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Re: Ambergris Caye as an investment [Re: gsreimers] #511407
02/05/16 08:51 PM
02/05/16 08:51 PM
Joined: Feb 2015
Posts: 371
USA
Shyboy Offline
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Shyboy  Offline
As USUAL... Ragman gives a well thought out, detailed answer. I have a LOT of Real Estate experience but have only 1 year of Ambergris Caye experience. My " take" on vacation rentals is this. I happen not to like condos for many reasons and love small Villa complexes. Many factors... If you have the right broker and IF you get a below market deal and IF you keep it rented and IF the management fee is NOT 40-50% here's what you will get. You will have a vacation rental and you will make some $ over expenses AND a free place to come to for a month or two months during the year. I was offered a Villa at a complex with a "fish" name with a 50% management fee. I asked the owners profit which was apprx 7%.. Ok, how many weeks was the owner using it? NEVER. Do it right and have a free place. My wife and I are down every 4 months +/- for a week and I am down alone in-between times for a week. Apprx 8 weeks a year of free Villa AND, cash flow on rental.

A secret about brokers on the island... In the States, most agents are honest OR their brokers will fire them for fear of the Department of Real estate.. No license for a broker in Belize... many outright crooks... Not kidding.. Find a broker who has been of the island for 10 + years and has a "great" reputation. Make sure that broker has a good knowledge of real estate titles, searches etc. Showing you property is easy; anybody can do it BUT do they know what they are doing re title? Any broker who does this full time for 10+ years knows the market and knows many people on the island. I was just offered a "steal" because of currency exchange in another country. All cash; quick sale.. I am happy and content with two properties; didn't want another... Become an expert in one small segment of the market and be ready to "buy" when the deal is right.

The Villa that I purchased has been rented "solid" for 3 months and I already have two weeks in August rented and one week in November. Yes; I work a few hours a week on VRBO but I am not competing with hundreds of condos. Best of all, I'm an old fart and go into the office late everyday. I have plenty of time to deal with new guests and, frankly, enjoy dealing with guests. Get consistent 5 STAR ratings and the rents will come with no problem.

Ragman; looking forward to meeting you in a week +/-

Last edited by Shyboy; 02/05/16 09:25 PM.

A little known fact... Women who are overweight tend to live longer than men who mention it...
Re: Ambergris Caye as an investment [Re: gsreimers] #511431
02/06/16 07:30 AM
02/06/16 07:30 AM
Joined: May 2006
Posts: 229
U
Uncle Buck Offline
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Uncle Buck  Offline
U
Make your money in the states, and spend it in Belize. End of story.

Re: Ambergris Caye as an investment [Re: Uncle Buck] #511433
02/06/16 08:30 AM
02/06/16 08:30 AM
Joined: Jun 2008
Posts: 2,000
SW, MA / SW, FL
R
ragman Offline
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ragman  Offline
R
Excellent advice Buck. There are several gringos on the Island who have done very well but they have been here for a while, worked hard, and were lucky. There are many other gringos, most no longer here, who have lost a ton of money buying real estate and trying to go into business here.

Advice-- It ain't easy! Laws, politics, regulations (or lack of) will be tough to maneuver. I know some very smart people who were extremely successful in the States who left a lot of money down here. That unfortunately is a familiar story.

It is this way in most any country in the Caribbean or Central America. In the 90's I decided that I was going to be a developer in Puerto Rico. I had a vision of a retirement community built on a mountain side maybe with a view of the ocean. Luckily a friend put me in touch with a very nice Puerto Rican attorney who was involved in construction and such. We had dinner together and at the end of the night he told me that he would welcome me as a client, but he finally said to me, "I like you, on your own the locals will eat you alive when you try to compete with them." The only way that it may be possible is to find a local partner but that is a mine field in which you will be the point man. His final advice was, enjoy our Island and people. Buy a residence if you would like but do your investing in the USA. I think that was excellent advice which I decided to follow.


Jim
Formerly from somewhere on a beach in Belize
Re: Ambergris Caye as an investment [Re: gsreimers] #511434
02/06/16 08:39 AM
02/06/16 08:39 AM
Joined: Feb 2015
Posts: 371
USA
Shyboy Offline
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Shyboy  Offline
In retrospect, I agree with Ragman ( again) and Uncle Buck... Judyann told me the old Belize saying; " if you want to have a million dollars in Belize (either currency), bring TWO million". Not word for word but close enough.


A little known fact... Women who are overweight tend to live longer than men who mention it...
Re: Ambergris Caye as an investment [Re: gsreimers] #511436
02/06/16 09:18 AM
02/06/16 09:18 AM
Joined: Dec 2006
Posts: 12,922
San Pedro Belize
elbert Offline
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elbert  Offline
That's Emory King, hes said, if you want a small fortune in Belize bring a big one.


White Sands Dive Shops Daily Blog
http://scubalessonsbelize.blogspot.com/
Re: Ambergris Caye as an investment [Re: gsreimers] #511439
02/06/16 12:50 PM
02/06/16 12:50 PM
Joined: Feb 2015
Posts: 371
USA
Shyboy Offline
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Shyboy  Offline
Thanks for the help. That's a much better quote.


A little known fact... Women who are overweight tend to live longer than men who mention it...
Re: Ambergris Caye as an investment [Re: gsreimers] #511441
02/06/16 05:02 PM
02/06/16 05:02 PM
Joined: Dec 2006
Posts: 12,922
San Pedro Belize
elbert Offline
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elbert  Offline


White Sands Dive Shops Daily Blog
http://scubalessonsbelize.blogspot.com/
Re: Ambergris Caye as an investment [Re: gsreimers] #511466
02/07/16 07:35 AM
02/07/16 07:35 AM
Joined: Jul 2010
Posts: 1,461
San Pedro, Belize
Judyann H. Offline
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Judyann H.  Offline
Thanks for the credit Shyboy.....the first time I read the' half your fortune quote' was on this message board.....However, I can say our experience has been much different.....We are hard working committed business and property owners in Belize with a great deal of Investment property experience. It may look easy on the outside, but like any investment/business or venture, success comes with commitment & dedication.....I know Shyboy has those good practices as we do.....There are no 'get rich quick' programs anywhere in the world that I'm aware of......We are and have been successful in Belize and like Elbert and many other business owners we have earned that success. And by the way....I wouldn't change a thing..... It's a wonderful life....... smile


My friends call me Judyann

www.blackorchidrestaurant.com
Re: Ambergris Caye as an investment [Re: gsreimers] #511470
02/07/16 11:29 AM
02/07/16 11:29 AM
Joined: Dec 2011
Posts: 26
Minnesota
G
gsreimers Offline OP
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gsreimers  Offline OP
G
Thank you to everyone for your responses. I was guessing I would get very different opinions and experiences and that's what I recieved. Judyann, my wife and I will be visiting the first week of April and I will send you an email before we come down.


Re: Ambergris Caye as an investment [Re: gsreimers] #511500
02/09/16 10:01 AM
02/09/16 10:01 AM
Joined: Jun 2003
Posts: 983
Keighley
Inplub Offline
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Inplub  Offline
I second Judy, we have been here on and off for over 14 years and run a Thai Restaurant. If you put the work in you will be successful, if you let other people run your business it can only go one way.

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