Hello, I am new at this but here goes my question. I have an opportunity to buy in a developing resort in Mexico. I am Mexican so I qualify to get a loan there. Here is what I know. the property on pre-sale is 309,000 USD. I have a down payment of 75,000 with possibilities of borrowing an extra 24000 from my 401 K. The condo is on a luxurious apartment complex with marina access, dock access, pools etc. The idea would be to buy it and rent it out. The interest rate on a loan from Mexico for the remaining amount (210,000) is 10%. Does this sounds like a crazy investment? I will be taking a tour of the place tomorrow and will find out about HOA and maintenance fees. The location is Puerto Aventuras, an exclusive community in the riviera maya. My idea is to let it pay for itself and use it when ever I want to go on a vacation. what are your thoughts? I know I am able to deduct any taxes paid in mexico when I file for taxes here in the US. Is there anything else I should be considering? any help is appreciated. thank you
