Exploring Real Estate in Mexico with Airbnb Experiences
I love casting vision and creating a limitless global girl life around the world. I have loved to imagine and create since I was a little girl. Since 2015, I increased my focus on vision and action every year.
Owning, investing, and/or building homes and retreat centers in Atlanta, Florida, California, and Central America has been on my 100 Things to Do Before You Die list regularly.
Prior to my travels to Playa Del Carmen in 2023, I knew I wanted to travel to Merida, Mexico. While exploring Airbnb Experiences in Merida, I discovered an Airbnb experience for Real Estate Course in Mexico with Neil! I knew I had literally co-created and called in this experience. I have used Airbnb and Airbnb Experiences globally and have never seen a real estate course listed.
I reached out immediately with a clear intention to explore potential homes for me and/or retreat centers, and being open to possibilities with content creation, ownership, and investment in pre-construction, colonial, and rural properties (think Cenotes like Hacienda Kampepen). This is a vision for me by 2029 or sooner.
I ended up traveling to Merida, Mexico about a month later. After my first week in Merida, I reached out to Neil to schedule my Real Estate Course. I am so glad I did! In 2 hours, I had a great time with Neil and learned so much about navigating real estate in Mexico.
Exploring Real Estate in Mexico with Airbnb Experiences
With over 100 5+ star reviews on the Real Estate Course in the Yucatan, investing 2 hours and about $30 USD with Neil during my travel to Merida was a no-brainer.
If you are even thinking about real estate in Mexico, I highly recommend adding the Airbnb Experience to your next trip to Mexico. Note: Neil does the experiences virtually too!
Right from the start, I felt like the vibe was aligned with Neil even on Airbnb chat and email.
When I arrived at White City Properties near Paseo Montejo, it felt like seeing an old friend again who is super knowledgeable about real estate in Mexico.
We started off exploring Neil's background in real estate in Oregon, and now in and around Merida, Mexico for the last five years. We then walked through Neil's vast experience in the process of navigating real estate in Mexico for foreigners. The experience includes listings of real estate properties that may match what you are looking for within a week or so of your course.
After we concluded our 2 hour workshop, Neil even offered to show me some properties the next day! We ended up seeing two properties the next day! So, keep reading because it is getting good!
I want to shout out Alyssa with @mylifeasamovie on sharing her experiences and wisdom with pre-construction in Tulum, Mexico as well.
Types of Real Estate
As a foreigner who may be buying or investing in real estate in Mexico, there are several things to consider. At the same time, I knew I wanted to have an intention going into the real estate course, and be open to what comes to me and the timing.
The property types that interest me include:
1 Pre-construction in and near Tulum or Bacalar, Mexico
2 Colonial Homes in and near Merida, Mexico
3 Rural properties with Cenotes
Prior to experiencing an online or in person experience, I recommend you narrow down what you are interested in.
Merida is named the safest city in Mexico
Real Estate in Mexico
I have attended real estate investment seminars in Atlanta including in 2023 on wholesaling, commercial, and investment opportunities. I almost bought a townhome in Houston working closely with a realtor, Lerma (she is awesome!) prior to moving to Atlanta, GA in 2010.
As a result, I was not going completely green into the real estate course. At the same time, I learned a ton from the Real Estate Course in Yucatan with Neil via White City Properties
and Airbnb Experiences.
What I Learned:
1 There is no MLS or comps used officially.
As a result, having someone who knows the higher priced markets vs. up-and-coming markets is essential to help you navigate and negotiate.
For example, if x price for a listing in an up and coming market is higher than a recent sale in a higher priced market, this will help you know that there is leverage to negotiate.
2 No Earnest Money Involved
3 Deposits are usually 10%
4 No Title Insurance 🗒️
This is one of reasons why financing is not yet available due to perceived risk with financial institutions and/or FinTech.
However, with increasing opportunities, markets, and profits this may be changing.
5 Higher end vs. up and coming markets
Merida includes Paseo, and neighborhoods close to Paseo Montejo like Santiago, Santa Ana
and Santa Lucia.
6 Searching for Properties
I shared with Neil my potential property desires and being open. We visited two properties the day after my real estate course to help me and him get an idea of what I liked. As of the end of October 2023, I already have a list of properties to review.
7 Property Measurements
When we talked about one of my property interests in colonial homes and/or retreat homes, as well as the Airbnb I was staying in, Neil shared about the width and depth of properties to look at.
These included a good width 7.5 - 8 meters vs 10 meters great and 30-40 meters deep.
8 Two Types of Foreigners
I would recommend (and Neil did too) in ensuring you hire an attorney for documents in English.
I speak fluent Spanish but do not contract language in real estate.
a A Bank Trust 💰 or "Fideicomiso" (95% use this)
1 Allows you to invest in any Mexican property and own it as a beneficiary.
Essentially, have all the rights of real estate ownership while a Mexican bank holds the legal title to it as your trustee.
2 Typical fee is $1,800 to set up, and $600 annually (as of 2023) and may vary based on institution, lawyer, etc.
b Mexican 🇲🇽 Corp
1 Mexican bank account
2 Accountant - Hacienda
$30-$50 each month
9 Closing Costs
These are averages and estimates and may vary depending on individual circumstances.
1 1.5% lawyer
2 3% transfer tax
3 Total of 9%
a Included fidiecamiso
Prior to negotiation, you may want to invest in inspections and get contractor estimates
on existing properties to have an idea of any investments in the property.
10 Time to Close
Like anywhere in the world, the time to close will vary on the property, intent, and negotiations.
A seasoned buyer and/or real estate investor familiar with a city/country, agent, lawyer, and legalities will usually be much faster than a new and inexperienced buyer in any of these areas.
A real estate investor may simply. want to know the location, physical dimensions, construction
Merida, Mexico Real Estate Property Tour
To my surprise and delight, Neil offered to take me on a real estate tour of two colonial properties the day after our Real Estate Course in Yucatan. I was leaving Merida, Mexico in two days to travel to Canada for Herbalife Nutrition Leadership Development Weekend and then to Europe.
We toured a property in a higher-end area close to Paseo Montejo
and one in Santiago, an up-and-coming neighborhood.
The first property we saw offered a potential build. up for a two-story home with a pool. With an asking price of about $350k+. In comparison, the second property offered a smaller home in the front, a casita, plot of land, pool, and ability to build up as well. The property was purchased years ago at about $100k, rented out long-term, and listed at about $280k.
Exploring Real Estate in Mexico
Whether you are a multi-passionate entrepreneur, digital nomad, Creator or CEO, or investor interested in real estate in Mexico, expand your mind to the limitless possibilities to CREATEIT Like a Boss anywhere and everywhere in the world.
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