I had a thoroughly enjoyable meeting yesterday with Mike Cobb, Chairman & CEO of ECI Development. He was visiting Portland and the Northwest from Managua with his family. Present at the meeting were four local investors and me. Since I have been promoting one of ECI’s developments, Gran Pacifica, it was great to meet one of the company’s co-founders – as well as learn about ECI’s short and long-term plans for growth in Latin America. While visiting Nicaragua last year, I saw numerous sites with properties for sale; just as in the US, not all things are equal. Some were divided up for speculators who planned to buy low and sell high a few years later. In many of these same developments, very little was invested in the infrastructure for roads, water, electricity, etc. The developers were highly leveraged and now have to sell or the properties have gone into receivership.
Cobb’s group takes a markedly different approach. They invest heavily in infrastructure – roads that will sustain the rainy seasons, water systems that provide consistent pressure, and drainage that moves the water away from residences. These investments are made up front – not promises that may or may not materialize. They also own the property outright. So, when the market slows as it has globally, they aren’t in imminent danger of not making the next payment!
Mike gave me a copy of ECI’s Prospectus which contains some great information about the company’s strategic plan and several studies commissioned by their group. Studies include “Retirement vulnerability of new retirees: The likelihood of outliving their assets” by Ernst & Young, and “Resort Real Estate Study, Industry Perspective on Consumer Trends Emerging from Economic Crisis.” His company is positioned for the long term, as evidenced by the thoughtful and comprehensive approach they take to their business. I am happy to share whatever information I can to help you make an informed decision.
Millions of people, literally, will be taking advantage of some unprecedented opportunities to invest in real estate during the current downturn – both domestically and internationally. I can help in either case. It is critical to be armed with accurate data and be connected to skilled professionals, and that’s where I can help.
My current and future areas of focus include:
(and of course, buyer and seller clients in Portland Metro!)
If any of these appeal to you, please contact me. It all starts with an initial conversation and a plan.