In 2016, my husband saw an ad in a newsletter online for a ‘Condo For Sale’ in Cotacachi. After contacting the lawyer handling the sale, we learned that this was a 2 bedroom, 2 bath, unfinished condo located on the third floor of a building with a commercial business located on the ground floor. The views from every window were terrific! We put down a deposit the next day, planning to use the condo for a turnkey short-term rental, and staying there several times a year ourselves.
The sale was completed in August of 2017. When we went to see the finished condo, we fell in love! There was also access to a rooftop, with a breathtaking 360˚ view! At this visit, we learned that ours was one of four condos above the first floor restaurant. There was a finished condo, also 2 bedroom and 2 bath, finished, on the second floor. There were also 2 unfinished condos, one on the second floor, and another on the third floor.
After returning to the States, our lawyer contacted us and asked if we would be interested in acquiring any of the other condos! To make a long story short, we proceeded over the next months to complete the purchase of the other 3 condos! The owner of one of the condos is a contractor, so he finished off a lot of the work on the 2 unfinished condos.
We enlisted the help of an excellent local with many ties in the community, who coordinated the work necessary to bring the condos to rental-ready status. The decor of each condo is Ecuadorian and local, from furnishings to artwork. The bonus of owning all the condos is that there is secure first-floor access just to the 4 condos, which means that our tenants have their security and privacy, as well as sole entry to the rooftop terrace.