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Started By
Message
Best Location for Vacation Rental outside the US
Posted on 7/22/22 at 4:41 am
Posted on 7/22/22 at 4:41 am
Looking for a vacation rental outside the lower 48. I have been doing a lot of research on the Dominican Republic and Aruba and it seems like an interesting market. Any thoughts or experiences on the process is appreciated?
9
Posted on 7/22/22 at 4:57 am to LSUOFFSHORE
I'm intrigued what you have found out about Aruba....
I think Mexico is pretty easy. Some guys here have properties in Tulum.
I think Mexico is pretty easy. Some guys here have properties in Tulum.
Posted on 7/22/22 at 5:08 am to LSUOFFSHORE
I'm building a villa in Tulum right now. Not sure on what the cash flow will be since we'll be using it 1-2 months a year and then renting it for the rest. We're building so we are shelling out cash but will likely do a cash out refi in Mexico once it's built.
Also close to buying something in Medellin thanks to Bama.
Speaking of Medellin -- close to making an offer on this one. What do you think about location, etc?
Also close to buying something in Medellin thanks to Bama.
Speaking of Medellin -- close to making an offer on this one. What do you think about location, etc?
This post was edited on 7/22/22 at 6:11 am
Posted on 7/22/22 at 5:16 am to TheOcean
quote:
Speaking of Medellin -- close to making an offer on this one. What do you think about location, etc?
Great location. I'm not sure about the price though. A few red flags.
1. Website is in English
2. Priced in Dollars instead of Pesos
LINK
This is a better option to search. For $200,000 USD I would much rather have something like this.
Example 1
Example 2
Example 3 (my fav)
Posted on 7/22/22 at 5:18 am to I Love Bama
Thanks. Guy who owns that real estate company is a gringo from FL who has lived in Medellin for decades now. Good dude, talked with him on the phone for a while yesterday.
Seller of the one I linked you to is a gringo who wants out and is spooked by the peso. Nice thing is we'd pay in USD and not have to bring any money to Colombia (saves us 1%). Also can probably snag it for 180k.
Seller of the one I linked you to is a gringo who wants out and is spooked by the peso. Nice thing is we'd pay in USD and not have to bring any money to Colombia (saves us 1%). Also can probably snag it for 180k.
Posted on 7/22/22 at 5:20 am to I Love Bama
Are either of you worried about this new leftist government coming into power in Colombia? I’ve also been looking to purchase in LatAm but the volatile politics concern me.
Posted on 7/22/22 at 5:25 am to TheOcean
quote:
Thanks. Guy who owns that real estate company is a gringo from FL who has lived in Medellin for decades now. Good dude, talked with him on the phone for a while yesterday.
Seller of the one I linked you to is a gringo who wants out and is spooked by the peso. Nice thing is we'd pay in USD and not have to bring any money to Colombia (saves us 1%). Also can probably snag it for 180k.
That does make the process much easier. You will be happy there. Looks like it is walking distance to all the bars and restaurants if the location pin is correct.
Click Clack is one of my favorite spots and you are next door (if location pin is right).
You also have some badass coffee shops like a block or two away.
Yeah, double check the location for sure but it looks good.
Prices have gone up for sure. That apartment 5 years ago would have been 100k - 130k
Posted on 7/22/22 at 5:29 am to DallasTiger11
quote:
Are either of you worried about this new leftist government coming into power in Colombia? I’ve also been looking to purchase in LatAm but the volatile politics concern me.
Yes. It's making me question some of my decisions. Not because I think the government is going to take my apartment (that didn't even happen in Venezuela).
It worries me regarding exit liquidity and/or rental demand if I decide to rent (only a foreigner can afford to rent my spot).
But ultimately, this is a lifestyle "investment" rather than a financial one at this point in my life.
Posted on 7/22/22 at 5:34 am to TheOcean
quote:
Thanks. Guy who owns that real estate company is a gringo from FL who has lived in Medellin for decades now. Good dude, talked with him on the phone for a while yesterday.
Rich Holman - Dude is a legend. Been destroying hot girls in their 20s for the last 20 years and hes like 70.
Posted on 7/22/22 at 5:37 am to I Love Bama
Thanks man. Any idea what that place would pull in per month? Broker said it's pulling in about $2k usd/month with a property management company but that the rents can be raised
Posted on 7/22/22 at 5:37 am to I Love Bama
Haha, he told me that. You know of him?
Posted on 7/22/22 at 5:40 am to TheOcean
quote:
Broker said it's pulling in about $2k usd/month with a property management company but that the rents can be raised
Yeah I think $2,000 a month is doable. Just be careful, that area is PACKED with drug using sex tourists who destroy apartments while on vacation.
I would try and rent to the digital nomad types.
Furnishings look too nice to do random Airbnb stuff. Guys will rent it just to do coke all weekend and bang lots of hookers.
Posted on 7/22/22 at 5:42 am to TheOcean
quote:
Haha, he told me that. You know of him?
Yeah I have met him a few times. First time was about 5 years ago and his girlfriend was literally one of the most beautiful girls I have ever seen in my life.
He was prob 65 at the time and she was 25.
An OT 10. He had some pictures of him and her on his FB but I don't see them now, he must have taken them off.
Posted on 7/22/22 at 6:16 am to TheOcean
My business partner just bought a house in Tulum for 350k. New construction, complex has full security, looks nice.
Posted on 7/22/22 at 7:21 am to LSUOFFSHORE
I hate to put the Columbia derailment back on the tracks, but my suggestion is to highly consider a location that is most easy to get to and affordable to get to.
My FIL used to own a ski in ski out in Jackson hole with a 4x4 for us to use. Flights were $550+ and cleaning fee was $350. He was wealthy but cheap, so in our low to mid 20s it wasn’t a ‘cheap’ vacation for my wife and I to fly there as it was basically $1500 just to start, throw in skiing and you are still taking $3000+ vacation even with a ‘free’ place to stay. Flights always had a connection, so it was almost a 3/4 day out and 3/4 day back.
Where as for example, you buy a lake house that’s 2.5 hours away your friends and family and yourself can be there any weekend it’s open very easily.
If you were going to own something internationally, I’d consider something you enjoy going to for long periods to WFH or retire during the non busy times and then rent out during the peak season.
My FIL used to own a ski in ski out in Jackson hole with a 4x4 for us to use. Flights were $550+ and cleaning fee was $350. He was wealthy but cheap, so in our low to mid 20s it wasn’t a ‘cheap’ vacation for my wife and I to fly there as it was basically $1500 just to start, throw in skiing and you are still taking $3000+ vacation even with a ‘free’ place to stay. Flights always had a connection, so it was almost a 3/4 day out and 3/4 day back.
Where as for example, you buy a lake house that’s 2.5 hours away your friends and family and yourself can be there any weekend it’s open very easily.
If you were going to own something internationally, I’d consider something you enjoy going to for long periods to WFH or retire during the non busy times and then rent out during the peak season.
Posted on 7/22/22 at 8:27 am to baldona
quote:
I hate to put the Columbia derailment back on the tracks, but my suggestion is to highly consider a location that is most easy to get to and affordable to get to.
Lol, thanks. This is where I started, but USA prices are too crazy making hard to enter. This is when I extended my search.
Posted on 7/22/22 at 10:17 am to I Love Bama
For the international property owners, what is financing like on a SFH or condo? Do you use a lender in the states or someone local? You putting down 20% like you would for something in the states? I assume you are using a local realtor to rent it out and not doing this on your own?
Posted on 7/22/22 at 10:29 am to thatguy777
quote:
For the international property owners, what is financing like on a SFH or condo? Do you use a lender in the states or someone local? You putting down 20% like you would for something in the states? I assume you are using a local realtor to rent it out and not doing this on your own?
In almost all cases, cash.
There is financing technically but the amount of hoops to jump through are not worth it.
Many will just re-fi their house in USA and pay cash if they don't have that much liquid. That is the easiest way to finance it if you have some equity.
Posted on 7/22/22 at 10:33 am to LSUOFFSHORE
sure no problem.
I am about to get a place in a favela outside rio in brazil. real cheap with great healthcare! it is really great. we are not far from ipanema beach! join us!
I am about to get a place in a favela outside rio in brazil. real cheap with great healthcare! it is really great. we are not far from ipanema beach! join us!
Posted on 7/22/22 at 10:45 am to thatguy777
Mexico allows financing to foreigners for non construction properties
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