Medellín Airbnb Hosting: What You Need To Know Before Starting

Want to do Airbnb in Medellín? It's more complicated than you think. Here's what you need to know before starting. In this video I give you guys the foundation for understanding the rental market here in Medellín, the culture around Airbnb, why rental arbitrage doesn't really work, and the difficulties foreigners face. I am an Airbnb Superhost with my furnished rental here so I am speaking from experience.
I'll be following up this video in the playlist with another video talking about how to get the RNT (Registro Nacional de Turismo), how to quickly turnover an apartment, finding furniture, what not to do, etc. AIRBNB IN COLOMBIA IS NOT LIKE HOW IT IS IN THE US - and I'm here to help you figure it all out. 😉
Common questions answered 👇🏼
Do you need Colombian papers to purchase property? NO! You do not need a cédula ID for purchasing property here.
Do you need an RNT (Registro Nacional de Turismo) if renting for more than 30 days? NO!
Do you need to pay taxes in Colombia for your Airbnb? Yes! Taxes on that business income as well as property taxes for owning the property. So keep that in mind going in.
CONNECT WITH US ON THESE OTHER PLATFORMS:
💻 Website: www.moveandinvestmedellin.com
📸 Instagram: / moveandinvestmed
🤝 Facebook: / moveandinvestmedellin
😊 BOOK A CALL WITH LAUREN HERE: meet.sendinblue.com/mimedellin
📧 EMAIL: [e-mail]

[@Jimmyhickey90]

Something super important for gringos looking to rent in Colombia is knowing this: a bank can be your co-signer. The bank will make a special account for you, you put in 12 months rent in this locked account and they will be your co-signer. Its a little expensive, but you get all your money back when you no longer need them as a co-signer for a rental property.

[@belle42]

than you for this. I knew there had to be a way around it.

[@Jimmyhickey90]

@@belle42 no problem. Although you may run into a hiccup. Normally to get a bank account you need a cedula, which you can get as soon as you get a visa that's not a tourist visa. The other thing is that the bank may require you to say that you've lived in Colombia for a year already... They may take your word for it or you may need to prove it somehow... Or just keep trying different banks until one accepts you.

[@moesmith5741]

Thanks very informative

[@arturoluna3551]

Muchas gracias, lo tomo en cuenta para el futuro.

[@laurenlagringa]

Thanks Arturo ❤️

[@amaru90221]

Very informative thank you for the information

[@laurenlagringa]

Of course!

[@floretfauna]

What about renting a home, without a concierge. would that be safer? Gracias por este video.

[@laurenlagringa]

Thank you for watching! And yes I mean for rental arbitrage you could definitely rent a house and Airbnb it, but it's just that usually houses are much more expensive in rent and I'm not sure how they really compete with apartments in Medellín.

[@rockingkevinx]

I’ve actually been looking around apartments to buy in Bucaramanga. The realtor in the agency says that most buildings here allow for short term rentals ( Don’t know if that’s true). So who would I need to ask if “este edifico tiene la norma de alquileres a corto plazo?”. Not sure how I would verify that.

[@laurenlagringa]

I’d ask the doorman. They know everything. Also don’t blindly trust agents who want to take your money.

[@dinamicainmobiliaria]

"Norma is: Reglamento de Propiedad Horizontal and Manual de Convivencia.

[@laurenlagringa]

Correct

[@dennisingless]

Is it possible to change la norma of a house?

[@laurenlagringa]

If you are the sole owner of that house, the surrounding land, and there are no other parties involved (such as if it was in a gated community) then yes. Typically, the vote must be unanimous among all stakeholders of a property to change these permissions (la norma.)

[@1RAMIRO]

Do you have the links to your videos on how to do more airbnb stuff there?

[@laurenlagringa]

This is the only video I have done on it so far, but I added it to a playlist on the channel because there will be future videos on the topic. So if you are subscribed to this channel you'll be in the know! 😊

[@1RAMIRO]

@@laurenlagringa Thank you for your reply. Looking forward to see what you create. saludos, from a Paisa who lives in Orldando, Florida!!

[@laurenlagringa]

@@1RAMIRO Gracias, saludos!!

[@hermanc.4420]

hey there. I've been with a colombian gal for 7 years now. We are planning on moving back to her country to spend our golden years (i am almost 50). I am very active and would like to live near that road they close down on Sundays? What is the name of that street? Thanks!!! p.s. - I will probably be hitting you up in a few months

[@laurenlagringa]

It's either Avenida Poblado or la Regional, they close down stretches of both!

[@DaNiBu10]

So you pay taxes in Colombia and also in the US? If you are getting paid in dollars?

[@laurenlagringa]

I pay taxes on my Airbnb because it is in Colombia. I also pay taxes here in Colombia because I have money coming in my Colombian bank account for expenses. I also cannot escape the self-income tax in the States as a US citizen.

[@Jimmyhickey90]

You only need to pay u.s. income tax if the money goes into the usa. If your airbnb pays into your Colombian bank account, and that money gets spent here in Colombia, then the U.s. never knows that money exists, meaning no taxes on it. The moment you send money to the usa, then pay the income tax.

[@JakeTheSnake500]

Anytime your business plan involves bribing the doorman, it's a "garbitrage" scenario...

[@Jimmyhickey90]

All this stuff about "la norma" only applies to "horizontal properties". I would not recommend any gringo to buy a horizontal property, its kinda like joining an HOA or something. If you want to OWN and CONTROL your own place then buy a vertical property!