Costa Rica Update

This has been a long time coming because I have more details on Costa Rica. (For those of you that didn't see the "formal" site before or just want a refresher - I love the pictures - check out: http://www.best-costa-rica-real-estate.com/).

Rebecca and I are headed down to the Costa Rica development September 29/30. (We will probably spend a few extra days in Costa Rica truly vacationing as well.) We are awaiting approval on the mortgage to finalize our plans - we hope to have that by next Wednesday.

The mortgages are done just like any other mortgages in the United States or Canada with somewhat higher interest rates (8.25% and up), but typical 30-year rates, up to 90 or 100% financing. There does appear to be a 3% origination fee, however. Overall, a very good program (so I've heard) compared to others for international investing. Since I've not done other international investing, I can't speak from my own experience on that one :)

If and when you come down with us, you have the opportunity to purchase the same "option package" that we did. I am slightly jealous (and extremely happy) that anyone that comes down can get the same package I did (recall that I changed plans and attended a seminar in Orlando just to get this deal). It costs $1495 USD.


This is what you get:

1) Price-freeze on lot/house (combination) until June 20, 2010 (about the time the international airport 20 minutes away goes into service).

2) Referral program - you make 3% commission on anyone you refer that purchases property and 2% commission on anyone THEY refer. (Kinda sounds like network marketing, huh?) With the average purchase being around $300,000 USD, a referral would be worth about $9,000, which would pay for this package and several trips down to CR.

3) $1500 travel voucher if you purchase a property. (i.e. if you buy something, you get this package FREE)

4) Reduced property management rates (I am checking on whether it is 10% or 20% to manage your property as a vacation rental - typically these rates are around 40% if you have looked into this in the states).

5) Millionaire mentoring - webinars with Ed Mercer (the owner of the development). In addition to being very successful, Ed is of the highest integrity, cares so much for other people, and just radiates positive attitude - a great combination in anyone, especially a future neighbor.


They will never offer this package again (they offered a similar package at a recent seminar, but as I understand it did not have a price freeze until June 2010 and had 20% property management fee instead of 10%).

Again, if this sounds interesting to you, let me know ASAP as we will be making travel plans in the next week or two. I am checking to see if this would be available for future trips down to CR, but frankly, I feel very lucky that they are even offering it for one trip.