We have been watching you videos for some time. In fact we purchased a home on Calle 47 80 y 82 located between Santiago and Santa Anna. We don’t air-bnb our home but us a management company recommended by our good friend, the come weekly and do light house cleaning, landscaping, and cleaning the pool. Comes to 650 mid per week. We have thought about air bnb but not sure how to get started. It is nice however to come home, in Mexico, and know no one has been there.
That's awesome, and what a great area you've found yourself in! There is a part of me that's excited for the day when we're in your situation because as much as the income can be beneficial - it is nice to know that it's your home and no one else's. Thank you so much for watching, it's very much appreciated!
Our architect/builder has a property management company that he started due to the demand created by people like me. Henry Ponce and his team take excellent care of it, and that's basically it. When it's rented they handle everything unless it's something that they're not sure of because I installed it (i.e., Wifi), but other than that it's a pretty hands-off process when we're not there.
Great videos! Do you have advice on who can guide me through paper work for property purchase? Also do you know options for foreigners to have loans other than Mexlaw? Finally, I am hearing sale housing market in merida is slow, what’s your opinion on it? Thank you
Whoever you use as an agent should help, but normally you'll close through a Notaria (ours was Notaria 11), and they'll guide you through all of the paperwork before and during the closing process. Unfortunately, I can't help with the loan process, because we saw the interest rates and just refinanced our properties in the States to pay for the property down there. I've actually heard the opposite about the market in Merida, at least over the last several years the market has been "hot" for lack of a better word. As the projects that have been in construction over the last several years continue to be completed, my assumption is that barring a catastrophe it will continue to do the same. That's not investment advice, just what I've noticed.
There is a normal management fee, and then a percentage of the actual rental. The fee isn't crazy, and well worth it. It's the monthly bills that can kind of sneak up on you, especially electricity. Our home has a ton of AC units, electric appliances, etc. To counter that we have a large solar setup, and tenants are told that electricity is covered to a certain point but they're responsibility to cover the overage. Basically, it's an incentive to not run the AC at 60f for the entirety of the trip. This is actually the norm in Yucatan, so that makes it easy.
