Investing in Mexico
I am going on a trip to Puerto Vallarta and will be checking out investment opportunities while I'm there. I've done a bit of research on the legalities of owning property as a US citizen but would love BP input. Please post if you have direct experience on the process, not just an opinion of Mexico because I know they are across the board. As far as my direct experience in Mexico-last year I spent 4 months traveling all over Mexico by bus and have spent time in PV for the last 3 years in a row. I speak Spanish but not completely fluent.
I am looking to invest in a condo with low HOA dues in the Old town or Zona Romantica area. I know tourism in Mexico has suffered which is the reason RE is down by what seems like over 50% so my strategy is not for immediate cash flow. I am looking for a place to live maybe 4 months of the year and then potentially rent out for the rest. Also, I won't need to apply for a mortgage.
Would love to hear your recent experience in investing in Mexico, preferably Puerto Vallarta. Any referrals would be appreciated as well.
Thank you!