Medellin Reports

[Vitrea]

Good summary below but the reality is that many mixed use Airbnb buildings are using the pandemic as an excuse to stop visitors all together. Even ladies that dress well were never encouraged in residential family buildings and have always been frowned upon but the law could not stop them. Now many buildings have passed laws prohibiting visitors. Three out of four that I typically rent from told me that I can't have visitors during my October trip. I am going to stay a girl friendly hotel this time.

The standard airbnb language now includes a general prohibition of "group events". This was in response to growing blowback about house parties at airbnb rentals during the pandemic. The prohibition was not unusual among ads even before it was standardized by airbnb. Within the spectrum of what "visitors" means most would agree house parties are the upper extreme and the lower extreme is of course no one enters the unit except the renter. The extremes are not reasonable. Based on whatever familiarity I may have with Colombia and Colombians, my impression is activity that approaches the mid point between those extremes is not going to fly except in punter club houses like the San Peter et al. See Lugnut's post history for a guide to what will and what will not generally work and how far you can push the envelope. The Reader's Digest version is up to to or three girls a day is feasible if they arrive in modest attire and if they carry themselves with decency. Punters who appear on camera (you don't want to live in a building that does not have security cameras), or are seen in the neighborhood, escorting them in and out will hear about it and possibly face ejection.

[The Tall Man]

Great, then statistically speaking I should be able to get 80% of the chicas walking the streets and malls of Medellin.

Yes timing is everything, hit it when the iron is hot.

The Tall Man.

[Knowledge]

Apologies, I missed your point completely. I thought you were somehow comparing the value and amenities of the Las Vegas condo to condos in Medellin. I am relieved you were not and that you know better. As for leasing the Vegas condo, everyone's situation is different but I would lean toward leasing it to focus on Medellin which you seem to rather enjoy. Storage for personal belongings can be expensive so your lease fees would need to cover that. If you can't be in Medellin full time perhaps renting is the better option.

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..

[Knowledge]

The standard airbnb language now includes a general prohibition of "group events". This was in response to growing blowback about house parties at airbnb rentals during the pandemic. The prohibition was not unusual among ads even before it was standardized by airbnb. Within the spectrum of what "visitors" means most would agree house parties are the upper extreme and the lower extreme is of course no one enters the unit except the renter. The extremes are not reasonable. Based on whatever familiarity I may have with Colombia and Colombians, my impression is activity that approaches the mid point between those extremes is not going to fly except in punter club houses like the San Peter et al. See Lugnut's post history for a guide to what will and what will not generally work and how far you can push the envelope. The Reader's Digest version is up to to or three girls a day is feasible if they arrive in modest attire and if they carry themselves with decency. Punters who appear on camera (you don't want to live in a building that does not have security cameras), or are seen in the neighborhood, escorting them in and out will hear about it and possibly face ejection.

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.

[Surfer500]

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.

Your not going to make a 2-3% ROI on a three month a year rental property in Medellin, not even close given the fixed costs / taxes associated with the property.

[Turgid]

.................It has been reported that 80% of every woman in Colombia has accepted money / gifts for sex (prostitution) at some point in their life. I believe this statistic. ...........

Great, then statistically speaking I should be able to get 80% of the chicas walking the streets and malls of Medellin.

[Surfer500]

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 best visa to obtain is the Resident Visa which requires about a $ 150,000 USD investment, no restrictions as to coming and going, and is good indefinitely except having to renew your Cedula every five years. As far as automatic citizenship, that does not automatically happen for any of the Visa's issued, albeit after five years you can apply for citizenship, and if your under 65, you will have to take some tests similar to the USA citizenship testing. You are correct though about not needing a visa to go to Russia (currently) though as a Colombian Citizen. As far as dual citizenship, well you mentioned all out chaos in Colombia, how about in the USA?

[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.