Creative financing strategies for our Mexico casa?
Hi all. Long time lurker here, I've found a lot of value in the forum over the years - thanks for that.
My wife and I are 32 and purchased a quarter acre of land near the beach in Mexico several years ago for 70k USD. We'll be breaking ground within a couple months on the first phase of our building project. We currently don't own any real estate in the US (yet) that we can borrow against, and our Mexico building project is cash only. We'll be planning to live there ~6 months of the year and rent out the house when we're not there for $150-$200/night, so it's both a lifestyle investment and something that will eventually cash flow very well for us.
We have 75% of the cash needed for our first phase (1 bed/1 bath, 1400 sq ft.) and are confidently proceeding with the first phase, but we'd like to build the second phase as well as this will increase the nightly rate we can charge to $400/night and will turn the house into a comfortable 2500 sq ft. 3 bed/3 bath.
What are some creative financing strategies others have used to finance construction like this? We need an additional 100-150k to build the second phase, and don't have interest in tapping our 401ks
Picture of our land below :)
Thanks all!
