Real Estate Sales Great New Construction For Sale that is going to be Completed by August 2024 - Meet Palermo

[Bingo]

Hi @FuturoBA,

Ubers for foreigners are cheap but for locals they are expensive. Most of my friends take it if it's night or they are in a rush. There are more affordable options like Didi or Cabify that are lower. I just like how Uber is flawless with how it works and I can use my US credit card all linked. Always seamless and always works well. I'm always jumping around from meeting to meeting while I'm in BA so I'm in at least 10-12 Ubers each day. The price on them has gone up vs. last year but still not too bad. Generally $4 to $5 US dollars to get around. A bit more if you're going longer distances to Puerto Madero.

I don't use public transportation in Buenos Aires. I just use taxis and Ubers. Mostly because my house and office didn't have a subway stop near it but also I usually work while I'm in the Uber/taxi and you can't do that on public ttansportation pulling out your laptop.

Even my friends that own cars seldom drive now. They pay a parking garage to park each month but they all complain of the expensive costs to park. Many public garages now charge about $4 USD per hour to park. It's easier to just Uber to meetings vs. finding parking and paying for gas, etc.

Yes there are still studio apartments for under $90,000. It's a no brainer really if you know you want to be in Buenos Aires for the long haul and have the cash not to buy at these levels. I bought several places and probably will buy a few more. All have been immediately rented out on Airbnb since finishing them. The carrying costs of them are very low.

Summers in Dallas are brutal! I once had something like 100 days in a row of 100 degree weather one year. In BA it generally doesn't get that hot but it can her very humid and miserable. This year actually wasn't bad at all in BA! I was down 3 weeks and besides a few days was quite pleasant. Not many mosquitos either which was nice. Most locals escape to other areas in January/February. I would rather be in Buenos Aires than Dallas during the summer.

But then again, during January I usually always left Buenos Aires just like the locals. I would go to my house in Punta del Este or I'd fly home to the USA during then. The city slows down quite a bit but you can go to neighboring Brazil. They have great beaches there. I would rather be in BA vs. Dallas any day of the week.

Spain sounds more and more appealing. My wife really wants to move there. We spent 6 weeks one summer there and Portugal and she really loved it. We will probably check it out this summer.

I noticed the parking prices are very expensive. I don't understand how people can pay so much to park!

Larry the ROI has been great! Mine isn't a 2 bedroom. Mine is just a small 1 bedroom. I was lucky to buy it when it was very cheap! I couldn't believe how cheap real estate is there in Buenos Aires for how great of a city it is. I paid about $150k for my place. This is the last rental I got for my place on Airbnb which was for a 32 night rental. All prices in USD.

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But how is this possible? That is only for one month?? You made that much on one rental? I have been contacting some Airbnb owners but no one wants to do long term contract. @Johnny are you doing long term rentals too?

 

[Johnny]

I noticed the parking prices are very expensive. I don't understand how people can pay so much to park!

But how is this possible? That is only for one month?? You made that much on one rental? I have been contacting some Airbnb owners but no one wants to do long term contract. @Johnny are you doing long term rentals too?

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

 

[oil rush]

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

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Damn! That is impressive. That is some seriously great ROI. Had no idea rentals were generating that kind of ROI in BA still.

 

[Betsy Ross]

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

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Congratulations Johnny. My sister bought an apartment that is almost done. She was thinking of renting it out short term because she also wants to use it when she visits me. But it was mainly an investment and I am sure she would accept a long term rental. Are you managing the property yourself? I sent you a DM.

 

[Cardiac Arrest]

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

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That is crazy! I assume prices are in dollars? Your occupancy rates look impressive. I see tons of cheap properties on Airbnb all over BA. That is a solid income stream. Do you get your cash here in BA? How do taxes work?

 

[Johnny]

Congratulations Johnny. My sister bought an apartment that is almost done. She was thinking of renting it out short term because she also wants to use it when she visits me. But it was mainly an investment and I am sure she would accept a long term rental. Are you managing the property yourself? I sent you a DM.

Happy that she was able to get something. Looking back turning down the long term rental was probably not a smart decision as it would have been guaranteed income for the next year. Plus they would have paid all utility bills too. But it has been renting extremely well since it finished. I hope that keeps up. I am very happy considering that tourism has drastically fallen.

I am not managing it at all. @BuySellBA is managing my apartment for me. They pay all my bills each month. Carina in their office is the best! She keeps a Google sheets so we can always see our balance and sends us an email each time it gets booked. They have been sending me monthly payments via Zelle to my American bank account. I will use them to manage my new apartment when it's done in a few years. Right now I am looking for another older property to renovate. Mike just bought an old PH and going to renovate it. I want to do something similar while prices are still down.

 

[Uncle Wong]

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

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Wow Johnny that is great occupancy. I heard that tourism fell off a cliff the past few months. Impressive considering that. You only have a few days each month it isn't rented. What kind of management fees are you paying for them to manage it?

Is this studio in the same building as yours? I saw @BuySellBA's X post and it looks like your balcony. The building looks great!

 

[Betsy Ross]

Wow Johnny that is great occupancy. I heard that tourism fell off a cliff the past few months. Impressive considering that. You only have a few days each month it isn't rented. What kind of management fees are you paying for them to manage it?

Is this studio in the same building as yours? I saw @BuySellBA's X post and it looks like your balcony. The building looks great!

Great looking apartment. Very difficult to get a view like that in Buenos Aires. Thanks for posting Uncle Wong.

 

[Jenn]

Wow Johnny that is great occupancy. I heard that tourism fell off a cliff the past few months. Impressive considering that. You only have a few days each month it isn't rented. What kind of management fees are you paying for them to manage it?

Is this studio in the same building as yours? I saw @BuySellBA's X post and it looks like your balcony. The building looks great!

That apartment would be my style that I would stay in. That outdoor balcony is beautiful. Is that a jacuzzi?? I have to finally take a trip to BA. My expiration date to use it is coming up.

 

[Larry]

This was one of the best real estate investments I have ever made. I have already bought 2 apartments in Buenos Aires and just hired @BuySellBA to buy my third apartment. My apartment that I posted about has been booked solid non-stop since it finished.

Here are the past 2 months on Airbnb. I have only had a few nights that it's not been rented. I have been getting mailbox money each month.

@Bingo sorry I didn't see this post. Been very busy with work. I would rather not rent it on a long term lease because I am planning to come down 2-3 times a year and want to stay in my own place. I had an offer from the US Embassy to rent my apartment for 1 year at $2,300 dollars a month but I turned it down. I am making almost that just doing short-term rentals.

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Wow that is a lot of income! Is that correct Johnny you grossed about $2,500 dollars in one month?

 

[Johnny]

Wow Johnny that is great occupancy. I heard that tourism fell off a cliff the past few months. Impressive considering that. You only have a few days each month it isn't rented. What kind of management fees are you paying for them to manage it?

Is this studio in the same building as yours? I saw @BuySellBA's X post and it looks like your balcony. The building looks great!

Tourism I am told is down about 40% from the same period from last year. But you wouldn't know it from my rentals. @BuySellBA told me that normally my nightly rate would be even higher but they lowered it to keep occupancy rates up. I'm paying 25% management fee. There is also a $150 /month fee to pay all my bills but they waived it for the first year.

Yes that studio apartment is in the same building as mine. My apartment overlooks that apartment. I should have bought that one too. I had the option to and I passed but regret it. It was very affordable! Less than $125k. That balcony is huge.

That apartment would be my style that I would stay in. That outdoor balcony is beautiful. Is that a jacuzzi?? I have to finally take a trip to BA. My expiration date to use it is coming up.

That apartment below mine has a jacuzzi. @Jenn send me a DM when you have your dates. I will give discounted rates for anyone on the forum.

Wow that is a lot of income! Is that correct Johnny you grossed about $2,500 dollars in one month?

Yes my gross income for a few months has been over $2,500 bucks a month. I got a wire for $2,000 in February, March and it will totally almost $1,800 for this month after expenses. My expenses are very low. You can see my actual hoa statement from last month. Only around $95 dollars a month. My electricity bills are very cheap too. I am surprised the operating costs are so low.

I own a few properties but this is one of the best investments I have made.

 

[Uncle Wong]

Yes my gross income for a few months has been over $2,500 bucks a month. I got a wire for $2,000 in February, March and it will totally almost $1,800 for this month after expenses. My expenses are very low. You can see my actual hoa statement from last month. Only around $95 dollars a month. My electricity bills are very cheap too. I am surprised the operating costs are so low.

I own a few properties but this is one of the best investments I have made.

Thanks for sharing the details and your HOA bill. I heard monthly expenses drastically went up but yours seem reasonable especially for a new building. Do you have a doorman? I also heard electricity rates went up. How much are you spending in electricity? I bet rental guests just keep everything on non-stop.

 

[Betsy Ross]

Yes my gross income for a few months has been over $2,500 bucks a month. I got a wire for $2,000 in February, March and it will totally almost $1,800 for this month after expenses. My expenses are very low. You can see my actual hoa statement from last month. Only around $95 dollars a month. My electricity bills are very cheap too. I am surprised the operating costs are so low.

That is fantastic! Whatever you are doing you are doing right. IIRC you spent a lot of money furnishing it. Most owners here don't do that so maybe that is why. Nice hotels here are charging a fortune per night so it makes sense that you are probably attracting some of those people that would rather stay in an apartment. I am trying to talk my sister into doing Airbnb but she doesn't want to spend much on furnishing it.

I reached out to BuysellBA to see if they were interested in managing my sister's upcoming new unit and even if she agreed to furnish it higher end they told me they don't take on any new properties for management unless they were hired to purchase them so we are out of luck.😢

 

[JonJLA]

Tourism I am told is down about 40% from the same period from last year. But you wouldn't know it from my rentals. @BuySellBA told me that normally my nightly rate would be even higher but they lowered it to keep occupancy rates up. I'm paying 25% management fee. There is also a $150 /month fee to pay all my bills but they waived it for the first year.

Yes that studio apartment is in the same building as mine. My apartment overlooks that apartment. I should have bought that one too. I had the option to and I passed but regret it. It was very affordable! Less than $125k. That balcony is huge.


That apartment below mine has a jacuzzi. @Jenn send me a DM when you have your dates. I will give discounted rates for anyone on the forum.


Yes my gross income for a few months has been over $2,500 bucks a month. I got a wire for $2,000 in February, March and it will totally almost $1,800 for this month after expenses. My expenses are very low. You can see my actual hoa statement from last month. Only around $95 dollars a month. My electricity bills are very cheap too. I am surprised the operating costs are so low.

I own a few properties but this is one of the best investments I have made.

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That was what my returns were like for 7 years in a row when they were managing my property. I paid for my apartment with rentals. It sounds like they went down in their management fees @Johnny or they are giving you a special rate. I was paying 30% management fees back when Mike managed mine plus $150/month to handle bills. I still own my apartment in Palermo Uno but it doesn't make the kind of returns like I was making before since there are so many similar apartments for rental in the building. I am still making about $90 a night which is great for me. It more than covers all the bills and I still make money each month.

I reached out to BuysellBA to see if they were interested in managing my sister's upcoming new unit and even if she agreed to furnish it higher end they told me they don't take on any new properties for management unless they were hired to purchase them so we are out of luck.😢

They have always been like that when I bought my apartment back in 2007. They would only manage it if you hired them to help buy the place. They told me they only felt an obligation for management if someone trusted them to invest in Argentina. I have met Mike over a dozen times over the years. He is a very good businessman. I had the chance to sell my apartment in 2017 when he recommended to sell but I never plan to sell my apartment and hope to retire in BA in a few years.

His company got bought by a Canadian company and they managed my apartment for a few years but the service severely deteriorated after he sold the company. Airbnb ended up buying that company but they were very bad operators. By the time I bought my place, they were already managing several hundreds of properties.

 

[Blockchain]

That was what my returns were like for 7 years in a row when they were managing my property. I paid for my apartment with rentals. It sounds like they went down in their management fees @Johnny or they are giving you a special rate. I was paying 30% management fees back when Mike managed mine plus $150/month to handle bills. I still own my apartment in Palermo Uno but it doesn't make the kind of returns like I was making before since there are so many similar apartments for rental in the building. I am still making about $90 a night which is great for me. It more than covers all the bills and I still make money each month.


They have always been like that when I bought my apartment back in 2007. They would only manage it if you hired them to help buy the place. They told me they only felt an obligation for management if someone trusted them to invest in Argentina. I have met Mike over a dozen times over the years. He is a very good businessman. I had the chance to sell my apartment in 2017 when he recommended to sell but I never plan to sell my apartment and hope to retire in BA in a few years.

His company got bought by a Canadian company and they managed my apartment for a few years but the service severely deteriorated after he sold the company. Airbnb ended up buying that company but they were very bad operators. By the time I bought my place, they were already managing several hundreds of properties.

Nuts that they are charging 25% management fees and still turning down business! I would think they would want to take on as many properties as possible. Wonder why they don't want more properties?

is company got bought by a Canadian company and they managed my apartment for a few years but the service severely deteriorated after he sold the company. Airbnb ended up buying that company but they were very bad operators. By the time I bought my place, they were already managing several hundreds of properties.

It is common for a big company to buy a successful company and then run it into the ground. Many friends where that happened as well.

 

[FuturoBA]

Nuts that they are charging 25% management fees and still turning down business! I would think they would want to take on as many properties as possible. Wonder why they don't want more properties?


It is common for a big company to buy a successful company and then run it into the ground. Many friends where that happened as well.

I think it could be many things, like JohnJLA said it's to be fair to those who used their services to purchase and they probably also have a small, trusted group who they can rely on to maintain high quality service. Especially in Argentina, my understanding is it's hard to find reliable folks and therefore don't want to spread themselves too thin.

 

[Blockchain]

I think it could be many things, like JohnJLA said it's to be fair to those who used their services to purchase and they probably also have a small, trusted group who they can rely on to maintain high quality service. Especially in Argentina, my understanding is it's hard to find reliable folks and therefore don't want to spread themselves too thin.

Ah yeah that is a good point. I didn't think of it like that. I just think 25% is a lot and I would think you would want to load up on properties because it is like owning 1/4 of a property without paying a penny for it!

 

[earlyretirement]

That was what my returns were like for 7 years in a row when they were managing my property. I paid for my apartment with rentals. It sounds like they went down in their management fees @Johnny or they are giving you a special rate. I was paying 30% management fees back when Mike managed mine plus $150/month to handle bills. I still own my apartment in Palermo Uno but it doesn't make the kind of returns like I was making before since there are so many similar apartments for rental in the building. I am still making about $90 a night which is great for me. It more than covers all the bills and I still make money each month.


They have always been like that when I bought my apartment back in 2007. They would only manage it if you hired them to help buy the place. They told me they only felt an obligation for management if someone trusted them to invest in Argentina. I have met Mike over a dozen times over the years. He is a very good businessman. I had the chance to sell my apartment in 2017 when he recommended to sell but I never plan to sell my apartment and hope to retire in BA in a few years.

His company got bought by a Canadian company and they managed my apartment for a few years but the service severely deteriorated after he sold the company. Airbnb ended up buying that company but they were very bad operators. By the time I bought my place, they were already managing several hundreds of properties.

Hi @JonJLA,

Great memories of working with you for so many years. Palermo Uno is awesome. I sold all 4 of my apartments there back in 2017. I wish I kept one of them as I think that location is the best for rentals. I'm glad you still own and you must be close to retiring now. You told me long ago a few more years so hopefully you are close to moving to BA.

I think it could be many things, like JohnJLA said it's to be fair to those who used their services to purchase and they probably also have a small, trusted group who they can rely on to maintain high quality service. Especially in Argentina, my understanding is it's hard to find reliable folks and therefore don't want to spread themselves too thin.

You nailed it @FuturoBA. I started the first short-term rental apartment rental in BA and I had such tremendous demand 20 years ago. I was buying properties every week. But in the early years, I was looking to add on as many properties as I could because we had such tremendous demand. Remember Airbnb didn't exist and I started 6 years before they did. They didn't start until 2008 and even then no one used them. I had the Founders of Airbnb calling me each month to get all my apartments on their platform. But I resisted because I knew that everyone would just go to that platform so I didn't but I would talk to Brian and Joe every 6 months or so.

In the beginning I wanted tons of properties but then The Economist did a story on my company and then we were flooded with investors wanting to hire us. And also we started getting competition and many were buying apartments and doing short-term as well. I did agree to work with a few owners but mostly they were a total pain in the ass or they weren't ethical and honest. We had the unique situation of having 2 sets of clients. 1) we had the property owners who purchased and owned the properties; 2) we had rental guests that were renting the properties. And each are equally as important. And we had to be fair with both sets of clients.

But what I found was many locals would want to get paid ASAP the check-in day. And once we paid them, if there was some issue or problem they wouldn't refund the money. So it was just problematic. So very quickly I decided that we would ONLY manage a property where someone hired us. Because it was a good opportunity to cultivate a working relationship with an investor. 99.99999% of them were awesome to work with. But in 23 years I only had to "fire" a client twice. Where they were just a total pain in the ass. They were impossible to deal with. And I just gave them back a complete refund and told them they were better off just finding someone else.

Also, as we quickly grew, I didn't want to cannibalize income for owners. I wanted to control growth and although the company would have made more money the more properties we took on, I didn't think that would be fair to investors that entrusted me and my firm. It was the smart decision because every property that I managed, I have an excellent relationship with the owner. In fact, most of the owners have become friends of mine even after 20+ years. Most end up hiring us to buy another property. I considered that an honor.

But as @FuturoBA mentioned, another was that it is almost impossible to find really quality employees. My initial goal when I made my business plan was to buy and manage 100 properties. But then when we got there it moved to 200 and then 250, then 300 and so on. You need a LOT of employees to manage that many properties. And finding quality employees in a country like Argentina is very difficult. Keep in mind at my peak I had 27 maids working full time. We had 8 handymen in house full-time. We had to stay open 365 days a year. I was paying a full-time salary just for a 24/7 around the clock emergency person to help out.

Things were different back then. I wasn't competing with cheap apartment rentals. I always looked at my competition as the 5 star hotels and that is who I competed with. Today, I operate different. I don't really want to fully compete with the 5 star hotels. Gone are 24/7 - 365 day employees. But I do still go after people that would typically stay in a 5 star hotel. We get the best mattresses etc.

So yes it is crazy not to take on as many properties as possible at 25% management fees. But life isn't just about making money. I've already done that once building up a huge company. And then selling it and then Airbnb buying it. I love real estate and I love Buenos Aires. So I consider it an honor continuing to do what I love and working with amazing investors.

If I wanted, I could immediately start another property management company and grow to 1,000 properties probably within 1 year. But I don't want to do that. I just work with select investors and we only manage those properties. So FuturoBA nailed it. My ultimate goal is still probably to build my own high end building and turn the entire building into a boutique apartment hotel. That will be much easier to manage having all properties under one roof. I have enough investors to build my own building. I just don't have the land. It's tough finding the perfect property to do this.

 

[Betsy Ross]

Hi @JonJLA,

Great memories of working with you for so many years. Palermo Uno is awesome. I sold all 4 of my apartments there back in 2017. I wish I kept one of them as I think that location is the best for rentals. I'm glad you still own and you must be close to retiring now. You told me long ago a few more years so hopefully you are close to moving to BA.


You nailed it @FuturoBA. I started the first short-term rental apartment rental in BA and I had such tremendous demand 20 years ago. I was buying properties every week. But in the early years, I was looking to add on as many properties as I could because we had such tremendous demand. Remember Airbnb didn't exist and I started 6 years before they did. They didn't start until 2008 and even then no one used them. I had the Founders of Airbnb calling me each month to get all my apartments on their platform. But I resisted because I knew that everyone would just go to that platform so I didn't but I would talk to Brian and Joe every 6 months or so.

In the beginning I wanted tons of properties but then The Economist did a story on my company and then we were flooded with investors wanting to hire us. And also we started getting competition and many were buying apartments and doing short-term as well. I did agree to work with a few owners but mostly they were a total pain in the ass or they weren't ethical and honest. We had the unique situation of having 2 sets of clients. 1) we had the property owners who purchased and owned the properties; 2) we had rental guests that were renting the properties. And each are equally as important. And we had to be fair with both sets of clients.

But what I found was many locals would want to get paid ASAP the check-in day. And once we paid them, if there was some issue or problem they wouldn't refund the money. So it was just problematic. So very quickly I decided that we would ONLY manage a property where someone hired us. Because it was a good opportunity to cultivate a working relationship with an investor. 99.99999% of them were awesome to work with. But in 23 years I only had to "fire" a client twice. Where they were just a total pain in the ass. They were impossible to deal with. And I just gave them back a complete refund and told them they were better off just finding someone else.

Also, as we quickly grew, I didn't want to cannibalize income for owners. I wanted to control growth and although the company would have made more money the more properties we took on, I didn't think that would be fair to investors that entrusted me and my firm. It was the smart decision because every property that I managed, I have an excellent relationship with the owner. In fact, most of the owners have become friends of mine even after 20+ years. Most end up hiring us to buy another property. I considered that an honor.

But as @FuturoBA mentioned, another was that it is almost impossible to find really quality employees. My initial goal when I made my business plan was to buy and manage 100 properties. But then when we got there it moved to 200 and then 250, then 300 and so on. You need a LOT of employees to manage that many properties. And finding quality employees in a country like Argentina is very difficult. Keep in mind at my peak I had 27 maids working full time. We had 8 handymen in house full-time. We had to stay open 365 days a year. I was paying a full-time salary just for a 24/7 around the clock emergency person to help out.

Things were different back then. I wasn't competing with cheap apartment rentals. I always looked at my competition as the 5 star hotels and that is who I competed with. Today, I operate different. I don't really want to fully compete with the 5 star hotels. Gone are 24/7 - 365 day employees. But I do still go after people that would typically stay in a 5 star hotel. We get the best mattresses etc.

So yes it is crazy not to take on as many properties as possible at 25% management fees. But life isn't just about making money. I've already done that once building up a huge company. And then selling it and then Airbnb buying it. I love real estate and I love Buenos Aires. So I consider it an honor continuing to do what I love and working with amazing investors.

If I wanted, I could immediately start another property management company and grow to 1,000 properties probably within 1 year. But I don't want to do that. I just work with select investors and we only manage those properties. So FuturoBA nailed it. My ultimate goal is still probably to build my own high end building and turn the entire building into a boutique apartment hotel. That will be much easier to manage having all properties under one roof. I have enough investors to build my own building. I just don't have the land. It's tough finding the perfect property to do this.

This makes sense. I didn't think of it that way. I have a tough enough time finding a good maid. Mine has become flaky so what you're saying makes sense. It is no wonder you were so successful in Argentina for all these years.

 

[JonJLA]

This makes sense. I didn't think of it that way. I have a tough enough time finding a good maid. Mine has become flaky so what you're saying makes sense. It is no wonder you were so successful in Argentina for all these years.

You have no idea @Betsy Ross. Things were ok for the first year after Mike's company got purchased. I believe he was still involved with the company for 1 year after it got acquired. But as soon as he moved out of Argentina things started going downhill. Most of the same employees were there but it wasn't the same after he left. Mike owned a lot of apartments himself so after he sold the company he had his own properties that he was managing himself. I tried to hire them to secretly manage my apartment because many of his apartments were in the same building as mine. A large group of us were in the same building. He bought a big chunk of the entire building.

But he explained to me that he had a non-compete for 3 years. The only exception was his own apartments and he couldn't buy anyone in BA for a few years. I offered to pay 50% management fee but he refused. Anyone that has worked with him will tell you he is a really stand up guy.