Canadian interested in purchasing in Playa Del Carmen, MX

[Ryan Mattis]

Hi all,

As the title suggests, I am a Canadian interested in purchasing a condo to use as a STR / Vacation property. Initially, I would be looking to rent the unit out most of the year with the odd vacation, and use the property in retirement (approx 15 years from now) to escape the Canadian winter. This would be my first investment property, this is all very new to me.

I've done some research and am familiar with the Fiedesicomo.  It looks like most transactions are cash in that area, so I'd probably be looking at using financing in Canada using the current equity in my home to purchase. I've travelled there a few times, but never in an airbnb type scenario. I am looking to try that in the fall and hope to look at some properties while there. I am going to Cancun in a few weeks and I'm sure the weather will help me speed up the purchase.

Some general questions I had are:

Has anyone here from Canada purchased in Playa Del Carmen? Is this a terribly challenging process or can it be fairly straightforward?

Are there local realtors / lawyers that you trust? (I find this part initially challenging, is there somewhere I can vet people out, outside of google reviews)

Is there a full service brokerage or real estate company that would be able to basically handle the entire process? (documents, money transfers, etc?)

Areas to avoid? Initial research has led me to be close to 5th ave / beach. I'd be looking at a 2 bed, 2 bath condo as my ideal place. 250-350k USD being the price range. 

If you have experience in the area, what is the rental market like in the summer? Am I looking at a lot of vacancy outside of peak travel season in Mexico? Ideally we have cash flow and appreciation but breaking even on a purchase by the time of retirement is fine. It appears that area will have decent growth over the next while but that's just what I've come across online, I could be way off. 

Any reputable property managers in the area? Obviously I won't be able to tend to things from Canada.

Thanks for any info you all can provide,