All Forum Posts by: Eric Cieslak

Hi All, would appreciate others’ experience on how you’ve built your partnerships/ network with contractors.

I am looking at opportunities with fix/ flip and fix/hold for now in the greater Seattle area.

MY RE experience is in the beginner stage: I bought our primary residence last year and am in the process of rehabbing it myself. Have come to enjoy the process very much and would now like to carry this into RE investing. Also purchased a condo in Tulum MX for investment property.

I have lined up multiple hard money lending opportunities so will be able to secure funding and close on properties pretty quick. Also set up with a local RE agent who will support with acquisition and selling.

Now would like to understand strategies to work with contractors that other members have had success with. Currently I would be reaching out on thumbtack for specific projects and trying to understand if the contractors would be a good fit, but I’m sure there are better strategies. Appreciate your feedback. 

Thanks

Eric 

@Mike Lambert Great info...very helpful to get a perspective from an experienced investor in the area vs. local developer who has bias. I remember seeing the almost complete Kukulan Ave and noticed how it was barricaded right before it intersected w/ hwy 15...was a bit of a head scratcher but makes more sense now.

Thanks again for the insight and feedback...I plan on posting my STR progress with my Condo...Viva la BiggerPockets!

 Thanks @Mike Lambert for the insight. I understand what you mean in terms of the potential surplus. When I was down there 3 wks ago it was absolutely incredible to see how many places were being built simultaneously. I ran into a few developers that also claimed the 10%+ returns as @Aaron Logan mentioned....but still a small "late to the party feeling".

One area I was particularly interested in was region 15 adjacent to Aldea Zama. Still a lot of parcels for sale and projects in the works. This location attracts me as it is the next closest zone to the beach, and they are also opening up an additional access road to the beach running through region 15 which gives me a bit of optimism.

Based on your experience in the area in the past few years, how much do you think land in Tulum has appreciated and what do you anticipate future appreciation will look like?

Lastly I'll comment that just checking market rates for newly built 1BRs (which is what I have) are renting awfully cheap. $80-120/nt (based on season) is what I factored, however, the sargassum issue has driven down rentals substantially (rates now $50-80/nt). Talking with other folks in the coastal Rivera Maya region and they are claiming the same. Hopefully this dissipates eventually as it was very sad see the poor condition of the beach and water...and low rents too!

Bought my first property in Tulum MX via cash pre-sale last year. Looking to yield both cash flow and appreciation for 5 yrs minimum...plus have a place to hang out once in a while :) 

Now looking to get into potential land deals as the growth opportunity seems to be there.

Any other Tulum/ Yucatan investors that can share their experience/ situation/ opinions would be appreciated!