Thanks for this informative video. Just a few questions, where exactly is this condo? I just came back from PDC looking for property options but I was not shown any lock off units! I like the idea. Are there lock off units under 200 US? I am looking for a 1bdrm for approx 150 US or 200 CAD that has good rental potential. Can you suggest some buildings?
Great info on the numbers but why not include the price of these apartments to buy or rent? also no mention of the monthly admin costs... Any info on that?
agreed, that is still roughly a $500k expense that needs to be accounted for wether there is a mortgage or rent for rental arbitrage. At ~$15k USD a year that is roughly ~33 years to recoup your initial investment. ...not much different than having a mortgage with far less cash to invest...
it should also be noted that with the additional income you would be getting a $450,000 condo in Playa for 70% discount, more if you rented both sides...
Love the flexibility of 2 bedroom lock offs. This one is a prime location with lots of amenities. What's the lowest these can go for elsewhere in Playa or Riviera Maya?
Hi Luigi or Monyka, great and inspiring video! One question though, you didn’t touch on your monthly rent, which I assume include the HOA fees... we know the net profit, but what is the monthly rent? Thank you!
Hello, how are you? Thank you so much for your kind words. 😀 We didn’t mention the rent amount simply because they’re different rates, depending on the season you sign your lease. In this specific case, the rent is lower than the market standard, a good deal so to speak. The rent is $1650 including the HOA fees. I hope that answers your questions. Have a wonderful week.
lock-offs are fine, just don't market them at separate full apartments because they are not. and a lot of these "lock-offs" are poorly done in places like Playa where you can hear and see through the separations between the two units. Do it well and it works. do it poorly and it suck as a renter.
Hello, how are you? Thank you so much for your comment, we appreciate your interaction with us 😀. The list price for the (unfurnished) Lock Off unit in the video is $433,878 USD and the HOA fee is $301.30 USD/month. I hope that answers your questions.
great tour and very interested in investment oppportunities in your area even though I have never visited yet. will keep in touch via you tube til then
What about income and expense for an owner who just wants to spend three winter months there and rent both units the rest of the year? In this example say average 50% annual occupancy, a non resident owner is looking at higher tax...and what about monthly condo fees and insurance? In this scenario, wondering how well it would cash flow.
Generally the winter months are where most people expect to earn the most money. You are welcome to email us to discuss a specific scenario, and we can go over all the numbers and projections with you. Info@ParadiseHomes.Mx.
We left a tiny bottle of wine in our Playa hotel when we left... because our Valladolid hotel gave it to us and we never came across a corkscrew in our travels! I wasn't going to buy one for more than the wine cost.
The only reason for paying "25%" for a property manager is if your property manager is actually "bringing and providing " your clients, Full Time. Otherwise, yiu are definitely getting ripped off.
Hello, thank you for your comment. A good vacation rental manager / short-term rental property manager will help with many aspects of the process, including: -posting on all the major vacation rental booking platforms -SEO and listing optimization on the platforms -price optimization for all dates including special events -acquiring clients through their own marketing channels (ie. own direct booking website) -knowledge of the local market to make recommendations for guests (which generates more positive reviews, and more revenue) -quality service and guest experience In conclusion, a good property manager is an asset that will increase your revenues, not a cost!
@@ParadiseHomesMXexcellent perspective… additionally, consider how a property manager ‘s “costs” compare with the opportunity cost of your time; & how their specialization adds value to your investment (like marketing)
The problem with adjoining units like this is that the separating doors aren't well insulated causing guests to hear one another living, phone convos, etc. And yes, I do love Ipana.
With this particular layout, there is a common foyer area/laundry room separating the lock-off unit from the rest of the apartment (which has its own private locked front door leading to the foyer/laundry area.) So there are 2 closed doors and a foyer separating the lock-off from the main unit. As a result, the only time you can really hear the guests is when they (or you) are in the shared foyer /laundry room. This may be an issue for some people, but many people find it worthwhile to have their day-to-day living expenses paid for by renting out the locked-off unit.
@@ParadiseHomesMX Polite suggestion: For people who mention they are sensitive to sound, there are *many ways* you can mitigate the loud sounds bouncing off the walls and hard flooring, and traveling from one unit to another, simply by adding cotton textiles to absorb some of the sounds. It doesn't have to be a rug on the floor, it can be gorgeous textiles placed on the walls like art. Restaurants in NYC use this technique to tamp down conversations while still keeping their cement floors free of trip hazards (for both staff and patrons) and to avoid the costly expense of having them regularly cleaned (because many spills happen in restaurants). Hotels often do the same thing in their extremely high-traffic lobbies (but hallways and rooms often have wall to wall carpet to stop sound transfer because so many different people come and go at different hours of the day/night). Cotton acoustic panels on the ceiling do an excellent job of absorbing sound, as well, and you don't even notice them. You can make them yourself for around USD10 or you can buy them for USD100. With all the gorgeous colorful Mexican textiles, this should be a very easy economical fix, and buying them from locals helps support the local economy (rather than funding Jeff Bezos' next "space" flight lol).
she nets 13 400 per year, but you missing the most important number that goes right to your title, what is the rent in that place, presumably the rent will include the HOA fees.
Hello, how are you? Thank you so much for your interaction 😀. We didn’t mention the rent amount simply because they’re different rates, depending on the season you sign your lease. In this specific case, the rent is lower than the market standard, a good deal so to speak. The rent is $1650 including the HOA fees. If you were to start during high season the rent would be about $1800/month. I hope that answers your questions. Have a wonderful weekend.
Hello, how are you? Thank you so much for your comment, we appreciate your interaction with us 😀. The list price for the (unfurnished) Lock Off unit in the video is $433,878 USD and the HOA fee is $301.30 USD/month. I hope that answers your questions. The location is Playa del Carmen Centro, 38th street.
Thank you for the question and comment. The rental rate will somewhat depend on the season you sign your lease. In this specific case, the rent is lower than the market standard, a good deal so to speak. The rent is $1650 including the HOA fees. I hope that answers your question. Have a wonderful week.
Hello, how are you? Thank you so much for your comment, we appreciate your interaction with us 😀. The list price for the (unfurnished) Lock Off unit in the video is $433,878 USD and the HOA fee is $301.30 USD/month. I hope that answers your questions.
