Flipping apartments in Medellin or Bogota

ASoliveri wrote:

Does anyone have any experience in flipping apartments in Medellin or Bogota? My target market would be local Colombians and not foreigners. The limited information I can find says that 65% of Colombians live in estrato 2-3 making it the largest market. I would ideally like to flip in estrato 3-4.

Dear A Soliveri,

You could be moving too fast on the property front.

Although you did not tell us so in your post, your site bio tells us you have already purchased three investment properties in Medellín.  You have a longtime background in software sales and are studying español, according to the bio. 

You are currently looking for employment in Medellín, the bio said .. though your recent post on the "Moving companies" thread said you want to move to Medellín or Bogotá in 2019.

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Buying three properties was probably the easy part.

If Colombia's real estate markets are going to be a money-maker for you, you will want to learn the estratos, vecindarios and the local markets' ins-and-outs before you invest another luca.  By learning the estratos, I don't mean information that is available on the Internet such as on an Expat forum, but rather boots-on-the-ground, personally-learn-the-property-culture knowledge.

You have been buying multiple properties in a country that is not politically stable and where the culture and the property realities are not historically kind to newcomer Expats with a tendency to move too fast.

Even if you have successfully flipped properties in Canada, there's a steep learning curve in Colombia.

Since your target market is Colombians, Spanish fluency is important .. not just conversational Spanish but the ability to understand Spanish legalese for negotiations and contracts.

If you post again, some of us would like to understand how you decided to purchase three properties in the Paisa capital given what you described on this thread as "limited information" from the Internet.  And who has been advising you.  Hopefully, it's not mostly International Living and Live & Invest Overseas.

Since your first three properties are in Medellín, it's not clear why you seek guidance from Bogotá property owners too.  Are you already planning to buy properties in the Distrito Capital as well?

cccmedia

Asking advice on this site after purchasing 3 properties in Medellin is like
asking a friend in 2nd year med school whether it is safe to have unprotected sex after you have spent a week having unprotected sex with several different low class  prostitutes

I think you would know enough yourself, and it is unlikely anyone on this site could provide valuable input