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Old 3 Weeks Ago   #1 (permalink)
lost on fifth
 
Join Date: Jan 2017
Posts: 14
Closing on a Small Property in Playa

Later this month, I’ll be closing on a small property (Bonanova) in the new community of Real Amalfi (https://vinte.com.mx/comunidades/quintana-roo/real-amalfi).

This forum is a great resource, and I was hoping that others could offer thoughts/advice on the following:

1) Fidiecomiso –
The developer (Vinte) recommended that I use Banco Interacciones to process the Fidiecomiso (I have US/UK nationality) and, more specifically, Lic. Azahel Dominguez as the agent. Has anyone worked with this company and/or agent?

In terms of cost, I would need to pay:

25,500 MXN pesos (roughly $1,339 USD) – this is the initial one-time payment to set up the land trust with the bank (tramites ante S.R.E. Y.R.N.I.E.)

$591.60 USD (paid in MXN at current exchange rate) – this is the payment that covers annual charges (deposito de honorarios).

These rates seems to be in line with standard market rates, but just wanted to check with everyone?

2) Rentability –
There has been an explosion of budget communities in the ‘suburbs’ of Playa. Real Ibiza, Real Ibiza Plus, Real Bilbao, Real Amalfi, Los Olivos, etc., the list goes on. As more people (Mexican nationals/expats) move to/invest in Playa, the demand for these houses (and other communities) continues to grow.

Back in Feb 2017, I purchased a Bonanova (2 BR, 3 BA) pre-sale house for 1,056,440 MXN pesos (roughly $55,600 USD). It is now selling for 1,125,000 MN pesos (roughly $59,198 USD), meaning that it has increased $3.5k (6.5%) in value in a matter of eight (8) months.

However, Vinte and other companies are literally building thousands of these simple, budget-style homes and I would imagine that there is a flood of them on the market. While Real Amalfi is Vinte’s best-designed community yet, I have my own reservations for how much the property can be rented. I’ve heard 14,000 MXN per month (furnished), but this honestly seems to be a bit high.

Does anyone have an idea for how much these style properties are being rented?

3) Used furniture and household items –
While Craigslist is the most commonly used resource in the US, it is not as common in Mexico. I know that there are many Facebook groups designed to buy/sell furniture and household goods locally in Playa, but these seem to be more hit or miss. I’ve already passed through Telebodega and a few of the other stores to gather an idea of prices. However, I was wondering if there is an online marketplace for used goods for expats? I imagine that it would yield a much higher quality of goods.

Thanks in advance for any guidance you can offer!

Best,
Tully
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Old 3 Weeks Ago   #2 (permalink)
lost on fifth
 
Join Date: Jan 2017
Posts: 14
4) Opening a bank account on a tourist visa

Are there any banks in Playa that allow for people to open up a bank account on a tourist visa? If so, what are the requirements? Thanks!
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Old 2 Weeks Ago   #3 (permalink)
into ruins
 
Join Date: Feb 2017
Location: Waterloo, ON/Playa Del Carmen, QR
Posts: 72
1.Our Fideicomiso is through someone else but our pricing is similar within a few bucks it's certainly not out of line.

2. It depends on who y want to rent to and what duration. If you think your going to pull in 1-2 week vacation rentals that wouldn't happen often. Vacation renters stop looking after the highway for rentals unless there are on a severe budget. Even the digital nomads who are on tight budgets rarely look there. If you want long term perhaps an expat with a car might consider it. But a local would certainly rent it. If you could get 14k for it is a completely different question.

The other thing you mentioned is the explosive growth in the region the other part is the market is becoming more and more saturated everyday with more and more units. Unless you have something that really sets your unit from the crowd (price, amenities, location, etc.) It might just get lost in the noise.

3. My wife and I are going through this right now as well. Here's the feedback we can give. There are a few Facebook groups but right now is the wrong time of year because few are leaving and many are arriving a real vacuum on goods. May is the time where there's a glut of stuff available as many are leaving and few arriving. TV's, Bikes, kitchen stuff. I almost flew my wife down in May to cash in on the deals. Also try andale.mx a much smaller Craigslist etc.

What we ended up doing for reference was a combo of Telebodega, Sam's Club, Inlab and we did find a couple people leaving so our kitchen stuff came on the cheap and same with TV's.

Our place was such a wreck (We bought the worst condo in Playacar) we needed to do full gut to the brick and start again. Only thing that's original is 2 ceiling fans and the AC units. 2 of them are nearly destroyed. Water heater and the shower taps. So we had to more severe get a new kitchen and closets etc.
Finally after what seems 2 months of never ending projects in the last couple of days there's light at the end of the tunnel. Whew!

4. Look on the Facebook groups every few weeks someone will post and say I got an account with X bank usually you need your passport and electric bill as proof of residency

Good luck.
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Old 2 Weeks Ago   #4 (permalink)
life=playa
 
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Join Date: May 2015
Location: Playa del Carmen
Posts: 678
Quote:
Originally Posted by sh5rb99 View Post


Does anyone have an idea for how much these style properties are being rented?

I have a friend who owns a place at La Joya which is a similar style to what you have. His place is 3 bedrooms, 110m2 (I think) and I think the unit he has is selling for about 1.6 million MXP currently. He gets 13,500 MXN per month unfurnished.
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Old 2 Weeks Ago   #5 (permalink)
beachaholic
 
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Join Date: Jul 2015
Location: Finger Lakes & Playa!
Posts: 376
We closed earlier this year (~$500/year for the annual bank trust fee is good), we had most of our furniture made, and we found Sam’s Club had many household items we liked including mattresses. A local Facebook market -
https://m.facebook.com/profile.php?i...content_filter

We’re opening an account with Intercam bank in a few months, I know they need to see utility bills in your name and a passport, you’d have to ask if a temp or permanent visa is required as I can’t remember. We will have a perm resident visa when we are there...
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Old 2 Weeks Ago   #6 (permalink)
very sparkly
 
Join Date: Aug 2016
Posts: 29
As I am sure you know a corporation needs to be set up to legally rent your property. Doing so would extremely limit the amount of time you could spend there. There are crackdowns on illegal rentals from time to time.
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Old 2 Weeks Ago   #7 (permalink)
beachaholic
 
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Join Date: Jul 2015
Location: Finger Lakes & Playa!
Posts: 376
Quote:
Originally Posted by casadiva View Post
As I am sure you know a corporation needs to be set up to legally rent your property. Doing so would extremely limit the amount of time you could spend there. There are crackdowns on illegal rentals from time to time.
Last I knew from my research with different lawyers a corp can be used (legally) only for non-residential property. Or is a corp allowed if you rent a certain % of the year? The accounting fees are also higher with a corp...

Last edited by crmoores; 2 Weeks Ago at 12:58 PM..
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