Buying a condo to rent out?

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GuestPoster098Guest07 September 2017 01:10:09

214245

Hello all! New to the forum - I live in Los Angeles and just posted this on the Costa Rica forum as well. Currently doing research re: purchasing a beach condo somewhere in Central America (recommendations/thoughts welcome) solely as an investment, to rent out to others.

Do any of you have experience renting from afar? Are there any location recommendations you have? (Placencia looks lovely, and Ambergris Caye seems to be the 'destination' spot that might be best for a high occupancy rate. True?) If I want to rent by night/week (rather than long term, monthly or annual), can I pay a local property manager to coordinate keys, cleaning, etc.?

Obviously I would visit and check out places firsthand before making any decisions. Advice/input much appreciated!

margewest Active member

Member since 07 July 2016

margewestActive member07 September 2017 01:21:44

Check out Mahogany Bay on Ambergris Caye. Top notch. My husband and I bought there

Aerodex Serial expat

Member since 30 September 2015

AerodexSerial expat07 September 2017 01:53:06

257

Are you paying cash, or will you finance?
Is this for the cash flow, or long term investment?
Do you plan to use it when it is not rented out, such as in the low season?

Just a few of the things to consider when looking for rentals.

GuestPoster098 Guest

GuestPoster098Guest07 September 2017 03:00:30

214245

Will do! Thanks!

GuestPoster098 Guest

GuestPoster098Guest07 September 2017 03:02:56

214245

Aerodex wrote:
Are you paying cash, or will you finance?
Is this for the cash flow, or long term investment?
Do you plan to use it when it is not rented out, such as in the low season?

Just a few of the things to consider when looking for rentals.

Paying cash, would be a long-term investment. Using a self-directed IRA so I won't be allowed to stay in the property (as far as I know).

Will The Old Serial expat

Member since 11 October 2016

Will The OldSerial expat07 September 2017 04:13:17

418

Asn13 wrote:
Will The Old wrote:
(aka)Aerodex]Are you paying cash, or will you finance?
Is this for the cash flow, or long term investment?
Do you plan to use it when it is not rented out, such as in the low season?

Just a few of the things to consider when looking for rentals.

Paying cash, would be a long-term investment. Using a self-directed IRA so I won't be allowed to stay in the property (as far as I know).

Paying cash in Belize is good mostly because of the very unfavorable loan rates/conditions there.
Correct you can't legally ocupie the IRA financed investment.

However since you are not going to use the property for personal use, I know one can find far better real estate investments in the USA than the headaches and remote logistics of doing that in Belize. I understand you not wanting to invest near you in Calif, but that leaves lots of other states.

Don't get me wrong, I love Belize and bought a house in Placencia, but I would be very hesitant to rent out investment property in Belize unless I was in the area most of the time.

If you are new to real estate investing, I suggest you check out John Dessauer, founder of realwiserealestate dot com or at least read a few of his books. (Amazon) Or check out "Lifestyles Unlimited" another great education and mentoring group for real estate investors.

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