All Forum Posts by: Janis E Borroto

Hi Wendy! 

I'm curious your experience with opening a corporation in Mexico. I'm purchasing a vacation rental in Tulum with my sister, and will be opening an LLC here in the states, but was told that buying with a corporation in Mexico is really complex/expensive/tricky when reselling.

Would love to hear more from someone who actually did it-- thank you so much! 

Thank you Charles! Super helpful tip-- I think I found someone, and I will make sure to be mindful of that, because we definitely don't want to make this more complicated (or expensive) than it needs to be. 

Happy Holidays! 

I just negotiated a 2/1 buy down for my client. We were trying to negotiate price, but gave the seller full asking price with a 2% concession. So our net number is lower, but we had to offer a higher purchase price to account for the concession. That concession will fund the buy down, and any leftover balance will go towards closing costs. 

So essentially you are just asking the seller for a concession towards closing costs, because discount points are included in the list of approved items that seller concessions can be used for.

One thing to keep in mind is appraisal-- the seller will only give you the full concession/credit IF the property appraises for the inflated number. If it doesn't appraise, it will of course chip away at your concession, or maybe even get rid of it entirely depending. Then you will need to come out of pocket at closing to pay for the buy down yourself, as the seller most likely won't be willing to renegotiate price, just because it didn't appraise for your inflated number. Hope that makes sense!   

In terms of your credit pulls, as most buyers 'shop around' for rates, multiple inquiries from different lenders are typically counted as only a single inquiry — as long as they’re made within the same 14 to 45 days.

Best of luck with your purchase! 

Hi everyone!

I just recruited a silent investor to partner with me on a vacation rental. I need help figuring out what the split should be in terms of capital investment, net profit share, expenses, equity/resale, buy out, etc. 

Does anyone have an attorney recommendation in the northern NJ area that can help with this? 

Thanks in advance!