Medellin Reports

[Knowledge]

It's hard to be a successful airbnb host without someone to assist you locally during your absence. Even the most self sufficient customers have repair and logistical issues they can't always resolve on their own. You need someone local you can trust with access to the unit, which brings us back to the discussion about love motels and long game crime scams.

I know of guys that put their units on Airbnb when they are not using them. Not sure of the exact rules, but they have had to get permitted in a similar way as boutique hotels I think. Don't know if it applies when you only have your own place, or more than one place. Not sure. But something to check on as they shut you down in a very definite way without this permit.

[Zeos1]

Care to elaborate on this? My point was the equity sitting in Las Vegas for a place I'm not at full-time, and can only rent out with a 12-mo lease, could easily be moved into this penthouse. Nonetheless, I'd be interested if you have more information or opinion to share on the topic.

The visa is directly tied to the idea of being here more than 180 days in a year. An investor visa, which is far less in terms of the capital amount, has certain restrictions such as the inability to leave the country for more than a 6-month period. In case of an emergency at home, or all out chaos in Colombia, I would prefer the 2-year window. It also converts to citizenship after 5 years, which has the amazing benefit of going to Russia without a visa! Ok, I haven't really considered the benefits of dual citizenship, yet.

The illiquidity, pesos, etc., makes sense. However, if I'm living here, and can make a 2-3% ROI while living in the unit 9 months a year (more if I was flexible about leaving any time I got a good offer), it would be ok. Then, add in potential appreciation, strengthening of the peso, added value in the remodel, etc. And maybe it makes a bit more sense. I don't know. It's definitely going to take some more thought and planning, but on the surface it seems to be a good deal.

If it turned into simply an investment, and was making $18-20 k per year, it would be solid. Of course, getting the money out in a pinch would be a hassle.

I appreciate the thoughts. I'm soaking it all in, for now, as I go through my due diligence.

I know of guys that put their units on Airbnb when they are not using them. Not sure of the exact rules, but they have had to get permitted in a similar way as boutique hotels I think. Don't know if it applies when you only have your own place, or more than one place. Not sure. But something to check on as they shut you down in a very definite way without this permit.

[Zeos1]

All of my times in Medellin have been the total opposite. I have mainly stayed at the Soul Lifestyle Apartments (Poblado) and the San Peter (Laureles). They need a cedula and that is it.

Right. I've also stayed at San Peter, and as I didn't book through Airbnb I didn't consider it one of my Airbnb stays. It is certainly visitor friendly. I also have stayed at cheaper Airbnb places in Laureles - 3 or 4, and other parts of the city and these are the ones that are not visitor friendly. But, if you're booking condo apartments, etc. Your chances are better. It is just that you need to confirm before hand whether you can have visitors. And lots of them have a section in their rules section about it (on the Airbnb listing). That's the place to start, and if needed follow it up with an enquiry to the owner before you book.

[SlapShot10]

The recent history has not been kind to peso. Do you think Colombia opens up is due to the pandemic under control or for economic reason?

Lazy typing. That was not to say it would happen. It could go the other way, of course. I just meant to say it is a possibility that could have a positive (or negative) effect on the value.

[Nounce]

Then, add in potential appreciation, strengthening of the peso

The recent history has not been kind to peso. Do you think Colombia opens up is due to the pandemic under control or for economic reason?

[SlapShot10]

1. I try my best to stay away from giving advice about marriage or real estate unless it's urgent. Please slapshot, please do your best to forget about your Vegas condo and condos anywhere beyond greater Medellin when you are negotiating real estate deals in Medellin.

Care to elaborate on this? My point was the equity sitting in Las Vegas for a place I'm not at full-time, and can only rent out with a 12-mo lease, could easily be moved into this penthouse. Nonetheless, I'd be interested if you have more information or opinion to share on the topic.

If I'd have considered buying a condo out of capital I can walk away from at any time, then maybe do it through a Panamanian corp. Never tell anyone you own this corp, just say you lease the condo. Girls go to motels only, do as locals in LA do. Please decouple this decision from a visa, you don't need a visa anyway. An honest answer why do you need to purchase real estate is a must, better in writing with numbers attached, and once you do it, usually the purchase makes no sense, you get illiquid property, pesos instead of dollars etc.

The visa is directly tied to the idea of being here more than 180 days in a year. An investor visa, which is far less in terms of the capital amount, has certain restrictions such as the inability to leave the country for more than a 6-month period. In case of an emergency at home, or all out chaos in Colombia, I would prefer the 2-year window. It also converts to citizenship after 5 years, which has the amazing benefit of going to Russia without a visa! Ok, I haven't really considered the benefits of dual citizenship, yet.

The illiquidity, pesos, etc., makes sense. However, if I'm living here, and can make a 2-3% ROI while living in the unit 9 months a year (more if I was flexible about leaving any time I got a good offer), it would be ok. Then, add in potential appreciation, strengthening of the peso, added value in the remodel, etc. And maybe it makes a bit more sense. I don't know. It's definitely going to take some more thought and planning, but on the surface it seems to be a good deal.

If it turned into simply an investment, and was making $18-20 k per year, it would be solid. Of course, getting the money out in a pinch would be a hassle.

I appreciate the thoughts. I'm soaking it all in, for now, as I go through my due diligence.

[El Moreno 92]

Most of the airbnb's that I have stayed in in Medellin were not guest friendly. In fact, all that I have actually booked through Airbnb have been guest "unfriendly".

All of my times in Medellin have been the total opposite. I have mainly stayed at the Soul Lifestyle Apartments (Poblado) and the San Peter (Laureles). They need a cedula and that is it.

[Questner]

If I'd have considered buying a condo out of capital I can walk away from at any time, then maybe do it through a Panamanian corp. Never tell anyone you own this corp, just say you lease the condo. Girls go to motels only, do as locals in LA do. Please decouple this decision from a visa, you don't need a visa anyway. An honest answer why do you need to purchase real estate is a must, better in writing with numbers attached, and once you do it, usually the purchase makes no sense, you get illiquid property, pesos instead of dollars etc.

[Zeos1]

I'm trying to get a feel for which buildings (with AirBnb listings) in Medellin with porteros tend to be more permissive (read: lax) about allowing numerous random visitors without making too much of a headache for us. Does anyone have shareable intel? I tend to stick to Poblado but even a little further south in Envigado might be worth checking out.

Sidenote: I've had zero issues bringing visitors to my room while staying at several hotels in Poblado (Intercontinental, Affinity, BH, Holiday Inn, Binn).

I think it's the owners that make the rules. Porteros will handle it how the owner wants.

Most of the airbnb's that I have stayed in in Medellin were not guest friendly. In fact, all that I have actually booked through Airbnb have been guest "unfriendly".

[Mr Enternational]

Then, Mr. E. , should you live your regular life in Medellin for at least one year if not longer, would YOU take your uninterrupted flow of paid girls, from all barrios of Greater Medellin, TO YOUR OWN HOME APARTMENT??

I bet you would not, even should you own all the condo and nobody else would live there. You are too intelligent and experienced to need me to explain why. It would be just crazy.

When I say it out loud and common sense tells me it is a dumb idea. But experience tells me there is no problem with it. I do it in Thailand and I did it when I was in Rio. The vast majority of my friends in mongering destinations do it. I can count on one hand the guys I know that live somewhere without a significant other that only take chicks to motels. And nobody has a bad story about it yet. My best friend in Medellin brings them 2 at a time to his place.

Funny that I would not do it at my place in the States where I have security cameras (even pointed at my bed) and tons of guns, but I would do it overseas where the only protection I have is an electronic security door. Make that make sense.

[Knowledge]

1. I try my best to stay away from giving advice about marriage or real estate unless it's urgent. Please slapshot, please do your best to forget about your Vegas condo and condos anywhere beyond greater Medellin when you are negotiating real estate deals in Medellin.

2. +1 about the Abercrombie & Fitch references. They would not resonate with me even back in the early 1990's when I lived in America. They are easier me to ignore than continuous repetition that "she is white". It is veering well past the personal preference / obsession range into the disappointing and problematic Grand Wizard zone. I don't doubt there is a cohort of Stormfront and 8 chan lurkers on here but they co-exist peacefully by staying on topic.

This is definitely a concern of mine. Comparing it to my Vegas condo, this deal is fantastic. Maybe 60 k USD less, 3 more bedrooms, same quality view, similar amenities (although the gym and pool in Vegas are much better / bigger), monthly rental income should be double, or more, here. I had a realtor in my current rental, today, telling me 2 billion pesos for what I'm looking for. Made me smile about this other deal I'm in on. When I explained it to her, she asked if she could come see it with me. She was obviously trying to weasel in, somehow.

I checked out the penthouse, today, in-depth. Took a contractor over and a couple friends. The owner wants to sell quickly, and even explained she could lower the "sale price" to help with the taxes, then I could give her cash. She's a tax attorney, so maybe it's worth looking into. It would take a lot of work to make this place a combination of a home and a great gringo penthouse rental. I think we had some great ideas, today, though..

[SlapShot10]

Using realtors to look for properties for you can be problematic, especially for foreigners. There are numerous websites like FINCARAIZ and others which will have most of the properties for sale in town and all of the SM costs, etc. Buying real estate in Colombia is like the wild west. The sellers will have multiple agents trying to sell their properties and at different listed prices, you will will even see the same properties on different websites with varying prices. Another issue is that there are no escrow companies, this is all handled by attorneys. Lots of gringo's get burnt as a result of not having a good attorney to do all the due diligence, and bringing USD into Colombia is another issue as well.

This is definitely a concern of mine. Comparing it to my Vegas condo, this deal is fantastic. Maybe 60 k USD less, 3 more bedrooms, same quality view, similar amenities (although the gym and pool in Vegas are much better / bigger), monthly rental income should be double, or more, here. I had a realtor in my current rental, today, telling me 2 billion pesos for what I'm looking for. Made me smile about this other deal I'm in on. When I explained it to her, she asked if she could come see it with me. She was obviously trying to weasel in, somehow.

I checked out the penthouse, today, in-depth. Took a contractor over and a couple friends. The owner wants to sell quickly, and even explained she could lower the "sale price" to help with the taxes, then I could give her cash. She's a tax attorney, so maybe it's worth looking into. It would take a lot of work to make this place a combination of a home and a great gringo penthouse rental. I think we had some great ideas, today, though.

Anyhow, if anyone has purchased property here, I'd love to get a PM and discuss. I can do all the research on Google, but it's always nice to hear it from some one else that has the experience. My friend who is very artistic came over and said she couldn't live there because it's too elegant, but she thinks it would be a paradise for renters. That kind of hit home, and I will need to put some thought into how to make it comfortable, without taking away from the rental potential. No shared walls, two-stories with the huge new jacuzzi upstairs. It really is a renter's paradise. I have a feeling SJobs and I will be coordinating our calendars at some point in the future.

Tall Man, I fucking LOVE the anticipation of when you will drop the Abercrombie & Fitch reference in your posts. You're killing it! Such a great setup, and I'm sure you'll be telling stories of 2020 for years to come.

[PlayerHater]

Mr. E lots of guys don't roll like you on this board. They like having Chicas in the confines of their apartment versus using the Love Motels. I'm a switch hitter, I do both as appropriate and where I feel comfortable depending on whom I'm with.

I'm trying to get a feel for which buildings (with AirBnb listings) in Medellin with porteros tend to be more permissive (read: lax) about allowing numerous random visitors without making too much of a headache for us. Does anyone have shareable intel? I tend to stick to Poblado but even a little further south in Envigado might be worth checking out.

Sidenote: I've had zero issues bringing visitors to my room while staying at several hotels in Poblado (Intercontinental, Affinity, BH, Holiday Inn, Binn).

[IamLookin]

These have been very informative posts. My thought has been leasing a place for a year. I don't plan to be there year round but I would like a place in the laureles estadio area with security. The girls don't have to know I have it for the year This way when I leave to go back to the USA there is no issue. As far as they are concerned I left which is true. When I get back and I want to see them I just tell them I am at the same place again. They don't need to know your personal schedule. I have been working remotely since March. I probably will be doing so for the foreseeable future so as long as I have good WiFi In a safe area I am in heaven.

This is a real issue that I have some experience with, albeit nobody will be emptying out your apartment in front of the Porteros while your absent. Having a nice place with all the amenities and wanting to party with Chicas you like in your place is hard to resist and in the past I have been very cautious and hence have ended up in the Love Motels frequently over your very concerns. And as far as the Love Motels, there okay for a few hours and an occasional overnighter, but sparse on amenities. Anyone considering buying an apartment in Medellin should think twice about buying in a building with no Portero's. I have a friend who bought a place in Laureles and is frightened to bring Chicas there for all the reasons you mentioned, albeit he does on occasion, but is looking to move over your concerns.

.

[Black Page]

I would think it is more so that in the Latin American culture people tend to live with family until they are married, hence the love motels. I have had no problems staying at the houses or apartments of chicks that did happen to live alone.

Ok, then let me switch perspective.

You are a well navigated man, with years of experience in both Asia and Colombia and Latin America. You are not married. You do not live with family nearby. You enjoy your spare time.

Then, Mr. E. , should you live your regular life in Medellin for at least one year if not longer, would YOU take your uninterrupted flow of paid girls, from all barrios of Greater Medellin, TO YOUR OWN HOME APARTMENT??

I bet you would not, even should you own all the condo and nobody else would live there. You are too intelligent and experienced to need me to explain why. It would be just crazy.