I’m back, back in Ecuador after a few months researching property markets in Asia and the Middle East.
And I have $30,000 cash I’d like to invest in Ecuador property…
I’m looking for something I can flip within a year for a nice profit or something I can make a monthly rental income on…
And I’ll be detailing EVERYTHING I see and learn during my house hunt on my weekly Ecuador Insider’s Newsletter, sign up free below! … (you can unsubscribe at any time.)
A lot of folks write me asking for realtor and lawyer contacts in Ecuador. But it’s actually easier than you think to locate dozens of them yourself in your desired area of Ecuador.
The trick is you’ve got to wait til you’re on the ground in Ecuador, the listings on the internet are sparse at best.
Upon arrival, once in your hotel ask the receptionist for a local yellow pages (Paginas Amarillas), yes, even the smaller towns in Ecuador have them. Then look under the phrase “Inmobiliarias” (realtors), there will probably be several agents to choose from with their addresses and numbers.
To locate lawyers, look under the term “abogados”, there should be several dozen listed. This way, you won’t feel ‘locked in’ to the couple guys you found surfing the net. And be sure to shop around a bit, the quality-of-service ranges greatly in Ecuador from professional to professional. That’s my two cents for this week on Ecuador house hunting, investing and living.
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I’ve spent a few months outside Ecuador, now I’m back, and with the falling dollar and other things I was worried inflation may be hitting Ecuador hard.
However, I’m pleased to report that I can only notice inflation in a few select products, for the most part, the prices seem to be remaining steady so far in 2011.
Transportation costs (buses and taxis) seem to be relatively the same as at the beginning of 2011. You can still get plate lunches starting around $2.
One website where you can compare how Ecuador costs stack up against other countries is WikiCostofLiving.com.
What’s your take?
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As for Guayaquil, where you buy depends on your target market… if you’d like to rent to “gringos or foreigners short term” Id buy in urdesa or in the Centro near the Malecon or Parque de Iguanas area.
If youd like to buy cheaper and rent cheaper to middle class ecuadorians id buy in Alborada…its centric and an area on the rise and many middle class locals would like to live there.
If youd like to rent to upper class ecuadorians, theres no place like the Samborondon area… far out of town and US-like, personally the area makes me sick but rich ecuadorians love the place, it is a bit safer than the city proper…the rich locals dont even consider living anywhere else in Guayaquil…
An up and coming area is the Ferroviaria district, on the other side of the river from the MALECON de salado… once a favela area, now its turning into a peaceful, centric place to be… i know of a 4 unit rental complex for sale there fof a friend for around $150000, i could get more details if interested…
For me, one of the top all around value areas is Urdesa… close to everything, more character than samborondon, and still upper middle class to please the locals…
Another surprisingly good buy is the Garzota area…near the mall del Sol…that area is extremely centric, coming up fast, and easy to rent out to both locals or foreigners…
I wouldnt buy in the south of the city, no one who can afford not to be there wants to be there, or in one of the “reposessed” favela style areas in the cities’ outskirts because image for the areas is everything and its hard to repair that, it would be a much more long term investment. Do you have foundation problems? In every aspect of life, preventive maintenance is much more economical than a major overhaul, Foundation Repair Company it’s a good option for a preventive maintenance.
As for the high-end lake front Malecon 2000 properties in the Centro… i think they are OVERPRICED… rich locals who could actually afford to rent those from you wouldnt touch those units in the Centro with a 10 foot stick… the Centro has a really bad image in their heads thats hard to erase, and its true, at night that area is not the safest place to be …
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