Buying snow Belize

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Buying snow Belize

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Developers, Retirees and Snowbirds Are Discovering Belize

Buying snow Belize

The idea of buying real estate in Belize or any of the other handful of Central American countries might be a hard one to shake for American investors. For episode of The Creating Wealth Show , Jason sits down literally on the beach in Belize to pick the brain of Mike Cobb, local real estate expert. Jason admits it. He himself has frequently fallen prey to the desire to own international property. But Jason is well aware that it would be easy to encounter financial disaster on those rocky shores. As with any other property, he applies the 10 Commandments of Successful Investing first. One of the main problems is that the overwhelming demand is for vacation rentals with length of time varying from a few days stay to a month. Smart income property investors want a single renter in place the entire year, not a parade of tourists or snow birds. Not all are created equal when it comes to popularity, though. While Jason pointed out that he had yet to find a property in Belize that met all his criteria for investment, Mike responded that there are two different kinds of real estate investors. The first, like Jason, want any property they buy to cash flow positive from day one. Alternatively, some investors are looking for appreciation, which requires buying at the lowest price possible and hoping the value goes up. For appreciation, Nicaragua and Honduras, as immature property markets, offer the best prices around. Historically, political unrest has made parts of Central America appear sketchy to many Americans. He recounted to Mike the many times he has been pitched real estate deals by developers in Costa Rica and Belize but none have shown him a renter-based business model based on long-term tenant cash flow. There are a few situations where buying a property in Belize might make sense. If you want to relocate to the area and need a place to live, of course buying makes sense. You also might consider the purchase option if you plan to spend time in the country frequently and can rent it out during vacant stretches to offset mortgage costs. In both cases, avoid the urge to make a quick buy, no matter how good the deal seems. There is always another deal. The secret to finding the best deal possible is to not get in a hurry. Cobb suggests you spend time in the country over multiple visits. Get to know the people and the area. Like anywhere in the world, let word-of-mouth be your guide. You just think people have trouble with the construction industry in the United States. Wait until you get a load of what passes for regulation in places like Belize. Think the thing might sink two feet into the muck a few years down the road? This is why you need to visit, talk to locals, gain their trust, and then get the scoop. Often derided as a blight on humanity in the United States, you might have to wrap your mind around the idea that, in Central America, the condo association could be your best friend. Think of it as a private government that exerts at least some interest in protecting the value of your property. In Central America, real estate agents do not need a license. Nor do property managers, developers, construction companies — you get the idea. It is entirely incumbent on the buyer to do his or her due diligence and always beware! Surely all the good property deals are gone. With 10, Baby Boomers retiring daily, expect 4 to 5 million people looking to find a property in paradise. The ex-pat population in Costa Rica could triple in the next decade. Investing in single family residential homes and renting them out in America, of course is a good start. Image: Flickr Bernt Rostad. Thomas Sowell questions the wisdom of homeownership. Facebook Twitter RSS. Investing: Cash Flow or Appreciation? Central American Construction Standards You just think people have trouble with the construction industry in the United States. Everyone Hates the Condo Association, Right? Podcast RSS. Recent Blog Posts.

Buying snow Belize