I am most probably buying in Cholla. However, I was told I would need to do a new trust? (I think that is what she said) Also, something about fixing it (can't remember the term she used) it would cost more to fix it. Anyway, I really appreciate all advice.
Playa Encanto, Dorado, la Jolla , and Miramar all have bank trusts . Be veryycareful in Cholla a lot of problem properties
Make sure the seller is paying the Capitol gains, it's like 35% of the gain, my neighbor in Cholla was surprised with a 40k cost to finalize their trust because the agent in the deal, had it structured so the sellers weren't responsible for their gains on the house. Per the sellers request. The buyers trusted the their real estate agent who was just as crooked as the sellers agent, that woman still sells property in RP, Sadly.
Julie,
+1 on that, also Rick has fresh experience on this.
I don't know what you mean by capital gains-is this something paid in Mexico to the government? How do you structure this to not have to pay this? Mind pming me the real estate agent name? (I am working with a female agent, and hope not the same one)
When you say "her" what do you mean-what job title? There is something wrong with the land the house is on, it used to be one person owning two houses, and now they are being sold separately, and so the house has to be " " fixed. (I cannot remember the word she used) She said it would cost about 1k more to fix this issue. The house I am probably buying is a fix up. Thanks for any help.
I am not sure I understand all your questions. The term "her" was referring to the person that helped me get the trusts for my property, you need to trust that person. If the two houses are in one Trust then they would have to be divided or split ( 1K sounds cheap). My understanding is that you now have to get a new Trust for properties in Cholla. Capital gains is the same as in the USA. It's the difference in what they paid and what they are selling it for. Make sure the seller is paying this. I hope I didn't confuse things more.
I sent you a PM. As per some of the suggestions. Renting is what I would do while you sort this out.
I am not looking to buy as a money maker. I am retiring, and looking to have a place to live. I am going to rent first, but really have my heart set on a low cost house to fix up, so we'll see. I originally was thinking about moving to Rosarito beach, but it seemed much more expensive than RP, and am trying to keep money in the bank, instead of spending it all. I have always wanted to live by the ocean, and can't afford California, or Hawaii, and the East coast is not my style, and is also expensive. I was thinking about Florida, but it seems like a bug infested, sweat hell.
I will be doing the FMM soon, as I am in the process of getting my passport sorted out.
What is the title of the person who got the trusts? The 1k was in addition to the normal fees.
One of the persons in the office is a real estate agent and the other is lawyer. It cost me $860 just to cancel the existing trust.
I was told by my real estate agent that the closing costs for a house, regardless of price you might pay 6-8k. I am expecting to pay that.
