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245. Investing Abroad: A Guide to International Short-Term Rental Properties

Apr 13, 2023

53:04

Have you ever thought about investing in an international short term rental property? We've thought about investing in a property in Mexico, but since we’re unfamiliar with the culture and market, it’s intimidating to know where to start. So, we thought we would bring in one of our hosting Business Mastery members, Julie Ramsay, to tell her incredible journey of going from backpacking in Australia to owning in Costa Rica while calling Canada home.

In 2019, Julie and her family sold almost everything they owned, including the house, downsized into a townhouse, and made their "someday" dreams come true when they moved to the southern pacific jungles of Costa Rica. They found the perfect one-bedroom apartment with a private rooftop deck, located on a long stretch of quiet beach, in the small village of Esterillos Oeste and two months later, Rocamar Cinco was launched on Airbnb. Within 6 months, Julie had achieved Superhost status. She loves creating a comfortable space for her guests, exceeding their expectations, and allowing them to relax and enjoy their stay the moment they arrive.

We talk about how Julie and her family made these big life decisions to move abroad (with a teenager), the differences in the housing markets in the US, Canada and Costa Rica, and how Julie used the sale of their main home in Canada to fund three short-term rental properties. We also get insight from Julie about what she’s learned being an international host, and cultural differences to be aware of when working with international laborers. She also shares how they’re doing financially from these investments, and the exact changes she made that made the biggest impact on revenue at her property. We hope this conversation inspires you to consider expanding your short term rental boundaries!