@Mike Lambert thank you so much for your input here I was hoping you specifically would give your opinion on this. First off it seems there is some confusion on which property is being discussed.. 1 piece of land (a 30 acre parcel) I own outright, that is the one close to the train that's *allegedly* coming through lol, the site plans for that 150 unit development are already drafted in 6 stages and there are already a number of private investors (mostly people interested in sustainable development, off grid living and permaculture food forests so banks are out of the question for this development) lined up for it as it's a very unique project in and of itself using a building technique I discovered and got approval for on my own home here that ended up saving us about 60% on construction costs for the same square footage versus a conventional build, I wont get too much into that here.
The land I'm seeking $80k funding for is just under 1 acre and will include a café and 10-12 rental units built using the same unique building technique I mentioned above to keep our costs way down, paid for by the income from a scooter rental company I own here (currently cashflowing around $3-5k per month), this 1 acre parcel is technically not IN Progeso but is instead on the main coastal road in between the nearby towns of Chuburna and Chelem (now termed "Little Canada" by locals because of how many Canadians have moved here in the last year).
Just for your own knowledge I will let you know what you're being told by your Mexican connections about Progreso and what is actually occurring here have some disparities:
1. Merida's Elite technically do not go to Progreso during the hot summer months, they go to the east of Progreso in the towns of Chicxulub, Telchac puerto and San Crisanto. Among themselves they joke about the peasants to the West of Chicxulub.
2. Progreso itself is a Mexican affair for Merida's middle class and only during the summer months, the rest of the year it's inundated with American and Canadian tourists from cruise ships that flock to the deep sea port, and then flood out into the other smaller bordering coastal towns in a deluge of Hawaiian teashirts and spf30 sunscreen, looking for *mostly* deals on real estate.
3. The marina project you are talking about is actually in Yucalpetan just west of Progreso but I would not buy or invest there as its full of pueblos and reeks of flamingo poop pretty much year round, but like you say, people get sold a nice story so I don't doubt it will sell out as it's the first large development of its kind in the general area.
As you've mentioned, foreigners are getting priced out of most coastal territories and especially in the last year, expats have begun gobbling up property to the west of Progreso where the 1 acre land parcel in question is located.
I don't really have a network of family or friends with enough capital to help finance anything, I come from the mean greasy streets of East Vancouver and have managed to scrape my way up to where I am by building out lean businesses (mostly online).
Although I am definitely a dreamer, my dreams have been coming true with hard work and an eye for frontrunning patterns ahead of the crowd using my own cash.
I don't have any RRSPs or HELOC in Canada, I brought all my equity with me to Mexico. (around $450k USD)
Money is looking very expensive right now and listening to you just confirms what I already suspected with the banks, so more and more it's looking like I have to practice patience and just build up liquidity through my cashflow, or bring on partners to make the coastal development a reality before someone else buys up the land in question.
Thank you again for your input Mike I truly appreciate it and value your candid opinion.
