New Real Estate Forum

[Jay_D]

Great info Angie...do you happen to have a link for the Colombian government with more information on the investor visa.

Cash on cah return is where it's at...don't count on apprecation...that way it's hard to make a mistake...many in the U.S. have learned the hard way recently!

[Jim]

I have never seen that advantages of owning a second home for vacations.

When you divide the cost of owning said home for a year by the number of times you use the home, the cost per day is on a par with the cost of a 5 star hotel. Five star hotels are pretty nice and you don't always have to visit the same place every vacation to justify your investment, you don't have to maintain them and protect them during your absence etc.

I have always looked on a home purchase as similar to rent, not as an investment. I have to live somewhere and there are tax advantages to home ownership. I'd be foolish not to consider how a home would compare to others when I tried to sell it but basically buying a home is securing a place to live, not investing to me.

Originally Posted by Jim

When you divide the cost of owning said home for a year by the number of times you use the home, the cost per day is on a par with the cost of a 5 star hotel. Five star hotels are pretty nice and you don't always have to visit the same place every vacation to justify your investment, you don't have to maintain them and protect them during your absence etc. I have always looked on a home purchase as similar to rent, not as an investment. I have to live somewhere and there are tax advantages to home ownership. I'd be foolish not to consider how a home would compare to others when I tried to sell it but basically buying a home is securing a place to live, not investing to me.

Jim, interesting viewpoint and comment.

Originally Posted by JMitch1959

Thanks Angie for all the great information.

That's a wonderful picture of you with the wings.

How come you know so much about this subject. Are you an attorney or something?

Thank you!!!!!

I'm not but my mom is, so I just payed attention and learned.

Originally Posted by Jay_D

Great info Angie...do you happen to have a link for the Colombian government with more information on the investor visa?

Try this:
http://www.visascolombia.com/
http://en.allexperts.com/q/Colombia-...passport-2.htm

Angie

[Miraflores Apt]

Originally Posted by JMitch1959

Anyone buy property in Colombia without being a Colombian citizen etc. Even if I buy it in my wife, who is a citizen, transferring the money to Colombia seems to present a lot of problems.

My wife is always after me to buy a house in Cali. It looks like a pain in the ass to me.

Any insight appreciated.

I am not familiar with Colombia's laws and have read conflicting information, but I have heard that under certain circumstances it is impossible to "Repatriate your money" without incurring large penalties. Obviously not important if you are giving the house to your wife as part of the divorce settlement.

If you are single and making an investment, using an investors Visa, then you need to be familiar with the laws between using a form 6 or I believe a form 4&5.

Maybe Angie can clear this up for those considering the latter.

[JMitch1959]

What divorce settlement? Do you know something I don't? My wife never said anything about getting a divorce.

[Jim]

Ray,

I was a teacher and as such never earned large sums of money. My ability to save enough for my retirement always depended on careful calculation of risk versus benefits. Fortunately I did better with financial than with female decisions.

I truly see owning a vacation how in the US to be a bad use of money since you would pay less by renting a first class hotel room when you traveled and you’d be able to vary your vacations. People point out MANY reasons why the risks would increase exponentially by doing this in a foreign country.

I’ve had three wonderful months with my GF and if she doesn’t change I will be happy forever but I would be TERRIFIED to buy a house in her name. It wouldn’t be so bad if I could put 10% down and would hardly have any money in it. Owning property in a foreign country should scare anyone unless you could afford to lose the money. So many things can go wrong.

JMitch,

About the time I married my Colombian wife, we bought a second car. She suggested I put it in her name which I would have done except she didn’t have a SS# yet so it was impossible. She didn’t mention anything about a divorce either. This is an example of Colombianas coming here and charting the territory much better than we locals do. I was in love and would have done anything she asked me to do and she was already in Plan B mode.

I realize your wife is different and I hope things continue to go well for you.

[JMitch1959]

All good points Jim, and I like that Gandhi quote.

I have most everything I own withmby wife as beneficiary; so she could get much more by killing me than divorcing me.

I agree putting something in a girlfriends name would be the same as giving her a gift. If that's what you want to do fine.

Buying a house in my wife's name wouldn't be my first choice, but I'd consider it if it saved me money or hassles. If she's going to leave me over a stupid house: I guess I'd have to get over it now wouldn't I? I don't think that would happen.

In our family what money I have is ours, and what she earns, if she ever gets an outside job is her's and her families, and as long as I can afford it, that's O.K. with me. My wife now cares for our almost 2 year old so she couldn't have a more important job. And it is a lot of work.


Now that I'm married, and I married a fine lady; my aim is to be a good husband and father, and the rest will probably be fine.

[Miraflores Apt]

Originally Posted by JMitch1959

All good points Jim, and I like that Gandhi quote.

I have most everything I own withmby wife as beneficiary; so she could get much more by killing me than divorcing me.

I agree putting something in a girlfriends name would be the same as giving her a gift. If that's what you want to do fine.

Buying a house in my wife's name wouldn't be my first choice, but I'd consider it if it saved me money or hassles. If she's going to leave me over a stupid house: I guess I'd have to get over it now wouldn't I? I don't think that would happen.

In our family what money I have is ours, and what she earns, if she ever gets an outside job is her's and her families, and as long as I can afford it, that's O.K. with me. My wife now cares for our almost 2 year old so she couldn't have a more important job. And it is a lot of work.


Now that I'm married, and I married a fine lady; my aim is to be a good husband and father, and the rest will probably be fine.

Jmitch,
I apologize, I intended to multi quote with the Repatriation part intended for you and the Divorce part intended for another poster!

With regards to family finances, I have a 3 1/2 year old son and feel pretty much the same as you.

[JMitch1959]

No need to apologize,
I was just having a little fun.