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quote:
Is that a 30 year mortage at that percent, and was that a foreign company or American owned?
The mortgage business is different there than here. There are no mortgage brokers. If you buy resale you go to your bank, if you buy from a developer you go to the bank the developer contracted to provide the loan. Our loan is from a local Taiwanese bank and the rate is fixed for 20 years.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
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The currency in Taiwan is NT (Taiwanese Dollar) and it's different from the RMB (the Chinese currency.) We took out the loan in NT that has been around 33NT to $1 for a long time. I don't think we are in danger with a 2.3% fixed loan. However, just to be on the safe side, we do not have a prepayment penalty and can pay off the loan anytime.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
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Well, I was planning to buy something in Paradise but it was already sold out! The buildings that collapsed during the earthquake were old buildings. The Building Code is very strict there. Since we have more earthquakes here than in Taiwan, I am not worried. I always have been a risk taker. Those who don't risk risk the most. The condo association carries insurance, we just had to get insurance for the interior and personal belongings. I can't remember how much it was, we paid with the rest of the closing cost, but it was negligible.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
Edited by - John S. Rabi on 06/15/2007 16:03:29
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Congratulations on your new acquisition.
I like your philosophy on risk. 
Aloha
Richwhiteboy
“Yes, risk taking is inherently failure-prone. Otherwise, it would be called sure-thing-taking.” -
Jim McMahon
“Sometimes the truth hurts. And sometimes it feels real good.”
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It's only one hour from Taipei by the High Speed Train. There is large expat population there, several of them own restaurants. In fact, I had a pretty good Philly Cheese Steak Sandwich at JP's Cafe! 
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
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Yep, I agree nothing ventured nothing gained. Really doesn't sound like your out of pocket to much. I bet you do well. Good luck, dave
Take care,
dave
Blessings,
dave
"It doesn't mean that much to me.. to mean that much to you." Neil Young
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quote:
Yep, I agree nothing ventured nothing gained. Really doesn't sound like your out of pocket to much. I bet you do well. Good luck, dave
Take care,
dave
Thanks Dave, that's how I see it too. Another advantage is the tax benefits, since it's an investment property all expenses are write-offs and we can depriciate the condo to zero value in 27 and 1/2 years.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
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Just an update for those who care, we are finally finished with the decorating and furnishing, so the condo is habitable! I know individual tastes differ, but after my wife finished with the work there, their sales office asked if they could use our condo as the model! The new pictures are at http://good-times.webshots.com/album/562332103AoHLjX
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John S. Rabi ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
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oooh, sparkly...
Sorry, ADD kicking in.
Looks great!
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
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Hope this isn't too off topic, but how about Norway?
Looks like they're very forward thinking. This article states they're experiencing a booming oil economy and doing a tremendous job preparing their nation for the future, with or without oil.
http://www.theglobeandmail.com/servlet/s.../oilsands/
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