All Forum Posts by: Account Closed

Thanks for the response, last year I took a meeting with an agent from a company called HIR Casa.  They are based out of Mexico City and were offering 5.8% - 7% financing on 7 and 10 year notes. It required 25-50% down and the rate was based on down payment %.  I couldn't find any reliable references and the way the representative presented the deal made me a little hesitant.  I am curious if you have ever heard of this company? They have a website which is vague but perhaps you know someone who has financed through them.  

Watching people that had invested half as much time and energy into learning all that they could having success buying properties that I had considered buying.  

I knew I wanted to start and was constantly analyzing deals, trying to find value in everything I could but didn't pull the trigger for over a year.  After watching several friends just stumble into deals I decided the risk was well worth the return, I started and haven't looked back since!

As stated above House Hacking would be my recommendation especially if your wife is comfortable with the idea of sharing your new house for the immediate future.  Depending on what you buy this can be varying levels of comfortable and in some spaces it is easy to segregate the home to add more privacy between your guests and yourself.  As far as how to do this I agree with the above post that AirBnb is preferable to any other option for a few reasons.   

1. No commitment, if this option doesn't work for you, you can always change course.

2. The comfort factor.  I have hosted over 400 guests through AirBnb across multiple properties and have had a total of 3 bad experiences.  The community as a whole is respectful and the fact that you are there on site will make it even more so, they will respect your space and are people that are used to staying in shared homes.  

3. Another reason I think this will work for you is the market that you live in.  You live in an exotic destination and will be competing with hotels for most travelers that are renting a few nights from you. This generally means a higher nightly rate for a shared room.  I know you are probably rebounding from the hurricane and I hope that all is well,  as PR comes back as a vacation destination your rates will go up. 

I have always lurked in the forums and articles of BP, this is my first post.

I invest in single family in Mexico, specifically Cabo San Lucas and run them all as vacation rentals through Airbnb/ VRBO and some longer term vacation rental as well.  Everything that I have bought up until this point has been purchased as a cash deal, or short term seller/developer financing.  Financing through Mexican banks is an option but not an appealing one as rates are in the 9-15% range for a typical mortgage.  Mexico is not the most credit friendly society no matter how good ones credit profile and creative financing of any kind is something that is not readily available as of today. 

I am looking for creative ways to finance future purchases.  Is anyone familiar with American banks, investors that finance foreign transactions?  The one thing that is advantageous moving forward and which may inform your answers is that I have a ton of equity in everything that I own here, because of how I have been forced to purchase.  I know from asking, that using my existing properties as collateral on a loan in the states is unlikely but perhaps somebody knows a creative way to accomplish this.  I am an American citizen with little credit history in the states, I moved to Mexico right out of university and have lived my entire adult life here. Thanks for any input you all have, I am happy to provide more information if needed!