This is why locals (like me) are fucked. Rent is extremely high, there fewer places to rent, houses are extremely expensive. Minimum wage here is 270 USD per month, and unemployment is rising: 80% of the working population earns only up to 2x the minimum wage! 80%! Of course, working here remotely and earning in USD will be cheap and he will have the time of his life, but for the local population, with people like him making the cost of living extremely high, it's a nightmare. The sentiment towards expats and nomads is changing rapidly among the Colombian population and people are not happy. We are fighting against this, pushing politicians to make laws against short-term rents and more taxes on nomads and immigrants.
This is why locals (like me) are fucked. Rent is extremely high, there fewer places to rent, houses are extremely expensive. Minimum wage here is 270 USD per month, and unemployment is rising: 80% of the working population earns only up to 2x the minimum wage! 80%! Of course, working here remotely and earning in USD will be cheap and he will have the time of his life, but for the local population, with people like him making the cost of living extremely high, it's a nightmare. Hope he gets deported too.
This is Great information as i have been planning on this and going next month May to scout.i have been there twice and hope to succeed as i am tired of the trucking industry and will be selling my trucks to go all in...
Trucker myself here reporting from Indiana. I'm in the same boat as you. But I'm a company driver and I'm not even interested in going o/o I'm trucking. That industry is dead and dying for the American dream. Seems like the new American dream is to be a digital nomad and travel freely making multiple 6-7 figures or less but still having mildly passive income to work less and live more. That seems to be the general arc of direction that is stemming from the streaming hot garbage society that the US has devolved into. The only thing good about it is the flexibility of online jobs and the dollar goes further in developing countries. But not for long so invest in tangible assets like land, gold, silver, and anything that is basically recession and blackout proof.
Where in colombia are you going? Barranquilla? Cali? Cartagena? Bogota? Santa Marta? I'm getting married to a Columbiana this may and will be in Barranquilla for wedding with her family and honeymoon at an airbnb in cartagena for honeymoon
@@rtf1577 have you been to medellin before? I went there for my first time this last January for my birthday and first visit to colombia and meeting with my then girlfriend.
This is nonesense - he does not have this amount of inventory of apartments . In Medellin you cannot rent direct unless you have a Colombian co-signer. If your saying you have deals from 26 rentors on Airbnb in which you add a substantial mark up (like sublet). I’m not buying that because I live in lot of airbnbs in Medellin. I don’t think a Colombian would give you the price you need to get a substantial mark up. The logistics would be a mess as well. Is it possible your doing it with a few apartments , sure. The amount your mentioning - nope. All in 5 months you have developed the network needed for this ? Anybody care to fill me in, I guess I could be wrong but I think I’m more right
Most of these podcasts on making it usually give softball questions. They should really add a live Q&A, and actually get to the nitty-gritty because there’s a lot of behind-the-scenes stuff that people don’t mention, especially the legality and legal loopholes people go through to reach the points they do.
@@tomashill def a turning point time in Medellin. It reminds me of nyc in the 80’s and 90’s- the mayor came in and totally transformed the city into a beautiful safer city . This comes with pros n cons, You very well might be right because there’s so much money to make with airbnbs
Hey Donnie. Great pod! Thanks for this insightful content. Any options on how to get in touch with Mike about questions I have concerning my personal airbnb set up in Colombia?
How is it your finding such a great number of properties when others including Colombians are not finding so many good projects as before. Something doesn't seem accurate, motive? I am open to learn more, since I am looking to relocate. Been to Colombia many times.
Man come on now..money is king man.. the united states has thought us no means no when your just a average joe..but soon as you cross that mexico border the world can be yours..just play the cards right and respect people....im sure medellins would take chunk of money for what ever you need in return
Wait so if over 95% of properties are illegal to do airbnb in Colombia is he only finding the ones that have that special status to be able to do it, or is he breaking the law and just hosting out of any space he can lease in highly traveled areas?
Hey Whats going on - this is Michael here the guy in the video. No, not breaking any laws - we have developed a process to pitch this business model to building administrations so they get the appropriate permits. And also finding buildings that have the existing permits. We are also focusing on expanding our Co-hosting portfolio.
I live in the US and would love to do rental arbitrage in another country (not necessarily Colombia). Is this something that’s possible to do if you don’t live in the area? Or does that set you up for failure?
Hello Michael I am coming in February. Maybe we can meet and I can pick your brain. I am living in South Florida now and I am dying to move there. I usually come about every 3 months
Parents money is how you make money, hey if I had parents that could gift me money I would just put into a bank account. 1M in an interest savings account at 3% is 30k a month. I’m now an entrepreneur. Walmart Costco buy in bulk and resell at higher to customers I am now an entrepreneur 🤓 Buy heavy machinery from US and import to Latin America just give me the starting 200k and I can make money, I believe most of us working 100 hours a week if we had the starting 100k+ to invest we can triple that
What did he mean that he has a guy that goes around and finds him the best deals? Is it not possible to scout these locations your self, do you always need a Colombian negotiator even if you speak decent spanish?
In my market of Medellin, the answer is absolutely yes. Culturally, paisas (the ethinicity of people from medellin) prefer doing business with other paisas. We found it's much easier by having a local do this part of the business and we trained them using our process
@@crackingsuperhost cool! this is super impressive. I appreciate you sharing. It seemed for a while most success stories started in 2020-2021 right after the pandemic and before rent/inflation skyrocketed. It’s encouraging to see someone recent achieve rapid success
@@crackingsuperhost That's very impressive, most people I know of thought the Medellin rental market was done for by the end of 2021 and already in 2022 some people started doing good again, I'm surprised how fast it recovered given all that happened, then again reports of it's demise could have been over exaggerated, I didn't have boots on the ground in 2021 so I couldn't say for sure.
@@LL7891 Would require tons of capital, but literally go out there, pick 1-2 states and areas where you feel confident in, where you've done PROPER research. Talk to landlords. Be ready with your deposits, your capital to buy furniture / decorations etc. Really isn't that hard, it's all about volume. Outreach volume to landlords.
