www.CostaRicaTicas.com

Lenny...that is why Latino guys RENT for their mistresses. They dont live WITH them:). It definitely should be a concern for guys letting chicas live with them.

As for the markets...there will obviously be some stale times if the USA continues in its economic downward spiral. But over time and based on Macro market statistics of baby boomers, there will only be more and more foreigners moving to CR and Panama over the next 5-10 years which should sustain values in the right neighborhoods or towns. The only other unknown factor in buying offshore is the political factor. You never know when bonehead banana republic bureaucrats are going to upset the apple cart and change all the rules, which can quickly and drastically affect values of real estate. The people that get most disillusioned out here are those looking for quick hits, in and out. The pace has slowed down alot as far as quick upsurges in values...for good reasons. The 20-30% 1 year gains are getting quite scarce. Still, if you plan to live out of the USA for retirement or longer than 3-5 years, it probably makes sense to buy...AFTER renting for a while .

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All that a man achieves and all that he fails to achieve is the direct result of his own thoughts...

Where does one go (resources) to find CR Foreclosures?

Have been looking for a modest property between 200-300k but ain't seeing many. where do you find the foreclosures ?

Why do you want to buy? What is the advantage versus renting? If you've got 200k+ to buy a place, why not simply rent a luxury apt for 1k/month? I've thought about it, and I just don't see the advantage of buying. Renting gives you the flexibility to change your mind, and it's just a better deal. I'd like to hear your reasoning that buying is better.

After reading the feedback from various respondents to my original post I've come to the conclusion that renting is the likely better option.

What if you wind up staying in the place for 12 years. You will have almost have bought it with your rent but you'll have nothing. Also if you buy it and decide to go somewhere else you can rent it out. As long as you bought in a tourist or gringo type area you can rent it for a decent amount and have really good cashflow because your tax and most of your overhead is super low. If you decide you want to move, you can rent your place out and with the right cashflow you may be able to pay all or most of the rent of the place you wind up at.

Another benefit is that you can rent the place when your not there and get income as well as having tax deductions on your traveling expenses. To each their own.

Well since I intend to live in Costa Rica for a long time, I wish not to spend money on rentals for ever. I have been here in San Jose for over 20 months now and its only now that I have decided to invest. It is not a decision taken in haste but after taking the pros and cons into consideration.

However back to my original question, would still like to know where to find foreclosures. Can any reader please shed some light ?

Sunnyboy

I don't know about CR, but here in Panama it's through the banks, I would assume it would be similiar there as well. That being said I don't think CR has as many home lones as Panama so the list may be much briefer.

We dealt/pursued home foreclosure opportunities while in CR. JSmythe is right that those lists are at the bank. Unfortunately, those lists are picked over and picked up by bank insiders for the good stuff. All that is left is "junk" in very bad neighborhoods. Believe me, they are not too interested in letting "gringos" in on the good deals through the bank.

That was our experience. To find deals in CR, I would find a reliable Tico/Tica "birddog" to walk in desired areas looking for sale signs or even rental signs. There are also a FEW reliable Tico realtors who can negotiate for you. I can refer you to ONE if you are interested. Just PM me. If you are an obvious looking gringo with no language negotiation skills in front of the seller...the price will always be 20-40% higher for you. Have them cut a purchase agreement on behalf of an anonymous corporation which you should buy in or through anyways, then have a RELIABLE lawyer (if you can find one) do due diligence on the property before putting down dollar 1.

Good luck.

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All that a man achieves and all that he fails to achieve is the direct result of his own thoughts...

Please,correct me If I am wrong but I read an article in the Tico Times that there is a new correction in the property taxes in CR this year and alot of gringos with beach property are getting nailed with pretty heavy taxation. There might be some fire sales if they can not pay their taxes. I am sure they were paying every little taxes to begin with. Might be an avenue for shoppers!
Zeus

Zeus...thats part of the risk/danger of investing blindly in Costa Rica and other foreign countries. The taxation issues are STILL being sorted out and in disarray throughout most areas of Costa Rica. How do you measure your potential ROI on real estate with a moving target on what the taxation is? The problem in many of these small countries is the extreme changes in these things as every administration comes into office. Not that different from US issues, but still an issue to take into consideration when PURCHASING in foreign countries.

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All that a man achieves and all that he fails to achieve is the direct result of his own thoughts...

Guys,
that tax is for concession land. its like 2000% of what normal taxes are. The question you have to ask yourself is where do you want to live. there are many great deals here, you just need patience and know exactly what you are looking for. and Craigslist is the crackhead's classified!! prices there are so outrageous it makes me laugh to think that people actually ask what they do for some of there properties. Also if you have someone that has connections as far as networking, you can find some good deals.