Buying and Renting Condo

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ChuckNoll

Guest
I apologize if this has been recently answered. I could not find it in a search.

We are in the process of purchasing a condo on Sandy Beach which we intend to use personally and rent out. Information is a little confusing regarding what we need in terms of visa, tax registration, etc. If anybody could shed some light on what we need to do from the time we close on the condo until we can actually start renting it out, it would be appreciated.

Also, if there are any recommendations, suggestions, warnings, etc regarding property managerment companies, please share.

Thank you
 
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Idyllwild

Guest
I built and own a house, not a condo. You should hire an attorney. We used Pablo Davia on Fremont. You will need to set up a bank trust to own the property for you. This function is done by a notario. Pablo is a notario. You will also need to get a temporary or permanent residency card. This process is tedious. I don’t know if Pablo handles immigration. If not he can tell you who to use. Typically getting cards starts with a visit to a Mexican consulate in the US. There is a long list of documents you will need, including an official form from your local police department and proof of financial stability, bank records, retirement account statements, and a lot more. Part of the residency process is time sensitive. Once you cross the border on the visa the consulate gives you you have six months to complete the process. Sometimes on resales you can assume ownership of the trust rather than create a new one. Again, don’t skip steps. There are a lot of Gringos in Puerto Peñasco who sort of own property and have created a huge mess for their heir.

You should focus first on correctly purchasing and owning the property and having legal residency in Mexico. Then figure out how you will rent it. Your future HOA may have a preferred or even mandatory management company.
 
E

ernesto

Guest
Do not forget to factor in the mandated management company's cut of the rent. cleaning fees, HOA dues and required deep cleaning and maintenance. It is a big expense.
 
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joanC

Guest
Congratulations on buying on Sandy Beach. I believe you will do well. We bought for 238,000 in 2008 and have done very well.

Pablo Davila is the best for what you are doing. He personally owns condos on Sandy Beach . If he does not reply promptly, email him until he does !
 
playaperro

playaperro

El Pirata
It’s not advisable to take out a line of credit thinking rentals will make payment, there’s always a new fee, especially with dry heat on the board of directors.
 
mondone

mondone

Whitecaps
Idyllwild said:
I built and own a house, not a condo. You should hire an attorney. We used Pablo Davia on Fremont. You will need to set up a bank trust to own the property for you. This function is done by a notario. Pablo is a notario. You will also need to get a temporary or permanent residency card. This process is tedious. I don’t know if Pablo handles immigration. If not he can tell you who to use. Typically getting cards starts with a visit to a Mexican consulate in the US. There is a long list of documents you will need, including an official form from your local police department and proof of financial stability, bank records, retirement account statements, and a lot more. Part of the residency process is time sensitive. Once you cross the border on the visa the consulate gives you you have six months to complete the process. Sometimes on resales you can assume ownership of the trust rather than create a new one. Again, don’t skip steps. There are a lot of Gringos in Puerto Peñasco who sort of own property and have created a huge mess for their heir.

You should focus first on correctly purchasing and owning the property and having legal residency in Mexico. Then figure out how you will rent it. Your future HOA may have a preferred or even mandatory management company.
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I hear the temp. or perm. residency is an totally online process now and not so tedious as when I went through the process a few years ago.
 
R

richwi

Guest
mondone said:
I hear the temp. or perm. residency is an totally online process now and not so tedious as when I went through the process a few years ago.
[/QUOTE
No, unfortunately you can’t do it on line. Also, the consulates in bob Phoenix and Tucson are not currently making appointments due to COVID.
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R

richwi

Guest
mondone said:
Not yet, but the process is coming soon. It certainly will be an easier task then in the past.
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I sure hope so. I have had 4 appointments cancelled so far. My next possible appointment at the consulate is the end of Feb but I'm not holding breath,
 
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