I need help with a big decision. I’m currently under contract (but haven’t put any $ down) on a property in a great location in Playa del Carmen Mexico. It’s $330k plus $20k in closing costs. Cash deal. Rents for around $3000 p/m short term with low overhead. I’m very familiar with the area and have lived and stayed in the neighborhood many times. I’m a resident with a Mexican company to buy under which makes it easier. I do currently live in Denver primarily but spend significant time in Mexico still.
Is this a wise decision? Or should I pull this money out of my Mexican bank account and use it here in the US? I’m trying to expand my rental portfolio. Ideally in both countries. I worry about having all my cash tied up in one property but also don’t love the interest rates. What’s a better play long term?
I do have the option of a cash-out refi in Mexico after purchase if I want to go that route but interest rates are around 10% there…
I'm relatively new to REI but I have been following/interested in it for years. I currently have one single-family rental in the Denver area. Advice please!!
