Brining Money Back Into The Us

[Lavy]

Thanks for setting up such a great Forum - hopefully more will find it.  I have recently purchased property in the Southern Pacific area - just south of Dominical.  I am now looking at purchasing more and am trying to convince friends in investing with me.  Evryone has the same question -- "how do I get money back in the us?"  I was not as worried when I purchased my initial property but I would like to find out what others are doing.  Thanks!

[David Treadway]

Hello,  My wife and I after 2 years of research and traveling to the area have moved to the pacific side of Costa Rica.  Are you asking about getting finance money from the states, or actually taking money back into the states?  I just wanted to clarify.  Feel free to e-mail me at dkt2u@aol.com if you would like.

Dave

[Russ]

Hi Dave & Lavy.

We have a complete article here about getting financing in Costa Rica for properties, if that is the question:
Financing in Costa Rica

Lenders in the US generally won't finance Costa Rica property because they aren't familiar with the market and also because comparative value studies are very difficult to do.  

There are a few creative options though, like:
- Buying real estate as an investment with your IRA
- Getting a low interest 2nd mortgage on property in the US and use it to buy property here.

If the question is about getting money to and from the US, there are several ways depending on the situation.

- Often a buyer will wire money to an escrow account. When the papers are signed the seller gets the money.  This is the fastest and surest way.

- A bank draft can work.  Banks here can issue checks drawn on US banks, which can then be cashed at your bank there. Bank drafts from the US can be deposited in your account here and clear in about 3 weeks.  

I hope that clears up the question and please don't hesitate to ask more.  

[Russ]

Here is the information about using your IRA to buy foreign real estate

Buying Property in Costa Rica with your IRA