Part 2: Own Community - 15 Must Ask Questions when Buying Property Abroad - with Mike Cobb ECI Development

The Property Nomads Podcast

In this second episode of the trilogy examining 15 Must Ask Questions with Mike Cobb the questions are focused on achieving community when buying abroad.

Mike takes us through the questions you need to ask about the building and zoning requirements, third spaces, infrastructure, security and common areas to make sure it’s possible for a community to be nurtured and developed.

Often people purchase a property or piece of land and find its not part of any community

It’s just one of a few properties along a beach, the majority of humans want to be around others, to be part of a tribe so it’s vital you know what to ask to make sure you can access and be a part of a new community.

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KEY TAKEAWAYS

• Are there any building requirements of any kind, is there any zoning? - No building requirements can result in speculative land buying which is then not developed.

No zoning will mean that everyone can choose what they do with their land.

• Are third spaces planned? What amenities are there?- If there are no communal spaces where people can gather and socialise then its more challenging to grow and foster community.
• What is the infrastructure? - The community you are leaving is a vital part of your life, you need to be able to maintain relationships with existing community, friends and family.
• What security is in place? - A level of municipal security will need to be provided by the developer or owners association.
• Are the homeowner’s fees high enough to support the amenities, infrastructure, security and municipal functions that are being provided? - Often developers set low initial fees but these can be unrealistic over the longer term.
• Are there greenbelt and common areas? - These areas add to wellbeing and help increase and maintain property prices. Make sure these are going to happen, it’s not a possibility the developer will change the use.

BEST MOMENTS

‘When you buy property outside a highly regulated environment it is buyer beware’

‘Make sure the amenities where people get together exist, buy what you see to be able to experience community’

‘98% of us want social interaction but it doesn’t just happen’

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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