion is a perfect example.
I had returned several times since & find the place to be an amazing time warp, (over run with Canadians), that has so much potential & great people. But I would be more interested in buying a tobacco farm as their cigars are still world class.
However, I doubt if we will see that in my life time.
Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
11y
Failing concrete is an issue all over the Caribbean, especially in Communist-era construction. Salt water can be an issue, but usually the bigger issue is using beach sand. Sand may seem all the same, but it is not. Beach sand has its sharp edges significantly rounded off. The prevents it from locking together well as the matrix in concrete.
Investor · Miami Beach, FL · Member since 2015 · 175 posts · 82 votes
11y
I was having a discussion with a partner of mine regarding investing in Cuba. It is definitely an interesting thing to look at from an investment perspective. There will be huge influx of tourism for years to come that many people can capitalize on. My advice would be to find an area expert to guide you in the acquisition of a property in Cuba. I live here in Miami Beach and can ask around and see if any of my investor partners or colleagues can refer me to such a person if you'd like.
Gaithersburg, MD · Member since 2015 · 30 posts · 8 votes
11y
@David O., if you come across someone who knows a lot about that market I would be interested to talk him/her. I would suspect that there may be more experts in South Florida. Best.
Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
11y
Very interesting idea, but definitely proceed with caution. My grandmother's family had land in Cuba. Some days, she says it was taken from them. Other days she says she still owns it. lol
Vendor · Bronx, NY · Member since 2015 · 1 post · 0 votes
11y
A few days ago, I found this site http://www.cubabestrealty.com. They rent and sell properties in Cuba. Someone knows this site? It is trustworthy. I am interested in offers of properties that they have on sale.
Real Estate Agent · Miami, FL · Member since 2016 · 17 posts · 6 votes
10y
By the way pursuant to Cuban laws you do not incorporate or own a business. The government grants you a license to operate over there and that license can be revoked at any minute.
Additionally, although I am an attorney and practice real estate in Miami, I am not well versed in Cuban real estate law but my understanding is that foreigners are still not allowed to own land. People are getting around this hurdle is placing properties in the names of Cuban citizens, who are the only ones allowed to own property.
Unless you have relatives over there, or close friend, this vesting in someone else's name is a huge issue. You know, if you can get past the fact that you are buying properties in a country operated by a dictatorship.
Commercial Real Estate Broker · Tampa, FL · Member since 2014 · 216 posts · 86 votes
10y
@Jonathan Alfonso you are correct. Unless something has changed very recently, foreigners can not own property in Cuba. They can only partner with a Cuban national, who has majority control (which basically means, the government controls) It was only in the last couple of years that Cuban nationals were even able to exchange property. Some of the more prestigious areas (like Miramar) have seen some pretty high prices as well...which begs the question of where the money is coming from to acquire these homes. One would speculate that Miami exiles are loaning to their Cuban relatives, I suppose.
Cuba is going to be a monster for tourism, but a lot has to change before that happens (including the complete lift of the financial embargo, which still makes payments back and forth very tricky). Plus, as you say, the government is quite unpredictable. We know Cuban officials want more openness with the US, but The day after Obama visits there, Fidel pens an anti-American letter, which is printed in the newspaper. Now, that letter might not have been from Castro (is he even mentally competent to do so?), but that is even more disturbing to me, if it were not Castro. At least Casto can be written off as an old senile, cold-war relic.
Real Estate Agent · Miami, FL · Member since 2016 · 17 posts · 6 votes
10y
@Eric Odum I know some of the larger real estate players in South Florida are taking the risk. Ultimately, spending a few million in Cuba to scoop up prime real estate which could net exponential returns is worthwhile.
I have a very strong network locally and know a bunch of attorneys and other individuals who have traveled to Island after recent events. The most interesting story is one attorney who informed me that he has a lot of business in Cuba and he has a contract with a particular hotel. They have an agreed upon price for rooms because they are constantly housing individuals. His contract ran through 2019. Shortly before embargo was lifted, but prior to it being formally announced. He was booking his stay and was informed that his rate was double. He informed them of contract and sent it over. He was told, "we received instructions from Ministry of Justice to double our room rates". They gave him a discount, which when checking against room rates, was same rate on website. Essentially, government made all businesses double rates, and they are ignoring contacts.
I just found it indicative, because for the average person on this site, Cuba is nothing more than chasing a get rich quick scheme. I have relatives on the island I could technically reach out. Ultimately, I am not going to invest $200k on the island by letting some relative I have never spoken to in my life (and frankly, that I didn't even know I had) own my investment.
Commercial Real Estate Broker · Tampa, FL · Member since 2014 · 216 posts · 86 votes
10y
Even then @Jonathan Alfonso...they only own it in name...they are beholden to whatever the government tells them. If the government walks in one day and says "no more repatriation of profits off of your real estate to the 49% owner in the US, until we say further" that is what will happen. It's not like it hasn't happened before. If the early 1960's is too distant a memory or considered irrelevant to today, just look at the sporadic nature of the decisions being made at the moment....one day they give...the next day they take. How can you calculate investment returns under those terms?!