I have been getting emails telling about land in costa rica that is for sale. the company that solicits investor is also the builders and developers. they say after they take the investmen tmoney and build 3 to 5 bedroom brick homes the value of the land will sky rocket in only a few years. they claim to be building on ocean front land within the city limits. has anyone else received these emails? it sounds like a good investment.
2007-10-14 07:14:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
how does this scam work? i mean, if i bought land in the us near an ocean and built a house on it, it would sell for more than i invested, why not in costa rica?
2007-10-14 07:25:26 · update #1
Yes! they are definitely scams!
2007-10-14 07:20:19 · answer #1 · answered by Dan H 7 · 1⤊ 0⤋
Countries like Costa Rica have great RE scams because there is really no recourse for you when you send your money. Some countries (like Mexico) prohibit non-citizens from owning certain types of property, like waterfront. I'm sure Costa Rica is similar.
How the scam works is that you are sent pictures of the property that you are supposed to be buying. It looks great! What you actually bought is some unbuildable cliff somewhere. And you can do little or nothing about it.
The cost of living in Costa Rica is not inexpensive, especially ocean front. If you are really interested in purchasing there, get a plane ticket and head over. It is truly beautiful, you won't regret the trip. But this way you can check out what you are buying and who you are buying it from.
2007-10-14 09:39:59 · answer #2 · answered by godged 7 · 1⤊ 0⤋
yes. it does 'sound like a good investment'. thats called MARKETING.
MARKETING has nothing to do with investment quality. MARKETING is used to attract money.
any real estate investment requires more research than what you can learn on the internet and, at the very least, you must walk on any land that you consider buying.
these scammers are counting on the fact that buyers will part with their money 'site unseen'.
if you plan on going ahead with this investment, travel to costa rica, see the land and research construction costs and resale values. it cannot be done any other way.
good luck.
2007-10-14 13:54:02 · answer #3 · answered by 6billionfriends 2 · 0⤊ 0⤋
Depending on the company >>>>> it is probably a scam. LOOK SERIOUSLY into it. I live in Costa Rica and get spam from Paragon. I have seen what they are offering and the progress >>>actually lack of progress being made. Many of these companies are looking for investors to finish their projects, and they are pre-selling condos and such with no gunantee of completion date BE CAREFUL. Don't buy sight unseen
2016-05-22 11:43:03 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Don't send/wire anyone money overseas unless you are absolutely sure it's legit. If you received this offer from an email it is a scam. Run from this!
2007-10-14 09:23:40 · answer #5 · answered by Emma S 2 · 1⤊ 0⤋
You are very brave!
2007-10-14 07:23:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋