Hey everyone! Mike Wolf is here, and am coming to you from the beautiful city of Belize. Today, I want to talk to you about vacation homes. If you’re watching this video, chances are you want to know if you should buy a vacation home somewhere.
I got a couple of thoughts on that topic because I am actually on a cruise ship right now, and in every port that we go to, there is one particular person I keep having dinner with. He wants to buy a property wherever he goes.
So, I thought I would make a video on this topic, coz’ a lot of people, especially if you live in Canada or, Northern US or, somewhere cold, it is very tempting to buy a property in somewhere warm. And of course, one of the problems you’ll have is a long time… a very emotional decision. I’m not saying, don’t buy a vacation home, but what I am saying is that there are a few things you should consider before you do that.
One… What are the ownership laws in the place that you want to go to? Two… If you are like the person on this ship, are you going to want to stay in that place? Or, after in a little while, you’ll say; “I wish, you know, Belize was great. But man, I wish I had a place in Costa Rica.” And then, now you’re stuck, going to that same place, year after year. If you’re like me, I don’t like to keep on one place. I love to travel the globe and look at different places. So, for most people, I would recommend… actually, for all people, I would recommend that you don’t buy while you’re in a port on a cruise ship. Don’t buy, if you vacation somewhere, as you’re there for a week. Don’t make an emotional decision! Wait until you get back home and maybe mulled it over a couple of times. See if living there is something you want to do. Because, quite often, when you take a vacation, you are in a different frame of mind. If you live somewhere and you see the same place, day after day, and you deal with the normal life, life gets in the way. After the honeymoon phase of being in this place, it might not be that appealing.
You know so many people who have bought properties in numerous different countries and then ended up coming back, and they ended up being bored, they did not fit in with the culture. They didn’t fit in because, you know, they don’t know the language. There’s a whole bunch of different reasons why these people come back.
So, for me, I personally love to invest in stuff that gives me cash flow, there’s no emotion. I buy in the places that give me the best returns. Right now, it’s Atlanta, Georgia. And I don’t invest in places just because I like to vacation a lot. I will stay in a hotel, and I will stay in an Airbnb. And, you know, I have been investing in real estate for 28 years, I can tell you a ton of places where I would have loved to own a property, if it were an emotional move. I would have said; “Hey, I want to stay in Costa Rica more often”,” as an example, or Thailand, or wherever. But the bottom line is, each time I go to a new country, I am grateful that I am not tied to any one property. Just bounce around the world and stay in hotels, all the while, I have been by my properties, that I own, that I made. A smart business decision because it has given me a great cash flow and returns on my investment. So, that’s what you are going to look at before you jump in. You’ve got to give some consideration to that.
I hope you have found this beneficial. If you did, please like and share this video. Also, subscribe to my Youtube Channel, and you will get all my latest videos, as I create them. I hope you’re having a great day wherever you are. We shall talk soon. Take care!
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