6 months after my initial 40k loan in August 2009, Keith came back to me interested in co-purchasing a condo property at Gorgona Oceanfront Condominiums, unit 8D. Over the 6 month period I was warming up to the idea of becoming a Condo owner in Panama. I was interested in moving forward on this deal as I became more invested in the idea of retiring somewhere warm once in a while and could still do business if I wanted.
A short trip & offer.
Keith went down to check out the condo while I remained in Winnipeg busy with my business and i paid half the costs of the flight and accommodations, food etc. We made an offer to purchase the condo for $180,000 USD. As a result, I provided an initial payment of $11,184 USD for legal fees and down payment, Keith and his third wife Marina were to pay the second half of these fees.
September 2009
Our offer of 180,000 was accepted and the legal process to purchase the Condo property had commenced. In September 2009 i wired Marina Geronazzo $31,000 USD and an additional $50,000 USD to close the deal – I was now 50% owner of a condo property in beautiful Panama.
In October 2009, my wife, Keith and his wife Marina travelled down to sign the documents and take possession of our new property. We were thrilled. During this process Keith and Marina convinced me to settle on purchasing half of their retirement property and in the moment with the excitement of now owning a condo in Panama, I was inclined to own property down there as I would likely be visiting more often.
The story continues in the next post.