Working on Purchasing m First Property Overseas In Colombia Help?

Question

F.I. R. E. ( Financial Independence Retire Early - My Journey to Financial Independence

good morning, I am a new investor trying a different way of achieving FI... Is there anyone here that has any information on purchasing property in Colombia as a United States citizen ? Opening bank account in Colombia ? thanks in advance .. also please check out the link in this post to get a summary of my journey to Financial Independence ....

Mike Lambert · Answer

With these details in mind, what you want to do makes perfect sense. And yes, Colombia is an awesome country to live and invest in and you can definitely get that sort of return.You're welcome. My reply was actually a reflection of my current situation. I invest internationally with investors and I've been looking at Colombia for a while now, knowing that it's a great place to invest. Because I want the investors to get well above average returns, I'm always looking for the rare pearls, exceptional deals that will pay investors handsomely while leaving something for me too for finding, creating and managing the opportunity. So I'm looking for much higher returns that what you describe.

The best Colombian deal I've seen so far landed on my desk and it's in the best place, Medellin. If I could borrow like I do in other countries, it would be a fantastic deal. So I have to try to find another solution if I want to make it work as an awesome deal for investors, which is the standard I have imposed on myself.

If you want to open a bank account in Colombia, I can recommend the best person to you. I'm not sure I'm allowed to share her contact details in the forum so feel free to send me a private message.

Kease Houston · Answer

Good morning,  let me first thank you for taking the time out to respond. Part of my personal financial journey is to acquire a property in an economical and beautiful place that will first pay for itself and than pay me to own.  It gets cold where I reside in New Jersey for about 4 to 5 months per year. when this occurs I would like to have a place I can go and not have to worry about the high cost of living, taxes , close to a beach as well as not having to worry about security and maintenance . Of my travels around the world I have decided that Colombia is the destination with the best mental return on investment  . What I mean by mental investment is that thoughout the ups and downs of the housing market and economy ,in the United States , having a income producing property in Colombia that even without tenants or someone staying in the unit it cost me less than$1500 a year to pay taxes, maintain property , and have a company rent the property when I am not there. I would call this my exit plan . in other words if all else fails and if my purchasing a property a year in America doesn't work out  for my 10 year retirement plan than I can always just take the two properties I own in New Jersey and live a king's live in Colombia off of the $2500 profit a month I make off of those properties. I feel as though everyone's financial independence journey should include something that brings them peace of mind, and that is what this property does for me.

As far as numbers go

Cost of Property closing and Transfer Fee's - $58,000

standard rental income per month - $490 - yearly income - $5,880

If used as AirBnb - Possible $7100 yearly income

Taxes - $450 yearly

Hoa - $500 yearly

There are many cost of living videos as well as quality of life videos you can watch on youtube but until you experience for yourself you may not get the real feel of living in Colombia .

Mike Lambert · Answer

Hi, I’m not sure why you want to buy property in Colombia to become financially independent. What is your plan? Do you know you can’t get a mortgage there?