Last year I bought a penthouse in Medellin together with a relative. It’s huge. 247m2 over two stories. It required a full renovation.
I love Medellin; It’s beautiful, fun, well-connected, the weather is perfect, and it is growing fast.
Why am I only now publishing this video?
Because the remodeling job to be done was substantial, and I didn’t want a video going around on Youtube with all the numbers for my neighbours to see and get jealous about.
I’m glad I operated this way. It was an extremely messy renovation with a lot of external drama. We did it entirely remotely and I’m really glad our architect and project manager, introduced by Mauricio, managed the whole renovation and drama from A to Z.
In this video with my Medellin realtor and property manager Mauricio, we show the penthouse when it was bought, as well as all the projected numbers.
Follow-up video to come
I’ll make a follow-up video with actual numbers next time around. The apartment just got listed on Airbnb.
Full analysis of the Medellin real estate market
Since I bought this penthouse, prices have gone up a bit. I’d say this deal is not fully representative of the market as I stayed in Medellin for months before I found it. But still, there are some very interesting deals to be made in Medellin.
Here’s my full analysis of the Medellin real estate market.
If you want a good realtor in Medellin, Mauricio and his can team can help you find investment properties, put you in touch with the right teams for rehabs, and then manage the properties for you.
As for the legal side of things, I used Alan and his team for the real estate transaction in Colombia.
To a World of Opportunities,
The Wandering Investor.
Other articles on Colombia:
- Is it too early to make a Real Estate Investment in Bogota, Colombia?
- Making a Real Estate Investment in Cali, Colombia – the next frontier?
- Penthouse Investing with High Yields in Medellin
- $100,000 investment house in Medellin, Colombia
- Actual Capitalization Rates / Rental yields in Medellin
- Is Colombian real estate still investable following the election of Gustavo Petro?
- Double-digit yields in Bogota for Airbnb multifamily units
- 12% net capitalization rate and rental yield in Cali, Colombia
- Afternoon trip to a Finca for sale near Medellin – with ROI numbers
- Investing in Bogota real estate – Possible bottom? Market update
Other services in Colombia:
- Real Estate Lawyer in Colombia
- How to obtain residency in Colombia
- My favourite real estate agent in Medellin
- My favourite real estate agent in Bogota
If you want to read more such articles on other real estate markets in the world, go to the bottom of my International Real Estate Services page.
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Transcript of “I bought a Penthouse in Medellin, Colombia”
LADISLAS MAURICE: Hello. Ladislas Maurice from thewanderinginvestor.com. Today, I’m in Medellin, in Colombia, and I’m going to show you a penthouse that I just bought together with a relative.
Why did I buy a penthouse in Medellin?
If you’ve been following this vlog for a while, you would know that I’m quite bullish Medellin real estate in the sense that it’s one of the markets with the highest rental yields or capitalization rates in the world for high-end properties. I made it clear quite a few times that the way to play it is to buy something that’s nice, do a really nice renovation with views, with the terrace, etc. And that’s exactly what we’ve done. We bought a really big penthouse, 250 square meters. In square feet, that’s over 2,600 square feet, with six bedrooms, four bathrooms. We’re going to make some large changes to the apartment.
In this video, it’ll be like a case study. I’m going to show the apartment, the price everything, and the cost of renovations, and then also how much rental income I expect to make from it, and then all of the associated costs from a rental point of view, so all the expenses, like property management, utilities, property tax, etc., so we’ll get an exact capitalization rate estimate based on this very penthouse that I just purchased. This is it, this building. We’re in Laureles. The apartment, obviously, top floor penthouse. It’s a very good neighborhood here. And look, here is our buddy and realtor, real estate agent, Mauricio. Mauricio, how are you?
MAURICIO: Hey, guys? What’s up? All good?
LADISLAS MAURICE: Good, good, good. Cool. We’re going to have a look at this property.
MAURICIO: Follow me.
LADISLAS MAURICE: Yeah. Here there is a portero. It’s the security guy. He works part-time, so from 7am until 4pm It’s pretty safe here at night, people don’t feel like they need a portero. And together with the apartment I have, I don’t even know which parking spots, I need to check the contract, but I have two parking spots. There’s another garage, so I don’t know if it’s on this floor or on the other floor. And I have one of these, like, little storage units. This was back in Canada, that would be for the skis, but, yeah, we’re not in Canada. Yeah, top floor. This is what you want in a real estate investment in Medellin, right?
MAURICIO: Yes. Last floor, two levels, you can’t go wrong.
Why invest in a Medellin Penthouse?
LADISLAS MAURICE: All right. Here it is.
MAURICIO: Penthouse.
LADISLAS MAURICE: Yeah. What do you say about penthouses?
MAURICIO: They are the most valuable apartment in the building, and why? Because there’s only, in this case, only one, maximum there’s probably, like, two penthouses. They’re most valuable because they’re most unique, you can get two floor, and it’s more private.
LADISLAS MAURICE: And in terms of rental income, we were having that discussion earlier, that you pretty much have zero vacancy for penthouses.
MAURICIO: Yeah, all the penthouses that we have that is priced correctly, like, could be a little bit over market, actually, they get rented. You get inquiries, people asking about them is always the one they’re looking for.
LADISLAS MAURICE: Cool. We’re just going to have a look at the property now. It means a big renovation job. We’re going to explain the renovation that we plan on doing, and then all of the numbers. Can you tell us a little bit about the neighborhood here?
Why invest in Laureles real estate?
MAURICIO: Yes. First of all, this is, obviously, an amazing view. Here in Laureles, it’s very rare to actually get a view at all, so here, you’re lucky. If you come here and see you have the university La UPB, which is a high-end university here in Medellin. You have next to it, Unicentro, which is a big shopping mall. There you have tiendas, you can have grocery stores, you go and have a coffee, different restaurants. Then here, you have Conquistadores, which is another nice neighborhood here in Laureles. Here to the right, you have a first Segundo Parque within eight-minute walk, maybe, and the party street, La Setenta.
LADISLAS MAURICE: For digital nomads, it’s perfect in the sense that there’s the shopping mall, with the food court, with all the shops you need, literally a four-minute walk away from here. You have all the bars and the clubs of Laureles–
MAURICIO: La Setenta.
LADISLAS MAURICE: La Setenta, a five-minute walk away, and you are a $2 to $3 and 20-minute cab right away from Poblado. Essentially, that’s kind of the situation. Cool. This whole space, this wall gone. We’re going to have to redo the kitchen, remove this wall. Then–
MAURICIO: Open kitchen concept, of course.
LADISLAS MAURICE: Yeah, open kitchen concept. Look, the target for this is North American digital nomads. We have six bedrooms but we’re going to keep only five. We’re going to show you the bedroom that we plan on destroying. Here, this bedroom does not have a bathroom, so what we’ll do is we’ll eat up a little bit of the kitchen and of the wardrobe and create a separate bathroom for this room. Then there is this one, quite big, quite a big–
MAURICIO: It’s a large room.
LADISLAS MAURICE: Yeah. And it’s all very bright. There’s no lighting, it’s extremely bright with a bathroom. Stuff, like, when we redo the bathroom, we need to make it like American ready, so showerheads taller, everything. Everything needs to be designed with a primarily North American target market in mind. You manage how many properties now?
Rental market in Medellin
MAURICIO: We manage about over 50 properties. Here in Laureles, we manage 17.
LADISLAS MAURICE: Seventeen properties.
MAURICIO: At the moment, and we have more to come.
LADISLAS MAURICE: Cool. Of, let’s say, 100 rentals, how many are to North Americans, versus Europeans, versus Colombians, versus others?
MAURICIO: In our case, I’d say that there’s probably 60% North American. And why is that? It’s because of the time zone and its closeness, its proximity to Colombia.
LADISLAS MAURICE: And the rest, the other 40%?
MAURICIO: I’d say that other 30% would be European, and then 10% would be around that, like, some natural travelers, you have some from South America. We have very few from Asia, actually. If it would be any part, it would be Australia.
LADISLAS MAURICE: Okay.
MAURICIO: Yeah.
LADISLAS MAURICE: And is there a difference between North American tenants versus European tenants in terms of budget, in terms of needs, wants?
MAURICIO: Yes. Say that the American is normally bigger is better, large is life, so they always require the top of the line. They want to have definitely a TV. That’s a big difference from the European clients, they’re not always asking about the TV in the bedroom. If you’re after American, it’s, like, do you not have a kitchen apartment? It’s a sensor. And air conditioning. Those two stick, because in Europe, we’re not really used to have air conditioning, at least not in Sweden. In North America, it’s like you check that out from the Airbnb box, then if you don’t have it, you don’t show up. So put it in.
LADISLAS MAURICE: That’s true. That’s a good point. Yeah, because when I was working on the designs, I was, like, “Oh, do people even watch TV still? Do they really need a TV in their bedroom?” And you’re like, “Yes.”
MAURICIO: Yes, they do.
LADISLAS MAURICE: If you’re targeting Americans, yes, you need a TV. Cool. Bedroom number three with its own bathroom here on the side, also with a cute little terrace. Every terrace we plan on making nice, because that’s the selling point when you rent. We’ll put nice tiles–
MAURICIO: Little coffee table around here.
LADISLAS MAURICE: Yeah, a little coffee table. We’ll see. We’ll see what we do. But terraces are big, big assets from a visual point of view when you list them online.
MAURICIO: And also here in Medellin, because of the weather, you can actually use the terrace year around. It’s definitely where you want to put the money in.
LADISLAS MAURICE: This one, objectively, is a little less nice on this side of the building because there’s a bit of traffic, so during peak hours, it can get a little noisy. But you’ll see the big terrace on the other side, super quiet and, yeah, really big. Cool. Now we are headed to the second floor. If you’re wondering how much I paid for this apartment, this penthouse, $165,000 roughly, plus closing costs. And that’s for 247 square meters, about 2,600 square feet. Cool. This is the second floor, so there’s a small bedroom here. You’ll notice that–
MAURICIO: Roof is too low.
LADISLAS MAURICE: There’s a problem here. We’re going to work on this. We’re going to do some roof work. Then another bathroom, bedroom. Same thing here, we’re going to find a solution. But for some reason, because the wall’s like higher here, it’s like a lot quieter. And the views, you’ve got really nice views here. All around.
MAURICIO: Now you can see how close you are to the La Setenta party street. It’s right there by the church.
LADISLAS MAURICE: Yeah, behind the church down there. Yeah.
MAURICIO: One block from the church.
LADISLAS MAURICE: Yeah. Mauricio knows that street very well.
MAURICIO: [laughs] Back in the days at least. [laughs]
LADISLAS MAURICE: [laughs] Cool. All right. Let’s go to the terrace. Cool. Educate us about how to play the terrace game to make high capitalization rates in the Medellin market.
MAURICIO: [laughs] That’s fun, actually. I’d say, first of all, it’s a Jacuzzi. If you have a terrace, you need a Jacuzzi. It’s 10 out of a 10. If you don’t put it in, you’re losing so much in potential rental income in the future. As we said when we were down on the first floor, the weather here in Medellin, as you can see right now, it’s perfect for Jacuzzi to hang out, sit here. What we would do with this terrace is to put here would make a perfect Jacuzzi space, I think for up to six people, because it’s so large.
LADISLAS MAURICE: Yeah, big. And it’s like five bedrooms.
MAURICIO: Five bedrooms, so six people, at least. Then around here, I would think, depends how much you higher the roof, we’ll have an outdoor seating area, you have, like, a nice tile, make, maybe a little graffiti wall, something like that, that’s open to mind.
LADISLAS MAURICE: Yeah, it’s really big.
MAURICIO: Make it Instagram-friendly.
LADISLAS MAURICE: Maybe even some sound system, or, I don’t know, something.
MAURICIO: Yeah, a little music, you were talking before a little bit bar area maybe here.
LADISLAS MAURICE: Yeah. Definitely here, bar area, very important. Again, North American target market, people like the $1 beers here, so they need a big fridge stocked up with them. This bedroom, this bedroom is not nice. There’s no real window. There’s a window to, I don’t know what. Actually, we’re going to remove all of this. This room will not exist anymore, and this whole space, so this and this together will be transformed into a co-working space, but like a proper thing, kind of WeWork. A proper co-working space with maybe large desk, a few monitors, really comfortable chairs, maybe here put a whiteboard, here, a little kind of couch seating area with tables so people can chill, work on their laptops on a couch, maybe a foosball table here, and definitely a projector as well so it can turn into, for work, a projector, but also kind of movie nights.
MAURICIO: Hang out there.
LADISLAS MAURICE: And then you had this pretty cool idea here.
MAURICIO: Here, well, you had an idea also, either what you can do is you can make a second terrace up here, or you can actually have a net hanging out there so you can hang out.
LADISLAS MAURICE: I spoke to one of the designers yesterday, that’ll cause too much problem with the neighbors.
MAURICIO: Too much?
LADISLAS MAURICE: Too many problems with the neighbors, so I wanted to hijack this here, which could have, but it’s like common area, I don’t want to frustrate the neighbors. I might try in two, three years, but not right now.
MAURICIO: But then to have a net here, it also connects the people who hang out here and chill with the people in the kitchen, so it’s really, really good for social events, having friends over, it’s just a fun experience.
LADISLAS MAURICE: Yeah. And it adds to the whole kind of WeWork vibe.
MAURICIO: Yeah.
LADISLAS MAURICE: Then this would be a five-bedroom five-bathroom penthouse with Jacuzzi, full-on terrace, few of the bedrooms have their own terraces with a whole WeWork type space for co-working, which is quite unique in the market. Does anyone have this?
MAURICIO: It’s really unique and it’s really good, actually, because it’s open up for a lot of clients or guests who are maybe larger groups, or even we get a lot of digital nomads who have, like marketing companies. So they sit and work together, they brainstorm, they have friends coming over, they might have an assistant coming over. So the larger it is, in this case, it’s not bad. It’s the opposite, it’s very good. Give you a lot of opportunities if you know your target market group.
LADISLAS MAURICE: Yeah, yeah. That’s really what we’re targeting, digital nomads, potentially tech workers. They come in here as a group, and this would just be perfect for them, because they have the lifestyle, and they don’t need to go to cafes or head out to some co-working space, it’s all here. So it’s kind of like a war room.
MAURICIO: Convenience over price, so it’s perfect.
LADISLAS MAURICE: Yeah. That’ll add a premium to the price for sure. And we don’t know what it is, we’ll see over time, if, when we start putting the price you recommend, if bookings come too quickly, we’ll–
MAURICIO: Test the market.
LADISLAS MAURICE: Yeah, we’ll test the market, we’ll see. Also, what I like about it is that it gives us a bit of a, in case, if there were too much supply in the market, I would always have something that is unique. I don’t think too many people are going to replicate this, or if they do, there wouldn’t be that much.
MAURICIO: They can’t because there’s not that many places that has these criterias to start with. And good thing with this place is that it’s not renovated at all, it’s a full gather almost, which is positive because, sometimes, an owner they redo the kitchen in a style that you don’t like. In this place, you don’t have it, so you can just be creative, the target group, do good investment.
LADISLAS MAURICE: And we were also discussing, in case of a big economic crisis, worst case scenario, if it’s hard to find people to rent the whole apartment, we could rent the individual bedrooms. That’ll be planned with this in mind. Each bedroom will have a safe, things like this, so that if we had to go for Plan B–
MAURICIO: You have also added a bathroom down to the room downstairs, which is also perfect you’re goingt to rent out room by room. So good backup plans.
LADISLAS MAURICE: Yeah, this bathroom here would be going with this bedroom. And actually, we’re going to create a social toilet right here so that people from the co-working space don’t go into, I don’t know, Jonathan’s bathroom each time. That’ll be a specific toilet. And then here, so it’s bar, but also slight, small kitchen area–
MAURICIO: A little fridge so you don’t need to go up every time you have some–
LADISLAS MAURICE: Food, a bit of food, if you want tea, coffee, we’ll just make this look nice. So, proper, proper WeWork. Cool.
Return on Investment ROI for Medellin penthouse
LADISLAS MAURICE: Let’s go into the numbers?
MAURICIO: The fun part. [laughs]
LADISLAS MAURICE: Yeah, the fun part.
MAURICIO: Yeah.
LADISLAS MAURICE: Cool. Purchase price, $265,000, some closing costs, and lawyer fees, about two-and-a-half percent. Renovation budget, what do you think roughly?
MAURICIO: Roughly, here would be about $80k more or less. We always try to keep it a little bit higher on the renovation so you don’t get any surprises later. But of course, if you put in a sofa or a painting for 2,000 USD, you will easily climb the ladder, right? But for the investment you’re doing at $80k.
LADISLAS MAURICE: There are always surprises when you renovate. [laughs]
MAURICIO: Yeah. [laughs]
LADISLAS MAURICE: Then, so why $80k, is because I’m really trying to keep to $1,000 a square meter fully renovated, or a bit less than $100 per square foot for the fully renovated penthouse.
MAURICIO: And what I would like to add there that that would even be asking price lower than the average in Laureles, and this is a penthouse newly renovated.
LADISLAS MAURICE: Yeah, I could probably flip it for a profit immediately, I think.
MAURICIO: Probably. But we do tend to recommend to keep it at least a year so you keep the cash flow making history, so it’s not only our word, it’s only you can see, this is actual numbers. We are very transparent. We let you go in and see the bookings and everything.
LADISLAS MAURICE: Yeah, when someone tries to sell me a property that they say is cash flowing already, I’m like, “Show me your books.” I want to go into your Airbnb system. I want to pull the data myself so that you just don’t send me a file that you just doctored. Then you can verify. You’re right, creating that track record. Then also it’s better to keep for two years.
MAURICIO: Yes, for two years for the capital gains. If you sell it after two years, the capital gains go from 35% down to 15%, so it’s more than 50%.
LADISLAS MAURICE: Yeah. If you want to do a flip operation here, generally, it’s best to renovate, rent out for two years, get a good track record, flip after two years. That’s, typically, the play you would want to make. Is this the play that I want to make? I don’t think so. If the cash flow is good, I’ll probably just keep it. It’s rare to find markets where you can get essentially luxury properties that aren’t too expensive and that give you high cash flow in a cool city that you like to spend time in. When you kind of have this combination, it becomes a bit emotionally hard to sell. [laughs]
MAURICIO: Lifestyle move. [laughs]
LADISLAS MAURICE: Yeah, it becomes a bit hard to sell, for sure. Cool. In terms of rental income, because, I mean, you manage, like you said, over 50 properties?
MAURICIO: Yes, 17 now in Laureles, and of them, 8 are daily rental and the rest are monthly rental, which this one would be.
LADISLAS MAURICE: Yeah, this is a monthly rental. I’m not allowed to rent for less than 30 days. But then again, seeing this sort of space and what we want to do here, it’s for people that want to come here for at least a few weeks, a few months. So it’s perfect.
MAURICIO: And now, with a digital nomad visa, there’s more people that were able to come, not only stay like three, four months and then have to look for another visa solution, it’s pretty straightforward.
LADISLAS MAURICE: Yeah, you just go online, you upload a few documents, you pay some fees. You just need to show, I don’t know, $700, $800 of–
MAURICIO: $600, yeah.
LADISLAS MAURICE: $600 of income a month and you get your visa for one year. Yeah, that’s a big catalyst. There’s a lot of demand. Cool. What do you think would be the monthly, roughly?
MAURICIO: We like to give a little range, we’re not at a fixed price. The range here would be between $3,100 a month up to $3,400, $3,500, approximately.
LADISLAS MAURICE: Cool. In the numbers, I prefer to be conservative to not have any unpleasant surprises, or to make up for any unpleasant surprises, which are likely in the renovations process. [laughs]
MAURICIO: [laughs] But we’re basing this on the actual numbers, so we have, when you have spoken to us how this is going to look, we have three, four similar places here in Laureles that are actually rented out now, and that is the price range. So we see–
LADISLAS MAURICE: But without the co-working space.
MAURICIO: Without the co-working space, yeah.
LADISLAS MAURICE: Yeah. Cool. And your property management, can you remind me your fee?
MAURICIO: Yes. If it’s a monthly rental, it’s 10%. If it’s a daily rental, it’s 15%, plus taxes, which are 19% of the commission, not of the total rental.
LADISLAS MAURICE: Okay.
MAURICIO: It’s a big difference.
LADISLAS MAURICE: Cool. In terms of utilities, how much should I expect to pay? Because people will be paying this price, and then they expect to have everything essentially paid for. So water, electricity, gas, internet. Internet will be only the best internet package in town.
MAURICIO: That’s also a nice point. It’s Strato four of six. So that also helps to drive down the taxes in comparison to a penthouse in Poblado, where it’s always six. With that in mind, and then also how many people will be in the apartment at same time, so about 240 USD.
LADISLAS MAURICE: About $240 a month.
MAURICIO: Yeah.
LADISLAS MAURICE: Cool. In terms of the property tax?
MAURICIO: The property tax on this one is little bit lower than $1k a year, so it’s $800.
LADISLAS MAURICE: Yeah, so a bit over $800 a year of property tax for this whole, yeah, I don’t mind paying this property tax.
MAURICIO: Yeah, it’s good.
LADISLAS MAURICE: Cool. And what about the homeowners association/common charges?
MAURICIO: $133 a month.
LADISLAS MAURICE: Cool. Again, $133 gets you a well-maintained building and a portero, a guy at the entrance for approximately half the time.
MAURICIO: Yeah.
LADISLAS MAURICE: So pretty affordable.
MAURICIO: Also, for all this space. Normally a place in the building that has most square meter pays more of the association fee. It’s really good.
LADISLAS MAURICE: Yeah. My fixed expenses here in this building are going to be extremely low. Even if, I don’t know, COVID 2 shows up or whatever, and people can’t travel, my holding costs would be absolutely minimal.
MAURICIO: The taxes. Then you wouldn’t pay the utility bills that month if you don’t rent it out either. Cut off the internet, too.
LADISLAS MAURICE: Yeah, I would literally just need to rent out one bedroom to cover my fees and more. I like this about this investment, it’s very resilient. There’s always something that I’ll be able to do with it. And roughly what do you estimate the occupancy rate to be?
MAURICIO: 92%.
LADISLAS MAURICE: Is that, like the average that you see in your bookings?
MAURICIO: The average on our penthouses in the whole city, it’s closer to 100%.
LADISLAS MAURICE: Yeah. Normal apartments, roughly?
MAURICIO: Normal apartment, we run around 90%. 90%, 92%.
LADISLAS MAURICE: We’ll just be conservative, put 92%. But yeah, you sent me the links, because we were doing some price comparisons, to all your penthouses here that were relatively similar to this here in Laureles, they were all booked out three months in advance, like, every single day. Yeah, that’s quite impressive. That’s really impressive. Cool. Overall, once we take all of the expenses, deduct them from the estimated gross revenue, we get to a net rental yield or capitalization rate of a bit over 9%. Do you feel that this is typical? Are you able to deliver such numbers? Let’s say, you get in touch with Mauricio, there’s his information below in the description, and you’re like, “Hey, Mauricio, I want to make an investment in Medellin. I have about $200,000, $300,000. Can you get me such yields?”
MAURICIO: Yes, the estimated range would be from 8.5% to 9% that we can comfortably promise.
LADISLAS MAURICE: Cool.
MAURICIO: But it’s normally a case like this, it’s a Colombian owner, is not renovated, you need to see opportunity in this apartment, and then you redo it, rebrand it to clients who comes from abroad and not from Colombia, and that’s how you make those percentages.
LADISLAS MAURICE: Cool. I’m really excited about this project. I was talking about Medellin for the last, I don’t know, like, 18 months, making content saying, “Yields, yields, yields.” Earlier this year, I came here for a few months, we were looking at properties, properties, properties. Eventually, we went for this one. We’ll be doing the renovations work. Mauricio’s kind, him and his team, they put me in touch with interior designers and architects who will take care of the renovation. I have a few coming over, they’re giving me quotes, etc., so I can compare. They’re all teams that your clients worked with in the past, so you’re comfortable recommending them. It just makes the whole process really smooth.
Once the renovations are done, we’ll put it immediately on Airbnb. You also have a lot of bookings through your private website.
MAURICIO: Yes.
LADISLAS MAURICE: And yeah, we’ll see what the numbers are. We’ll probably make a follow-up video in a year from now, looking at the numbers, hopefully, things are good.
MAURICIO: See if people remember the same apartment. [laughs]
LADISLAS MAURICE: Yeah, yeah, yeah, exactly. If you’re interested in real estate here in Medellin, there’s a link below. I wrote a whole analysis of the market in terms of the pros, the cons, good neighborhoods, neighborhoods you should avoid, etc. And if you want to get in touch with Mauricio, Mauricio speaks English, Spanish–
MAURICIO: And Swedish.
LADISLAS MAURICE: Swedish as well. He’s Swedish, so if any Swedish people are following or watching this video, you can get in touch with him in Swedish. There’s a link below with more information on his services, and he’ll be very happy to help you out.
MAURICIO: Yes.
LADISLAS MAURICE: And you also have team members that speak French fluently.
MAURICIO: German lately.
LADISLAS MAURICE: And German, so he can help you in a bunch of languages.
MAURICIO: Yeah.
LADISLAS MAURICE: Great.
MAURICIO: Perfect. Nice.
LADISLAS MAURICE: Mauricio, thank you very much.
MAURICIO: Always, yeah.
