Category: Ecuador Q&A

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Set Yourself Up for Success With Your Real Estate Business

So you’ve decided that you simply want to take a position in land, well Montrose Real Estate Agent Delphine Jadot is available for questions. it’d be that you simply are still working a full-time job otherwise you are running a business that immediately takes up most of some time . Don’t make the error of treating your new venture as a side hobby. Diversifying and building your wealth with land is one among the simplest belongings you can do for your future.

Buying investment land is an activity that ought to be treated as a business and not a hobby and you can learn more from the real estate agents Eltham agency. the error that a lot of newbie investors make is that they’re just making it up as they are going along and aren’t taking the time to try to to their homework on the way to found out their business before they begin trying to find properties.

It is important to not only structure your business well before you leave buying properties, but also to form sure that you simply put forth the foremost professional image possible. Having a real estate expert can really help you speed the process of property searching. There are tons of aspects to doing this well that I share with my clients, and that i will share just a couple of simple strategies with you here.

First, every new business should have a reputation . Choose a reputation that reflects your investing goals, the industry, and make certain to remain faraway from words which may have legal implications (ex. “Realty”). Also, make certain to see the supply of the name together with your local Secretary of State. this is often often a crucial initiative because this is the name you’ll use with everything from registering your business together with your state to opening your checking account . you do not want tenants making payments made payable to you personally.

That leads us to my second recommendation. Now that you simply have a business name and have ideally registered it with the state, you’ll also want to stay your business expenses break away your personal expenses. the simplest thanks to do that is to open a business checking account break away your personal checking account and confirm to possess all income and expenses for your properties and other business-related expenses flow through it, so if you’re interested in getting into the Real Estate business, getting good properties is important, you can find great options which can be found for renting and buying from other providers so you can offer them to your clients. Don’t make the error of blending your personal and business expenses, because do you have to ever be audited by the IRS you’ll lose some if not all of your legitimate business expenses.

When I started investing some years ago, one among the primary things I did was create a reputation and open a checking account and an Instagram account. To increase the popularity on Instagram, prefer real instagram follower. Here is the guide on how to buy Instagram followers. Popularity on Instagram will give you a knowledgeable appearance to all or any of the vendors and customers I came into contact with, and a simple thanks to start accepting payments and tracking expenses.

Lastly, i like to recommend meeting with an attorney (real estate or trust & estate) to work out the simplest legal entity for your personal circumstances. Many land investors use a indebtedness Company (LLC) due to the bounds on their personal liability within the event of a legal suit. Again, ask your attorney to work out what is going to work best for you, but confirm you are doing not own your investment properties in your personal name.

Using these simple strategies, you’re well on your thanks to found out your new land business for fulfillment .

Wishing you much success,

Surprise flight connection that could save you BIG getting to/from Ecuador

Recently, I helped an Ecuadorian friend buy her ticket from Ecuador to Israel.

And I learned something interesting.

I knew long back that in the US it’s better to rent a jet than a commercial flight on which you could click to read more here but only recently did I find out that, to or from most places in the world, right now, it is FAR cheaper to fly there from Bogota than from anywhere in Ecuador.

Bogota is WAY more connected than Quito, and right now Quito is getting way more connected than Guayaquil.  (In the last two weeks alone two big direct routes to New York and Europe have been moved to Quito.)

And now, as I reported last month, we can get to and from Bogota cheaply from Quito with the new budget airline Wingo.  Last I checked, $150 RT Quito-Bogota.

In this particular case, prices from Quito to Tel Aviv for her was around $1600 at the cheapest. From Guayaquil even more.  But from Bogota just $1000!  And buying the Wingo ticket for $150 she ended up saving almost $500 on the round trip to Israel.

So, especially if you are coming from far away, or trying to go far, research connecting through Bogota, and buying a separate ticket with Wingo from there to Ecuador, you just may save a bunch!

For instance, from Bogota to Miami right now one way $157 with Spirit Air.  Can’t find that from Ecuador.

Hasta pronto, if you liked this you’d love my Insider’s newsletter on living and investing in Ecuador,

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The best new-age way to find furnished rentals abroad for expats

When moving to a new country, in this case Ecuador, as a new expat you are going to face a problem. Whether you’re looking for residential movers to help you with your heavy furniture, appliances and grand piano or looking for packing help for your office, BR Moving is here to help.

You don’t want to live in a cramped hotel room for extended periods of time with no kitchen.

And all the cheapest rentals that you’ve read about online (like the $200-400/month ones in Ecuador) are unfurnished. If you hire montrealmovers you can be sure that your furniture and fragile things will be safe.

Most do not want to jump right in and invest thousands in furniture.

But over the last few years another alternative has popped up meant mainly for travelers but I see it as even MORE advantageous for new arrival expats, discover this info here. If you are looking for a reliable, hard-working and cost-effective team to help you move then look no further. No job is too big or too small and, thanks to  removals london experience in the removals industry, you can ensure that your home and its contents will be treated with the utmost care.

AirBnB.com

With AirBnb you can find short-to-medium-term rentals at reasonable prices with all the services and furniture already in place. Finding a reliable Moving Company is always a challenge. Be sure to check reviews on all companies before deciding who to use.

Plus, you avoid the biggest problems new expats face when renting from Ecuadorians in Ecuador.

Faulty construction (you can just move if you don’t like it since you are not locked in for the long-term), you might be needing moving your belongings, because that happens to me also that is why I started using Backloading Australia. 

And the landlord not returning your security deposit when they should.  It is the NORM in Ecuador.

When renting through AirBnb if you pay a security deposit the money is held by a third party (AirBnb) and returned to you by them upon exit like should happen.

And while you are in an AirBnb rental you can learn your new city and then begin to search for a longer term, cheaper, unfurnished option as you go and you don’t even need to worry about any over the budget expenses with Room Four, because your renovations can be beautiful and also affordable for your pocket.

Hasta pronto, if you liked this you’d love my Insider’s newsletter on living and investing in Ecuador,

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

Is Ecuador the next Venezuela?

I’ve been in a few communal showers, but thankfully never in a prison one.

And so I’ve heard, dropping the soap is “how it starts”.

Similar to that… Ecuador is currently on a predictable path to become another Venezuela.

I for one hope it doesn’t happen, Ecuador now is certainly NOT Venezuela, still very capitalistic, but it’s just history, man.

Like when a country elects a fiery, entertaining ruler who instigates racial prejudices and violence, we know what happens.

Yea, or do we?

Like for the president to kick out the congress, install his own people, intimidate the press, eliminate term limits, install capital controls. On and on it goes until one day you think.. “oh sh*t!”

Like one Venezuelan client of mine said, “Yea, the marches, that’s how it starts, but it doesn’t do a da** thing.”

This week the president just followed the next step in his plan to convert Ecuador into another Venezuela, or Cuba…

Right now, on any amount you try to transfer out of Ecuador over about $1,000, you have to pay a 5% exit tax on the whole amount. And the max you can take out of Ecuador in cash is $10,000 tax free.

Well, the new proposal by the president wants to lower the max on the tax-free cash limit to $1,000. Effectively putting a nice cap on ALL THE MONEY in Ecuador.

Want to take it out? Going to pay that 5% tax.

Among other proposals lost in the wash are what Venezuela already has in place, like putting limits on how much Ecuadorians can spend abroad on their credit cards, etc.

My take, I’ve always been one to say you should never put more than 10% of your total portfolio in Ecuador. Ecuador’s a nice diversification, but that’s it.

Especially now, any money you put in Ecuador better be able to generate you over well over 5% return a year or its simply not worth it.

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How to open a PO Box in Ecuador

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Contrary to popular belief, Ecuador does actually have a decent post system (Correos Ecuador).

The problem often is the place where you are living or renting doesn’t have an easily find-able address.

My first house purchase in Ecuador had the legal address… “The white house near the Hospital in Manglaralto.”

Yikes.

So to receive mail in these cases I suggest opening a PO Box… its easier than you think.

Just go to your nearest Correos Ecuador Post Office with a copy of your passport, your real passport and a utility bill from where you live (it doesn’t have to be in your name) and ask for a BUZON.

The rent price is $22 a year and iits about the size of a shoe box… you get the key.

If items larger than that come for you, you’ll get a slip in the box saying to ask the receptionist for your larger package.

Thats it. Foreigners who are not residents of Ecuador can open one as well with just their passport.

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