Real estate development in Mexico
Hi all!
I am developing a small apartment building (11 units) in Chihuahua, Mexico, a city 4 hrs south from El Paso, Tx. Since I don't have the money to develop the whole thing, I'm thinking two options: Get people to invest in the project, with a 10% yearly interest rate (possibly a 2 year hold) and/or do a pre-sale. Selling 6 units prior to construction would get me the funding I need for the building process, leaving the other 5 units as pure profit. Problem is, I have no experience in either of this 2 options. Does anyone out there can give me his/her opinion or shed some light on the matter?
Also, does anyone out there have any experience in Mexican real estate market, other than buying condos or properties in beaches/tourist areas?
Thanks!