Real Estate speculator overbuilt many tourists cities, there are many places where there is an oversupply of great homes to rent.
Mon, 22 Aug 2011 06:53:57
What is the trendy place to retire overseas right now on the planet?
Panama, Coast Rica, there are herds of old farts moving to these trendy places to retire, they overpay, they overbuild, and they go home, this is a windfall for the wise person. Just wait a few years, and they will all overbuild and you can rent their empty home for pennies on the dollar.
Example: Acapulco Mexico
“The city is best known as one of Mexico’s oldest and most well-known beach resorts, which came into prominence by the 1950s as a getaway for Hollywood stars and millionaires.
I love to read comments like that, this makes Acapulco one of the best places on the planet to retire, it is a place where people used to go, it is where the speculators overbuilt.
I am presently in Panajachel, Guatemala a small city on Lake Atitlan, I first came here 12 years ago. It was an amazing place 12 years ago, there were Spanish Schools everywhere, everyone that was anybody was here studying Spanish, it was a boom town. Everyone build a home, everyone built a hotel, it was trendy --- oops, the are all going to Nicaragua now, or Colombia, everyone has forgotten about Pana, except for me, the place is one of the best places to live on the least amount of money on the planet.
Aldous Huxley says it one of the most beautiful lakes in the world,
“It really is too much of a good thing."
There is always a reason a great tourist destination becomes a great tourist destination. But when it becomes too crowded, too expensive, too complicated, the tourist leave and what is left is one of the most beautiful locations on the planet.
Do the math, I can rent a 300,000 USD house here on Lake Atitlan for 300 USD per month, there is zero reason to buy, it would be foolish to buy or build.
If you are savvy person, you will remember the goal is to live like a millionaire on a Hobo budget, that is how I roll.