My wife and I have recently looked into investing in her native country of Mexico. After some research, we are pursuing buying two properties in Cancun, Mexico. We spoke with the agent down there, and he suggested it would be better for us to acquire financing here in the states, rather than getting a loan down there.
Has anyone done anything like this before?
Do banks generally loan for out of the country investments such as these?
I am setting up a meeting with my banker to discuss my options, but I would love to hear experiences from fellow investors here on BP as well. Please feel free to share any and all advice, success/horror stories, etc, not limited to my questions above. It is greatly appreciated.
@Account Closed , I appreciate the concern. A lot of my wife's friends and family travel to Cancun very regularly, sometimes for extended periods of time, as travel within Mexico is fairly cheap. We plan on mainly renting to them. Also, one of her ex-coworkers is actually already investing there (thus, how we found these two properties), and she's been having a successful venture so far renting to vacationers. Unfortunately we can't finance the same way she did, as she actually still lives in Mexico and has what we would consider a "W-2 job" there.
@Account Closed that's a good point. I appreciate the tip. I'll definitely have a list of assets ready to present, should they ask for that. Thank you.
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