Posted by James on July 17, 2007 at 09:31:18:
I’m realatively young…wasn’t planning on having a mortgage on the property or anything, but a timeshare might be the way to go for all the ‘extras’ they provide.
Thinking that when my parents stay, they will be staying for extended periods - 4 months or so. Timeshares would get expensive at that point, but possibly not too bad. It’s a good option, thanks.
James
Mexico - Advice Needed on property - Posted by James
Posted by James on July 16, 2007 at 16:02:51:
Hi,
I’m from the Midwest and looking to purchase some property
in Mexico to visit a couple times a year at most.
I’m looking to get some ideas as to how to proceed with
purchasing/building on property in Mexico for as cheap as
possible for a place to ‘vacation’. Location to
airport(s), safty and whatever else there is I’d like some
insights on.
I guess I prefer to have someone be at the property at all
times, so I’m not opposed to a family living there as -
everything’s open for discussion.
Just looking for some ideas and pointers in all aspects.
Thanks!
James
PS -
I’ve been in investing/rehabbing for years, so I’m not new to things.
Re: Mexico - Advice Needed on property - Posted by gerald(tx)
Posted by gerald(tx) on July 16, 2007 at 22:12:03:
James,
You don’t actually ‘buy’ in Mexico. The bank does, then creates a trust making you the beneficary. Down payments are relatively high.
If you just want to use it a couple of times a year, there are firms that will create “fractional” trust ownership or usage.
Or, consider a timeshare. I’ve never been a big fan of these, but you can get a second-hand one comparatively cheap. I use a timeshare for each of my visits and found it’s nice to have everything taken care of. Enjoyment with no heaches.
Just my opinion. Your mileage may vary.
gerald