The Ecuador Insider

“Wow, that’s cool.” I thought as a young expat in Medellin, Colombia.

I had just met a guy who lives off day trading while traveling the world.

“Must be nice,” I thought.

Since then my path has taken me more towards starting businesses and investing in real estate abroad.

But during the market dip of this past week I decided it was time to get in on some online stock trading. I also read the Review of Charlie Wilson about trading platform for cryptocurrencies and decided I would try it as well.

But from Ecuador, or anywhere outside the US and Canada, signing up for the service can be a challenge.

You can’t just create an account online and away you go.  These sites usually block the sign up function from third world countries (even with a VPN). However, with the right VPN service at your disposal, you can always find a way round. Read about The best Android VPN apps according to gratisnieuwsgroepen.nl (De beste Android VPN apps volgens gratisnieuwsgroepen.nl)

I tested various services, and I found eTrade the most willing to work with me to set up an account from Ecuador.

I could not sign up online through their site, I had to CALL in to sign up.  That was the key.  I then connected a US bank account, and within one day I was trading online.Well there are best forex trading robot 2020 also help me a lot and still doing so.

The trades go in within seconds and I’ve found the platform VERY easy to use for my average tech skills.  For instance, I’ve been doing Facebook for years but Instagram and SnapCHat and these other newer things are still a bit over my head.

As for my personal trading strategy…

I’m not telling you to check this out or what to do, just stating what I’m doing, take it or leave it.  I´m no pro, in fact, a beginner.  But right now, I’m focusing on CBG stocks as every time Marijuana is legalized somewhere these stocks are jumping, and that seems to be the North American trend now.

Plus, I plan to play specific events that hit otherwise good companies that I think they can rebound from, like the Equifax hack a few months ago (stock dipped like 20% in a day, then slowly rebounded over the following weeks).

All in all, I look at this as one way to make a little money on the side from anywhere in the world… so why not?

(Related post: You can click here to know more about IC Markets and gain more information about foreign exchange)

I’ve lived in Ecuador over 5 years now.

But just recently it hit home what I’m about to share with you today as to how I learned how to buy big ticket items (like cars or real estate) through the selling of my car to Ecuadorians.

Maybe its similar in any less developed country.

Its VERY important whenever you buy something high value high price in Ecuador to establish a price in your head you think its worth after shopping around… and THEN offer a price WAY below that at times would be maybe by half or less.

TEST: If you feel uncomfortable offering such a low price because it would be a steal then you are on the right track.

From there you can always work up little by little.  That’s the only way you can ensure you paid the lowest possible price.

I’ve noticed Ecuadorians have no shame in applying this strategy and neither should you when selling or buying big ticket items here!

Sometimes, it can be hard to get a read on property prices in Ecuador where the (real) purchase prices are usually not recorded and kept secret by those involved not like the US where this information is often readily available.

Despite the special circumstances of this country, real estate sales are still possible, but for this to happen the houses have to be in excellent condition, since we have been using Pressure Washing Tampa, Florida for many years and we highly recommend them.

Below is a quick, informal appraisal I did for a friend who wants to sell their suite in the Hotel PalmaAzul in San Clemente on the beach about an hour north of Manta…the below info is from my own research and not necessarily “the law”.

I did some research for your appraisal request and here is what I found snooping around with the locals.

The earthquake killed the market for about a year there but as of a few months ago the market is picking back up,now may be a good time to buy. Ecuador is a really humid coutry, so make sure to get a new air purifier. ou ca get a big selection from https://www.bloomingair.com/best-air-purifier/ so you can have a new hoe with fresh air.

The Vista Azul duplexes next door are 122m2(1313.2ft2) of construction and going for around $85k-$94k at present.  They are not oceanfront.  ($770per m2)

A new complex is being finished next door right on the beach and it is sold out for around $150k for each 2 bedroom unit (112m2). ($1330per m2)

1 of the 3 privately owned suites in the hotel sold a few months ago in 2017 for $40k (22m2) which is about half the size of your suite.  Just a single room.  ($1800 per m2)

Your suite is around 44m2(473ft2) to my estimate (i measured it).

Which leads me to my conclusion wheras if you want to sell it QUICK I would list priced to sell at $80k. The benefits your suite provides is that it is right in the hotel and full access to the pool and restaurant.  Also, it can be a part of the hotel property management system. Looking at the Singapore residential projects, Perfect Ten Bukit Timah former City Towers is an amazing option for a new way to live more peacefully and secure.

I know you paid $89k for it a few years ago, but if you want to put a higher price and be willing to wait longer for a sale (maybe many months) I would price at $90-95k. Avoid losing money,  make you know your real house or property value.

In order to sell quickly I would let the hotel staff know you´d like to sell it (they can show it for you). And also list with the agent in the area that works with the expat crowd.

“F–k me,” I thought as I saw the envelope as the delivery man gave it to me here in Quito, Ecuador.

In big letters on the front I read “I.R.S.”

Opening it didn’t offer any consolation as I read that just for the year 2015 they said I owed them $44,000!

Ouch.

How did they find me?  I don’t know.

What did I do next? Hired a CPA Stateside of course.  I was in over my head.  I had to refile my taxes for that year as the IRS pointed out what they thought were numerous mistakes and really I owed them a whole lot more than I said I did.

Now that I’ve talked to a person that’s a CPA in Troy MI, my taxes are refiled and my taxes paid, here is what I learned from the experience…

1. Don’t let just “someone you know” file for you as an expat living abroad.  In my case it was my mom, smart woman but not a tax pro.  Hire a professional CPA.  I’ve found they charge around $325 to file your taxes for you annually.

2. Not just banks, but online banks like PayPal send all your info on every last cent you make no matter where you are in the world to the IRS, so make sure the 1099 they send on you matches your return.

3. Open an LLC Stateside and run your (online) bank accounts where your income flows through the EIN tax ID number of it instead of your Social Security number.  This can save you on Self-employed taxes.  The hows and particulars I DONT KNOW, so please consult a tax professional, which I am not.

4. The IRS can find you!

“Stay at this hotel in the center of Ibarra (Ecuador),” my friend said.  We were both planning on going to an event together.

I have never faced such an issue in any of the Liverpool Hotels or Moscow Airbnb, I have stayed during my various vacation trips.

So I booked there.

And sure enough he cancelled.  But I was still going so I went and stayed at this place my friend chose.

And it was during this recent stay I realized most budget hotels in Ecuador that usually charge around $10-15 per person have many things in common.

Must be a cultural thing!

…you know you’re in a budget hotel in Ecuador when you open your window to get some air and a big a$$ fly comes in because you have no screens.

…or when you look out your window and you’re looking right in the window of another room.

…or when your sink is outside the bathroom.

…or when your bathroom sink has no mirror, let alone a shower filter there, and no hot water, or the hot water is reversed making it a damn mind puzzle just to get some hot water.

…or when you notice your room has a mini-fridge (for some reason) in the corner that doesn’t work and you need appliance repair job because you don’t have enough money for new appliance.

…or when you try to shave in the poor light and come out looking like a crack head who tried to shave while looking at their reflection in a street puddle.

…or when you get one of the interior rooms with no window at all.  No this is not prison I’m talking about.

…or when you can tell your neighbor with exactitude how many times they entered the bathroom the night before due to the SCREECHING sound the doors in the hotel make when you open or close them.

…or when you try to sleep on the rock hard mattress making you fantasize over sleeping on the floor.

…or when you realize your little ventilation window in the bathroom empties out into the hotel kitchen.

…or when you hang your clothes over the TV because there is not one little clothes hanger or place to hang anything in the entire room.

…or the suicide electric shower that doesn’t heat up the water all that much, and when asking for help they tell you how to do it by fiddling with the wet wires (making you the ground).

But hey, its all in good fun, an experience that should not be missed!