“Earn dollars, spend pesos, that’s a very attractive proposition these days,” Patrick Spanfelner
Just 4 hours away from Miami, Cali is the 3rd largest city in Colombia. With an amazing climate year-round, exceptional nightlife, and entertainment, it's the go-to place to live a high quality of life at a low cost.
For investors, Colombia doesn't have any restrictions on foreign ownership. There's a great pool of inexpensive contractors, architects, and so forth, and affordable service. Add to that the possibility of a 10% profit after costs and the luxury of soaking up the tropical sun and investing in the emerging Latin market sounds like a great opportunity.
But investing in Colombia or any Latin foreign country can also have some big drawbacks.
So, how can you take advantage of the short-term rental investment opportunities in Colombia without the risks?
Patrick Spanfelner has been living and investing in STR real estate in Colombia for over seven years. His current portfolio includes over 33 units. You can find his units at EXSTR Apartments and learn more about visiting, living, and investing in Cali and Colombia on his blog, The Cali Adventurer.
On this episode of Get Paid for Your Pad, Patrick joins me to discuss the highlights and attractions of tourism in Cali, Colombia, and why it's the perfect place to live your digital nomad lifestyle.
We'll discuss the pros and cons of investing in the STR market in Colombia and why now is a great time to take advantage of the strength of the US dollar.
Listen in as Patrick shares the story of how one of his investments took the wrong turn, costing him most of his life savings, and how you can eliminate most of the risk when investing in STRs in a foreign market.
- Patrick shares the story of his journey to Colombia and investing in Airbnbs
- Why now is a good time to look abroad for your real estate investments
- How the heavyweight US dollar is assisting foreign investors in getting more bang for their buck
- Patrick shares the average nightly rates in Cali, Colombia
- Why it's a cash market for foreigners in Colombia
- The pros and cons of investing in Colombia
- Insider tips to eliminate most of the risk of investing in a foreign market
- The pros and cons of managing properties internationally
- Why you need a great manager if you are not planning on being ‘on the ground' with your STR investments
- Patrick walks us through the legalities of paperwork for investing in Colombia
- The mix of tourists and attractions for travelers and investors
- Why Cali is such a great place for digital nomads
- The most crucial factor to consider when investing internationally