The biggest hidden danger when buying in an Ecuador coastal development

Many developments on the coast of Ecuador have an elephant in the room.

Can´t see it and they don´t mention it when trying to sell you their property.

It´s up to you to thoroughly research this before buying… as most developments DO have a big problem!

The WATER situation.

You see, on the Ecuador coast many developments get developed in areas with already precarious water situations, and the local governments don´t demand (like they do in places like the US) that the development invest to increase the capacity of the installations of the general area for the ballooning amount of people the area will hold once the development is finished.

So they don´t invest, and the situation gets even worse once populated and once you´ve already bought in!

I can live without electricity a few days(I´ve done it).  But try living without water for a day or two, it really sucks.  Yes, you can have cisterns as most do in Ecuador, but those only last a few days max, then you are dependent on the whims of expensive tanker trucks to come give you water on their schedule.

And yes, the price of water raises in times of need.

But there are some areas of the coast that really don´t have city water problems, and a few developments that have really planned ahead.  But most haven´t.

I´d talk to folks already living there before buying and don´t buy anything you can´t see or whose value is based on promises (aka pre-construction) in Ecuador.  (That´s just how I feel.)

Hasta pronto, if you liked this sign up for my Ecuador Insider’s newsletter so you can check out my latest posts(not available online) on living and investing in Ecuador:

Fill in below to sign up now (you can unsubscribe at any time):

Property flipping in the USA vs Ecuador

I´m concluding my trip back to my hometown of Cleveland, Ohio now and I´ve got to say, property flipping here is tempting.

Here, like in other hard-hit rust-belt cities of America you can find decent houses in the $10-20k range.

So, naturally, I´ve been shopping around.

I found one BIG house in a decent area on the west side of Cleveland asking $12,800. Next door a house just sold for $78k.

So what happened? The house has a fire-damaged roof and the whole thing and framing needs to be replaced.

The problem and the BIGGEST difference I see in flipping property here vs the coast of Ecuador?

USA property has been passed over, multiple times before most common-folk even see it.

Passed over by people who know more or have bigger funds then you.

In Ecuador, particularly the coast, you still can find hidden treasures no one else knows about!

For example, here in Cleveland, the broker in charge of the sale also flips property, and he passed on this one.

Also, the realtor who showed me the property was a young, nice guy who confided he also flips property (and has also passed on this one).

So I passed. There´s just too much I don´t know about the market and the prices to fix the place up. I don´t have experience in the USA (yet). Plus, I would not be around for the rehab which I´ve learned in Ecuador is a big no-no.

I´ll stick to Ecuador real estate for now.

Hasta pronto, if you liked this sign up for my Ecuador Insider’s newsletter so you can check out my latest posts(not available online) on living and investing in Ecuador:

Fill in below to sign up now (you can unsubscribe at any time):

4 easy steps to transfer your Ecuador visa to a new passport

Live in Ecuador long enough and this will happen to you.

This month I had to transfer my Ecuador permanent residency visa from an old US passport of mine (that was stolen) to a new one.

It was EASY.  Even a blind, deaf monkey (with no Spanish skills) could do it.

1. First, in the case of a lost or stolen passport you have to file a police report (denuncia) and take that with you along with your new passport to the Ministerio de Relaciones Exteriores nearest you, in Quito, it´s on 6 de diciembre y Colon.  If you still have your old passport just bring that one.

2. Then, if in Quito I would go to the office right next to the Ministerio of the lawyer Dr. Oswaldo, he can help you fill out the form you need to fill out and make any copies of docs and download anything else you need due to your visa type in a matter of minutes.  (Max $10-20 for service).  For more specific requirement info see this link and choose your visa type… http://www.cancilleria.gob.ec/transferencia-de-visas-9-inmigrantes/

3. Then, you will need to make an appointment via this site (usually you can do this for the next business day only) and then take your folder next door to the Ministerio.

4. You will have to leave the folder and pay $50 application fee.  In about 2-4 weeks you´ll get an email saying to stop by the ministerio again.  They will give you a set date and time, Don´t miss it!  Go upstairs this time, pay the $100 reception fee, and hand over your passport and they will seal a new copy of your visa in there again immediately.

That´s it!  Your visa is now in your new passport!

Hasta pronto, if you liked this sign up for my Ecuador Insider’s newsletter so you can check out my latest posts(not available online) on living and investing in Ecuador:

Fill in below to sign up now (you can unsubscribe at any time):