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We are looking to purchase our dream investment property along the Central Pacific. It’s already been an intimidating process trying to research from afar; of course we will visit before investing.
Could any of you share your journey of purchasing and now being an absentee landlord? Our concerns are: squatters, security, property managers, should we build? Is a gated-community necessary? Are the rental revenues really what the developers are advertising? etc, etc
Please help us peel back the sales pitch and get an honest view. Thanks!
Hello
The first thing you should do is a complete title search on the property.
If you buy vacant land that is not in a gated community you should hire a full time guard.
Condos and homes in a gated project should be ok by itself.
Good LuckI have been an absentee landlord in the past and it has not worked for me but I know people who live very, very well – we have people who help manage many apartments for dozens of our VIP Members – renting out their properties.
Like most problems the squatter problem has been blown completely out of proportion and affects vacant landowners more than it affects homeowners.
Would I personally recommend building from afar? If your wife, brother, sister, son or daughter is 1: A construction expert and 2: Speaks fluent Spanish and 3: Can monitor the progress on site daily? Absolutely..
If not? Forget about it!
Sales pitches are sales pitches and we should remember that many companies and individuals keep two sets of accounting books so trying to establish real rental revenues etc., can often be impossible.
Scott Oliver – Founder
WeLoveCostaRica.comDon’t do it! No one will take care of your investments as well as you can and that can only happen if the properties are in your town.
I’ve heard too many long distance landlord horror stories.
I have long distance rental investments in the states and use property managers and it works great, However I would never, never do such a thing in Costa Rica. Anyone living in CR for a short amount of time could answer why. Not to mention, one of the great advantages of such an investment is great tax breaks, which you won’t get here.
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