Irishman selling real estate in Florida while in Spain

Colin Murphy, originally from Armagh, has spent much of the last 20 years in Spain closing deals in the US real estate market. He says that working remotely and having the freedom to run his own business has given him the best of both worlds.

While living and raising a family in Madrid, Colin runs his real estate business CGM Land Inc in Florida, a market he and two partners originally entered in 2008 when they saw a golden opportunity after the financial crash when real estate prices there plummeted.

"I like the Spanish quality of life. I like the culture, I like the food, the health care is much better here. You don't face the problem of gun control. But at the same time, it's hard to earn a good salary in Spain," he says.

"Today it's very easy to run a U.S. business from a remote location, so I'm trying to combine the Spanish lifestyle with the dynamics of the U.S. corporate world.

"But it's not just about how I can make more money. Freedom of money, freedom of place and freedom of time are equally important to me. I like having a small, flexible business that can change according to my lifestyle, so that the rhythm of the business is determined by my lifestyle, not the other way around," he adds.

Born in Keady and mostly raised in Limerick

Murphy says he has always had a sense of dissatisfaction and a desire to forge his own path "outside the small Irish world."

After studying business at the University of Limerick and completing a Masters in Marketing at University College Dublin, where he met his Spanish wife Cristina, he says he was always more attracted to the idea of creating something of his own than moving up the corporate ladder.

After several years in London right out of college, where he sold advertising space in The Irish Times and real estate magazines, Murphy found himself at the helm of the Irish office of Someplace Else, a British company that sold vacation homes in Eastern Europe and Central America during the real estate peak between 2004 and 2007.

"This was before the crisis when everyone, especially the Irish, was very enthusiastic about real estate. We had a nice office in Dawson Street and we were doing quite well before the crisis ruined everything," he says. "But in 2008, that whole business model of selling real estate in emerging markets just disappeared. We had to close the office, lay everyone off. It was a very humbling experience," he says.

As business ceased in Ireland, Murphy and two partners saw an opportunity in Florida, where real estate prices had been falling for several years.

"We figured if we could get access to discount properties there, we might have a chance to keep selling and earning a commission.

Three people gathered several thousand euros to travel to Orlando and establish contacts with local real estate agencies to search for properties, and in 2009 they created their real estate business, Torcana, in Florida.

“People didn’t feel safe leaving their money in AIB at that time. Some felt safer investing $90,000 in an apartment in Orlando and renting it out for $1,100 a month than leaving their money in the bank. We were lucky to come across this, and it helped us get started and save some funds,” he says.

Colin spent 12 years with his partners from Torcana, buying, renovating, and selling real estate in Florida, mostly working remotely from Madrid, before starting his own venture with CGM Land Inc at the beginning of the pandemic.

“In the end, I needed to change something. I was a bit worn out by the time Covid started, so I peacefully parted ways with the partners I had been working with. That’s when I moved on to buying and selling uninsured land in Florida, and it has been just fantastic. I’ve been doing this for two years now,” he says.

Colin says that persistence and a willingness to take risks were essential for a successful transition to success in the Florida market.

“Perseverance is more important than being smart or lucky. Just trying to keep going when others give up is a habit that anyone can develop,” he says.

“A healthy attitude towards risk is a necessary condition. If you are not willing to take risks in your life, you will end up working for someone who was. Some people want to constantly avoid risk, but if you want an interesting life, you need to have a healthy attitude towards risk.”

Currently, Colin is a volunteer at the Spanish-Irish Business Network, which promotes the development of business and cultural ties between the two countries. He says that one of the keys to success in breaking into the industry beyond his homeland is building connections.

“If you feel the urge to move, don’t be afraid to take a step and relocate, but do it through networking. Find groups of people who are where you want to be, and just join those circles. You’ll be surprised at how open people are and how willing they are to help by providing you with useful connections or advice on how to avoid mistakes before you make them,” he says.