All Forum Posts by: Francisco Cimon

Good day Darian,

Althought I have never sold a house in the caribbeans, I have been living and working in the caribbeans for 2 years. Believe me when I say that I feel your pain.  It is not easy to deal with the local culture.

My suggestion would be negociate to 80 000 and take the cash.

Best of luck. 

Dewitt, 

Thank you for the info. Send me a message please when you get a chance. 

Julio,

Just curious... have you been south of your border recently? Rosarito is awfully close to Tijuana were world war 3 is going on right now... Just my opinion...

Buenas tardes Luis,

I have lived and worked over 10 years in different parts of mexico (i work in the hospitality industry). I looked into investing in RE in mexico varios times but i never did :

-Getting financing was very expensive and/or very difficult to get (for me)

-Because of the very high financing cost, the number did not work...

-Being a non citizen, I have to go through a fidecomiso which makes buying on a small scale much more expensive.

-I moved around too much (because of the type of industry I am in)

Looking back, not investing in rental properties in Mexico was a good decision for me (being a foreigner and moving around a lot). Especially now since mexico is going through a diffcult social/security crisis..

On the other hand, I would love to hear about your investment experiences and projects. Please share ...

Hello Leo,

Thanks for sharing. I have not investing in RE in US but I am also a non US resident. I asume that RE opportunities in your home country are negligible?

After five years, would you consider that investing in the US was a good decision rather than  investing in your home country?

Where did you get your financing from?

Jay Gill from Brampton, Ontario

Hello Jay,

Just curious: Have you invested in STR in st-Kitts? What is your RE experience on the island?

La Paz, Baja California Mexico

Merida, Mexico

St-Kitts and Nevis, Caribbeans, 

St-Lucia Caribbeans

Mike,

Would you care to share the details of your condo purchase in Q.Roo? I am just curious... Information on the condo.... price, where did you get your financing, how much you paid in fees as a foreigner (fidecomiso), what are the yearly taxes, HOA fees, etc.

Brian: I came to the same conclusion many years ago when living in Cabo San Lucas. I seriously considered buying a multi family rental property and later a commercial/rental appartment building. The rents are relatively high and the property values do go up (but not if you choose the wrong area). Buying property/land as a foreigner means a multitude of fees (same goes to selling your land/propertiy). There was no way a canadian bank would lend me money to buy a property in Mexico (i am canadian) and mexican banks will lend you at 12% (!!!). That is if you can get a loan from them. 

What some of the "small"local mexcan investors do is hire a local construction team and pay them a little every month to build a house/appartments. 

Good day Brian,

I have lived and worked many years in Cabo San Lucas, now located in the Caribbeans (i work in the hospitality industry).

Cabos San Lucas is beautiful destination (the tourist destination of Mexico).  Great fishing, great golf and many (short) flights from the US and a very large new airport and convention center. There has been hundredes of new hotel rooms opened in the last couple of years and many hundreds more in the pipeline for the next 1-3 years. There will certainly be extra demand for rentals but it will be mostly for workers of the hotel industry and not so much for toursim. In fact, with all the new hotels opening up, there will be a huge supply of new and beautiful rooms available for toursits.

Your real estate investment is safe in Mexico. The mexican government will never be seize your property or land as long as its legally purchased and you pay your taxes. The issue, in my opinion, is not so much the safety of your property but the cost of buying (extra high fees when buy as a foreigner) and when you sell (other fees when you sell as a foreigner). There is alos HOA fees, poperty taxes, ect. Financiing is another issue. You will need to get your financing from a us institution...