WTF is wrong with investors these days?
Engelo RumoraBusiness Member
Investor 路 Toledo, OH 路 Member since 2013 路 4k+ posts 路 2k+ votesWTF is wrong with investors these days?
Most Popular Reply
Jay HinrichsBusiness Member
Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votesEngelo Good Morning !
I would like to take a stab at this.
I suspect a lot of these folks reaching out to you read BP forums.
And such they like the thought of infinite returns and are OK with max leverage etc.
So keep in mind BP folks are reading the BRRR books and building their Core 4 which has been coined by the folks who man the podcast and wrote a book on remote BRRR ( one of the absolute Riskiest endeavors one can take in real estate by the way).
So to that extent they are reaching out to you to build the Core 4 you just happen to have all 4 of the Core under one roof.
This IMHO is why your getting calls like this. Or e mail requests like this.
Your thoughts ?
261 Replies
- 2yChristopher StevensPro MemberRental Property Investor 路 Redondo Beach 路 Member since 2023 路 36 posts 路 44 votes
Hi Engelo,
That is frustrating to get messages like that since you've already done all the hard work. However, if you have the time and bandwidth, a good strategy would be to give them a respectful response with as many details as you're willing to provide to help them. The reality is, even if you give them ALL the information in great detail (which isn't what I'm suggesting; give them a few details/answers) they'd still have A LOT of work to do and the task is daunting. Perhaps they would consider a turnkey deal with you instead of taking on such a task. The more willing you are to help others, the more business you'll earn over time.
I suggest you create a canned response and save it. When you get these emails/questions, take the canned write-up and tweak it based on their questions. That way you're offering some help and support, but with a prepared, general response, you won't use up much of your time.
Thoughts on this strategy?
- 2yMike LambertPro MemberInvestor 路 The Americas and Europe 路 Member since 2016 路 1k+ posts 路 1k+ votes
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.Jay, absolutely. Portugal is a great country and its real estate market has been on steroids over the last few years. So much so that there's a bit of froth now and I therefore prefer neighboring Spain, which is a beautiful country as well.
As to Mexico, I don't know if you've been it's a very nice beautiful country too. As we all know, certain areas have issues with violence but so does the US too.
You're one of the greatest contributors to the BP community and many of us, including myself, love you and the content you share and this isn't going to change to that as far as I'm concerned. But you have a lot of followers and, like it or not, your choice of words matter. Hope you take that as a compliment because that's what it's meant to be but I can imagine that Mexican readers could be a bit offended.
As to your comments regarding that fleeing to Portugal situation, they're spot on, as usual.
- 2yJay HinrichsBusiness MemberReal Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
Quote from @Mike Lambert:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.Jay, absolutely. Portugal is a great country and its real estate market has been on steroids over the last few years. So much so that there's a bit of froth now and I therefore prefer neighboring Spain, which is a beautiful country as well.
As to Mexico, I don't know if you've been it's a very nice beautiful country too. As we all know, certain areas have issues with violence but so does the US too.
You're one of the greatest contributors to the BP community and many of us, including myself, love you and the content you share and this isn't going to change to that as far as I'm concerned. But you have a lot of followers and, like it or not, your choice of words matter. Hope you take that as a compliment because that's what it's meant to be but I can imagine that Mexican readers could be a bit offended.
As to your comments regarding that fleeing to Portugal situation, they're spot on, as usual.
Ok did not mean to diss Mexico I have been many many times . Being from SF Bay Area Cabo was a frequent trip etc.. However there is a stark different in Portugal and Mexico and I will leave it at that.. I was just in Belize and while it was OK its a 3 rd world very poor country and when you get my age medical care is important .. I just feel safer in a country that does not require armed guards at the resorts.. ( talking Acapulco) and Dominican. Belize I was with locals so felt safe there . - Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes2y
Now that is funny!
- Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes2y
- Rental Property Investor 路 San Francisco Bay Area 路 Member since 2022 路 1k+ posts 路 1k+ votes2y
Quote from @Randy Rodenhouse:
It's so true. So many people are asking the wrong questions and just hoping for an easy push button way to get into your real estate but that is not how it works or how it will ever work. You have to get in the trenches and do your time and get out there and actually buy something to get the experience that is necessary. I also get many investors calling asking about properties that I am selling with owner financing and they just waste my time because they've never taken the time to understand how seller financing works or how to go about the process. I am more than happy to help someone out that takes the time to initially be resourceful and learn as much as they can first and then go out and ask questions.
Totally agree on you have get in the trenches and buy something to get that experience. I thought I did my due diligence and I needed to do more due diligence. I talked to 2 very honest property management companies who gave me their feedback on my Class C properties. If I had talked to them a few months ago, I would have made different decisions. This was far different than what's presented to newbies "buy affordable properties in the Midwest (or Memphis, etc) and it will cash flow on paper" all over BP or social media. I'm losing money and I learned a huge lesson.
I'm not a new investor and I'm glad I kept my Class A properties and not listen to advice to sell those to "acquire more doors to cash flow" in inexpensive locations.
- 2yMike LambertPro MemberInvestor 路 The Americas and Europe 路 Member since 2016 路 1k+ posts 路 1k+ votes
Quote from @Jay Hinrichs:
Quote from @Mike Lambert:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.Jay, absolutely. Portugal is a great country and its real estate market has been on steroids over the last few years. So much so that there's a bit of froth now and I therefore prefer neighboring Spain, which is a beautiful country as well.
As to Mexico, I don't know if you've been it's a very nice beautiful country too. As we all know, certain areas have issues with violence but so does the US too.
You're one of the greatest contributors to the BP community and many of us, including myself, love you and the content you share and this isn't going to change to that as far as I'm concerned. But you have a lot of followers and, like it or not, your choice of words matter. Hope you take that as a compliment because that's what it's meant to be but I can imagine that Mexican readers could be a bit offended.
As to your comments regarding that fleeing to Portugal situation, they're spot on, as usual.
Ok did not mean to diss Mexico I have been many many times . Being from SF Bay Area Cabo was a frequent trip etc.. However there is a stark different in Portugal and Mexico and I will leave it at that.. I was just in Belize and while it was OK its a 3 rd world very poor country and when you get my age medical care is important .. I just feel safer in a country that does not require armed guards at the resorts.. ( talking Acapulco) and Dominican. Belize I was with locals so felt safe there .Jay, you are right and we don't want to compare apples and pears as in Portugal is a developed country and Mexico is a developing country.
Portugal is one of the safest countries in the world. You can pretty much go anywhere and nothing will happen to you. In Mexico, it depends where you go. Cabo has a lower murder rate than even Canada, which is already, much lower than that of the US. Even Cancun has a lower murder rate than New York and LA. Acapulco is another story. I wouldn't go there myself.
There are approximately 2 million Us and Canadian expats who live in Mexico, including many retirees. If you add the snowbirds and other remote workers, the number gets much bigger. That in and of itself gives you some indication but, if you ask these people if they feel safe living in Mexico, their typical answer will be something like this:
"In Mexico, we don't get involved with drugs and I don't go to areas I shouldn't be going to, rules that would apply to the US/Canada as well if you want to stay safe. However, the difference with living in the US is that, in Mexico, if we go to the grocery shop or our kids go to school, we don't run the risk of getting randomly shot at." As strange as it might sound to you, many Americans feel safer in Mexico than in the US. This sometimes makes you wonder where security guards and other body guards are most needed.
- Real Estate Consultant 路 Evergreen, CO 路 Member since 2018 路 1k+ posts 路 735 votes2y
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.I know people who could a private rendition and get him to a country with extradition.
thats always an option.. I hired a guy one time to repo dump truck trailer and Dozer of mine from a guy who would not pay me.. different cat than those that do auto repo.. Anyway he went on to tell me how they go snag white collar bad guys down in Central America get them back and then serve them. He might of just been puffing but he sure got my equipment back for me.They got Do Kwon to go to Montenegro to catch a plane for Russia. He was in Serbia which doesn't have extradition with any of the countries he was wanted by.
- Investor 路 Toledo, OH 路 Member since 2013 路 4k+ posts 路 2k+ votes2y
Quote from @Nate Marshall:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.I know people who could a private rendition and get him to a country with extradition.
thats always an option.. I hired a guy one time to repo dump truck trailer and Dozer of mine from a guy who would not pay me.. different cat than those that do auto repo.. Anyway he went on to tell me how they go snag white collar bad guys down in Central America get them back and then serve them. He might of just been puffing but he sure got my equipment back for me.They got Do Kwon to go to Montenegro to catch a plane for Russia. He was in Serbia which doesn't have extradition with any of the countries he was wanted by.
Montenegro is different I believe and might have extradition. Not 100% sure tho hehe - 2yJordan RayBusiness MemberReal Estate Agent 路 Memphis, TN 路 Member since 2023 路 642 posts 路 331 votes
Quote from @Engelo Rumora:
So I get investors reaching out to me everyday and it goes like this:
"Hi, I know you offer turnkey properties and property management and am interested in the Toledo market, I don't want to buy turnkey but was hoping you could help me find a deal.
Also, do you have any contractor and lender referrals?
I'd also love to work with your property management company"
Diplomacy left me a long time ago so how would you guys reply?
Seems like to me that everyone wants something for nothing nowadays and nobody is willing to put in the work or to pay the margin for someone else that is willing to do the work...
Folks want to "own a monkey", play with the monkey, but not "carry the monkey" or clean it's S#@% when it does one hehe
I guess next time I go to McDonalds, I'll ask them for organic burger buns or where I can find them, I'll bring my own meat paddy and potatoes, get them to make a Big Mac meal for me and maybe I throw some change their way haha
How about those analogies above... lol
Have a great weekend guys and much success with your investing 馃檹
LOL
Jordan Ray - eXp Realty5112 Reviews - 2yBruce WoodruffPro MemberContractor/Investor/Consultant 路 San Diego / Phoenix 路 Member since 2021 路 12k+ posts 路 15k+ votes
Quote from @Mike Lambert:
There is zero way you can compare US and Mexico man, c'mon.....the cartels run the country. Not even inner city Chicago compares to Juarez......don't try and sugar coat it. It is still a beautiful country, I used to love going there.....
Jay was right.....
- Investor 路 Naples, ME 路 Member since 2019 路 54 posts 路 40 votes2y
Quote from @Michael Smythe:
Totally feel you man!
Newbies are looking for free everything:
- Education about RE investing
- Software for PM and accounting
- Money!
- Property Management: we laugh about this one!The shocking part about it is how ignorant and lazy they are about RE Investing, but someone, somewhere hired them and is actually paying them to do something!
Some of them actually have successful careers, but are totally clueless about learning RE Investing.
Just remember, a fool and their money are soon parted.
BTW: we're always figuring out polite responses that either get them to pay us or make them go away - either way, we win!
Oooo, please share. I think there is a flood of investor inquiries looking for desperate owners right now. I love the inquiries from people wanting to manage bookings for me....they didn't even do their research...I own my property management company. rolling eyes...
- Real Estate Consultant 路 Evergreen, CO 路 Member since 2018 路 1k+ posts 路 735 votes2y
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Jay Hinrichs:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Nate Marshall:
Quote from @Engelo Rumora:
Quote from @Melanie P.:
This post illustrates why if you buy a turnkey property you probably should find your own tenant and do the property management yourself or hire a manager you trust.
Turnkey providers are about the flipping. The PM services are a bolt on but the flipping culture is not a good fit to the culture of a successful property manager.
To answer the question - I would tell them that getting people started is what we specialize in. We only market properties are a thoroughly familiar with as a result of carrying them from acquisition to rent ready. And if you're operating a property management company you should at least check the address and see if it fits in your model.
There are many different twists on "Turnkey".
IMO, the "truest" turnkey providers are the one's that have property management in-house.
Not because they necessarily want to be in the PM business.
But because they have to be in the PM business.
That's how we started.
Thanks and happy weekendI have yet to see a Turnkey company that wasn't scambaggery. Clayton Morris, Greg Hughes for example.
"Fire engine wrecks are the new train wrecks"
They weren't true turnkey mate but rather "sales channels" pushing other turnkey companies products.They are still scum!
But very smart Scum decamp to Portugal while the golden visa was still in play ( I am guessing) know they cant get sued there and just continue to do their thing on U tube and still market properties in the US making fee's illegally just like they did before.. I was just in Portugal and its not like they had to run to Mexico or Belize. Thats a very nice beautiful country that many Americans are now living in.. Criminal intent Criminal mind.I know people who could a private rendition and get him to a country with extradition.
thats always an option.. I hired a guy one time to repo dump truck trailer and Dozer of mine from a guy who would not pay me.. different cat than those that do auto repo.. Anyway he went on to tell me how they go snag white collar bad guys down in Central America get them back and then serve them. He might of just been puffing but he sure got my equipment back for me.They got Do Kwon to go to Montenegro to catch a plane for Russia. He was in Serbia which doesn't have extradition with any of the countries he was wanted by.
Montenegro is different I believe and might have extradition. Not 100% sure tho heheDo Kwon was a crypto scammer who was wanted by the US and Korea. Hid in Serbia. He wanted to fly to Russia but he was duped into going to a small airport and thought he was still in Serbia. They arrested him there.
Just dupe Clayton Morris the same way and problem solved.
- Real Estate Consultant 路 Evergreen, CO 路 Member since 2018 路 1k+ posts 路 735 votes2y
Quote from @Bruce Woodruff:
Quote from @Mike Lambert:
There is zero way you can compare US and Mexico man, c'mon.....the cartels run the country. Not even inner city Chicago compares to Juarez......don't try and sugar coat it. It is still a beautiful country, I used to love going there.....
Jay was right.....
For the record I brought Portugal up only in the context of bringing Clayton Morris to justice.
- 2yMike LambertPro MemberInvestor 路 The Americas and Europe 路 Member since 2016 路 1k+ posts 路 1k+ votes
Quote from @Bruce Woodruff:
Quote from @Mike Lambert:
There is zero way you can compare US and Mexico man, c'mon.....the cartels run the country. Not even inner city Chicago compares to Juarez......don't try and sugar coat it. It is still a beautiful country, I used to love going there.....
Jay was right.....
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.
Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
- Real Estate Broker 路 Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH 路 Member since 2013 路 30k+ posts 路 20k+ votes2y
Quote from @Mike Lambert:
Quote from @Bruce Woodruff:
Quote from @Mike Lambert:
There is zero way you can compare US and Mexico man, c'mon.....the cartels run the country. Not even inner city Chicago compares to Juarez......don't try and sugar coat it. It is still a beautiful country, I used to love going there.....
Jay was right.....
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.
Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
When is the next season of NARCOS Mexico coming out on Netflix though? That's the real question. That show is dope AF.
- 2yBruce WoodruffPro MemberContractor/Investor/Consultant 路 San Diego / Phoenix 路 Member since 2021 路 12k+ posts 路 15k+ votesAgreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)
Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-) - Realtor 路 Boulder, CO 路 Member since 2016 路 3k+ posts 路 5k+ votes2y
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Funny story: I was vacationing in Mexico recently and there was a mass shooting in the US while we were there. The Mexican government actually issued a travel advisory for Mexican nationals to avoid traveling to the US! My friends I was visiting asked me seriously "Are you sure you should be going back there to the US right now?" They were legitimately concerned, lol. The US doesn't exactly have the best reputation for safety anymore in the international community, including Mexico.
I was in an awesome area where the crime index is less than half of Miami, Tampa, Chicago, LA, and NYC. I won't say where it is so it doesn't get too blown out. The cartel violence is bad in some towns while other areas are very far away from any cartel activity at all. They don't have the random school shootings, church shootings and mass shootings that we have here. Most violence is cartel-related. So as long as you're not involved in the cartel, avoid areas where the cartel is active, aren't flashing money or buying drugs or hookers or doing anything nefarious or stupid, the chances of anything bad happening are pretty low.
- 2yMike LambertPro MemberInvestor 路 The Americas and Europe 路 Member since 2016 路 1k+ posts 路 1k+ votes
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Bruce, Mexico's constitution prohibits land ownership by foreigners within 31 miles from its coasts and within 62 miles from its international borders. That supposedly was to prevent a foreign invasion. Because most foreigners wanted to buy property in that so-called forbidden or registered zone (by the water) and because that prohibition made no sense whatsoever, they wanted to lift it. Amending a constitution is a complicated process so, instead of doing that, they created the fideicomiso or bank trust.
Under the fideicomiso system, when you buy a property, you choose a bank that is going to hold the title in its name. You'll have exactly the same rights and obligations as if you owned in your own name and the bank cannot do anything to or with the property whatsoever. In the unlikely event that the bank goes bust, the bank's creditors won't have access to your property. The fideicomiso is for 50 years and can be renewed indefinitely. You have to pay an initial set-up fee to the bank and an annual fee but we're talking small amounts.
Some people don't like this concept and I think that it's because it's misunderstood. When you understand how it works, you actually realize that it's better than owning in your own name for asset protection purposes. Aside for diversification and getting higher returns as the case may be, another advantage of owning property overseas is when you get sued at home, as it's going to be more difficult to your creditors to get their hands on your property. Yet, if you own in your own name in say Mexico City (outside of the zone), an overzealous lawyer could find your name in the public registry. If you own through a fideicomiso in one of the main beach towns, they'll find pages of property in the name of the bank and will never find yours even though they know you have one. There might be other advantages for the residents of states and countries that have an inheritance tax.
Mind you, for those who still don't like it, they can still by through a Mexican corporation. That'll mean some reasonable additional costs when it comes to set up and maintenance but it's generally the most economical way to own if you buy multiple properties.
If that's something you want to explore one day, I have replied to hundreds of posts in the forum regarding purchasing and investing in Mexico. Or feel free to contact me directly. It'd be an honor to help you given your own huge contributions to the BP forums.
I rarely say no to a tequila invitation. Although the location isn't the most enticing, I guess there's no need to spend the night there..... :-)
- 2yBruce WoodruffPro MemberContractor/Investor/Consultant 路 San Diego / Phoenix 路 Member since 2021 路 12k+ posts 路 15k+ votes
@Mike Lambert Thank you for the explanation. Makes sense....
- 2yJay HinrichsBusiness MemberReal Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
Quote from @Mike Lambert:
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Bruce, Mexico's constitution prohibits land ownership by foreigners within 31 miles from its coasts and within 62 miles from its international borders. That supposedly was to prevent a foreign invasion. Because most foreigners wanted to buy property in that so-called forbidden or registered zone (by the water) and because that prohibition made no sense whatsoever, they wanted to lift it. Amending a constitution is a complicated process so, instead of doing that, they created the fideicomiso or bank trust.
Under the fideicomiso system, when you buy a property, you choose a bank that is going to hold the title in its name. You'll have exactly the same rights and obligations as if you owned in your own name and the bank cannot do anything to or with the property whatsoever. In the unlikely event that the bank goes bust, the bank's creditors won't have access to your property. The fideicomiso is for 50 years and can be renewed indefinitely. You have to pay an initial set-up fee to the bank and an annual fee but we're talking small amounts.
Some people don't like this concept and I think that it's because it's misunderstood. When you understand how it works, you actually realize that it's better than owning in your own name for asset protection purposes. Aside for diversification and getting higher returns as the case may be, another advantage of owning property overseas is when you get sued at home, as it's going to be more difficult to your creditors to get their hands on your property. Yet, if you own in your own name in say Mexico City (outside of the zone), an overzealous lawyer could find your name in the public registry. If you own through a fideicomiso in one of the main beach towns, they'll find pages of property in the name of the bank and will never find yours even though they know you have one. There might be other advantages for the residents of states and countries that have an inheritance tax.
Mind you, for those who still don't like it, they can still by through a Mexican corporation. That'll mean some reasonable additional costs when it comes to set up and maintenance but it's generally the most economical way to own if you buy multiple properties.
If that's something you want to explore one day, I have replied to hundreds of posts in the forum regarding purchasing and investing in Mexico. Or feel free to contact me directly. It'd be an honor to help you given your own huge contributions to the BP forums.
I rarely say no to a tequila invitation. Although the location isn't the most enticing, I guess there's no need to spend the night there..... :-)
Mike did you ever run into that big land/timber scam in Baja ( central mountains of Baja) that jet up to 10k feet or so.. there is old Growth Pine.. and some guys in Mexico talked some investors from Oregon ( timber based economy here) into this deal.. it was presented to us.. It was Indian land Ahedo or how ever you pronounce it we went deep into it the timber existed but who owned it ? I hired Mason Bruce Gerard forester and they got with an attorney in Mexico city and determined there was no way we could buy and log that site.. So we passed.. Next thing I know another group in Oregon presented it and the fraudsters got them for 750k.. I maybe spent 15k to figure it out :) It would have been a pretty ambitious project build a road 30 miles down to a city on the pacific and build a log landing and a debarker etc. Some friends of mine are developing on that big beach North of Cabo on the pacific side on the way to Hotel California Also I like La Paz thats pretty chill. - 2yMike LambertPro MemberInvestor 路 The Americas and Europe 路 Member since 2016 路 1k+ posts 路 1k+ votes
Quote from @Jay Hinrichs:
Quote from @Mike Lambert:
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Bruce, Mexico's constitution prohibits land ownership by foreigners within 31 miles from its coasts and within 62 miles from its international borders. That supposedly was to prevent a foreign invasion. Because most foreigners wanted to buy property in that so-called forbidden or registered zone (by the water) and because that prohibition made no sense whatsoever, they wanted to lift it. Amending a constitution is a complicated process so, instead of doing that, they created the fideicomiso or bank trust.
Under the fideicomiso system, when you buy a property, you choose a bank that is going to hold the title in its name. You'll have exactly the same rights and obligations as if you owned in your own name and the bank cannot do anything to or with the property whatsoever. In the unlikely event that the bank goes bust, the bank's creditors won't have access to your property. The fideicomiso is for 50 years and can be renewed indefinitely. You have to pay an initial set-up fee to the bank and an annual fee but we're talking small amounts.
Some people don't like this concept and I think that it's because it's misunderstood. When you understand how it works, you actually realize that it's better than owning in your own name for asset protection purposes. Aside for diversification and getting higher returns as the case may be, another advantage of owning property overseas is when you get sued at home, as it's going to be more difficult to your creditors to get their hands on your property. Yet, if you own in your own name in say Mexico City (outside of the zone), an overzealous lawyer could find your name in the public registry. If you own through a fideicomiso in one of the main beach towns, they'll find pages of property in the name of the bank and will never find yours even though they know you have one. There might be other advantages for the residents of states and countries that have an inheritance tax.
Mind you, for those who still don't like it, they can still by through a Mexican corporation. That'll mean some reasonable additional costs when it comes to set up and maintenance but it's generally the most economical way to own if you buy multiple properties.
If that's something you want to explore one day, I have replied to hundreds of posts in the forum regarding purchasing and investing in Mexico. Or feel free to contact me directly. It'd be an honor to help you given your own huge contributions to the BP forums.
I rarely say no to a tequila invitation. Although the location isn't the most enticing, I guess there's no need to spend the night there..... :-)
Mike did you ever run into that big land/timber scam in Baja ( central mountains of Baja) that jet up to 10k feet or so.. there is old Growth Pine.. and some guys in Mexico talked some investors from Oregon ( timber based economy here) into this deal.. it was presented to us.. It was Indian land Ahedo or how ever you pronounce it we went deep into it the timber existed but who owned it ? I hired Mason Bruce Gerard forester and they got with an attorney in Mexico city and determined there was no way we could buy and log that site.. So we passed.. Next thing I know another group in Oregon presented it and the fraudsters got them for 750k.. I maybe spent 15k to figure it out :) It would have been a pretty ambitious project build a road 30 miles down to a city on the pacific and build a log landing and a debarker etc. Some friends of mine are developing on that big beach North of Cabo on the pacific side on the way to Hotel California Also I like La Paz thats pretty chill.Jay I've never paid attention to these agricultural investments as it's never interested me. Mind you, we have our own version of these scams here in Canada but they're most often mining related and much bigger in scope.
As to your friends, I assume you're talking about Cerritos. I hope they know what they're doing. While buying existing property or pre-construction is a pretty safe bet (assuming the developer is honest and properly financed like everywhere else of course), developing is another story. You really need to know what you're doing. Pretty much all the condo buildings there have been built illegally. That area is part of the municipality of La Paz and they have been granting construction permits even though the PDU doesn't allow that kind of construction there. There's huge pressure from the locals to stop unbridled development and the municipality has been changing its tune of late. The largest high profile project on the beach was stopped and is in legal limbo. People paid for large beachfront lots and all that they can do is build a villa. Mind you, this is positive for Mexico as it shows that you cannot just pay and do anything as you please.
As to La Paz, it's great indeed. You know, until a few years ago it was crime ridden. They completely turned it around and now its crime rate is even lower than Cabo's, which is already very low. They've redone the Malecon (beach promenade). The thing about it its that its airport is domestic only but it is about to change as Volaris has announced upcoming direct flights to and from LA.
- 2yJay HinrichsBusiness MemberReal Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
Quote from @Mike Lambert:
Quote from @Jay Hinrichs:
Quote from @Mike Lambert:
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Bruce, Mexico's constitution prohibits land ownership by foreigners within 31 miles from its coasts and within 62 miles from its international borders. That supposedly was to prevent a foreign invasion. Because most foreigners wanted to buy property in that so-called forbidden or registered zone (by the water) and because that prohibition made no sense whatsoever, they wanted to lift it. Amending a constitution is a complicated process so, instead of doing that, they created the fideicomiso or bank trust.
Under the fideicomiso system, when you buy a property, you choose a bank that is going to hold the title in its name. You'll have exactly the same rights and obligations as if you owned in your own name and the bank cannot do anything to or with the property whatsoever. In the unlikely event that the bank goes bust, the bank's creditors won't have access to your property. The fideicomiso is for 50 years and can be renewed indefinitely. You have to pay an initial set-up fee to the bank and an annual fee but we're talking small amounts.
Some people don't like this concept and I think that it's because it's misunderstood. When you understand how it works, you actually realize that it's better than owning in your own name for asset protection purposes. Aside for diversification and getting higher returns as the case may be, another advantage of owning property overseas is when you get sued at home, as it's going to be more difficult to your creditors to get their hands on your property. Yet, if you own in your own name in say Mexico City (outside of the zone), an overzealous lawyer could find your name in the public registry. If you own through a fideicomiso in one of the main beach towns, they'll find pages of property in the name of the bank and will never find yours even though they know you have one. There might be other advantages for the residents of states and countries that have an inheritance tax.
Mind you, for those who still don't like it, they can still by through a Mexican corporation. That'll mean some reasonable additional costs when it comes to set up and maintenance but it's generally the most economical way to own if you buy multiple properties.
If that's something you want to explore one day, I have replied to hundreds of posts in the forum regarding purchasing and investing in Mexico. Or feel free to contact me directly. It'd be an honor to help you given your own huge contributions to the BP forums.
I rarely say no to a tequila invitation. Although the location isn't the most enticing, I guess there's no need to spend the night there..... :-)
Mike did you ever run into that big land/timber scam in Baja ( central mountains of Baja) that jet up to 10k feet or so.. there is old Growth Pine.. and some guys in Mexico talked some investors from Oregon ( timber based economy here) into this deal.. it was presented to us.. It was Indian land Ahedo or how ever you pronounce it we went deep into it the timber existed but who owned it ? I hired Mason Bruce Gerard forester and they got with an attorney in Mexico city and determined there was no way we could buy and log that site.. So we passed.. Next thing I know another group in Oregon presented it and the fraudsters got them for 750k.. I maybe spent 15k to figure it out :) It would have been a pretty ambitious project build a road 30 miles down to a city on the pacific and build a log landing and a debarker etc. Some friends of mine are developing on that big beach North of Cabo on the pacific side on the way to Hotel California Also I like La Paz thats pretty chill.Jay I've never paid attention to these agricultural investments as it's never interested me. Mind you, we have our own version of these scams here in Canada but they're most often mining related and much bigger in scope.
As to your friends, I assume you're talking about Cerritos. I hope they know what they're doing. While buying existing property or pre-construction is a pretty safe bet (assuming the developer is honest and properly financed like everywhere else of course), developing is another story. You really need to know what you're doing. Pretty much all the condo buildings there have been built illegally. That area is part of the municipality of La Paz and they have been granting construction permits even though the PDU doesn't allow that kind of construction there. There's huge pressure from the locals to stop unbridled development and the municipality has been changing its tune of late. The largest high profile project on the beach was stopped and is in legal limbo. People paid for large beachfront lots and all that they can do is build a villa. Mind you, this is positive for Mexico as it shows that you cannot just pay and do anything as you please.
As to La Paz, it's great indeed. You know, until a few years ago it was crime ridden. They completely turned it around and now its crime rate is even lower than Cabo's, which is already very low. They've redone the Malecon (beach promenade). The thing about it its that its airport is domestic only but it is about to change as Volaris has announced upcoming direct flights to and from LA.
yes Cerritos beach of what I was thinking about a prominent builder who decamped from Portland owns the hotel on the north bluff and last time i was there .. the condo project was underway my buddy has lots there but I am not interested personally .. I guess you can call Timber AG but we call it forest products.. they should make that into a park its got a HUGE one of a kind forest . - 2yJay HinrichsBusiness MemberReal Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
Quote from @Mike Lambert:
Quote from @Jay Hinrichs:
Quote from @Mike Lambert:
Quote from @Bruce Woodruff:
Agreed. I love Mexico, and would love to invest there.....once it settles down a little. I actually wish that the US and Mexico would form a Treaty (not NAFTA, more like NATO) and get the cartels gone forever. I wanted to invest down there back in the 80s, but they had that law in effect then that prohibited foreigners from owning/leasing land with 8 miles of the coast IIRC (?)Quote from @Mike Lambert:
Man I don't think we're all disagreeing about much here and this isn't about anybody being right or wrong. Also, I'm not trying to sugarcoat anything. Without going into the "the cartels run the country" kind of discussion, I'm the first to acknowledge that, sadly, Mexico does have a serious problem with violence. However, as I mentioned it's regional and most people are unaffected. As I mentioned, these are the same disparities as in the US but, as you mentioned and as everybody knows, the level of violence in the US is much less indeed.Don't take my word for anything but Mexico's real estate is on fire (and American buyers are a driving force) and so is stock market. More and more Americans visit, move to and buy property there. American corporations are investing billions into the country, its real estate, tourism and manufacturing. You have to wonder why.
Some people are scared and won't go to Mexico. I totally understand and I'm not trying to convince them that they should, especially since certain areas are getting too many tourists and the infrastructure doesn't always follow. Pretty much anyone and their mother fled to Mexico to escape strict measures during the pandemic and the overall majority of them came back unscathed, loving their experience and are returning regularly. They talk to their friends and it snowballs.
Since you seem to like the country, I hope one day you're gonna love to go there again. The issues aren't easy to solve but the rise of the middle class over the last decades, record unemployment (even lower than in the US) and massive foreign investment can't hurt so who knows! In the meantime, let me reassure you, I'm not about to plan a holiday in Juarez. Like you, I'll rather roam the streets of downtown Chicago if given the choice. :)
So I was gonna offer to buy ya a tequila in Juarez tomorrow..... :-)Bruce, Mexico's constitution prohibits land ownership by foreigners within 31 miles from its coasts and within 62 miles from its international borders. That supposedly was to prevent a foreign invasion. Because most foreigners wanted to buy property in that so-called forbidden or registered zone (by the water) and because that prohibition made no sense whatsoever, they wanted to lift it. Amending a constitution is a complicated process so, instead of doing that, they created the fideicomiso or bank trust.
Under the fideicomiso system, when you buy a property, you choose a bank that is going to hold the title in its name. You'll have exactly the same rights and obligations as if you owned in your own name and the bank cannot do anything to or with the property whatsoever. In the unlikely event that the bank goes bust, the bank's creditors won't have access to your property. The fideicomiso is for 50 years and can be renewed indefinitely. You have to pay an initial set-up fee to the bank and an annual fee but we're talking small amounts.
Some people don't like this concept and I think that it's because it's misunderstood. When you understand how it works, you actually realize that it's better than owning in your own name for asset protection purposes. Aside for diversification and getting higher returns as the case may be, another advantage of owning property overseas is when you get sued at home, as it's going to be more difficult to your creditors to get their hands on your property. Yet, if you own in your own name in say Mexico City (outside of the zone), an overzealous lawyer could find your name in the public registry. If you own through a fideicomiso in one of the main beach towns, they'll find pages of property in the name of the bank and will never find yours even though they know you have one. There might be other advantages for the residents of states and countries that have an inheritance tax.
Mind you, for those who still don't like it, they can still by through a Mexican corporation. That'll mean some reasonable additional costs when it comes to set up and maintenance but it's generally the most economical way to own if you buy multiple properties.
If that's something you want to explore one day, I have replied to hundreds of posts in the forum regarding purchasing and investing in Mexico. Or feel free to contact me directly. It'd be an honor to help you given your own huge contributions to the BP forums.
I rarely say no to a tequila invitation. Although the location isn't the most enticing, I guess there's no need to spend the night there..... :-)
Mike did you ever run into that big land/timber scam in Baja ( central mountains of Baja) that jet up to 10k feet or so.. there is old Growth Pine.. and some guys in Mexico talked some investors from Oregon ( timber based economy here) into this deal.. it was presented to us.. It was Indian land Ahedo or how ever you pronounce it we went deep into it the timber existed but who owned it ? I hired Mason Bruce Gerard forester and they got with an attorney in Mexico city and determined there was no way we could buy and log that site.. So we passed.. Next thing I know another group in Oregon presented it and the fraudsters got them for 750k.. I maybe spent 15k to figure it out :) It would have been a pretty ambitious project build a road 30 miles down to a city on the pacific and build a log landing and a debarker etc. Some friends of mine are developing on that big beach North of Cabo on the pacific side on the way to Hotel California Also I like La Paz thats pretty chill.Jay I've never paid attention to these agricultural investments as it's never interested me. Mind you, we have our own version of these scams here in Canada but they're most often mining related and much bigger in scope.
As to your friends, I assume you're talking about Cerritos. I hope they know what they're doing. While buying existing property or pre-construction is a pretty safe bet (assuming the developer is honest and properly financed like everywhere else of course), developing is another story. You really need to know what you're doing. Pretty much all the condo buildings there have been built illegally. That area is part of the municipality of La Paz and they have been granting construction permits even though the PDU doesn't allow that kind of construction there. There's huge pressure from the locals to stop unbridled development and the municipality has been changing its tune of late. The largest high profile project on the beach was stopped and is in legal limbo. People paid for large beachfront lots and all that they can do is build a villa. Mind you, this is positive for Mexico as it shows that you cannot just pay and do anything as you please.
As to La Paz, it's great indeed. You know, until a few years ago it was crime ridden. They completely turned it around and now its crime rate is even lower than Cabo's, which is already very low. They've redone the Malecon (beach promenade). The thing about it its that its airport is domestic only but it is about to change as Volaris has announced upcoming direct flights to and from LA.
I dont think Engelo will mind a little off topic on his thread :)
Mike, have you been to San Felipe Baha norte ? there was a big land play there with thousand lots and a planned golf course.. I was flown in there by the developer it was wild nothing was built just nice maps and raised platforms were they pointed out where the golf course was going and lots you could pick.. I was like many they are going to make millions and if this ever goes in these peeps will be lucky.. I wanted nothing to do with it.. they wanted me to sell the lots through my brokerage in oregon.. I did not care for that town or the sea of cortez there.. the tide goes out half a mile and its a mud pit.
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