All Forum Posts by: Don Panchamsingh

Thank you to everyone who have commented on REI HUB. I use TurboTenant for my 3 rentals and they recommended REI HUB so I was looking online for reviews. No one has had anything 'bad' to say about it so I think I'm going to sign up! Thank you again to BP members!!

Quote from @Cory St. Esprit:

@Don Panchamsingh most folks who visit Panama from the US/Canada find their way to Coronado area...so if you need a place to stay, we do have our house available for rent. We're in Nueva Gorgona right down the road. Much quieter than Coronado - more families. 

Cory St. Esprit Thank you for letting me know Cory, I will keep that in mind, much appreciated!

Quote from @Cory St. Esprit:

@Don Panchamsingh I'll agree with Anne-Michelle's comments in regards to SFR. It's a very different market. I don't think you'd have much ability to BRRR - it's just too difficult down there. Homes move slowly. Most things sit on the market for a couple of years and it's relatively informal (i.e most houses found either by driving by or on Encuentra24, similar to Craigslist). Unless you've lived there for a few years, I wouldn't recommend it.

Hello Cory, thank you for your input, I appreciate this from a seasoned investor and one who has boots on the ground. I will be coming to Panama in November this year so I'll be able to see some of the country for the first time. I am going to visit Anna-Michelle as well while I'm there. I am looking forward to it. Thank you again!

Hello Cory, my name is Don and I am thinking of buying investment properties in Panama. I have 3 SFH rentals where I live in NJ and I use the BRRRR method for my investing.

Is that a thing I can do in Panama?

I was looking to see if there were any Hard Money Lenders in Panama and came upon this posting, do you know?

I am thinking of investing in David and living in Boquete.

Any of your thoughts would be appreciated.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $110,000
Cash invested: $30,000

3 bed, 2 full bath, 1152 sq ft, on an acre lot.

What made you interested in investing in this type of deal?

I like SFH in the suburbs of working class neighborhoods

How did you find this deal and how did you negotiate it?

A wholesaler contacted me and they wanted $140K and I offered $110K and they accepted.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Cleared completely overgrown acre of trach trees, opened up the exterior space, put in aggregate driveway and parking spots for 4 vehicles. Inside was repainted completely, new appliance package. Some areas needed new subfloor, new carpet in living room and master bedroom. All new LED lights and lite fixtures.

What was the outcome?

I had to spend more that I estimated, it took a little longer to rehab, the appraisal came in a little lower that my estimation, not a perfect BRRRR.

Lessons learned? Challenges?

Many lessons learned, how to identify a stick built house and a manufactured house and that the appraiser is different for both types.
When the property you buy is divided into 2 different townships, who takes care of what utility.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N\A

Hey Kevin, what's the address of Marcus' project for the meetup on the 21st July?

Great idea Justin, thank you for thinking about this and putting it together, I'll be there!! I would like to be in the Rental/BRRRR breakout group, I'm a buy and hold invertor. Thanks again!

@Tarique Chew, highly recommend you join the SJREIA. Valuable resources such as education and connections that the cost of membership, which is $150 annually, far out weigh. So I second Ron Bradys' post.

Sam and Carly, thank you both, your input in very valuable, much appreciated!

Thank you for that clarification Matt, much appreciated.