All Forum Posts by: Mary M.

Hi Ali,

Thanks for the note. Central America is a little too far from home, for now. My partner and I have spent a lot of time in Mexico and wanted the option to keep on eye on our investments because it can be tricky. We really enjoyed a long back packing trip all through out C. America back in 2010 (loved Nica, by the way!) but yeah, not the right time or place. Curious what you are up to in Central America, though?

Thanks, Sandy, for the response 2 years later! Yes, lots have changed since those days. My experience with HUD through to the present (I have had successful purchases) is that it is dependant on the specific area and DOM.

Enjoy the forum....it's a great one!

Hi Jack,

I used to live in Manhattan for 3 years and then in Brooklyn for another 2 years. My interest in real estate investing began there and I remember feeling the same concerns that you have expressed. I went to a few seminars while I lived there and a lot of the advice suggested to look to the outlying areas as a beginner ALTHOUGH I did meet a successful wholesaler that worked within the city: namely Brooklyn and also Long Island. She had been wholesaling for years. I really recommend going to the REIA meeting in NYC (check website for location: http://reianyc.com/) because it was a great resource. I never officially joined but did attend a few meetings because I was leaving the area. The founder is an attorney and has tons of property so she's very experienced. I met a lot of great contacts there. They also do field trips and hold a lot of helpful seminars-priceless for a new investor!

I took a wholesaling class in Albany in late part of 2009 and did some field work of hitting the pavement with bandit signs and did start building a buyers list. It seemed a bit less intimidating to me because the property prices were within my comfort level at the time. The down side is that it was quite a distance away but at least you could jump on a train and make it a field trip.

Hope that helped a bit. Best of luck to you!

Mary

I think it's definitely a red flag, but I would still interview them to see what their excuse was. What happens if my tenant has an emergency on midnight on Christmas? I think response time is super important. I don't expect someone to always answer the phone but I should get a call back or an email the same day....just my opinion.

Nathan,

Please share where you find your non recourse loans with no credit check for 7%!

Thanks!

Thank you so much for your reply, Mitch. That is very helpful!

Thanks for your response, Paul.

I checked out Punta Mita last year because there was so much talk about good deals but I unfortunately found a ghost town when I arrived, even in peak season. It is a gorgeous place with a lot of potential and I think it will recover, but make take a bit more time than what I am looking for.

I would be curious to know how their experience went with buying pre construction in Mexico. You mentioned that they purchased back in '08-do you know when the units are scheduled to be finished? Has the deadline been extended a lot?

Thanks for you help!

Best,
Mary

Thanks Vikram. I'll look him up!

Hi Mitch,

Thanks for your response. I would be interested in their experience, if it's not too much trouble for you. Have they had any major hassles? Was their trust set up fees outrageous?

Thanks!

I am going on a trip to Puerto Vallarta and will be checking out investment opportunities while I'm there. I've done a bit of research on the legalities of owning property as a US citizen but would love BP input. Please post if you have direct experience on the process, not just an opinion of Mexico because I know they are across the board. As far as my direct experience in Mexico-last year I spent 4 months traveling all over Mexico by bus and have spent time in PV for the last 3 years in a row. I speak Spanish but not completely fluent.

I am looking to invest in a condo with low HOA dues in the Old town or Zona Romantica area. I know tourism in Mexico has suffered which is the reason RE is down by what seems like over 50% so my strategy is not for immediate cash flow. I am looking for a place to live maybe 4 months of the year and then potentially rent out for the rest. Also, I won't need to apply for a mortgage.

Would love to hear your recent experience in investing in Mexico, preferably Puerto Vallarta. Any referrals would be appreciated as well.

Thank you!