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RealtyCast Global #10: Navigating Expat Life and Real Estate Investing in Belize with Michael Cobb

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Welcome to episode #10 of RealtyCast Global – a global connection to all things real estate, hosted by Hugh Gilliam, president of Global Property Pros.

Belize, often referred to as Mother Nature’s best-kept secret, is quickly becoming one of the most intriguing destinations for global investors and expatriates seeking a slice of paradise combined with a sound investment. This tiny Central American nation, with its diverse landscapes ranging from pristine beaches to lush rainforests, offers a wealth of opportunities for those looking to diversify their portfolio or embark on a new chapter in their lives.

Michael Cobb, CEO of ECI Development, joins us again to provide an insightful look into the burgeoning real estate market in Belize. As a seasoned investor who witnessed Belize’s evolution from a hidden gem to a burgeoning tourist and investment destination, Michael shares valuable perspectives on the potential that Belize holds.

During the episode, we explore how the transformation of Belize’s real estate market parallels the country’s own journey from a British colony to an independent nation with English as its official language. The unique combination of a stable government, common-law legal system, and low property taxes makes Belize an attractive option for investors, particularly when compared to other Caribbean and Central American nations.

The conversation delves into the intricate tapestry of life as an expatriate in Belize. With anecdotes about living on Ambergris Caye and the contrast between expat life in Belize and Nicaragua, the discussion emphasizes the importance of finding a destination that fits one’s lifestyle preferences. Whether one is seeking a serene beachfront haven or an adventurous jungle retreat, Belize offers an array of environments to suit a variety of tastes.

A key focus of the episode is on the growing trend of digital nomads and pre-retirees looking for an idyllic setting to work remotely or enjoy an early retirement. Belize, with its ease of communication for English speakers and the rise of remote working, is an ideal locale for this demographic. It is particularly appealing for those in their 50s and 60s who are not quite ready to retire but eager to enjoy a more relaxed pace of life while still remaining productive.

Real estate investment in Belize, especially in areas like Ambergris Caye, is underscored as a lucrative venture due to the island’s popularity with tourists. The discussion covers the value of investing in branded properties and the increasing trend of visitors converting their short-term stays into long-term residences, thanks to the welcoming digital nomad visa programs.

Furthermore, the episode touches on the role of cruise ships in catapulting Belize onto the global tourism stage. Despite initial resistance from local hoteliers, the influx of cruise ship visitors has resulted in increased visibility for Belize, leading to a higher demand for accommodations and bolstering the country’s popularity among international travelers.

Throughout the conversation, Michael Cobb offers strategic insights into the current ‘sweet spot’ of Belize’s development curve, highlighting the optimal timing for investment before the market peaks. He explains the correlation between the country’s growing popularity and the potential for high occupancy rates and attractive average daily rates for rental properties.

In essence, the podcast episode paints a picture of Belize as a country ripe with opportunity, both for individuals seeking a change in lifestyle and for investors ready to capitalize on the burgeoning real estate market. With its combination of natural beauty, strategic location, and favorable investment conditions, Belize stands out as a destination with profitable horizons for those willing to take the plunge into its real estate adventure.

For more information on living and investing in Belize, check out Michael’s Consumer Resource Guide (click here to download the guide).

For real estate agents looking to expand their business internationally, expose existing listings to a global pool of buyers, and connect with new clients, check out Global Property Pros.

For Property Buyers & Sellers seeking assistance in the international market, check out RealtyHive’s property marketing solutions.

SUBSCRIBE to the RealtyCast Podcast to be notified when new RealtyCast Global episodes air:

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Spotify

iHeartRadio

Google Podcasts

About the Guest – Michael Cobb:

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, Mike Cobb 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.

Website: ecidevelopment.com

Phone: +1.703.795.2555

Email: mcobb@ECIdevelopment.com

About the host – Hugh Gilliam:

Hugh Gilliam co-owned a national transportation company, created a land development business, and worked as a general contractor in residential and commercial construction for over two decades. Hugh also co-founded an international distribution company and successfully negotiated and contracted with 135 sales representatives in the United States, Canada, France, Brazil, Japan, and the Netherlands.

Today, Mr. Gilliam is affiliated with RealtyHive, LLC where he serves as Director of International Real Estate and President of Global Property Pros. His duties include involvement in commercial and residential transactions, plus promoting marketing systems and lead generation platforms.

He is also co-founder of the luxury digital magazine, DOORWAYS INTERNATIONAL, powered by RealtyHive, which serves as a platform for Brokers and Buyers throughout 70 countries.

Hugh’s Designations Include:

  • Certified Luxury Home Marketing Specialist
  • Certified Distressed Property Export
  • Certified International Property Specialist
  • Certified International Investment & Immigration Specialist
  • Transnational Referral Certification

Hugh’s Memberships Include:

  • Georgia Association of REALTORS
  • National Association of REALTORS
  • International Real Estate Federation (FIABCI-USA)
  • Asian Real Estate Association of America
RealtyCast Global #8 Madrid Real Estate Market & Spanish Culture with Antonio Barbosa

RealtyCast Global #8: Madrid’s Real Estate Market & Spanish Culture with Antonio Barbosa

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Welcome to episode #8 of RealtyCast Global – a global connection to all things real estate, hosted by Hugh Gilliam, president of Global Property Pros.

Madrid, Spain, is not just a city; it’s a way of life—a blend of rich history, vibrant culture, and a dynamic real estate market. Navigating this market requires a nuanced understanding, something that Antonio Barbosa, a seasoned real estate professional from Infinite Solutions in Portugal, offers in abundance. In the latest podcast episode, Antonio is back and delves deep into the heart of Spain’s capital, offering an expert guide to those looking to call this lively city home.

The allure of Madrid is multifaceted, with its strategic central location and distinct seasons creating a living experience that is both vibrant and varied. This diversity extends to the real estate market, where the priorities of urban dwellers—lifestyle, work, and education—contrast with the laid-back coastal life sought by many. Antonio explains that, in Madrid, clients often look for properties that serve as more than just holiday homes; they are looking for places that enhance their quality of life, support their professional aspirations, and provide access to top-tier education.

However, the process of buying property in Madrid is markedly different from that in the U.S. The absence of title companies and escrow, the role of notaries, and the nuances of securing loans as a foreigner are all parts of the complex tapestry that buyers must navigate. Antonio provides invaluable insights into the financial aspects, such as the influence of the Central European Bank on interest rates and the possibilities for foreigners to obtain loans for property purchases in Spain.

The conversation then shifts to the importance of finding the right community, a key element for a smooth transition into a new life abroad. Whether it’s for retirees or families, understanding the local social fabric is essential. Antonio’s advice is not just theoretical; he shares practical steps for connecting with the right people and leveraging referrals, easing the integration process for newcomers to regions like Portugal and Spain.

The podcast episode doesn’t just offer advice; it paints a picture of Spanish life that goes beyond the bricks and mortar of real estate. Discussions about the cultural significance of siestas, tapas, and the Spanish approach to meals and social gatherings offer a taste of what it means to truly live in Madrid. Antonio’s passion for the city is evident as he discusses the local cuisine, the significance of sports—particularly football—and the factors that make Spain a safe and desirable destination for expatriates.

For anyone considering the leap to Spain or Portugal, the episode with Antonio is not just a must-listen—it’s a gateway to understanding the essence of Spanish living. His insights serve as a compass, guiding listeners through the labyrinth of Spanish real estate and the rich tapestry of its social traditions. With a focus on integration, community, and embracing the Spanish lifestyle, the episode is a treasure trove of information for those ready to embark on a new adventure in the vibrant landscape of Madrid.

In conclusion, Antonio Barbosa’s discussion on Madrid’s real estate and cultural wonders is a comprehensive guide for anyone looking to plant roots in Spain. With his expertise, listeners are equipped to navigate the intricacies of the Spanish property market and embrace the full spectrum of life in one of Europe’s most enchanting cities.

The world of US immigration may be intricate, but with the right guidance and understanding, it is not an insurmountable challenge. Tune into this episode of RealtyCast Global to gain an enlightening understanding of US immigration and its impact on the real estate industry, as shared by one of America’s leading immigration attorneys, Karen Weinstock.

Make sure to listen to other episodes of RealtyCast Global.

For real estate agents looking to expand their business internationally, expose existing listings to a global pool of buyers, and connect with new clients, check out Global Property Pros.

For Property Buyers & Sellers seeking assistance in the international market, check out RealtyHive’s property marketing solutions.

SUBSCRIBE to the RealtyCast Podcast to be notified when new RealtyCast Global episodes air:

Apple Podcasts

Spotify

iHeartRadio

Google Podcasts

About the guest – Antonio Barbosa:

António Barbosa is a REALTOR® living in Portugal and with more than 20 years of experience in Real Estate. He will tell you that he doesn’t sell homes; He fulfills lifestyle dreams. He’s a charming man with the most disarming smile who makes friends wherever he goes. If you are not his friend, it’s because he hasn’t met you yet!

He prides himself in being part of the decision of more than 500 families making Portugal their new home. In addition, He considers his biggest achievements in life the personal and business relationships he built, which led to long-lasting friendships not only with his esteemed clients but also amongst his distinguished colleagues!!!

He’s happiest helping people to find a home or wealth investment property in Portugal or worldwide. His company name is “Infinite Solutions”, and it’s a perfect name because he’s not problem-oriented, he’s all about solutions.  

He’s also a world traveler and foodie, so if you need a solution of where to go for dinner, on vacation, or where to buy your next lifestyle property, he’s your person! He speaks fluent Portuguese, English, and Spanish.

Antonio is a proud Member of FIABCI-USA as well as NAR® and holds the CRS® / CIPS® and ABR® designations.

Antonio’s website: https://www.infinite-solutions.pt/

Connect with Antonio on LinkedIn: https://www.linkedin.com/company/infinite-solutions-by-antonio-barbosa/

Contact Antonio: antonio.infinitesolutions@gmail.com

About the host – Hugh Gilliam:

Hugh Gilliam co-owned a national transportation company, created a land development business, and worked as a general contractor in residential and commercial construction for over two decades. Hugh also co-founded an international distribution company and successfully negotiated and contracted with 135 sales representatives in the United States, Canada, France, Brazil, Japan, and the Netherlands.

Today, Mr. Gilliam is affiliated with RealtyHive, LLC where he serves as Director of International Real Estate and President of Global Property Pros. His duties include involvement in commercial and residential transactions, plus promoting marketing systems and lead generation platforms.

He is also co-founder of the luxury digital magazine, DOORWAYS INTERNATIONAL, powered by RealtyHive, which serves as a platform for Brokers and Buyers throughout 70 countries.

Hugh’s Designations Include:

  • Certified Luxury Home Marketing Specialist
  • Certified Distressed Property Export
  • Certified International Property Specialist
  • Certified International Investment & Immigration Specialist
  • Transnational Referral Certification

Hugh’s Memberships Include:

  • Georgia Association of REALTORS
  • National Association of REALTORS
  • International Real Estate Federation (FIABCI-USA)
  • Asian Real Estate Association of America

Real Estate Expectations vs. Reality

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Oh, to be a starry-eyed newcomer to the real estate game. Where you think you’ve found the perfect house, only to learn about some skeletons in its closet (sometimes literally). Where you put in an offer, convinced that this house is the one, only to have your offer rejected. Where you were sure your house would sell in two weeks and now you’re past the two-month mark.

No one likes going into a situation unprepared, so we’ve compiled some essential real estate tips for those times when expectations don’t line up with reality.

Misleading Description

“Charming cabin in the woods” sounds great, until you show up to the property and it looks like the most recent “Saw” film was shot here. 

Just like a salesperson, homeowners trying to sell will do what they can to amp up their property. Descriptions are made to captivate buyers so it’s up to the buyers to see through the charades. A few examples:

  • “Quaint” — might be too small
  • “Old Victorian home with lots of history” — might need lots of repairs, require more upkeep
  • “Off the grid” or “secluded” — probably lacking access to anything from nearby restaurants and stores to decent internet service
  • “Lots of potential” — it’s a fixer upper
  • “Close to the action” — might be near a busy road, noisy

Misleading Photos

If you’ve ever eaten a microwave dinner, you know a thing or two about misleading photos. Photos won’t show the pet hair that’s embedded into the carpet or the leak in the ceiling that appears after a torrential thunderstorm.

While it’s true that staging photos are often trying to highlight the good and push the bad to the back of the closet, there are also times where you, the buyer, have to look with a critical eye. For example, photos of a private driveway in fall with the leaves changing are beautiful, but these photos don’t show the nightmare of plowing in winter. 

Another thing to keep in mind: some photos are fake. Graphic design and digital renderings have become life-like. If you’re just going by photos alone you might find that the house you’re looking at doesn’t even exist yet.

Timeline

It’s a huge jump to go from renting to being ready to buy. In that excitement, it’s easy to forget that buying a house isn’t like buying a car — the latter can happen in a matter of hours and the former can take months. The same is true with selling a house — it won’t happen as quickly as putting your bike up for sale on Craigslist.

In both instances, patience and strategy are key. First-time buyers might benefit from working with a real estate agent (sellers could too). Sellers need to have proper marketing and a good platform to list on. Buyers need to keep in mind that their offer might not get accepted, especially in a competitive market. Both parties need to recognize that real estate very rarely works on a perfect timeline.

Closing

FSBO sellers usually don’t realize the amount of deadlines and contract obligations they’ll need to deal with. You might think saving money from selling FSBO is worth it, but a lot of people don’t realize how involved the closing process is.

The same goes for buyers. The last thing you want is to show up to a closing without a lawyer or real estate agent present. Houses are massive investments and not having someone to walk you through the paperwork and process could hurt you in the end.

Costs

First-time buyers often have the expectation that the listing price is what they’re going to pay. There are a lot of unexpected closing fees that end up surprising buyers. Expect to pay anywhere between 2 and 5% of the listing price for closing — and plan on paying in full.

Killer Deals

A “killer deal” house is often not what it seems. True, there are times when you can absolutely snag a deal, but it’s extremely rare to come across a low-priced home that needs no additional work. 

Here are a few things to do before jumping on that killer deal:

  • Walk through the house. Take pictures, ask questions, even bring a tennis ball to lay on the ground — if it consistently rolls in one direction, this could indicate an uneven foundation.
    Some property investors are all about the deals and purchase things site-unseen. This is extremely risky for first-time buyers or for people wanting to live in the home they purchase right away.
  • Get a home inspection. This is also something that property investors sometimes pass on but skipping an inspection is not a good real estate tip for beginners.
    Additionally, make sure you include contingencies regarding this inspection in your offer.
  • Do the math. Calculate all the estimated repair costs and weigh out if this house is still a “killer deal.”

If all this info has led to beads of sweat dripping down your face, don’t worry (and don’t feel bad). Real estate is a complex, highly nuanced industry and even the experts still have things to learn. 

The way you can make this easier is by listing with an all-inclusive platform like RealtyHive. We have a network of agents from you to choose from (and with Cashifyd, you can even get cashback at closing) and countless properties available, all over the world. For sellers, our time-limited events and marketing tactics are designed to shorten your time on the market. Buy or list with RealtyHive today!

Home Buying Tips for New U.S. Citizens

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The home buying process is often daunting for many people, but for those who are new U.S. citizens, the task can be particularly difficult. However, having a house to oneself is a dream for many immigrants, and there are options available that can help make the process easier to navigate. 

In order to help get your footing on the home buying process as a new U.S. citizen, here are a few tips and resources you can utilize to make your journey as easy as possible.

Save Early

While there are first-time homeowners loans available that immigrants should certainly take advantage of, these loans still require a down payment of 3.5%. Therefore, saving money in advance is imperative to the process. 

Signing up for a bank account in the United States as a new citizen can be difficult, especially due to the potential lack of a U.S. credit score. However, there are now online banks that don’t require credit checks to sign up, allowing you to have a safe place to save your money during your home buying process.

Build Credit

As mentioned previously, credit scores play a major role in the home buying process; your credit history will impact the interest rates and loan amounts you have access to. This applies to most mortgage services, aside from a few agencies that perform underwriting for home buyers and don’t take credit score into account when applying.

However, there are options available for new citizens looking to build their credit. One option would be to use your international credit report to get credit in the United States. This means that you won’t need to spend time signing up for credit cards and building credit, if you have a solid credit score from your previous nation of residence.

Find Community Support

Remember that the home buying process isn’t something that you need to take on all by yourself. Through the support of your friends, family, and other members of your local community, you can find a great network of people who have been through the home buying process themselves. Many of them would be more than willing to provide insights and advice on how to navigate it in the best, most cost-effective way. 

Finally, look for real estate agents that have experience working with new citizens, as they can often point you in the direction of the best resources for you to utilize while searching for a home. They will also be more understanding of your current situation, and give you the time and advice you need, to avoid rushing into the process and overspending, or settling on a home you don’t enjoy. At the end of the day, being a homeowner is a wonderful experience, and the day you finally sign the final deal will be incredibly rewarding.

Relatable articles: Why “We Buy Houses for Cash” is a Bad Idea

Do I Need a Water Softener?

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Water softeners are not a necessity, but they are super useful to have. Whether you’re trying to update your current home or are looking to buy, find out why you should invest in a water softener—once you have one, you’ll never go back.

RealQuick: How to tell if you have hard water

If you have a water softener, it should be located somewhere near your home’s plumbing. A basement, utility room, or even a garage would be good spots to check.

Still not sure you have a softener and don’t want to pay for a specialist just yet? Check for these signs:

  • Excessive lime/chalk buildup on areas that come into contact with water (like the shower)
  • Colored clothing fades faster than it should
  • Low water pressure
  • Clean dishes have residue on them once they dry
  • Feeling dry or itchy after showering

These are all indicators that you probably don’t have a water softener, or that you have one, but it’s not working properly.

Reasons to Get a Water Softener

You’ll save money

A water softener removes the mineral ions that are normally found in water. These ions lead to buildup, and this can cause lots of problems in your home. A water softener can help prevent the need for frequent plumbing and appliance repairs, and it also saves you money on energy bills—your systems will have to work harder to turn water hot or cold.

Your appliances will last longer… 

Your dishwasher, washer and dryer, and even your coffeemaker all are negatively impacted by hard water. That mineral residue wears down your appliances a lot faster than if water is run through a softener.

…and so will your clothes

Those same hard water minerals leave their mark (and get left behind) on your clothes. Bright colors will fade faster, and certain minerals can even stain white clothing. Soft water also dissolves detergent better than hard water, so your clothes will likely feel softer and cleaner.

You’ll have an easier time cleaning

The mineral buildup from hard water takes more time to clean and it comes back fast. Plus, you’ll likely be cleaning and rinsing your shower and sinks with even more hard water. A water softener will prevent you from having to deal with this residue.

Your skin and hair will feel better

Knowing that hard water irritates appliances, would you really want to use this water on your hair and skin? The minerals in hard water can leave your skin and hair feeling dry and itchy. It’s also harder to work up a lather with soap, which often leads to buildup of shampoo and conditioner. All around, you will actually feel a difference with softened water.

If you’re hoping a showerhead water softener will do the trick, save yourself some dough—these don’t work because water passes through too quickly to remove hard minerals. 

And for our last benefit, a water softener could help add value to your home when you’re looking to sell! Whether buying or selling, you’re on your way to becoming a knowledgeable homeowner. RealtyHive is here to make the “home” part come to life. Work with us to find your home or to sell in a time-limited event.

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