Denver, CO · Member since 2015 · 11 posts · 2 votes
Hello everyone, I am new here and excited to be a part of the community. Right now I am living in Playa Del Carmen and looking to buy some property. I have been a real estate investor for 10 years, I own property in Colorado currently. I am especially interested in acquiring properties with mortgages in Mexico. I am not sure this is possible, but there is a concept called Traspassos here which is similar to a mortgage assumption. Would love to network, talk and discuss strategies with anyone. Thanks and looking to hear anyones thoughts. Skype is also a great way to talk with me.
Playa Del Carmen, Quintana Roo · Member since 2015 · 2 posts · 2 votes
11y
Financing for properties is Mexico in 2015 is definitely available through a number of mortgage brokers. You can either do a US Dollar loan, which his easier and faster, or a Peso loan through a Mexican bank, which requires a migration visa and establishment credit and banking history in Mexico. If you're interested in acquiring a condo through a commercial group, often times, they will be connected with mortgage brokers to make the process even easier for buyers. An example of one company is Mexlend. They are a particularly awesome (in my opinion) because they are a company that has been actively fighting for financial equal rights for the GLBT community for awhile now.
Certain companies even offer interest-free financing if paid off upon completion of a property for presale options. Here is an example:
1) (30-40-30):
Down Payment: 30%
Payment during 12 months: 40%
Upon Delivery: 30%
2) (50-20-30): 3% off
Down Payment: 50%
Payment during 6 months: 20%
Upon Delivery: 30%
3) (80-20): 5% off
Down Payment: 80%
Upon Delivery: 20%
Right now, for example, I know there are 2br penthouse properties in downtown Playa with an ocean view and all the luxuries any American could ever want for around $300,000 USD. That means $100,000 down for a property that has real ROI potential, especially because there are not many properties around that are available that have an ocean view. I know of other luxury condos downtown that go for around $100,000 for a studio or 1br unit, also with great ROI potential. For these kinds of properties, financing through an external company would probably not be necessary. Other types of investment (in land in private developments, or in a house in a place like PlayaCar) where the ticket price on the house is upwards of $500,000, financing through a mortgage broker like Mexlend or several others wouldn't be a problem.
Hope that helps with your question about mortgages!
Playa Del Carmen, Quintana Roo · Member since 2015 · 2 posts · 2 votes
11y
Hi Sean!
I saw you posted this a couple months ago. I just found/joined this community today, and just saw your post here. Have you figured out your strategy or found a good investment yet? If not, I might be able to help. At the very least, it's nice to have friends in the area :)
Playa Del Carmen, Quintana Roo · Member since 2015 · 2 posts · 2 votes
11y
Financing for properties is Mexico in 2015 is definitely available through a number of mortgage brokers. You can either do a US Dollar loan, which his easier and faster, or a Peso loan through a Mexican bank, which requires a migration visa and establishment credit and banking history in Mexico. If you're interested in acquiring a condo through a commercial group, often times, they will be connected with mortgage brokers to make the process even easier for buyers. An example of one company is Mexlend. They are a particularly awesome (in my opinion) because they are a company that has been actively fighting for financial equal rights for the GLBT community for awhile now.
Certain companies even offer interest-free financing if paid off upon completion of a property for presale options. Here is an example:
1) (30-40-30):
Down Payment: 30%
Payment during 12 months: 40%
Upon Delivery: 30%
2) (50-20-30): 3% off
Down Payment: 50%
Payment during 6 months: 20%
Upon Delivery: 30%
3) (80-20): 5% off
Down Payment: 80%
Upon Delivery: 20%
Right now, for example, I know there are 2br penthouse properties in downtown Playa with an ocean view and all the luxuries any American could ever want for around $300,000 USD. That means $100,000 down for a property that has real ROI potential, especially because there are not many properties around that are available that have an ocean view. I know of other luxury condos downtown that go for around $100,000 for a studio or 1br unit, also with great ROI potential. For these kinds of properties, financing through an external company would probably not be necessary. Other types of investment (in land in private developments, or in a house in a place like PlayaCar) where the ticket price on the house is upwards of $500,000, financing through a mortgage broker like Mexlend or several others wouldn't be a problem.
Hope that helps with your question about mortgages!
Residential Real Estate Broker · Henderson, NV · Member since 2015 · 81 posts · 36 votes
11y
I know of some income producing condos (see photo) down there that may still be for sale if you are interested. Be up to you to work out the details and my referral fee is at your descection. Let me know and I'll "hook you up" with any of these.
Investor · Playa del Carmen, Quintana Roo · Member since 2015 · 3 posts · 0 votes
11y
Financing is very tricky out here. If you do one of the peso loans the rates are very high and they can change the requirements during your process and you may need to put even more down as a deposit or lose your current deposit. I really don't recommend it.
The other option of seller financing can also be a little tricky but it is a better option. You just need to make sure that you are dealing with the right people otherwise you could get yourself into a situation.
Just always do things the right way and use the best people on every level and everything will work out just fine.
Commercial Real Estate Agent · Tulum, Quintana Roo · Member since 2014 · 37 posts · 12 votes
10y
Hi Sean,
I am wondering if you were able to find any properties with financing in Mexico? In our experience - and we invest as well as sell properties in Mexico - this is very rare. However, we recently got an offer to sell some condos outside of Merida in a beautiful national nature reserve - that do have financing. If interested, PM me.