Mexico Anyone?
Buying property to flip in Mexico is starting to look good to me. Ocean front property is still affordable, appreciating rapidly, and plentiful. The Mexican government is putting lots of money into building the infrastructure, so the next decade looks promising.
Has anyone here actually invested in Mexico?? If yes or no, please tell me why. I'd love to get different viewpoints if possible.
Thank you,
Marlene
Hi Marlene,
I'm afraid I'm not going to be too helpful, but I can tell you my Dad is planning on purchasing a 2nd home in Mexico by the ocean.
From what he tells me you cannot get financing and have to pay 100% cash. On top of that non-Mexican citizens cannot technically purchase property in Mexico. You essentially purchase an indefinite lease through a bank, and the bank (even though you pay 100% cash) holds the title to the property.
Lots of Americans purchase property in Mexico, you just have to go about it differently than you would expect.
Sorry I can't be of more help.
Thats not totally correct, you can get financing ,just not through Mexicos bank. You will have to provide financing from a lender here in the states.
For your research, contact U.S News &
World reports & Money Mag. Both have done major articles on the subject, going into detail as to: costs,medical aspects, visas, ect. This will provide you
with the basics to be able to start asking the important Q & A's.
Mark
Many countries that won't allow foreigners to own property will allow you to start a corporation in their country. A corp is a legal person and may own property. We are working on one in Hungary and sold one in Mexico some years ago at a profit. (small)
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i have some friends that are buying homes in Mexico City at the sherrif sale and flipping them at a good profit.
to get financing you need at least 20 to 25 % down
for properties near the ocean you do have to set up a trust that a bank holds but you have total control
If seller has had the home vacant for a while maybe they will carry paper and you can keep both places. Buy the more expensive house with a wrap mortgage from the seller and lease option your present place to someone who for some reason does not qualified to buy at this time. Otherwords creative financing forum not wholesaling forum
I just got my home last october, and I instally get a $10K equity, because it apparaise higher than purchase price. Last month my house appraiased for $143,000.
Yes, I can withstand an increeasing debt, if I L/O my house with a monthly rent more than my mortgage payment..
Sofiance,
How did your deal turn out. I have been thinking about doing this same thing.
I have seen a house I would like to get also, So I was thinking about trying owner financing on that house, and then l/o my residence I am in now.
Would like to know what u decided to do, and how it turned out.
In your contract to sell make sure you include the wording "Subject to the seller obtaining title.
If you included an address as well in the contract I would argue that you have a contract to buy.
If you didn’t include another form of description you may not have a contract to purchase... However has the motivation of the seller changed? I would just drive to the seller or fax to the seller a simple addendum for their signature.
Escrow can do it for you but you may be able to facilitate it much faster...
And I would ask my mentor...
Just a learning experience… happens to the best of us…. Sometimes twice…
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