My goals when we started in re were to replace my income, replace my husbands income, buy a cottage up north, buy a retirement home in mexico.
We have replaced my income although compensated with additional debt oops! ???
We have purchased a cottage up north.
Now we are working on iliminating all credit card debt before we do anything else which we should be able to do in 12 months. We want to then build a cash reserve of 30K and just pretend its not there. This will take another 12 months. After that my husband says I can start investing again.
So here is the big and SERIOUS question I’ve asked it a while ago and it was taken not so seriously.
Have any of you or do any of you already own real estate in mexico that you may have purchased for retirement but are vacationing in and possibly renting out.
If so, how is this going for you?
I’m looking specifically at property on the south east coast “riviera maya”.
I have 2 years but I need to do my reasearch now as it helps get me through days that arn’t going as planned.
It’s easy to get up and go to work when I have a picture of a oceanfront villa pasted in my head.
I have ordered a book from amazon on investing south of the border and am anxious to get it but in the meantime there must be other investors that have done this?
Any feedback appreciated
Wendy
Wow, if that’s your idea of an adventure, I take it you’re not into helocasting or freefalling out of plane at 32,000 feet in the middle of the night…
I came very close to purchasing a resort in Medellin, Colombia. Unfortunately Medellin is still recovering from the negative connotation of Pablo Escobar but it’s a beautiful place. Eventually people will forget about Escobar and I’ll own a resort down there.
Mexico has a very corrupt government fueld by narcotics and kidnapping. Outside any of the big tourist towns, retiree towns or business districts in the big cities and you can be in a pretty dangerous area. As long as you don’t venture too far outside of the “safe” zones to get a more authentic cultural experience, I would have no hesitations about purchasing a vacation home.
Danny,
no free falling for me! :-
Thanks for your input.
I know mex can be dangerous even in the resort areas the feds are always walking around w/ their guns, helicopters always doing fly overs, but I’m in love with the place.
And actualy…being kidnapped, well that might not be so bad…I have 6 kids-- LOL!
I guess I worry that the laws can chnage on a whim. I also worry about global warming and wiping my property right off in to the sea (I am seriously worried about this)
A couple years back investors were being warned to buy one row back from the coast as the coastline is shrinking so fast, and there is no way to recoup your loss of land.
Any way by the time I’m ready to buy I hope these other issues will have worked themselves out…Until then I keep dreamin of waking up to snorkeling in the turqouis water ahh 8)
Wendy
Keep us posted on Columia, we need more in this forum about international investments!