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Lessons from the "Indiana Jones of Real Estate"By
Tuesday, March 25, 2014
"Steve we had a fantastic stay at your house," a friend of a friend told me.
"That's great to hear," I replied. I'm glad they had a good time.
But the truth was it WASN'T great to hear...
You see, this person rented my house. But I didn't see any of the rent.
What happened?
This was in the late 1990s, at a house I built in Nicaragua. I learned a lot of things – good and bad – about buying property overseas from that experience.
I do believe in owning real estate overseas, for a variety of reasons. But I learned from that house in Nicaragua that I didn't know enough about what I was doing.
If you're thinking about buying property overseas, hopefully you can learn from my mistakes.
Or better yet, instead of learning from me, you should learn from someone who has many more years of experience than me – someone like old friend Mike Cobb. I have called Mike "the Indiana Jones of real estate" for many years. I have been with him, tromping through the jungles in a few different Central American countries. He loves this stuff.
Mike has been investing in Central American property as his career for nearly two decades now, and has lived there for over a decade.
Last week, I spoke at an investment conference in Belize. Mike Cobb was one of the speakers.
Mike gave an excellent talk on how to succeed when buying property overseas. It was so good, I hoped I could share it with you so that you could learn from it, too.
Fortunately, Mike wrote up the basics of his talk a couple years ago, in an article called:
"15 Critical 'Must Ask' Questions When Buying Real Estate Overseas"
He broke these 15 "must ask" questions into three parts. If you're considering buying overseas real estate, I urge you to read them all. Here they are:
It's great stuff... but it's too much to go into here in DailyWealth. If you're interested in this, read all three parts. Even after you've answered these critical questions, when you're considering your real estate purchase, you must realize that you are not finished... Even when you go in with your eyes wide open, I've learned that there are still unexpected "holes in the bucket" – places where money somehow leaks out. For example, the rent not making it back to me from my rental house in Nicaragua.
Just as you think you've outsmarted the last hole in the bucket, another one quietly appears. (Darn it!)
Investing overseas and managing that investment is tough – tougher than you might think. If you're going to invest in overseas real estate, I suggest you do it with someone who has spent many years plugging holes in a lot of buckets.
Mike Cobb is one of those guys (but certainly not the only one).
Again, if you're even thinking about buying property overseas, please read (and re-read) Mike Cobb's "15 Critical 'Must Ask' Questions When Buying Real Estate Overseas."
I guarantee you will dramatically increase your chances for success if you do...
Good investing,
Steve
Further Reading:
Steve thinks housing is one of the best places for your money today. Read his arguments right here:
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