Mike Cobb on The Best Ever CRE Podcast: Buying Real Estate Overseas
Mike Cobb joined Ash Patel on the Best Ever CRE Show to unpack how a simple problem on a Belize vacation turned into a full-blown platform: first a mortgage company (because local banks wouldn’t lend to foreigners), then a licensed bank, then a development business building resort communities across Central America. The throughline is pretty consistent: overseas real estate can be wildly opportunistic because it’s inefficient, but the easy mistakes cost more because friction is higher. Mike’s advice is to assume your assumptions are wrong, slow down, and validate everything on the ground.
A big chunk of the conversation digs into the practical realities people miss: legal systems change country to country (common law vs civil law), considerations when buying real estate overseas, zoning may be nonexistent, and “buyer beware” gets real fast. Mike’s answer is process: go local, build relationships, don’t bribe (for legal, moral, and very practical reasons), and earn credibility by showing up as a serious long-term operator in the community.
They also get into ECI’s development lens: building “New Urbanist” style communities designed to make friendship easier for expats who just left their entire social ecosystem behind. Sidewalks, front porches, walkability, amenities, and a mix of North American and local owners. Mike makes the point that community sounds squishy until you look at pricing, because markets routinely price community at a multiple.
Key takeaways from the episode
- Legal frameworks matter more than most buyers realize. Common law vs civil law changes how property rights, contracts, and procedures work in real life.
- Assumptions are the hidden hazard overseas. when buying real estate overseas, zoning, noise rules, land-use expectations, even basic “what’s allowed next door” can be completely different or not exist at all.
- “All politics is local” applies hard abroad. Their playbook is local hiring, visible CSR, long-term relationships with stable community institutions, and earning advocates who’ll vouch for you when issues come up.
- ECI builds communities, not just houses. New Urbanism principles (walkability, porches, sidewalks) are used to create casual daily interactions that turn into friendships.
- The market prices community like a feature. Mike points to New Urbanist communities where comparable real estate nearby sells for multiples less, despite the same location fundamentals.
- Community shortens the learning curve abroad. Living among others who’ve already navigated local customs and daily realities dramatically reduces early mistakes and stress.
- Belize is in the “sweet spot” of the popularity curve. Mike’s view: it’s known enough to have demand, but not priced like more mature destinations. Mike predicts El Salvador as “next up.”
- Diversification is the point. Mike argues for holding some assets outside your home country, including true multi-currency bank balances, not just U.S.-listed proxies.
- Get it right the first time matters more overseas. Because transaction costs are higher and exits are slower, early missteps compound faster than they do in U.S. markets.
If you’re exploring a second home, residency, or investment overseas, here are a few places to start:
