If you have the means you should own real estate in a foreign country. Period. And as I am about to show you, the means is more a head game than a financial one. You do not have to have a lot of money. Here are some reasons you should go through the effort:
- It’s Fun
- It is a great investment
- It gives you true diversification
- The US can not take it away
- You will have a place to vacation
- You will have a place to go if “the shit hits the fan”
- You and your family will learn about different cultures
- You can do it with your IRA!
- It can lead to foreign residency
and the list goes on. I am a licensed Real Estate Broker in NC and I like real estate that is in the same time zone because it makes traveling there so much easier with children. I have property in North Carolina, Georgia, Florida, Panama and Ecuador. Everything is lined up North to South.
I got the idea for this post after reading a post from Simon Black at Sovereignman.com. I read his posts daily and really enjoy them. BUT the only complaints I have is that his take on real estate and life in general seem to come from a “first class” perspective. Which is great for him, and hopefully for us someday right, but at the moment I do not have the cash to live the “first class” lifestyle. Have you ever looked at how much more first class airfare costs! Holy Crap! But I digress… I have had this opinion for a while but it was not confirmed until I read the post about the great value in Chilean real estate. Now I do not know anything about Chile. I have never been there. But in the article he talks a bit about Ecuador property. Now this is something I know about. I own a condo on the beach in Ecuador and have had the opportunity to travel through the country with my family.
I also have a good friend named Gary Scott who knows a ton about Ecuador. Simon writes…
“My unequivocal, universal standard for ‘cheap’ residential real estate in big cities is $1,000 per square meter. It’s really hard to find this anymore in the world. Ecuador comes to mind– there are a number of good quality properties in Cuenca and Quito for $1,000 per square meter.”
Here is a property from Gary’s site that is about half that price!
Here is that condo, just…
four blocks from the center of Cuenca.
Quality is not lacking.
Here are some more shots of our friends Cuenca condo with all hardwood floors, cabinetry and top quality fittings and additional lighting.
There’s is a 1,690 square foot condo cost that they bought for under $100,000.
The views from the 5th floor living room of the Ecuadorian Sierra Mountains show Cajas National Park in the distance.
There is space throughout this Cuenca home.
Hardwood excellence is seen throughout this Cuenca house.
If you have any interest in buying land in Ecuador I HIGHLY recommend you getting on his daily newsletter. Gary regularly features properties for under $500 per meter, or one half of what Simon considers the going rate and they are all quality properties. I also recommend Simon’s site. I have met him personally and can say that he is the most widely traveled person I know. On top of that, his understanding and experience of all the different laws and regulations all around the world is phenomenal.
And if you are interested in Real Estate in Panama I will have more to say about that later…