As always - such great videos and great content. Thank you for putting in all the research to create this. I think this sounds a lot similar to how things are here in Spain. I think the math of renting vs investing vs buying certain speaks in favor of renting but it's hard to put a value on the asset side of owning a home. I would say most of the homes I've owned haven't been assets, however. So perhaps this math game is the right way to go about it.
It’s tough. My last home appreciated a bit but I can help but wonder what if I would have taken that same money and invested it. I think it would have been worth 3x-4x what I ultimately made in the sale. Also, in Mexico renting has all the responsibilities of ownership minus paying taxes.
Took 7 years and over 10 visits before we purchased our renovation home in Merida. A completely different process in Mexico. Having a good Notario is key to making sure you are buying what you think you are buying.
We bought a small hotel property in Centro in 2018 as the opportunity presented itself with owner financing for half down and zero interest for 2 years. I get the math you present, but since we're retired we decided to pull up our roots in FL and jumped right in. Who knew a pandemic was coming and a potential WW3. Tomorrow is promised to no one. No regrets.
That’s awesome. The owner financing at zero interest would definitely peek my interest. Buying is 1/2 the equation to real estate. Selling it is the other 1/2. I’m weighing all the options.
I agree with all of this for sure. For me, I have been here going on 4 years and buying is something I want to do. I am on what is considered a fixed income and where I am, the landlord is great (which doesn't always happen) and they live abroad so I know I could most likely rent forever, HOWEVER he does do the rental increases. Right now, I can afford to live a great lifestyle but as inflation happens, rents continue to increase, how long before its a struggle? As you mentioned, when you purchase, there are no mortgages, just the taxes on what you own. I like the idea of never having to worry about being priced out of my home so for me, buying is the best option. Great info, thanks for sharing!
We have a lot ready in a subdivision in Komchen. Bought in 2020 and our phase just completed for owners to build. Since Sub first started in 2017 lots increased by 100% from 2017 to 2021; that is, its starting price was 37.50 USD (750 MXN) per m2, and in 2021 its value was 75 USD (1,500 MXN) per m2. Wish I had purchased in 2017. But even with 2020 purchase I think we are locking in land prices. Build will be another issue since I think I will face a higher price than what I thought in 2020 when I purchased lot. I am going to retire and I just don't want anything related to house except maintenance, utility, and prop tax. Sad is that Monte is right in his math and mostly this is emotional (having to own) and based on always owning. Even in US younger people are rethinking importance of owning and if it is best financial decision. Wish optimal answer was more black and white but emotional part factors in and distorts. Thanks Monte for getting people to think about this topic.
@@jkenho this has been an incredible discussion on the channel and on FB in some of the groups. It does come down to the head vs the heart with a decision like this. I paid cash for my home that I sold. It increased by more than 20% in the time I owned it. But I can help but think that if I would have invested that money, it would have been a 40-50% increase. So this time, I’m taking my time and evaluating things.
Thank you, our beloved brother, for this important video and great advice! Your videos are awesome and helpful to those of us who love Mexico and it's lovely, warm and friendly people. Please keep up the great work!
I think Monte hit on EXCELLENT points! All of which I will consider. Head vs Heart etc. However I also think that moving to Merida is a spiritual decision for a lot of us and then the "return on investment" isn't as important. I think we have been socialized to be very money forward and I hope to leave all of that behind. Yes, I want to be smart in my investment but money isn't everything.
Good video and making me rethink a couple things. I can't get over the idea of paying hundreds of thousands in rent, over the course of a decade or two, and having nothing to show for it end the end. At least purchasing, you own a tangible asset and even if you're down, you can still sell and make something back on your investment. Can't say the same for renting. From a financial standpoint, it's clear to me but like you said it's all about you situation and what makes most sense and renting Def has it's advantages.
I should add for us at our age that we don't want to be tied down and have all the headaches that come with owning a home. (Done that) We want to be free to pick up and go. Now, remember we have no kids either, so that is a huge factor obviously Peace out Godspeed J&D
That’s funny - we have no kids either, so buying a home in Mexico was a good plan for us. It’s not like we have kids expecting an inheritance, so if the market goes south, no problem :-)
This is such a good video. Thanks 😊 As proerty appreciation, look for example at Huatulco. Over 10 years we’ve seen a massive increase in property values there, we kept getting priced out year after year and wished we’d have bought years ago. I’m talking a 2 x plus increase in 10 years. And Merida offers so much more than Huatulco, as beautiful as it is.
@Mexitplans Are home equity loans available in Mexico? Great video, by the way, as always. Can't wait to move down next summer. Just painting the house, new flooring, counter-top, sink & hardware and with a legal above ground rental suite townhouse with no HOA fees I'm willing to bet there will be a bidding war even with the recent market turmoil.
@@lvl-up9000 technically yes but highly unlikely available to an immigrant who just moves here. Mexican’s who own a home can get a loan based on equity. However, it takes time to establish Mexican credit. USA credit means nothing here. Also Mortgage interest rates are very high comparatively. Most immigrants pay cash for homes.
@Mexitplans Thanks for the reply, sir. Appreciate it. Yeah I was just curious if they did that type of financing but I'm bringing cash, well not literally, but yes I will be paying cash for the right place when I find it but plan on renting for at least a year before considering purchasing. Thanks again, and have a great weekend 👍.
Also, everytime I AirBnb in Merida I am surrounded by multiple barking dogs. All night long. It's like normal. Is it just my bad luck or normal? Thanks again!
It's a tough decision! What would you say is your biggest obstacle to wanting to buy! Are you afraid of significant price increases in the rental market once the Maya train is built?
Monte excellent information on buying vs. renting as well as making your money work for you earning interest while you rent. I'm planning on selling my home and wanted to know would you suggest placing money from sale of home with US investment company earning good interest while renting or any other options? I agree I think it's pointless when just moving to Merida to immediately purchase a home when the market is unpredictable there, and no comparative analysis like in US and unpredictable US economy. I agree it's important to spend time getting to know the area first and determine what is a fit for you and your family.
Let me tell you a secret If you compare the neighborhoods where foreigners buy (centro, México, altabrisa, Temozón, almost all North) vs the south and west part of the cities, the proportions of price increases are insane and out of control In the north part there are houses that cost even 2+ million dollars Thats insane,.because land here Is unlimited Take a look at Google maps and very little land of the península Is occupied Maybe 2-3% at the most An elite that control the real estate market with the land and constructions is making the Profit of their lifes because of so many foreigners coming with too much cash So, unless a foreigner come here with a networth of at least 1+ million dollars, i would not advice them to Buy in the expensive parts of the city The Best thing they could do Is Buy a 50-100k usd house and invest the rest Unless you live in a closed community like the country club, and have the time to use all the ammenities, there Is no point to invest in an expensive house in a "better neighborhood" The main reason its this You always need a car, no matter where you live Even if you live 5 blocks away from a mall, you cant walk such 5 blocks without being dripping in sweat between April and september So if you ready need a car, and the traffic Is not anywhere close like mayor US cities, It doesnt matter where you live then The same type of house, with the same land,.and the same square meters could cost 10 times more (2 story homes, 2000 square feet could cost as little as 75k and could cost as much as 1 million dollars for the same type of house) Lastly, almost every part of the city Is completely safe, so there Is not a direct benefit from buying a house in a location vs a cheaper location
Very good points there. Thanks for this video. Everything so volatile right now though..,hence the temptation to invest in real estate. Do you have other investment suggestions? Safe stuff if that still exists…
I live in Baltimore Md and I'm from Yucatan. Don't buy a house in Mexico. Rent. If you buy a 250k house cash in Baltimore, you can rent it for about $2,500/month. You can rent a house with the same characteristics in Mexico for 7-900 dollars. You will still have some money left for food and entertainment and living a comfortable life.
@@Mexitplans i was trying to buy some property in Merida but I run the numbers and it did make sense. My sister rents a house for $350usd. The value of the house is about 100k. I can buy a 100k house in Baltimore and rent it for $800 easily. That's why I don't own a house in Mexico but I'm fixing one in Baltimore
Accordingly to financial advisers, The S&P 500 index has returned an avg of 10.5% since 1957. I don’t give financial advise but I can help you with moving to Mexico.
@@stevenandlisettebroomfield6645i can’t answer that you would have to ask them. I’m going on year 3 in Mexico. I know that completing such a huge project is very rewarding. I can only speak for myself. My approach was to document the journey from start to finish. Also having coached dozens of others through this journey and moderating groups, I’ve gained 100’s of hours of research as to what folks need to know to be successful. My God given gift is to solve complex issues and help explain problems and solutions easily. That what has served me well in life and especially business. Thanks for being an active subscriber of the Channel! I really appreciate you. Cheers 🥂
Do you know anything about houses that are "en remate"? Apparently these are houses that have been taken back by the bank, and are listed for less than they're technically worth. I've noticed a few while searching. Do you know if there's some kind of catch to purchasing a home that's listed as "en remate"?
@@Mexitplans That's a shame. Some of those homes are very nice. There are 2 I've had my eye on for a few months now, one in Oaxaca and one in Mérida, and I've been wondering why they're still available. The one in Mérida looks beautiful, inside and out. Bummer! Anyway, thanks. I'm binge watching your channel at the moment. It's just excellent. So many tips I've had to start keeping a notebook! 😊
awesome. Thanks for watching. there is a course that has much more information in sections. Https://mexitplans.thinkific.com/courses/moving-to-mexico
i doubt my question will be answered but what do you mean don't buy or rent before i live in Merida, then where am i going to live before i rent or buy?
Legally each year the rent can go up 10% so in 10 years is 100% more expensive. But you need to consider inflation, 2021 Mexican Inflation was 7,36%, and this year doesn't looks better. And the only thing that doesn't loose value in front of inflation in Mexico is real state (don't take my word, do your research) lets take an example if in 2002 you invested in 5 000 000 the value of that amount in 2021 is 11 651 123 and this is only the inflation side, you need to add buying power, etc, etc, etc. renting makes sense for the first 3 years then you are loosing money.
Wow. That’s a big the increase. I guess so but having been a landlord for most of my life, I know the value of a good tenant, that pays on time or early, that improves the property, and adds value to the home. My landlord does as well and just decreased the amount of rent I have to pay this month for the remainder of my contract which is for several years. Hopefully the money invested would have made significantly more than the rent in that time.
@@Mexitplans you are right but still i think you should buy. as a recommendation, maybe something more budget friendly and easier to sell but really if you want we can make all the math and you will see that after 3 years you are loosing money (maybe you are winning freedom sooo)
@@mexicoanalogo8405 Everyones $situation is different. If 🇲🇽 inflation is 10% per year & my rent increases 10% per year plus other costs & my investments & income (usd) increase 10% per year then I don't lose purchasing power in 🇲🇽pesos. I have Never heard of someone's rent going up 10% EVERY year for 10 years straight in merida & there are sooo many rentals all over merida that Moving to a more affordable rental is always an option. I'm sure landlords are aware of the competition.
I have partners that have agreed to work with those who take the course because the students will understand the differences in real estate market in Mexico and be better prepared. Https://Mexitplans.thinkific.com
Thank you for asking @@Mexitplans I am certified by COPIM (Consejo de Profesionales Inmobiliarios de Mexico A.C. ) and INAPIM ( Instituto National De Assesores Profesionales Inmobiliarios de Mexico A.C.)
Do you ever worry about wanting to move back to the US and being priced out of the market because you sold your Atlanta home (and no longer have that equity building continuously)?
ALL AMERICANS INSIST THAT THERE IS A NEED TO RENT BEFORE I BUY, I AGREE BECAUSE I OWN A HOME IN FLORIDA AND SOMETIMES I WISH I COULD RUN AWAY FROM THIS PART OF TOWN.
Also, research the water situation wherever you're going to invest. Cancer rates in the area matter as well. I had some red flags about the Merida area, although it's quite beautiful. Great video, sir.
the most common cancer in Yucatan is skin cancer (sort of obvious if you have been here) the second is breast cancer (also obvious if you see how much cheese this people eat everyday and several times a day) Water is totally safe is calcium
@@Mexitplans Early colonial cities reserved the downtown area of their new cities to the ruling, white Spanish class. Outside this area, there were the peripheral "indian neighborhoods" "indian churches" "indian markets" ans so on. In time, the city's core became known as the "white city" by both mayas and the spanish and that name persisted. Of course some found this denomination shameful and tried to sugarcoat it by saying that the city was all painted white (a lie) or that the citie's buldings were made of white stone, wich is a lie too. Sadly that is the truth. Racism runs deep then and now.
The history of colonization isn’t pretty. I’m definitely aware of the history of the city and the classism that still exists. Thanks for contributing to the channel.
After losing $400k in the Atlanta real estate market in 2008, I vowed to never own property again. Been traveling the world since, unencumbered and untied to the hassle and fear. There are 10000 wonderful places and ways to live in this world and owning property anchors you ONE. Merida and Progreso are great for those who can stand the heat, but definitely not for everyone.
As always - such great videos and great content. Thank you for putting in all the research to create this. I think this sounds a lot similar to how things are here in Spain. I think the math of renting vs investing vs buying certain speaks in favor of renting but it's hard to put a value on the asset side of owning a home. I would say most of the homes I've owned haven't been assets, however. So perhaps this math game is the right way to go about it.
It’s tough. My last home appreciated a bit but I can help but wonder what if I would have taken that same money and invested it. I think it would have been worth 3x-4x what I ultimately made in the sale. Also, in Mexico renting has all the responsibilities of ownership minus paying taxes.
Took 7 years and over 10 visits before we purchased our renovation home in Merida. A completely different process in Mexico. Having a good Notario is key to making sure you are buying what you think you are buying.
Excellent information. Thank you for sharing!
any contact for a notario?
We bought a small hotel property in Centro in 2018 as the opportunity presented itself with owner financing for half down and zero interest for 2 years. I get the math you present, but since we're retired we decided to pull up our roots in FL and jumped right in. Who knew a pandemic was coming and a potential WW3. Tomorrow is promised to no one. No regrets.
That’s awesome. The owner financing at zero interest would definitely peek my interest. Buying is 1/2 the equation to real estate. Selling it is the other 1/2. I’m weighing all the options.
I agree with all of this for sure. For me, I have been here going on 4 years and buying is something I want to do. I am on what is considered a fixed income and where I am, the landlord is great (which doesn't always happen) and they live abroad so I know I could most likely rent forever, HOWEVER he does do the rental increases. Right now, I can afford to live a great lifestyle but as inflation happens, rents continue to increase, how long before its a struggle? As you mentioned, when you purchase, there are no mortgages, just the taxes on what you own. I like the idea of never having to worry about being priced out of my home so for me, buying is the best option. Great info, thanks for sharing!
Work the math and figure in the rate increases. At what point does it become too expensive?
We have a lot ready in a subdivision in Komchen. Bought in 2020 and our phase just completed for owners to build. Since Sub first started in 2017 lots increased by 100% from 2017 to 2021; that is, its starting price was 37.50 USD (750 MXN) per m2, and in 2021 its value was 75 USD (1,500 MXN) per m2. Wish I had purchased in 2017. But even with 2020 purchase I think we are locking in land prices. Build will be another issue since I think I will face a higher price than what I thought in 2020 when I purchased lot. I am going to retire and I just don't want anything related to house except maintenance, utility, and prop tax. Sad is that Monte is right in his math and mostly this is emotional (having to own) and based on always owning. Even in US younger people are rethinking importance of owning and if it is best financial decision. Wish optimal answer was more black and white but emotional part factors in and distorts. Thanks Monte for getting people to think about this topic.
@@jkenho this has been an incredible discussion on the channel and on FB in some of the groups. It does come down to the head vs the heart with a decision like this. I paid cash for my home that I sold. It increased by more than 20% in the time I owned it. But I can help but think that if I would have invested that money, it would have been a 40-50% increase. So this time, I’m taking my time and evaluating things.
Thank you, our beloved brother, for this important video and great advice! Your videos are awesome and helpful to those of us who love Mexico and it's lovely, warm and friendly people. Please keep up the great work!
Thank you 🙏🏽. I appreciate you watching.
Great job on this video. You hit on a lot of important topics in a single video.
Thanks 🙏🏽 this one seemed to spark a lot of debate.
I think Monte hit on EXCELLENT points! All of which I will consider. Head vs Heart etc. However I also think that moving to Merida is a spiritual decision for a lot of us and then the "return on investment" isn't as important. I think we have been socialized to be very money forward and I hope to leave all of that behind. Yes, I want to be smart in my investment but money isn't everything.
Money is only a way to a goal. It most definitely isn't everything. For many, having the security of knowing where you will live is everything.
@@Mexitplans Boom!
Good video and making me rethink a couple things. I can't get over the idea of paying hundreds of thousands in rent, over the course of a decade or two, and having nothing to show for it end the end. At least purchasing, you own a tangible asset and even if you're down, you can still sell and make something back on your investment. Can't say the same for renting. From a financial standpoint, it's clear to me but like you said it's all about you situation and what makes most sense and renting Def has it's advantages.
It’s a difficult adjustment I’m still struggling with.
For me buying is also the best bet. At least, I don't have to deal with raises in the rent.
I should add for us at our age that we don't want to be tied down and have all the headaches that come with owning a home. (Done that) We want to be free to pick up and go. Now, remember we have no kids either, so that is a huge factor obviously
Peace out
Godspeed
J&D
There is a lot of value in Freedom!
That’s funny - we have no kids either, so buying a home in Mexico was a good plan for us. It’s not like we have kids expecting an inheritance, so if the market goes south, no problem :-)
My kids would not want the hassle of trying to sell a house here. They are Mexico'ed out!
@@Mexitplans bahaha
This is such a good video. Thanks 😊 As proerty appreciation, look for example at Huatulco. Over 10 years we’ve seen a massive increase in property values there, we kept getting priced out year after year and wished we’d have bought years ago. I’m talking a 2 x plus increase in 10 years. And Merida offers so much more than Huatulco, as beautiful as it is.
You have to sell in order to realize the gain or take a home equity loan. 💸
@Mexitplans
Are home equity loans available in Mexico?
Great video, by the way, as always. Can't wait to move down next summer. Just painting the house, new flooring, counter-top, sink & hardware and with a legal above ground rental suite townhouse with no HOA fees I'm willing to bet there will be a bidding war even with the recent market turmoil.
@@lvl-up9000 technically yes but highly unlikely available to an immigrant who just moves here. Mexican’s who own a home can get a loan based on equity. However, it takes time to establish Mexican credit. USA credit means nothing here. Also
Mortgage interest rates are very high comparatively. Most immigrants pay cash for homes.
@Mexitplans Thanks for the reply, sir. Appreciate it.
Yeah I was just curious if they did that type of financing but I'm bringing cash, well not literally, but yes I will be paying cash for the right place when I find it but plan on renting for at least a year before considering purchasing.
Thanks again, and have a great weekend 👍.
@@lvl-up9000 my pleasure. Happy New year
Thank you very much for hints!!!
It was helpful!)
My pleasure.
I put this in my Playlist (just figured out I could do that haha)
It's a hot topic
Thanks!
Solid video. Thanks for taking the time to post this.
Also, everytime I AirBnb in Merida I am surrounded by multiple barking dogs. All night long. It's like normal. Is it just my bad luck or normal? Thanks again!
My pleasure.
It’s perfectly normal no matter where you stay in Mexico. As I reading this message I heard my neighbors barking dogs.
Very good info for foreigners thinking of buying property there!
Thank you. I am glad you enjoyed it.
Good, useful information (as always!) to help in making the moving decisions!
THANKS!
Roy, thanks for watching. I appreciate you tuning in and being a supporting member. You make this possible!
Awesome video, my friend
Life is good but no desire to buy a home, anywhere lol.
Take care, Monte
Cheers J&D
Thanks for the comment. I’m trying to get more in that direction but it’s hard to give up old ways even when the numbers tell you differently.
@MexitPlans I hear ya sir
Thank you for sharing your knowledge. Good comparison in renting vs buying.
You are welcome
I’m torn too. still renting
It's a tough decision! What would you say is your biggest obstacle to wanting to buy! Are you afraid of significant price increases in the rental market once the Maya train is built?
Great point you made Monte. Thanks 🙏 love your videos
Thank your Carlo. I appreciate you watching more than you know.
Very good, thanks for the Information! Best Channel for Merida!
Aw. Thanks
Monte excellent information on buying vs. renting as well as making your money work for you earning interest while you rent. I'm planning on selling my home and wanted to know would you suggest placing money from sale of home with US investment company earning good interest while renting or any other options? I agree I think it's pointless when just moving to Merida to immediately purchase a home when the market is unpredictable there, and no comparative analysis like in US and unpredictable US economy. I agree it's important to spend time getting to know the area first and determine what is a fit for you and your family.
Absolutely recommend that you invest the money and really know the market here before buying.
Great Video thanks we debating this now for our family
Let me know where you guys land on this discussion.
Thank you for sharing. I fear of missing out is point on. I will not buy a house on a whim. I need to hire you as my attorney and everything else. 😀
awww. Thanks. I am not an attorney but I seen them on TV. JAJA
Great information. Thank you!
Thanks for watching.
Very informative video ❤
Glad you think so!
Let me tell you a secret
If you compare the neighborhoods where foreigners buy (centro, México, altabrisa, Temozón, almost all North) vs the south and west part of the cities, the proportions of price increases are insane and out of control
In the north part there are houses that cost even 2+ million dollars
Thats insane,.because land here Is unlimited
Take a look at Google maps and very little land of the península Is occupied
Maybe 2-3% at the most
An elite that control the real estate market with the land and constructions is making the Profit of their lifes because of so many foreigners coming with too much cash
So, unless a foreigner come here with a networth of at least 1+ million dollars, i would not advice them to Buy in the expensive parts of the city
The Best thing they could do Is Buy a 50-100k usd house and invest the rest
Unless you live in a closed community like the country club, and have the time to use all the ammenities, there Is no point to invest in an expensive house in a "better neighborhood"
The main reason its this
You always need a car, no matter where you live
Even if you live 5 blocks away from a mall, you cant walk such 5 blocks without being dripping in sweat between April and september
So if you ready need a car, and the traffic Is not anywhere close like mayor US cities, It doesnt matter where you live then
The same type of house, with the same land,.and the same square meters could cost 10 times more (2 story homes, 2000 square feet could cost as little as 75k and could cost as much as 1 million dollars for the same type of house)
Lastly, almost every part of the city Is completely safe, so there Is not a direct benefit from buying a house in a location vs a cheaper location
Good advice
Wow, this is excellent advice you can only get from a local. Thank you.
@@carlo6912 You are welcome my friend
The exact conclusion I have come too.
We walk 5 blocks to Altabrisa for excerize. I agree with your statements. Stay away from gringolandia is our motto.
Very good points there. Thanks for this video.
Everything so volatile right now though..,hence the temptation to invest in real estate.
Do you have other investment suggestions? Safe stuff if that still exists…
No you would not want to take investment advice from me. Jaja 😝
@@Mexitplans hahaha, but I will take your word on that then 😅
Thanks for doing the math! Great eye opener!!!!
You are very welcome. I’ve kicked those numbers around a few times.
Great advice. Thank you 😊
My pleasure.
Great video 👍
Glad you enjoyed it
I live in Baltimore Md and I'm from Yucatan.
Don't buy a house in Mexico. Rent.
If you buy a 250k house cash in Baltimore, you can rent it for about $2,500/month.
You can rent a house with the same characteristics in Mexico for 7-900 dollars. You will still have some money left for food and entertainment and living a comfortable life.
You get me.
@@Mexitplans i was trying to buy some property in Merida but I run the numbers and it did make sense. My sister rents a house for $350usd. The value of the house is about 100k. I can buy a 100k house in Baltimore and rent it for $800 easily. That's why I don't own a house in Mexico but I'm fixing one in Baltimore
@@disel4lifeI am certain that the 100k house in Baltimore is in a not so great neighborhood.
@@Aijemcire99 the amount of money you get in rent is the point.
I'd love to know where you're getting "a measly 4% interest". It's hard enough to get 1% these days!
Accordingly to financial advisers, The S&P 500 index has returned an avg of 10.5% since 1957. I don’t give financial advise but I can help you with moving to Mexico.
@@Mexitplans What is it with UA-camrs who've been in the country less than a year and market themselves as relocation experts?
@@stevenandlisettebroomfield6645i can’t answer that you would have to ask them. I’m going on year 3 in Mexico. I know that completing such a huge project is very rewarding. I can only speak for myself.
My approach was to document the journey from start to finish. Also having coached dozens of others through this journey and moderating groups, I’ve gained 100’s of hours of research as to what folks need to know to be successful.
My God given gift is to solve complex issues and help explain problems and solutions easily. That what has served me well in life and especially business.
Thanks for being an active subscriber of the Channel! I really appreciate you.
Cheers 🥂
Do you know anything about houses that are "en remate"? Apparently these are houses that have been taken back by the bank, and are listed for less than they're technically worth. I've noticed a few while searching. Do you know if there's some kind of catch to purchasing a home that's listed as "en remate"?
@@AI4thePeople Risky because there's probably still money owing that you'd then become responsible for if you were to buy it? Risky how?
Yes it’s risky. I looked into a few years ago. The properties are as is and you can’t go in to see them so you have no idea what you are getting.
@@Mexitplans That's a shame. Some of those homes are very nice. There are 2 I've had my eye on for a few months now, one in Oaxaca and one in Mérida, and I've been wondering why they're still available. The one in Mérida looks beautiful, inside and out. Bummer!
Anyway, thanks.
I'm binge watching your channel at the moment. It's just excellent. So many tips I've had to start keeping a notebook! 😊
awesome. Thanks for watching. there is a course that has much more information in sections. Https://mexitplans.thinkific.com/courses/moving-to-mexico
I LOST $5,000 DOLLARS IN A PRE-DEVELOMENT PROJECT IN HIALEAH FLORIDA. I WOULD NEVER BID ON A PROJECT THAT IS ONLY ON PAPER.
Exactly.
BAD IDEA here in BRASIL too, good way to loose your ars
i doubt my question will be answered but what do you mean don't buy or rent before i live in Merida, then where am i going to live before i rent or buy?
Definitely rent but don’t buy before you understand how the market there works.
Great Info. thx
Glad it was helpful!
Legally each year the rent can go up 10% so in 10 years is 100% more expensive. But you need to consider inflation, 2021 Mexican Inflation was 7,36%, and this year doesn't looks better. And the only thing that doesn't loose value in front of inflation in Mexico is real state (don't take my word, do your research) lets take an example if in 2002 you invested in 5 000 000 the value of that amount in 2021 is 11 651 123 and this is only the inflation side, you need to add buying power, etc, etc, etc. renting makes sense for the first 3 years then you are loosing money.
Wow. That’s a big the increase. I guess so but having been a landlord for most of my life, I know the value of a good tenant, that pays on time or early, that improves the property, and adds value to the home. My landlord does as well and just decreased the amount of rent I have to pay this month for the remainder of my contract which is for several years. Hopefully the money invested would have made significantly more than the rent in that time.
@@Mexitplans you are right but still i think you should buy. as a recommendation, maybe something more budget friendly and easier to sell but really if you want we can make all the math and you will see that after 3 years you are loosing money (maybe you are winning freedom sooo)
@@mexicoanalogo8405 Everyones $situation is different. If 🇲🇽 inflation is 10% per year & my rent increases 10% per year plus other costs & my investments & income (usd) increase 10% per year then I don't lose purchasing power in 🇲🇽pesos. I have Never heard of someone's rent going up 10% EVERY year for 10 years straight in merida & there are sooo many rentals all over merida that Moving to a more affordable rental is always an option. I'm sure landlords are aware of the competition.
Hey, Im looking for a good Realtor to assist in finding some properties can you help?
I have partners that have agreed to work with those who take the course because the students will understand the differences in real estate market in Mexico and be better prepared. Https://Mexitplans.thinkific.com
I’d be happy to help you find a home. I am a Nationally certified real estate agent in the Yucatán peninsula.
@@TravelInvestRetire who are you certified by?
Thank you for asking @@Mexitplans I am certified by COPIM (Consejo de Profesionales Inmobiliarios de Mexico A.C. ) and INAPIM ( Instituto National De Assesores Profesionales Inmobiliarios de Mexico A.C.)
Problem in Mexico is there is no real estate law. Anyone can be a real estate agent without proper credentials.
I didn't know y'all moved to Mexico Monte
Yep. Loving it.
Have you heard of the RV Ratio in real estate? Renting makes more sense from a purely financial perspective
I have and it does in a lot of scenarios.
Personally I've run the numbers & it doesn't makes sense for me to buy. Renting is my best bet at least for now.
I with you.
Do you ever worry about wanting to move back to the US and being priced out of the market because you sold your Atlanta home (and no longer have that equity building continuously)?
Not at all. I hope to never live in the US again.
@@Mexitplans That part! lol
ALL AMERICANS INSIST THAT THERE IS A NEED TO RENT BEFORE I BUY, I AGREE BECAUSE I OWN A HOME IN FLORIDA AND SOMETIMES I WISH I COULD RUN AWAY FROM THIS PART OF TOWN.
Now imagine a cantina next to your house in Mexico. The homes side by side can be very different here.
@@Mexitplans and mariachis playing a sad song //jaja
@@teresabaeza3754 jaja
Renting a house for $1250 where since most houses are under $900 to rent?
Most houses where? I live in the northern most affluent areas of the city. I ensure you that houses rent for much more than I pay.
How can I contact you and meet you in Merida?
What's up Alexander? I'm easy to find here. When will you be here? You can reach me through my website. Mexitplans.com
I already bought a house before see this video 🤪
Well darn. I’m too late. Jaja 😝 hopefully it all worked out
Also, research the water situation wherever you're going to invest. Cancer rates in the area matter as well. I had some red flags about the Merida area, although it's quite beautiful. Great video, sir.
Thanks. Someone else mentioned that water here as well on FB. I’m definitely looking I to that.
So get it filtered!!!!!
@@leesalway9267 even with filters... the bladders of pressure tanks are eaten away. It is what it is, buyer beware.
the most common cancer in Yucatan is skin cancer (sort of obvious if you have been here) the second is breast cancer (also obvious if you see how much cheese this people eat everyday and several times a day) Water is totally safe is calcium
@@mexicoanalogo8405 interesting but that definitely make me since
I most likely will rent and make the rest money work for me.
Good idea
History of “Ciudad Blanca “
read into it and it still exists.
I’m aware of it.
@@Mexitplans Early colonial cities reserved the downtown area of their new cities to the ruling, white Spanish class. Outside this area, there were the peripheral "indian neighborhoods" "indian churches" "indian markets" ans so on. In time, the city's core became known as the "white city" by both mayas and the spanish and that name persisted.
Of course some found this denomination shameful and tried to sugarcoat it by saying that the city was all painted white (a lie) or that the citie's buldings were made of white stone, wich is a lie too.
Sadly that is the truth. Racism runs deep then and now.
The history of colonization isn’t pretty. I’m definitely aware of the history of the city and the classism that still exists. Thanks for contributing to the channel.
Merida , Yucatan 🇲🇽 is NOT cheap lol 💰
Not at all and it’s so popular things are going up.
Thank God is not like usa
I agree with that.
I hope 1 of the 5 things is to learn Spanish.
It certainly would help!
After losing $400k in the Atlanta real estate market in 2008, I vowed to never own property again. Been traveling the world since, unencumbered and untied to the hassle and fear. There are 10000 wonderful places and ways to live in this world and owning property anchors you ONE. Merida and Progreso are great for those who can stand the heat, but definitely not for everyone.
Good information and true advice.