Good morning, let me first thank you for taking the time out to respond. Part of my personal financial journey is to acquire a property in an economical and beautiful place that will first pay for itself and than pay me to own. It gets cold where I reside in New Jersey for about 4 to 5 months per year. when this occurs I would like to have a place I can go and not have to worry about the high cost of living, taxes , close to a beach as well as not having to worry about security and maintenance . Of my travels around the world I have decided that Colombia is the destination with the best mental return on investment . What I mean by mental investment is that thoughout the ups and downs of the housing market and economy ,in the United States , having a income producing property in Colombia that even without tenants or someone staying in the unit it cost me less than$1500 a year to pay taxes, maintain property , and have a company rent the property when I am not there. I would call this my exit plan . in other words if all else fails and if my purchasing a property a year in America doesn't work out for my 10 year retirement plan than I can always just take the two properties I own in New Jersey and live a king's live in Colombia off of the $2500 profit a month I make off of those properties. I feel as though everyone's financial independence journey should include something that brings them peace of mind, and that is what this property does for me.
As far as numbers go
Cost of Property closing and Transfer Fee's - $58,000
standard rental income per month - $490 - yearly income - $5,880
If used as AirBnb - Possible $7100 yearly income
Taxes - $450 yearly
Hoa - $500 yearly
There are many cost of living videos as well as quality of life videos you can watch on youtube but until you experience for yourself you may not get the real feel of living in Colombia .
