Encantame Towers Owners

Are you an Encantame Towers owner?

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RP Life

Well Known Member
All the smart money on wall street have bet against the economy (sell off coming), while all the dumb money think they are winning because they are making money with all these rallies in the stock and bonds market. This will be short lived because it's the US government that's propping up the market and they can only do it for so long. I will just stay on the sidelines and watch for when the market crashes then you can buy some cheap properties.
 

Idyllwild

Well Known Member
The US economy in general and the government stimulus in particular is largely rigged to continue transfer of wealth to those who are already pretty well off. Multimillionaires are not suffering in the current economy, people who rent and live paycheck to paycheck are getting killed. Equities will remain volatile until months after widespread availability of vaccines, but the clear lesson of history is that a 60/40 portfolio held steadily through good times and bad is a winning hand. The stimulus packages and fed policy have pretty much cratered yields on many investment grade bonds, but bonds purchased a few years ago are still good to hold.

Real estate purchases in Mexico should never be viewed as an investment. If you have a great time and get 90% of your money back when you cash out you should feel good.
 

mondone

Whitecaps
The US economy in general and the government stimulus in particular is largely rigged to continue transfer of wealth to those who are already pretty well off. Multimillionaires are not suffering in the current economy, people who rent and live paycheck to paycheck are getting killed. Equities will remain volatile until months after widespread availability of vaccines, but the clear lesson of history is that a 60/40 portfolio held steadily through good times and bad is a winning hand. The stimulus packages and fed policy have pretty much cratered yields on many investment grade bonds, but bonds purchased a few years ago are still good to hold.

Real estate purchases in Mexico should never be viewed as an investment. If you have a great time and get 90% of your money back when you cash out you should feel good.
90% is overly optimistic.
 

playavader

Junior Member
I like how nobody has mentioned that the US economy just shrank by ONE THIRD in the second quarter.... the trickle down effect will start to happen soon. Unemployment benefits not extended yet. This is the first week that people won't be able to meet their financial obligations... the shit show is just starting. Let's wait and see how many people get evicted, start defaulting on mortgages, auto loans/credit cards and then we'll reconvene in October and discuss how fucked the economy is. Lot of people were being propped up. Now there's no help. Just read an article about the state of JUMBO mortgages and how lending is on track with 2008. WellsFargo has the most jumbo loans in their portfolio and as soon as rich people aren't able to make those insanely high payments.... well, as they say, the rest is history. Once the rich people start defaulting reality will set in. I'm just now seeing rent and real estate prices go down on Zillow...

Anyone that "buys" a place in Mexico that hasn't been built yet by putting down 100k is either stupid or ignorant. Especially after what happened in 08. What I want to know, if these companies in Mexico are so great why are they not finding the money through investors to start the project? Having the "owners" fund the project seems backwards. You would only have a system like this to take advantage of people. Isn't there federal law in the US about having a percentage of the capital before the project starts?
I am actually waiting for the market to crash in Tucson and Penasco so I can get into the game. My spouse and I want a home in the "Pueblo" part of Penasco where the locals live so we can retire there in another 15-20 years. In Tucson we are waiting for it to crash so we stop renting. I have noticed on movoto that housing prices in Tucson for the houses built in the 70's-90's remodeled everything inside/outside are finally coming down a bit instead of going for 200,000+. On the flip side the new construction out in far east &far west Tucson are super expensive 250,000+.

Since I have been working for the state for almost a decade the worst case scenario I could see is furloughs next year if things continue going bad in the economy.
 

Mexico Joe

Cholla Bay 4 Life
I am actually waiting for the market to crash in Tucson and Penasco so I can get into the game. My spouse and I want a home in the "Pueblo" part of Penasco where the locals live so we can retire there in another 15-20 years. In Tucson we are waiting for it to crash so we stop renting. I have noticed on movoto that housing prices in Tucson for the houses built in the 70's-90's remodeled everything inside/outside are finally coming down a bit instead of going for 200,000+. On the flip side the new construction out in far east &far west Tucson are super expensive 250,000+.

Since I have been working for the state for almost a decade the worst case scenario I could see is furloughs next year if things continue going bad in the economy.
Two 36 year olds here... We're almost priced out of the entire Phoenix area unless we want to live in Maryvale for $270k, arguably one of the worst areas in metro Phx. We're also waiting... Thank god we had DT as president to fuck this up for everyone. A gift for us. The correction had to come eventually... What's more real, the stock market or real estate prices?!
 

Idyllwild

Well Known Member
Wells Fargo is quoting 2.875% on a 30 year fixed. Six months from now this is more likely to be higher than lower.

I’m not a real estate professional but I‘ve bought and sold a lot of houses. I’m not aware of much sentiment that Arizona markets are in a bubble. While it’s nice to catch the market at a low point it’s probably more likely to creep higher a few percent a year. A markedly lower mortgage rate is the equivalent of a lower purchase price in terms of monthly expenses. Waiting brings the risk of both higher purchase prices and higher mortgage rates. And while you wait you rent and get no tax deduction.
 

JonC

Junior Member
Far from a bubble in phoenix metro from what I see Made 3 offers on 3 separate homes in the past 30days for my client in price range of $450-550k all of them have been beat out by CASH offers at full asking price. Unlike the last bust this one probably wont effect real estate as much since people are the owners rather than lenders owning homes from people who think they own paying a mortgage that they put nothing down to get. I am not in Tucson but I doubt anything is going down anywhere in Arizona yet. You can still buy a nice house under 300k in east valley but you probably wont be proud that you own it. Land with a decent 3bed 2bath trailer in mesa are popping 150k easy. The new norm. People who cant afford will end up moving out state to some place like Nebraska Oklahoma Arkansas or even Kentucky where you can buy a nice house under $150k cheaper than most of Mexico. The employment in AZ is solid and people keep moving unlike other places mass exodus from places like California an Midwest migrating to Az. Rates are smoking thanks to the fed trying to make sure things dont go sideways again.
 

JonC

Junior Member
The US economy in general and the government stimulus in particular is largely rigged to continue transfer of wealth to those who are already pretty well off. Multimillionaires are not suffering in the current economy, people who rent and live paycheck to paycheck are getting killed. Equities will remain volatile until months after widespread availability of vaccines, but the clear lesson of history is that a 60/40 portfolio held steadily through good times and bad is a winning hand. The stimulus packages and fed policy have pretty much cratered yields on many investment grade bonds, but bonds purchased a few years ago are still good to hold.

Real estate purchases in Mexico should never be viewed as an investment. If you have a great time and get 90% of your money back when you cash out you should feel good.
You should look into history and mexico. Your comment about real estate and Mexico has no logic behind it. Tell that to Carlos Slim and family. His father created a billionaire from real estate. One of the richest men/family in the world from MEXICAN REAL ESTATE.

"The family was part of a small but commercially prosperous community of Lebanese Christians who poured into Mexico in the late 1800s and early 1900s. 3

In a community devoted to commerce, Julian Slim was a natural, opening a dry goods store in 1911, which grew to offer more than $100,000 worth of merchandise just 10 years later. With proceeds from the store, he would go on to buy prime real estate in Mexico City for a pittance during the 1910-1917 Mexican Revolution"
 

rplarry

Well Known Member
Wells Fargo is quoting 2.875% on a 30 year fixed. Six months from now this is more likely to be higher than lower.

I’m not a real estate professional but I‘ve bought and sold a lot of houses. I’m not aware of much sentiment that Arizona markets are in a bubble. While it’s nice to catch the market at a low point it’s probably more likely to creep higher a few percent a year. A markedly lower mortgage rate is the equivalent of a lower purchase price in terms of monthly expenses. Waiting brings the risk of both higher purchase prices and higher mortgage rates. And while you wait you rent and get no tax deduction.
.
 

Buffalo Marty

Well Known Member
You should look into history and mexico. Your comment about real estate and Mexico has no logic behind it. Tell that to Carlos Slim and family. His father created a billionaire from real estate. One of the richest men/family in the world from MEXICAN REAL ESTATE.

"The family was part of a small but commercially prosperous community of Lebanese Christians who poured into Mexico in the late 1800s and early 1900s. 3

In a community devoted to commerce, Julian Slim was a natural, opening a dry goods store in 1911, which grew to offer more than $100,000 worth of merchandise just 10 years later. With proceeds from the store, he would go on to buy prime real estate in Mexico City for a pittance during the 1910-1917 Mexican Revolution"
Most people on this forum wouldn't dispute that its *possible* to get rich in Mexican real estate. Of course if you are willing to take a risk it is possible to get an incredible deal- I'm sure many people on this forum are nicely "in the black" on the condos or homes they've purchased.
The bigger issue people worry about is the huge downside risk due to a combination of corruption, insecure financing mechanisms, and lax enforcement of property rights. If you can tolerate these risks and get a little lucky, you can definitely reap a big reward. But everyone should be made aware of the very real pitfalls of any real estate transaction in Mexico...
 

Buffalo Marty

Well Known Member
Far from a bubble in phoenix metro from what I see Made 3 offers on 3 separate homes in the past 30days for my client in price range of $450-550k all of them have been beat out by CASH offers at full asking price.
Interesting you mention that, I just heard almost the *exact* same story from a friend whose son is trying to buy his first house in the Phoenix area. He is looking is the $350-450k range and said that *everything* that gets listed is swallowed up almost immediately. I was surprised as I thought we would likely be in a buyers market, but it appears the opposite is true, at least for now...
 

Roberto

Well Known Member

"""The bigger issue people worry about is the huge downside risk due to a combination of corruption, insecure financing mechanisms, and lax enforcement of property rights. If you can tolerate these risks and get a little lucky, you can definitely reap a big reward. But everyone should be made aware of the very real pitfalls of any real estate transaction in Mexico.."""""".



Yes very interesting. Friends have spent hours speculating about what would occur with values.

The biggest risk in investing in real estate here is fraud and the absence of an active, effective civil court. If you are personally careful with the fraud bit you will be safe on the other. Remember the golden rule of real estate purchasing in Mexico. the cash is the buyer's hand, the title or Fideicomiso is in in sellers hand with his or her legal name on it and the completed Bank trust or titlo transfer application is in the Notorio's hand. 1 ...2 ...3..switch !!! Sidebar, the notorio insures fees are paid but does not handle the money. Do that yourself not NOT an abogado, agent, assistant unless perhaps you yourself accompanies the 4th party (Basically a interpreter) NO 4th party touches. It is the law now. In the past this was the step that most fraud was committed. "I'll get you a check next week". No matter how nice, no matter how helpful they do not touch the money. Although I admit I have done it as a seller with people I knew VERY well. , a private contract is a HUGE risk. As a buyer bring your own grease .
 

playavader

Junior Member
Wells Fargo is quoting 2.875% on a 30 year fixed. Six months from now this is more likely to be higher than lower.

I’m not a real estate professional but I‘ve bought and sold a lot of houses. I’m not aware of much sentiment that Arizona markets are in a bubble. While it’s nice to catch the market at a low point it’s probably more likely to creep higher a few percent a year. A markedly lower mortgage rate is the equivalent of a lower purchase price in terms of monthly expenses. Waiting brings the risk of both higher purchase prices and higher mortgage rates. And while you wait you rent and get no tax deduction.
When I tried to get into a home in early 2019 in Tucson I kept getting offered the 6% rate for everything I was interested in. I think it had to do with my debt to income ratio at the time and being the only income of the household. Now the prices are just too out of control for me to qualify on one income.
 

Mexico Joe

Cholla Bay 4 Life
When I tried to get into a home in early 2019 in Tucson I kept getting offered the 6% rate for everything I was interested in. I think it had to do with my debt to income ratio at the time and being the only income of the household. Now the prices are just too out of control for me to qualify on one income.
I sold mortgages for JP Morgan Chase for a short time a year ago. DTI doesn't have anything to do with the interest rate you're given. Credit score does. Also, credit score can limit what type of mortgage is written. At Chase you need at least a 640 for FHA but the interest rates aren't as good as a conventional. You need 680 minimum credit score for a conventional loan. We run credit report and take the median credit score of the 3. That puts you in a credit box so like top tier would be above 720 next tier would be 680-720 and so on. DTI can NOT exceed 50% ever. LTV ratio can't exceed 80%. Before 08 they were lending 100% of the equity!!! The only people that qualify for 100% lending now are active military.
 

Mexico Joe

Cholla Bay 4 Life
Far from a bubble in phoenix metro from what I see Made 3 offers on 3 separate homes in the past 30days for my client in price range of $450-550k all of them have been beat out by CASH offers at full asking price. Unlike the last bust this one probably wont effect real estate as much since people are the owners rather than lenders owning homes from people who think they own paying a mortgage that they put nothing down to get. I am not in Tucson but I doubt anything is going down anywhere in Arizona yet. You can still buy a nice house under 300k in east valley but you probably wont be proud that you own it. Land with a decent 3bed 2bath trailer in mesa are popping 150k easy. The new norm. People who cant afford will end up moving out state to some place like Nebraska Oklahoma Arkansas or even Kentucky where you can buy a nice house under $150k cheaper than most of Mexico. The employment in AZ is solid and people keep moving unlike other places mass exodus from places like California an Midwest migrating to Az. Rates are smoking thanks to the fed trying to make sure things dont go sideways again.
I take it you're a realtor. This is like taking covid advice from Trump. Of course this is your opinion. Because you make 7% doing nothing. Do you know how many nobodies work as realtors? I mean these are people that mostly were IG (MODELS) you know, the pretty type too lazy to work a conventional job. Pretty face and tits sell. Real low IQ people too. They were never going to be anything else in life but this sham business called real estate came calling and they've made a KILLING! You know all the cash buyers you speak about? Those are called middle men in any other type of business. Also known as speculators. A lot of these assholes come in from out of state to make money. Artificially driving up the cost of living with inflated numbers. There is demand. But what does that mean?! There's demand for toilets too. People can't live in cardboard boxes so people are forcing themselves to buy more than they can afford. The scare tactic of, buy now before the prices keep going higher is what drives the prices higher. There is a lot of nuance in life and to just provide a black and white answer is not accurate.
 

playavader

Junior Member
I sold mortgages for JP Morgan Chase for a short time a year ago. DTI doesn't have anything to do with the interest rate you're given. Credit score does. Also, credit score can limit what type of mortgage is written. At Chase you need at least a 640 for FHA but the interest rates aren't as good as a conventional. You need 680 minimum credit score for a conventional loan. We run credit report and take the median credit score of the 3. That puts you in a credit box so like top tier would be above 720 next tier would be 680-720 and so on. DTI can NOT exceed 50% ever. LTV ratio can't exceed 80%. Before 08 they were lending 100% of the equity!!! The only people that qualify for 100% lending now are active military.
The loan at the time was for one of the down payment programs and at the time my DTI ratio was terrible (a little over 50%) but the mortgage would have been the same as the rent I am paying right now LOL go figure. The credit score at the time was really close to 700. All in all it was a terrible loan officer for Summit here in Tucson.
 

JonC

Junior Member
I sold mortgages for JP Morgan Chase for a short time a year ago. DTI doesn't have anything to do with the interest rate you're given. Credit score does. Also, credit score can limit what type of mortgage is written. At Chase you need at least a 640 for FHA but the interest rates aren't as good as a conventional. You need 680 minimum credit score for a conventional loan. We run credit report and take the median credit score of the 3. That puts you in a credit box so like top tier would be above 720 next tier would be 680-720 and so on. DTI can NOT exceed 50% ever. LTV ratio can't exceed 80%. Before 08 they were lending 100% of the equity!!! The only people that qualify for 100% lending now are active military.
DPA loans still still exist that is 100% financing nothing down. VA loan 100% plus VA funding fee. So 100% still around. And FHA 3.5%
DTI can effect your score and sometime will cause a higher rate or increase cost when you take a hit going over certain DTI thats outside guidelines chase b2m bank and they dont offer all the loan products so might not have been aware of other lenders guidelines.
 

JonC

Junior Member
I take it you're a realtor. This is like taking covid advice from Trump. Of course this is your opinion. Because you make 7% doing nothing. Do you know how many nobodies work as realtors? I mean these are people that mostly were IG (MODELS) you know, the pretty type too lazy to work a conventional job. Pretty face and tits sell. Real low IQ people too. They were never going to be anything else in life but this sham business called real estate came calling and they've made a KILLING! You know all the cash buyers you speak about? Those are called middle men in any other type of business. Also known as speculators. A lot of these assholes come in from out of state to make money. Artificially driving up the cost of living with inflated numbers. There is demand. But what does that mean?! There's demand for toilets too. People can't live in cardboard boxes so people are forcing themselves to buy more than they can afford. The scare tactic of, buy now before the prices keep going higher is what drives the prices higher. There is a lot of nuance in life and to just provide a black and white answer is not accurate.
It would be nice to make 7% doing nothing that is far from it and most realtors don't. No I dont dig trenches for a living and doesnt mean I dont know shit. My opinion is what I am seeing first hand. I am not giving advice just stating whats happening. The buyers coming from out of state are typically nicer than the local scottsdale douchebag $40k a year millionaires and are relocating to plant roots like Okies did in the early 1900's. I am not saying to buy buy buy I am saying its sellers market and people are paying cash its far from a bubble. Its actually great time to sell.problem is where you going to live. Arizona is on the map and its not some shit hole pueblo. Big companies are relocating to Az and the job growth is real and continuing. Just recently TSM announced they are planning to open a factory to shit on Intel spending $12B usd just one of the many who are continuing to move to AZ bringing real jobs with real pay. Sorry I feel sorry for all the engineers working at Intel getting treated like modern day slaves getting shit on a daily basis using there IQ. A job is a job weather your digging trenches flipping burgers your working I dont think you can judge a person by what they do or how much they make. Sometimes that is where the path takes you. Hey Joe you forgot to mention Supply there is plenty of demand for toilets but guess what you can find a shitload of them everywhere and people do live in cardboard boxes even in the US of A.
 
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