Buying Property in Tulum - Advice Needed

[Sometimes]

So, I'm considering buying a condo in Tulum. The idea would be to find a local management company and then renting it out via AirBNB or similar sites the vast majority of the time, but having a home base for 3-4 weeks per year.

Anyone have any advice doing something like this? As far as I can tell, return on rent during the high season should more than cover yearly mortgage payments.

I plan on doing a LOT more research and even have a meeting lined up with some people that own a property just like this, but thought I'd ask around here as well, just in case anyone had anything relevant to add.

Thanks in advance!

 

[lamarpaulski]

So, I'm considering buying a condo in Tulum. The idea would be to find a local management company and then renting it out via AirBNB or similar sites the vast majority of the time, but having a home base for 3-4 weeks per year.

Anyone have any advice doing something like this? As far as I can tell, return on rent during the high season should more than cover yearly mortgage payments.

I plan on doing a LOT more research and even have a meeting lined up with some people that own a property just like this, but thought I'd ask around here as well, just in case anyone had anything relevant to add.

Thanks in advance!

A lot of Americans have come to grief owning property in Mexico. You have zero rights in a corrupt country.

 

[Sometimes]

Actual examples would be a lot more useful than hearsay and fearmongerring. Additionally, I'm of the understanding that has changed drastically in recent years, especially in high tourism areas like where I'm looking.

 

[lamarpaulski]

Actual examples would be a lot more useful than hearsay and fearmongerring. Additionally, I'm of the understanding that has changed drastically in recent years, especially in high tourism areas like where I'm looking.

Failed Baja condo project haunts U.S. buyers

 

[Sometimes]

Okay, so that's one link regarding a property that never finished building due to the recession. That happened to literally thousands of investors in the US as well, especially here in NYC where I live.

Have anything of substance to add? I'm not looking at uncompleted properties.

 

[Sometimes]

You have zero rights in a corrupt country.

Also, had to come back to this: You honestly don't think the US is corrupt?

 

[vincent54]

No Mexico experience. I have had properties in Cayman and Panama. Both worked out well. The biggest issue becomes finding someone local you can trust to keep the property maintained. You are 1000's of miles away, and the simplest fixes can be complicated and expensive. if you have had property experience in the USA, at least double your cost overseas. Check with an accountant about tax deductions and write offs. There are definite laws on overseas rentals. Cayman is implementing new rental laws and I'm sure Mexico has a few.

One observation I have made concerns your own travel. By owning property in one spot, I feel obligated to ONLY visit Brac. Fortunately, I have dove enough places I don't feel I'm missing out on anything. I won't even go on golf trips anymore. Get your travel diving out of your system first, unless you are confident Tulum is your ultimate destination.

I have rented to a few people and it doesn't work well. They don't take care of your things like you would and they eat everywhere except at the table. Plan on replacing everything at some point. From my experience it's a losing money proposition, but ultimately you'll have an awesome piece of property to go. I have no regrets and wouldn't do it any other way. Good luck and happy hunting. Cheers

 

[orm]

Hi

Personally. I'd just spend the money when you come here on rental and go home without any headaches.


It's not the wild west it used to be, although you need to beware of the agents you use, but the headaches of running a property over here just won't justify any gains you may or may not make.

It can be a right royal pain in the ass and that's even having a decent property management agent.

Just take a look on Airbnb.com and have a look how many properties are on there. It's a saturated market. If you're gonna be spending a lot of time here.... 6 months or so... maybe it's worth looking at.

 

[Sometimes]

Thanks for the information, vincent54 and orm! Definitely trying to be as informed as possible before I make any decisions!

 

[orm]

No problem. If you have any questions. PM me. I'll be happy to answer.