BUYING PROPERTY IN MEXICO AS A CANADIAN. How to buy property in Mexico as a foreigner.
Are you interested in buying property in Mexico as a non-resident? This could be a rental property in Mexico or maybe you want to buy something to live in during the winter months. In this video I sit down with fellow Canadian Ron Chabot to discuss how him and his wife bought their first property in Ixtapa, Mexico and the process to follow if you're interested in investing in properties in Mexico.
DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.
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I sat down with my friend Ron Chabot while I was travelling in Mexico this winter. Ron and his wife Pat bought their first property in Ixtapa, Mexico 7 years ago. It was a bit of a unique situation based on some circumstances such as a builder that went bankrupt and the bank stepping in and taking over the sales process. There are a variety of differences with purchasing property in Mexico vs buying in Canada so It was great to be walked through this process as a beginners guide to real estate investing in Mexico.
Ron talks about his experience in dealing with two different sales teams working for the same cause which got confusing. Eventually the sellers realized this was not the most efficient way and scaled down to one team to make things easier.
There was also the issue of what state some of the units in the building were in. Some had been completely finished and others had electrical wires sticking out of the walls and no AC units installed and were being sold in "AS IS" condition.
Once Ron and Pat had decided on the unit they wanted, now came the time to make an offer, finalize it and sign the legal documents with the Notary which required an additional trip down to Mexico to sign documents in person.
Because this property falls in the restricted zone in Mexico, Ron and Pat were required to purchase the property in a real estate trust. The trust holds the asset with Ron and Pat being the beneficial owners of that trust on a 99 year lease.
Following the legal proceedings, Ron and Pat were able to take possession of the unit and start making the unit live-in ready and start enjoying their new purchase.
Because financing can be difficult in Mexico, Ron and Pat purchased the property in cash, therefore their only expenses are the monthly maintenance fees, hydro costs and some other small expenses related to owning property in Mexico.
This property was purchased for about $186,000 CAD (fully furnished) and if rented would generate approximately $3200-$3500 CAD per month for 5-6 months a year. Some recent sales in the same complex of similar type units have been in the $350,000 CAD range.
Whether this property is used as a vacation rental, an AirBnB or is owner-occupied it's an all round solid investment.
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