Many aspire to buy international properties for personal use or rentals, but understanding the right questions to ask and how to navigate the buying process in a foreign market is essential. In this episode of Zen and the Art of Real Estate Investing, Jonathan interviews Mike Cobb, CEO of ECI Development, a leading resort development company in Latin America. Mike shares lessons from his 30-year career in international real estate, which began with a trip to Belize, and discusses his book, “How to Buy Your Home Overseas: And Get It Right the First Time!” Mike’s expertise underscores the importance of informed decision-making in international property investment.
In their conversation, Jonathan and Mike delve into Mike’s path from initially buying properties in Belize to establishing a mortgage company and a bank. Mike shares how he and his business partner expanded their property developments in Belize and other regions, revealing the importance of relationships with local bankers and developers. He explains the advantages of Belize’s strict regulatory market and stresses the need to clearly define customer needs to provide the right products. They discuss the buyer shift influenced by medical tourism and the positive effects of real estate development on local communities. Mike also shares his thoughts on purchasing international property and what his book offers prospective buyers.
Jonathan and Mike go into greater detail about:
- Without the internet to help him 30 years ago, Mike Cobb had to navigate the lack of financing options available to foreigners in Belize, inconsistent construction quality, and no MLS.
- ECI Development works hard to create sustainable development in local communities and works with organizations to provide support and resources.
- Buying property in another country is typically nothing like buying property in the U.S., and knowing what questions to ask can save you a lot of headaches later.
Buying property in another country can feel overwhelming, but with knowledge and resources, Mike Cobb believes international properties can offer endless opportunities.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/164/.