Real estate is often romanticized as a fast-track to financial freedom, but success in the industry is anything but impulsive. For aspiring investors, it’s time to stop treating property like a passion project — and start treating it like a business.
At the recent Passport to Wealth event, seasoned property strategist and McMillan Group CEO, Raymond McMillan, challenged Caribbean investors to shift their mindset. “You don’t invest in property the same way you buy a dream home,” he said. “This is about returns, not rose-colored walls.”
With over two decades in international real estate, McMillan is no stranger to market cycles, cross-border deals, and the silent pitfalls that can drain a portfolio before it ever turns a profit. His message? If you’re investing in property with your heart instead of your head, you’re already losing.
Think Beyond Borders — and Beyond Backyard Bias
McMillan urged investors to break out of the habit of hyperlocal thinking. While Jamaica offers several attractive opportunities, looking globally opens doors to different returns, regulations, and risks — all of which can be managed with the right research.
“We have to stop thinking small,” he said. “There are high-performing markets around the world. Your first property doesn’t have to be in your zip code — or even your time zone.”
Choose the Right Lane: Real Estate Comes in Many Forms
Not all property is created equal — or equally profitable. Residential, commercial, industrial, and specialized spaces (like healthcare facilities or student dorms) each require different levels of risk tolerance and management effort.
“Everyone wants to invest in what they understand,” McMillan explained. “But that familiarity can be a trap. Sometimes the best opportunities are in spaces you’ve never considered.”
For Caribbean investors, he noted that hospitality — especially short-term rentals near tourist zones — is an underrated gem. But long-term growth can also lie in undervalued neighborhoods, particularly in what he called “B and C-class areas” where demand for affordable housing is constant.
Numbers Over Nostalgia: Let the Data Lead
Too many investors rely on intuition instead of information. McMillan emphasized the importance of studying local demographics, infrastructure plans, and economic indicators. “Rental demand, future value, income trends — these things don’t lie,” he said. “And they’ll keep you from making emotional purchases that don’t make financial sense.”
He cited an example of a client who turned a modest single-family home generating £800 in monthly rent into a thriving short-term vacation rental earning £4,000. “Same building, different strategy,” McMillan said. “That’s the power of knowing your market.”
Know Your ‘Why’ Before You Buy
Are you investing for monthly cash flow? To build long-term equity? To create generational wealth? The answer will shape every decision — from location to financing, to whether or not you should be chasing appreciation or income.
“Too many people dive in without knowing their endgame,” McMillan warned. “That’s how you end up stuck with an expensive asset that drains you.”
He also stressed that ownership structure matters. Holding a property personally versus through a corporation or trust can have major tax and liability implications. “Get a good accountant. Get a good lawyer. Don’t wing it.”
Don’t Just Buy and Hold — Buy, Build, and Multiply
One of McMillan’s most powerful strategies is what he calls “juicing the property.” It’s simple: buy below market value, add targeted renovations, increase the property’s appraised worth, and refinance to free up cash for your next investment.
“You don’t need to be rich to build a portfolio,” he said. “You just need to understand leverage. A fresh coat of paint and a kitchen upgrade could unlock thousands in equity. That’s your seed money for the next one.”
Real Estate Isn’t a Solo Sport
Finally, McMillan cautioned against the lone-wolf mentality. While online courses and YouTube tutorials may inspire confidence, they’re no substitute for experience — especially when dealing with multi-layered markets and major financial commitments.
“A strong mortgage broker can change your entire investment trajectory,” he said. “So can a good mentor. Real estate is a team game — so build your team.”
Bottom Line: If you’re serious about property investment, treat it like the business it is. That means planning, budgeting, researching, and executing with discipline. The homes may have four walls and a roof — but the wealth comes from what you do after the purchase.
