Mexican Real Estate
- Thread starter Beachbumz
- Start date
Beachbumz, I've never personally purchased property in Mexican, but nearly joined a company as CFO ... firm was developing property in Rocky Point.
As I recall (and you need to check me on this), if you're not a Mexican citizen, you can't technically own property on the coast. The company I chose not to join actually took deposits from customers, and did NOT escrow them ... used the deposits for operating expenses, and later went belly up.
This caution aside, there are some beautiful properties in Mexico, owned / used by American citizens all the time. What I got out of my intro was a feeling it would be nice to own one of those properties, but always assume it can disappear ... wouldn't want to depend upon equity in such a place. Also ... you have to be comfortable living in a place where you may be stopped on the road just outside of town by guys in civiliam garb, carrying true assault weapons, and claiming to be Mexican leo's.
Regards
As I recall (and you need to check me on this), if you're not a Mexican citizen, you can't technically own property on the coast. The company I chose not to join actually took deposits from customers, and did NOT escrow them ... used the deposits for operating expenses, and later went belly up.
This caution aside, there are some beautiful properties in Mexico, owned / used by American citizens all the time. What I got out of my intro was a feeling it would be nice to own one of those properties, but always assume it can disappear ... wouldn't want to depend upon equity in such a place. Also ... you have to be comfortable living in a place where you may be stopped on the road just outside of town by guys in civiliam garb, carrying true assault weapons, and claiming to be Mexican leo's.
Regards
Thanks Craig. It is true that foreigners can't directly own OF real estate in Mexico, but I'm TOLD that you can own it through a trust. This does make me a little nervous, but I'm going in January to check it out. I'm not sure where Rocky Point is, but these properties are south of Campeche in the Yucatan. Hopefully, there will not be any faux leo's with assault weapons there. Thanks for the story about the escrow, I will attempt to check deeper into that.
Craig,
Has this actually happened to you? I've been to Mexico many times and have many friends who regularly go to Mexico (allbeit not into the interior) and I don't know of anyone who has had this experience. You always hear about those scary 'My sister-in-laws brother's neighbor had that happen' urban legends.
What was the outcome?Curious,
Judy
Confess our limitations, keep an open mind, await the evidence-Carl Sagan
J
John Galt
Guest
While Judy is waiting for Craig......................
I have never been to Mexico nor Central America.
However, we researched the hell out of it before
deciding to continue residence within the USA. Living outside
this country just seemed too messy to me. Didn't
want to fuss with all the details. No regrets.
As far as "LEOs" in Mexico, I am all in favor of armed
civilians which is one reason I like Texas so much However, it's not so good if they present themselves
as representing the government in some way.
When I worked in Detroit, lots of people were "packin'"
but that was just a survival precaution
JG
I have never been to Mexico nor Central America.
However, we researched the hell out of it before
deciding to continue residence within the USA. Living outside
this country just seemed too messy to me. Didn't
want to fuss with all the details. No regrets.
As far as "LEOs" in Mexico, I am all in favor of armed
civilians which is one reason I like Texas so much
However, it's not so good if they present themselves as representing the government in some way.
When I worked in Detroit, lots of people were "packin'"
but that was just a survival precaution
JG
