Flipping apartments in Colombia?

arthur brode says on Nov 17, 2006, 17:20:

of course you buy them cheap,then fix them up and sell them for more.

http://www.calirentals.net/

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utopiacowboy says on Nov 17, 2006, 17:26:

I would apply the same principles that you would use here. Is it in a good neighborhood but it needs work? My sister-in-law owned an apartment in Itaqui and even though it was cheap, it was tough to unload it. Finally got a cousin of her husband's to take it off her hands. Location, location, location....

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

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robi666 says on Nov 17, 2006, 17:26:

The only one who makes money on apartments in the SHORT time is the broker who sells them.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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arthur brode says on Nov 17, 2006, 17:50:

and if you are interested in properties in Cali,i know a Realtor/Attorney Lady that can help you with this.She helped a buddy of mine that is presently in the process of "flipping" his apartment.Someone has already offered to buy my buddies place and he has not even finished remodeling it yet. arthurbrode at aol.com

http://www.calirentals.net/

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Wastelandlive says on Nov 18, 2006, 08:11:

Buy as many as you can. Borrow from your relatives. Leverage it all. Contact me in about 18 months - I'll be looking to buy.

Wasteland

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rocinante says on Nov 18, 2006, 10:04:

Tough to sell ANYTHING Right now it's tough to sell ANYTHING (houses, apts, businesses) in Medellín. My friend's aunt has a place worth 80 milliones de pesos but she needs to dump it and is asking for 65. She is still having trouble moving it. I might add the place is gorgous and has a garage.

UC is right about location, location, location. I'd buy in Cartegena as that is where the gringo money is going. I also know a secret spot in Medellín that is going to go through the roof (not Poblado, Laureles, Envigado or San Diego), but of course It's a secret!

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

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rocinante says on Nov 18, 2006, 10:10:

flipping adding one more thing - the flipping is probably also easier in the better neighborhoods - my friend's aunt lives in Robledo Diamante which, although quiet and safe, is not the greatest neighborhood.

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

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robi666 says on Nov 18, 2006, 11:16:

Rocinante I have a slightly different view:
1) I do not like to count on tourism money when making an investment on properties. I go where the locals' money is: Medellin - Poblado, Envigado, Sabaneta. You are right, not Robledo.
2) I want to be sure that my properties are well managed when I am not there, good condos, people reliable. There is a big difference between costenos and paisas: big difference between condos in Bocagrande and condos in El Poblado. Look at 10 years old buildings in Bocagrande...
3) Today market in El Poblado is very active, I don't know if it is the same in Cartagena. Bought three apartments in El Poblado, all rented in one month time by reliable agencies, getting around 6,5% net income per year, going up 3,5% per year. Prices are going up around 10% per year. In the long run, the net income will be not more than 2,5% of value and then rent and value will go at the same speed.
4) Cartagena's prices are very high and Cartagena is nothing special and overvalued. In the long run, I am convinced that Santa Marta is where people that like the sea and the caribbean coast will go. Would you buy in St Thomas' or St John's, if you know what I mean?
Just my opinion...

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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Wastelandlive says on Nov 18, 2006, 15:42:

That's the first solid real estate investment advice I've read Robi...

Every rental agency I've ever dealt with was horrible. Fire one, and the next is worse. I always assumed that it would be even more of a rip-of in Colombia.

If you have some reliable agencies that you would recommend, I would be extemely grateful.

R/

WLL

Wasteland

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robi666 says on Nov 18, 2006, 17:15:

WLL All the agencies I deal with are in El Poblado, Medellin. If you need to, p.m. me and I will provide names and phone numbers.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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surf17683 says on Nov 18, 2006, 17:23:

foreclosures in colombia Does anyone know if the process of flipping houses/apartments that are being foreclose by the banks in colombia about the same as the USA? From some of the views here, i'm getting a mix bag; cant make money flipping houses but you can make good money if you find the right locations. Can someone who has actually done this or has been flipping houses recommend this business or is it too risky and not worth it? I really want a business in colombia so i can live there with my future spouse; i do have a good cash reserve of around 40,000 dollars saved up, so what else is there to do to make money in colombia (besides buy drugs , hahah) ?
surf

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mecca says on Nov 19, 2006, 04:10:

ahh...santa marta im interested...got property in med. (lote for apto building) and cali. and interested in santa marta....will check it out... for colombia i say buy strato 6, buy huge meters 700 al casa o apto., buy cheap approx. 500k per meter (remate), and you'll do well. remodel and you will sell.

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mecca says on Nov 19, 2006, 16:40:

hard to tell in colombia but, usually they will call an apto. what is in an edificio, so like a 2-10 or more floor building....

and a condo kind of like townhouse projects. From what i've seen like a gated community, that has townhouses inside 2 levels or so and possibly a community pool or other recreation stuff.

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boomer says on Nov 20, 2006, 06:48:

I'm scratching my head????? Why would anyone want to choose one of the poorer, less fortunate countrys in the world for the purpose of making money??? Taking from the poor to give to the rich??? Reminds me of a swarm of ants on a cookie crumb. For God sakes, even the Drug Producers and the Farc go outside Colombia to make money.


Orgullo de Colombia
"Chao Pescao"

http://mysite.verizon.net/resw3ap5/orgullo_de_colombia/

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lpdiver says on Nov 20, 2006, 14:14:

True... But they make it on the blood, sweat, and labor of Colombians...no?
t

"cook some rice!"

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utopiacowboy says on Nov 20, 2006, 15:07:

Boomer, I guess they never heard bank robber Willie Sutton's answer when asked why he robbed banks: "That's where the money is." The money is in North America, Europe and Asia but these fools are like modern Conquistadors headed for Colombia. Go figure.

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

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Greg444 says on Nov 20, 2006, 16:43:

There are only so many gringos you can rip-off trying to sell over priced condos in Colombia. Colombians are too shrewd , to ever go for anything priced one pesos above wholesale prices. That one person above is set-up for a fall with his three condos.

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robi666 says on Nov 20, 2006, 17:26:

Hope not, Greg... But I'll keep you updated! Anyway... I was good enough in the past that it won't change anything in my life :-)

Better to burn out than to fade away.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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jh816 says on Nov 20, 2006, 18:22:

always about ripping someone off Where does anything written in the post lead you to believe this guy is out to rip off the poor altruistic Colombians? Why is it that everytime someone asks a legitimate business question there is always someone assuming Cortes has come to rob the Aztecs again? Is it that only Colombians can do business honestly in Colombia?

Guess gringos are only supposed to teach English in other countries.

stop hatin'
joe.

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jh816 says on Nov 20, 2006, 18:40:

seek professional help though, if you're making the decision to spend you nest egg on advice from this site, good luck. You may want to back up a little. How well do you know this girl and how close are you to marrying her? Keep your money in safe investments and live with her in Colombia for AT LEAST six months. Make sure it's real, that you want to stay, and LEARN THE LANGUAGE. If you still want to start a business but are still uneasy about the business environment, find a partner you can trust and have your lawyer dot every i.

good luck,
joe.

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mecca says on Nov 20, 2006, 19:03:

realestate is just that buy "right" by the barrio and the meter...stick with strato 6, stick with 500,000 per meter (on remates)...that is super cheap..you may have to go up from here a bit. you will make money. jesus, i read the papers every day, all major cities, all houses, apto's. calculate the price per meter on everything. you will find your superganga or 2. then be ready to buy with a 24 hour offer. give them no time to think and do not come back to them if they do not accept. they can come back to your atty. when they do have your atty. tell them you already purchased another place but will still buy theirs as an investment for 5 % less. hit'em hard and you'll own your ganga in strato 6 for 50 % value. remodel and sell. colombians love remodeled places and very few have the insight to remodel as a n. american would. once they see how n. americans do kitchens, etc., they love it and there is alot of money in col. if you are dealing with "high end" colombians. i have a work crew going to med. in jan. to do a place there and then they are finished with me. great crew. great prices. can connect you with them if you like.

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paisita sarita says on Nov 20, 2006, 21:36:

crew in med mecca. can you contact me reg the crew in med. your info is helpful. thanks. sarah

flsurfsarah at gmail.com

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carlitos85 says on Nov 21, 2006, 10:38:

Why bother to buy, just keep your money earning interest instead, and rent worry free. You get not tax adventage in Colombia, and you cannot get your out. You can rent beautiful condos worry free.
You have to pay all the maintenance fees, the maid service, the repairs, teh agency commission. The person above only tell you the good things, he no speak of all the bad.

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surf17683 says on Nov 21, 2006, 18:46:

earning interest carlitos, sounds nice, but how much can you earn on interest? i want to live in colombia, but also want to make some money to live on from my investment. thanks

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mecca says on Nov 22, 2006, 00:43:

yeah..do what he says... please...rent forever...he has a great plan...keep it up....get on the train or stand and watch it go by.....

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carlitos85 says on Nov 22, 2006, 06:16:

Fairly simple to get a sure 7% on your money in the US, no worries, withdraw it from an ATM in Colombia. As you can these people avoid to answer the tough questions I mention above, only they tell you the good things supposed to happen.

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mecca says on Nov 22, 2006, 08:48:

tough questions carlitos, exactly what are the though questions? Yes you are right, there is administration to pay. If you want to own your home, make sure you buy it right (possibly a remate), shoot for 500,000 algo per meter and buy in barrio 6 only (this ensures that you have not left your buyers out). There is nothing more comfortable than actually owning you home, actually owning it, not just holding a mortage paper in the us and making payments. Especially, in the US if you bought recently and with the housing slowdown, you could get caught holding the bag in the next 5 years (it's possible). And like others here, I also want to one day live in colombia forever. For sure, when it comes time to buy a house in 5 years in colombia, prices would be higher.

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