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Josianne and I unlocked the kitchen door, turned on the lights and the ceiling fans, and took inventory. We had eggs, butter, bread, and orange juice. There were tea bags but no coffee…sugar but no cream…pepper but no salt.

“Do you want to cook or serve?” Josianne asked.

“I’ll serve,” I replied, reaching for a towel to tie around my waist as an apron and a pitcher to fill with water.

By now the dining room was full, and our tour-goers were visibly unhappy.

I set the tables as quick as I could with the mismatched china we found in the kitchen cabinet, poured water all around, and took orders (fried versus scrambled), while Josianne fired up the gas stove. We served eggs, toast, juice, and tea that morning to our 40 guests and made it out the door in time to meet the bus scheduled to take us on our first property-viewing appointment of the day.

If you were among the 40 participants at that long-ago event, thank you. You’re a good sport.

I hosted the second conference of my career a year later in Belize. Again, Josianne was my cohort.

Infrastructure isn’t Belize’s strong suit, even today. But 30 years ago this was a seriously undeveloped, unappointed little country. After two days of meetings in Belize City, we wanted to take the group south along the coast to look at beachfront lots and houses for sale. We needed a bus to transport the 50 of us. The bus we’d organized in advance was promised to be “modern.” The bus that showed up outside our hotel that morning was an old U.S. school bus with broken windows, torn seats, and balding tires.

The best thing that could be said about the bus was that it was there, on the scene, as expected, at 8 o’clock that morning. The same wasn’t true for the real estate agent who was to act as our tour guide for the day. The guy finally showed up an hour-and-a-half late and, Josianne and I realized quickly, drunk.

We knew Belize well enough to know that substitutions were not an option. The bus was the bus and the agent was the agent. We either went off with them for the day or we cancelled the day.

We loaded the group and set off.

The road we traveled was dirt (today it’s paved). As we had no air conditioning, we opened the windows for ventilation. But, with the windows open, the bus filled with dust from the road. With the windows closed, temperatures became unbearable. So we pushed the windows down when the air became stiflingly hot and back up when the air became stiflingly dusty.

Josianne and I reviewed an itinerary for the day with our agent guide, who we positioned in the front seat so he could give instructions to the driver. Then we wandered up and down the aisle chatting with our tour-goers, trying to keep spirits up in spite of the transportation discomforts.

The things I didn’t know back then about managing conferences and leading tours could have filled an encyclopedia. One of the things I didn’t know but have learned since, for example, is that you don’t, at any time, want to hand over control of the group to a drunk real estate agent.

After two hours had passed, Josianne and I became concerned and walked up front to check in with our intoxicated friend. The guy had passed out. We shook him awake and asked how much longer until we’d arrive at our destination.

The guy looked at us, at the driver, at his lap, out the window....

After a few long minutes, something finally registered and the guy began yelling at our driver. We’d missed our turn, Josianne and I came to understand, which was an hour-and-a-half back up the dusty road we’d just traveled.

Now what? Turn around? No. Better to continue on to our next stop. This, the agent explained, was another hour in a different direction.

“Where can we go for refreshments?” I asked the guy. “We need to take the group somewhere they can use a bathroom and buy drinks and snacks.”

He knew a place, he said, and gave the driver new instructions. About 20 minutes later, we pulled up to a roadside shack alongside a river. We unloaded the bus. Our group used the facilities and ordered bottles of Coke and water, then stood in the shade of a big mango tree. The morning had been a bust, but the drinks and the shady respite cooled and calmed everyone down. Onward.

But where was the real estate agent? He wasn’t in the shop. Our male tour-goers assured us he wasn’t in the bathroom.

Josianne and I stood, with the group, at the door to the bus trying to figure out what we’d do if we’d lost our guide altogether.

Then, out of the corner of my eye, I saw the guy walking toward us. He was stripped down to his underpants and dripping wet. He’d gone for a swim in the river.

The agent, carrying his clothes, climbed back on the bus and took his seat. Josianne and I looked at each other, shook our heads, and followed, along with the rest of the group.

By the time we arrived at our next destination, the guy had put his pants back on and sobered up enough to explain to us all what we were looking at. We toured for several more hours that day then returned late, dusty, and exhausted to our hotel in Belize City.

Josianne and I went on to lead tours and conferences together for several years, in Costa Rica, Belize, Mexico, and Argentina. I have more stories from those early years. Ask me about them next time you see me. Some are better told over a cold rum and Coke while watching the sun set.

I’ve been thinking about these stories from a lifetime ago this week as my current conference team has been finalizing our calendar for the next 24 months. Looking through 2015, we’ll be returning to old haunts that continue to offer great opportunity for the would-be retiree and investor, including BelizeMexicoPanamaEcuador, and Colombia. In addition, we’ve added new destinations of special appeal, including Uruguay (for an investment conference focused on agricultural opportunities), Paris (for a Live and Invest in Europe event that will focus on France, Italy, Ireland, and Spain), and Roatan (for our first-ever Live and Invest in the Caribbean Conference), and we’ll be continuing our annual Offshore Summit and Global Property Summit.

I’ve learned a few things since those early years, and this much I can promise you: Breakfast will be served every morning, buses will be air-conditioned, and real estate agents will wear pants.

Kathleen Peddicord

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We're in Medellin this week, enjoying our first family stay in our just renovated apartment here. Sitting on the terrace the other afternoon, I thought about resale markets…and how much sense Medellin makes in this context. This is an active market with a large local population plus a growing expat population. If we were to put our apartment up for sale today, it would likely sell quickly for a decent price. The location is good, the size of the apartment appeals to a large section of the market, and it's been renovated, meaning no work required of the new owner. It's turn-key.

Another property I saw recently, not here but back in Panama, didn't meet those criteria. It's a lovely house in a pretty setting, but the location would really only appeal to a niche expat market, narrowing the pool of potential buyers. When you factor in the million dollar-plus price tag, the resale market narrows further. The owners are aware of this and have reconciled to the idea that it could take up to two years to sell the place. Additionally, they didn't buy for investment. They bought a place where they wanted to live themselves and knew the consequences down the line could be a slow resale.

This example brings another real estate adage to mind: If you're buying for investment, don't buy the nicest house on the block. It won't have as much upside as the least nice house in the same neighborhood.

In the current global real estate climate, you want to focus on opportunities in active markets. You also want to focus on properties with the potential to generate yields, as capital appreciation is no longer a forgone conclusion in most markets. Yields are key, but my point is that you want to balance the yield potential with the potential to resell your property when the time comes. A market's buyer base is more important than ever.

Again, Medellin hits all the marks. You can find good yield-producing opportunities (when you buy the right type of property in the right location), and you can feel pretty comfortable about your prospects for resale down the line. The local market is broad, and the expat market is growing.

Furthermore, this is one market where I'd go out on a limb to project appreciation over the coming few years. We've seen it already since we started shopping here two years ago. Values are up say 15% across the board in that time and continue slowly, steadily up.

Finally, there's a lot of inventory across all types. You definitely don't have to buy the nicest place on the block to have a nice place.

While, again, prices have gone up over the last couple of years, since we started paying close attention, you can still find good choices for rental investment properties in the US$100,000 range. Boost your investment budget to US$150k, and the number of available properties increases significantly. If you're open to a renovation project, you can find gems for less.

The one drawback in this market is to do with short-term rentals. This is the kind of rental that will earn you the best yields. The trouble is that short-term rentals are illegal according to Colombian law unless the building specifically allows for them. Right now, only a few in Medellin do. The good news is that, in Colombia, a short-term rental is anything less than 30 days. That means you can legally rent your apartment for as little as 30 days (that is, a month at a time) with no worry.

Yields have come down as prices have gone up. Two years ago, you could buy certain properties with the expectation of a net yield of as much as 15% to 20%. Today, anticipated net yields are still above my generally acceptable range of 5% to 8%, but they are moving down. However, again, I'd say that you do have some capital appreciation to look forward to in this market, as the Colombian economy continues to grow, the Medellin stigma continues to fade, and more expats and retirees discover what the city has to offer.

All things considered, this remains one of my favorite investment markets in the world right now, and I don't see that changing anytime soon. That's why we've scheduled another Live and Invest in Medellin Conference for September. This is a place that should have your attention, both for investment and as a world-class lifestyle and retirement choice. We'll show you what we're talking about when we convene in the city with local contacts Sept. 10-12.

Lief Simon 

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Kathleen Peddicord

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter.

Her book, How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less, was recently released by Penguin Books.

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