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15 Must Ask Questions when Buying Property Abroad - with Mike Cobb Part 1

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In this first episode of an exciting trilogy with Mike Cobb of ECI development, the first 5 must ask questions are explained. These questions are all about what you can see – the infrastructure, the amenities, the access and of particular importance, but often overlooked, the quality of the engineering in place for stormwater management.

 

We don’t know what we don’t know and we approach property with assumptions, which is a dangerous thing to do. Mike shares great advice about only ever buying what you can see and why this is crucial when buying overseas because assuming could easily mean you don’t get what you want or need.


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KEY TAKEAWAYS

  • Is there year-round access to the property?

We assume that there will be access all year round but this is not always true in some countries dependent on the climate.

  • How long does it take to drive to the amenities?

It is the time rather than the distance that is key in developing countries.

  • What public infrastructure exists?

How can you get to the property and what back up infrastructure is part of the property.

Stormwater, has the engineering been installed properly?

Stormwater and its management is a key part of any development in the tropics

  • Is there enough water and does the developer have the water rights?

In many countries, you have to have a licence to mine it.

Is there enough water pressure for your needs at the property?

Is the home plumbed with hot water?

In Latin America there will be hot water the master suite but not usually in the other bathrooms or the kitchen.

  • How long does it take to get to medical care?

This is something that people view differently but you do need to have an understanding of what you want and would feel was acceptable for your needs.

 

BEST MOMENTS

‘As a consumer, the best time to buy property is in the rainy season’

‘Have you asked about stormwater management?’

‘When we buy property overseas it is the relationship you have with the developer and their longevity that is crucial’

 

VALUABLE RESOURCES

The Property Nomads Website 

https://podcasts.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017

The Property Nomads - Stitcher

Buy To Let: How To Get Started – By Rob Smallbone (Amazon) 

101 Top Property Tips Rob Smallbone, Aaron Devoy 

ECI Development website

 

ABOUT THE GUEST

CHIEF EXECUTIVE OFFICER

Michael K. Cobb, Co-Founder

At the height of a successful career in the computer industry, Mr. Cobb left to pursue more pioneering opportunities in the emerging real estate markets of Central America. In 1996, he and his business partner formed a company, Exotic Caye International, to provide loans to North Americans purchasing properties in Belize, Honduras and throughout the region.

As the need for capital outstripped the supply, the mortgage company was converted to an international bank under the jurisdiction of Belize. It continues to provide mortgage services, but has expanded its services to encompass the full realm of financial products.

Mr. Cobb also saw the need for a regional real estate company that would serve the Baby Boomer consumer with a North American standard product for the next 2 decades. He led the group into real estate development and created a holding company for several properties including a resort on Ambergris Caye, Belize. In August of 2000, Exotic Caye purchased 3.5 miles of Pacific Beachfront property due west of Managua, Nicaragua. This master-planned community hosts world class infrastructure, homes and condominium units. In February of 2006, the ECI Development group acquired 1100 acres and 3km of coastline in Costa Rica, setting the stage for expansion into this popular market. Most recently they merged their Belize property with a much larger parcel and have begun to develop 200 condominiums units on Ambergris Caye, Belize.

Additionally, Michael has spoken at hundreds of international conferences about real estate financing and development. He has acted as a consultant to The Oxford Club and gives counsel to various real estate projects throughout Central America.

https://www.ecidevelopment.com/

 

 

ABOUT THE HOST

Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.

Buckle up, sit tight and enjoy the ride that is life.

 

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