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  1. #1

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    Default Woohoo, looks like I'm going to be a beach property owner

    Just send in a deposit for a 2 bedroom unit that is going to be finished in summer of 2008 over in Puerto Vallarta, Mexico (well, actually over in Nuevo Vallarta).

    http://www.delmoralrealtors.com/Acqua2.htm

    Man, I'm excited now. :)

  2. #2

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    Cool!Is that going to be a vacation home then?
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    Polk Atrium 7s on the patio just to keep my foot in the door.

  3. #3

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    Vacation home but most of all part of our retirement investment plan. Renting it to tourists should pay itself off in a few years, and if all goes as planned I will get a few more.

    So if you're planning a beach vacation, let me know, I'll have the perfect condo for a family or a groups of 4-6. ;)

  4. #4

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    Quote Originally Posted by Sami View Post

    So if you're planning a beach vacation, let me know, I'll have the perfect condo for a family or a groups of 4-6. ;)

    How about a group of six 21-25 year olds? ;)


    didn't think so...haha

  5. #5

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    Quote Originally Posted by BaggedLancer View Post
    How about a group of six 21-25 year olds? ;)


    didn't think so...haha
    As long as you pay with a CC so I can charge for the broken items and deep cleaning after the party is over... ;)

  6. #6
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    Can americans OWN property in Mexico? I thought we were limited to LEASE ONLY rights.

  7. #7

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    I went to Nuevo Vallarta for a family trip 3 years or so ago. Awesome time, even for just a 3 day weekend. Caught over 25 yellowfin tuna deep sea fishing.

    That sounds like an awesome idea, and if it's financially beneficial, all the better :)

    Good luck and enjoy!
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  8. #8

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    Quote Originally Posted by rskarvan View Post
    Can americans OWN property in Mexico? I thought we were limited to LEASE ONLY rights.
    It's a trust where you are beneficiary. A law created so foreigners can invest. You have all rights to profits and resale of the property. A bank is the owner on paper but you are in reality the owner.

  9. #9

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    I'm going to be a beach property owner
    Better get a lot of use out of it now...Al says it will be underwater soon. ;)
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

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  10. #10
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    Quote Originally Posted by Sami View Post
    It's a trust where you are beneficiary. A law created so foreigners can invest. You have all rights to profits and resale of the property. A bank is the owner on paper but you are in reality the owner.
    Ask any Mexican whether they trust Mexican banks? There is a reason why most Mexican's carry their life savings in their wallet.

    http://www.time.com/time/magazine/ar...1264-1,00.html

    As public confidence waned, Mexicans began converting their national currency into dollars at a rate of up to 25 billion pesos a day. Increased capital flight prompted last February's 40% devaluation. But the government immediately undermined the measure with sharp wage hikes that fueled inflation and led to a new run on the peso. López Portillo, who had earlier vowed "to fight like a dog to defend the peso," was thus obliged to decree a second devaluation on Aug. 6. To complicate matters further, the government froze all foreign-currency bank accounts in Mexico, then announced last week that they would be paid off only in pesos at a fixed rate of approximately 69.50 to the dollar—far below the market rate, which was hovering around 100 at week's end.
    Last edited by rskarvan; 11-05-2007 at 04:54 PM.

  11. #11

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    Did he say it was a Mexican bank?

    Nice property Sami, I'd love to get in on something like that.
    Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service.

  12. #12

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    Quote Originally Posted by rskarvan View Post
    Ask any Mexican whether they trust Mexican banks?
    They can't screw foreigners, the government won't let that happen as the outside money is too important. Besides, I will most likely transfer the ownership to my son at some point so it won't be on a trust anymore. He has the benefit of carrying three citizenships while I will only have two.

    Besides, you seem to be talking about inflation problems which is totally different thing.

  13. #13
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    I think the Mexican law reads that only Mexican entities can own property in Mexico.

    What is happening in Mexico reminds me of what happened in Cuba. Lots of Americans owned resorts and property in beautiful Cuba. Then, Cuba nationalized and took back the foreign held investements. This pissed off the USA and led to the Cuban embargo. Ultimately, this changed Florida from a Democrat state to one where George W. could win a Presidential election.

    http://iiipublishing.blogspot.com/20...go-policy.html

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    Quote Originally Posted by rskarvan View Post
    I think the Mexican law reads that only Mexican entities can own property in Mexico.
    http://www.loscabosguide.com/realestate/fideicomiso.htm

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    Your investment is as safe as the stability of the Mexican government.

    Lets face the facts... Mexico may be considered a Democracy.
    The average Mexican doesn't really give a hoot about Americans owning all the nice beach front property... in fact, they probably resent this.

    Some day, maybe soon... maybe not, there may be a new law in Mexico. And, you won't have very much lobbying voice is whether or not it passes. At that time, the Cobo's of Mexico may revert fully to Mexican ownership. Or, the right to renew may cost way more than the property is valued.

    When I think of Trust... the last thing I think of is the Mexican government and its laws. Most of the residents jumping across the Rio Grande probably agree with me.

  16. #16
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    I have a buddy who bought a time share in that area. Probably the safest thing one can do. If Mexico does something screwy down the road then he’s not out all that much. But at least he gets 2 weeks a year.

    I absolulty LOVE that part of Mexico!

  17. #17

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    Time share, not a good investment IMO. In the end you don't own anything.

    rskarvan, I'd appreciate if you would stop your uninformed comments. If you want to be anti-Mexico take it somewhere else.

  18. #18
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    I am not anti-Mexico at all. However, it is a fact that Mexicans cross the Rio Grande in mass numbers to the USA. It is also a fact that the Mexican government and banks are not entirely stable when compared to the USA (as evidenced by my Time Magazine reference).

    I do agree with Silverti that a time-share in Mexico is probably a lot wiser investment.

    This is an open forum and open discussion - 1st Amendment Freedom of Speech. THIS IS WHY I LOVE AMERICA!!!

  19. #19

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    My wife was telling me about this. Seems Mexican vacation homes are the new hot ticket. Some of the agents are doing a bang up business selling
    these things. Then when your little one goes to that pricey ivy league
    college 18 years from now, you'll have something to sell to pay for it!:D

    Sorry, couldn't resist. One of my friends just had to do this to pay for four very expensive years of college.

    This could be a very good , or very poor investment. I'm betting it will be very good, since beachfront anywhere in North America has gotten to pricey to buy without robbing a bank.

  20. #20

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    LOL, most likely I will send mine to Finland where they are entitled to free education. Because my son is a dual (well, tri actually) citizen he might not have to serve military duty either.

  21. #21

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    Timeshares are one of the WORST invesstments you can buy. Absoultely worthless if you ever need to sell.

    BTW the 1st Amendment has noting to do with posting on a privately owned internet forum. Polk could censure ANYTHING they choose.
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

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  22. #22
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    Quote Originally Posted by Sami View Post
    LOL, most likely I will send mine to Finland where they are entitled to free education. Because my son is a dual (well, tri actually) citizen he might not have to serve military duty either.
    It is an honor to serve your country in the military!!!

  23. #23

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    Quote Originally Posted by rskarvan View Post
    It is an honor to serve your country in the military!!!
    For us it's mandatory, not voluntary like for you guys. I did my duty years ago and I would like my son to have a choice whether he wants to serve Finland in the armed forces or not. Since he's also a US citizen he might not have to.

    BTW, I'm still an NCO in the reserves although I'm permanently living in US. My duty ends in the year 2031. :)

  24. #24
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    This dual/tri citizenship thing is way confusing to me. I will honor your request and depart this thread peacefully now. Enjoy your beach-front property!

  25. #25

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    A good, solid member posts about a vacation home he's purchased and catches **** for it?

    Classic Club Polk, way to go guys. Another perfectly harmless thread headed down the toliet.
    Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service.

  26. #26

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    Hey im not giving ****....I'm serious about going, I wanna go away for atleast a week or two after I graduate next year granted I haven't chosen a destination yet, it's still early!

    Sami, was just looking at the units, which ones did you go for? The villa, diamond, multi loft, loft, modules?


    Holy crapo, that place looks amazing.
    Last edited by BaggedLancer; 11-05-2007 at 07:31 PM.

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    Congrats Sami!

    The property looks amazing! I'll bet those villa's are nice. But for $1M, it's too much for me! Enjoy the condo, I'm envious:D
    Carl

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    Quote Originally Posted by BaggedLancer View Post
    Hey im not giving ****....
    I don't think Russ was talking about you. :)

    Quote Originally Posted by BaggedLancer View Post
    Sami, was just looking at the units, which ones did you go for? The villa, diamond, multi loft, loft, modules?
    2BR (multi modules II), on the pool side, phase 2, 2nd floor, two modules side by side. On the last quarter. I wanted a loft but my investing partner preferred 2BR. Since he's arranging financing for the remaining 60% of the purchase price I didn't argue too much. :)

    Too bad I didn't have financing when I first started looking at them, they have gone up about 40% in price since.

    Quote Originally Posted by BaggedLancer View Post
    Holy crapo, that place looks amazing.
    We'll see once they finish up the built but it does look very good. We looked around for other options, also in downtown Puerto Vallarta and the Marina area but in the end this was the most attractive option by far.
    Last edited by Sami; 11-05-2007 at 07:53 PM.

  29. #29

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    Quote Originally Posted by schwarcw View Post
    Congrats Sami!

    The property looks amazing! I'll bet those villa's are nice. But for $1M, it's too much for me! Enjoy the condo, I'm envious:D
    The diamonds (penthouses) were only 600k when I first looked at them. I only wish I had that kind of money, I would much rather have one of them rather than one of the villas.

  30. #30

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    Getting closer and closer...taking reservations now for end of year vacations. :D

    http://www.flickr.com/photos/sami_ka...7604781665782/


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