All Forum Posts by: Mike Lambert

Hello Pantelis,

Welcome to the community! I don't want to temper your excitement but, while there are a few of us investing internationally, BiggerPockets is mostly US centric. It's great to read the books you mentioned that cover the basics but bear in mind that investing in different countries can be very different and you cannot blindly apply a US recipe on Greek real estate. There is still lots of great and useful stuff in there though.

Of course, the fact that you're Greek will be hugely helpful, especially when it comes down to all the cultural aspects.

On another note, I love Greece but, if I was forced to choose between the two, I'd personally rather own property in Switzerland than in Greece. Of course, the price point is different and that's an understatement.

Good luck!

@Michael L.

It depends on many factors, including which country/ies, your current situation, what your goals are, ... There are no rules.

@Jessika Harris

I've been investing in Mexican STRs for years and answered hundreds of posts on the topic in the BiggerPockets forums. You can find those through my profile but I know they're not easy to navigate so feel free to send me a message as well.

@David To I don't think you'll find anyone since renting for less than 45 days is illegal there.

@Jon Martin Oh things have changed since 2005. Panama City has had huge growth and is now nicknamed the Miami of Latin America and, frankly, its skyline puts Miami's to shame. Good luck finding something for $15 - $20 a night. You'll have to pay many multiples of that.

@Junior Jaquet Hernandez

I love the Dominican Republic and its history and culture but, as far as I've seen, there's hardly any of it in Punta Cana or around. And, as everybody knows, people go there the beach, the weather, nightclubs,.... and, most importantly, the all-inclusive resorts. As for the gastronomy, you can find nice restaurants like anywhere in the world really but, out of personal experience, you can't beat the food of the better all-inclusive resorts there and that's precisely one of the reasons people go for that option.

To answer your question, as you know, Punta Cana accounts for 2/3 of the tourism in the Dominican Republic so, the first time I went, I was wondering about buying a short-term rental there. I emailed a poll to a large group of friends and acquaintances and I asked them the following question: "Would you ever rent a short-term rental in Punta Cana and would you ever go there if it wasn't for an all-inclusive" and not a single person answered yes to either of those questions! Many explained why and it made total sense to me. So no, I don't own property there.

Of course, this isn't necessarily a representative sample statistically speaking and my friends and acquaintances could be a bunch of weirdos so I could be wrong. Well, people needn't listen to you or me. They can just go to Airdna and check how much money the average short-term rental in Punta Cana makes and they'll have an objective answer.

Finally, I'm getting bombarded by messages from Dominican developers building short-term rentals in Punta Cana so, when looking at the statistics, bear in mind that the supply and therefore competition is going to increase significantly.

Hi Ron,

It makes total sense, especially if you have a good deal. Financially speaking, you could of course lose if the market drops, which it might do regardless of the current good economic performance of your country, although that performance reduces the risk. Mind you, you would face the same risk should you buy any existing property in your country.

You didn't mention the largest risks, which are linked to the developer and the deal. I outlined them in detail in this forum post I wrote: https://www.biggerpockets.com/forums/76/topics/965030-buying...

Hope this helps.

 Hi Silvia, I replied to you by DM so as to make sure that I don't breach the forum rules.

@Tim Watson

Michael Alexander gave you a great list of things to consider.

Regarding financing specifically, only Greek banks will finance you, assuming they finance non-residents. And, if they do, I'm not sure what terms and conditions you'll get. You can find out by doing some preliminary research or find out which bank is the main one and ask them.

@Noelle Geeting

I'm a fellow investor in Mexico and I own in Playa del Carmen as well. It's great that you have residency in Mexico and that you have a Mexican corporation. It's worth mentioning for other readers that, while it doesn't hurt, it's not necessary to be a resident or to own a Mexican corporation to buy real estate in Mexico and any non-resident can own a Mexican corporation anyway.

To answer your question, depending on your strategy, you have various options, depending on your objectives:
* Other beach resort towns whether in Q Roo, Baja California Sur, Puerto Vallarta - Riviera Nayarit, Mazatlan or the Oaxaca Coastline.
* Inland cities like Mexico City (the capital), Guadalajara and Monterrey (the 2nd and 3rd cities who are benefiting from the onshoring/reshoring/nearshoring boom and the rise of the middle classes), San Miguel de Allende or Merida.

Hope this helps otherwise feel free to reach out.

@Michael Baum

These are the "expensive" Caribbean, where people buy properties for lifestyle. As an investment, you need to buy in the "cheap" Caribbean like in Mexico or the Dominican Republic. The right property in the right place can be very profitable, as the cost of the property and expenses will be much lower.