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Does anyone own a condo in mexico, and make a + cash flow..

wilmington nc
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Does anyone own a condo in mexico, and make a + cash flow..

wondering if any of you folks own or know someone who owns a house or condo in mexico...we are thinking of buying one to rent out...really do not know how to go about it...i guess we need to speak to a real estate agent and go from there....just thought i would pick your brain first....im wondering if this would be a good investment, prices have dropped in the past 3 mos and there are some good deals out there...let me know if you have any helpful advise...thanks Diane

kansas city
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1. Re: Does anyone own a condo in mexico, and make a + cash flow..

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Calgary
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for Akumal, Riviera Maya, Cancun
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2. Re: Does anyone own a condo in mexico, and make a + cash flow..

I can't answer your specific question about the positive cash flow thing but I work in the legal field and several of my clients own property (for their personal use only) in various areas of Mexico. There are a couple of quirky things, the main one being that property within a certain distance of the coast CANNOT be owned by non-Mexicans. The property has to be held by someone else (usually a bank) in trust for you. There can also be tax issues triggered by the ownership of foreign property but my clients are Canadians, not Americans, so their tax concerns are going to be different from yours. Either way, it's a good idea to pony up the dough to get some QUALIFIED cross-border tax advice before you proceed. (One of my clients just yesterday told me that if she'd know that buying property in Arizona would trigger the complicated tax scenario she's now facing, she'd "never have bought the bloody place to start with"! I think she's over-reacting a bit because her situation isn't that bad but I wanted to use this to demonstrate to you that owning foreign property can have odd consequences that may not have occurred to you.)

I know people who are thrilled with their Mexican property buying experience. However, I've heard of others (and if you search the net, you'll find many, many others) for whom the whole thing has turned out to be an expensive nightmare. If you are not fluent in Spanish (as in you can read/speak Spanish well enough to understand complicated legal documents) then you're going to have to be very, VERY careful. Whatever you do, do NOT use a Mexican lawyer recommended by the person from whom you are buying the property. Make sure YOU choose the attorney because you want someone who'll protect YOUR interests, not someone who's in bed with the seller. If you have an attorney in Wilmington, you could even check with him/her to see if they can provide you with a referral to counsel in Mexico.

HTH and good luck with whatever you decide.

3. Re: Does anyone own a condo in mexico, and make a + cash flow..

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Removed on: 23 October 2009, 06:18