Chile Forum

Any thoughts out there on flipping houses in Vitacura (Altura 8500)? I've spent some time in the area in my past visits and feel there is some potential there. My wife grew up in this area and would love to live back in that area if we were to move to Chile. There is so much construction going on in and around Santiago, lots of track housing and apartment buildings. Because of Vitacuras location, reputation, solidly constructed homes, and current density it seems to be a prime place to go in, renovate/add onto these small houses and put them back on the market. There seems to be plenty of new apartments available in this area but not many new houses. Is the market viable to do this at this time?
Would love to hear anyones thoughts or experience on this topic!
Thanks . . .

That may be a good idea, but your timing sucks.
Spare money is drying up fast all over the world (except in Russia).

Thanks Mikie0, this was my suspicion as well. Though I am thinking
that their may be 1 or 2 more years where this may be a profitable
idea before things slow down more. I'm an american my wife is Chilean we currently live in the states but would like to move to Chile. I'm an architect and have done some flipping here. Just looking for a way to make some money for a year or 2 as I work on my spanish and adjust to the Chilean culture. Would love to hear some more thoughts out there.
Thanks

admin wrote:A lot of foreclosures and auctions going on right now in Chile as people with UF contracts can not afford to make their payments. We have dealt with 3 this month. That may help or hurt you, depending on how much time you are looking for.

This might be a really good time for cash purchasers. I wish I'd bought (in full) a house back in 2001-2002. With a lot of people being squeezed out, this might be a "do over" for me.

But, if I wouldn't buy if I were essentially going to be a "renter" tied to the UF index with a mortgage. Too much risk with that.

Mark

...are extranjeros looking for some formula to cash in in Chile..houses....apartments...whatever.....F### off, there is no money to be made without a Sh@tload of trouble...UNLESS..you are connected....and if you are connected than you are not on this site..you are in Renaca, drinking it up with the boys while the senoras are holed up in Vitacura wondering and amusing themselves amonst each other...in VitaCura...sure onsey twosey houses...for a lot of grief are to be had...but then the same amount of work in the US, would be done in HALF the time for about 6% of the risk...There is no get rich quik schemes in Chile, turning houses...resorts...mines...agro tracts for forestry...it takes Fu**king years(like 10, or be suspicios)...so the little people, like us that it takes years to build up that amount of cash and then move on a project...for 10% return...is IDIOCY...IDIOCY...should I say it one more time?...there might be that one in a 50 million that can do it, there is alwys that....but there is no pie, there is no cream on top...its a sandwich with a plain cup of nescafe....unless, you are a whore and can stand the stench of your own beliefs rotting from beneath you as you sign away your soul...there is always that....even a good drycleaning can't get the stain of how you sell out your friends and family...it may be rough, what I have said, but its the way it is....I suggest you stay close to your family, protect them, be wary...invest carefully and conservatively and you should be okay...ALWAYS, plan for the worst, always-always-always...and you should be okay...the worst will come...and when it does, its bad, like the pitter patter of your teeth across the pavement bad...its bad...but, if you are wise it doesn't have to be that way...

I hope I made my point,

P out


.///.

admin wrote:A lot of foreclosures and auctions going on right now in Chile as people with UF contracts can not afford to make their payments.

We've started looking at foreclosures (remate judicial) as possibly a way to get more house for the money (there are listings in El Mercurio). My wife plans to attend a couple auctions with our lawyer to really understand how the whole thing works, but it looks like there are some good deals to be had. Would love to hear more about your experience.

In other news, we've just sent our paperwork to get our permanent residency. You guys cross your fingers for us as I'd really like to get this done once and for all.

Good luck Otv, I'm more interested in the purchase of long term rentals and believe that you may be slightly early. Still, every deal stands on its own feet and bringing your atty with you seems a good way to get your feet wet safely.