Part 3: Know Your Developer - 15 Must Ask Questions when Buying Property Abroad - with Mike Cobb ECI Development

The Property Nomads Podcast

Mike Cobb has shared hugely important information and advice in the trilogy of podcasts focusing on the 15 must ask questions when buying abroad. The episodes cover the three principles anyone must adhere to when buying abroad – ‘buy what you see’, ‘own community’ and in this episode ‘know your developer’

Mike shares great content on knowing your developer answering the key questions - How are you going to build your home from thousands of miles away? How do you know the developers are professional? Is there a sewage system and how is security being arranged?

He also explains the various types of property title in Latin America and how to make sure your property has good title in this episode packed with great advice and information.

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KEY TAKEAWAYS

• Who can oversee the building of your home? - standards and expectations mean it’s important to have a local architect review plans from overseas.
• Always contract an independent third-party engineering firm to verify that it’s being built to the standards on the plan.
• Do the developers have a track record? - ask to see their business plan
• As the consumer, you have the right to see the financials – have they got the money in place to complete the project in the way they say they are going to.
• What is the infrastructure? – is there a sewer system understanding who is doing this and putting in infrastructure is vital.
• What kind of security is available? - is it a gated community? if there are security measures in place you need to understand how much this will cost and how it will be paid for.
• What kind of title will there be? – good title means there will be no challenges to the ownership. To ensure you get good title hire your own lawyer and then pay for another lawyer to check the work.
• Questionable title means there is a story associated with it and should be avoided.
• Other types of title exist across Latin America and these vary being country by country-specific.
• It’s important to work with the right professionals to ensure you get what you’re expecting.

BEST MOMENTS

‘When you buy property - date for a while, get engaged for a while to get married for a long time’

‘Surround yourself with the relevant professionals’

‘The vast amount of property in Latin America has good title’

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.

CONTACT METHOD

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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