Biz Stuff: Income-producing Rental Units?

Today, we're starting a new feature on the "Boomers in Costa Rica's Real Estate & More" blog called "Biz Stuff."  The purpose is to relay business ideas for those people who may want to work some while living here, particularly  early retirees who want to do something completely different than they had been doing in their home country.  If you have ideas, please email us so we can share them with the group: boomersincostarica@gmail.com

Of course, if you are still an "A-type" competitor, don't feel obliged to send us your ideas but tell us about it after you've done it!

So, here goes....

I read the various online forums--6 to 8 of them--almost everyday and I continually see people inquiring about long term rentals--homes, cabins, B&Bs, apartments, and more.  This seems to be a phenomenon that will continue to grow, particularly for Baby Boomers who are taking time off in between jobs (or are switching careers), retirees who need a place to live while their homes are being built, people who just want the "no hassles" a rental may bring, and others who just want to live here and perhaps work or start a new business.

Certainly, vacation rentals at the beach are plentiful (and often expensive) but more and more people are looking to move to smaller towns west/northwest of San Jose, meaning Grecia, Naranjo, Palmares, Sarchi, Atenas and San Ramon and need long term rentals until they find a permanent situation--build their home, find a larger house to rent, etc.

This blogger, at least,  continually hears how hard it is to find decent rentals in these smaller towns.  A small Tico house becomes available and it's snapped up in a day.  Someone out there could do well by building (or buying) some rental units.  Buy four units, live in one and rent out the others--essentially living rent free.

Building rental units doesn't have to be expensive either.  Pre-fab housing is catching on here and friends tell me that building four 2-bedroom rental homes could cost as low as $40,000 or less.  Of course, explore all of your options carefully, particularly in terms of location and then the work involved to maintain the business.

Good luck.  Send us your ideas: boomersincostarica@gmail.com