Purchasing an Apartment in Cabo to Airbnb

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  • 1 Post By RVGRINGO
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Purchasing an Apartment in Cabo to Airbnb


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Old 1st February 2020, 03:58 PM
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Default Purchasing an Apartment in Cabo to Airbnb

Greetings community, thank you for having us.
My wife and i are Scottish but live in Vancouver ( both mid 40's and reasonably well paid careers)
We are keen to buy somewhere in Cabo to Airbnb , with a possible view to retiring there. We both love life on the West coast here in Vancouver but screw paying 1mill plus for 750 square feet!
Does anyone have firsthand experience of this, any pitfalls or pros and cons. I mean the last thing we want is to buy and not be able to rent it out. Is Cabo pretty much busy all year round? We could afford to put down $85k CAD as a deposit.
Thanks for the replies in advance, im a total newbie. Hope you are all having a lovely weekend
Tim.

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Old 1st February 2020, 04:45 PM
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Look into the restrictions based upon your type of visa, and the bank turst that will actually own your property. It may require that you form a corporation. Personally, I would not attempt what you suggest.
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Old 1st February 2020, 04:52 PM
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Originally Posted by RVGRINGO View Post
Look into the restrictions based upon your type of visa, and the bank turst that will actually own your property. It may require that you form a corporation. Personally, I would not attempt what you suggest.
Thanks for the reply friend, just curious as to why you personally wouldn't attempt this. We are aware of the corporation/trust bureaucracy involved. Thanks again, Tim.

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Old 2nd February 2020, 04:48 AM
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There are few laws that are enforced in Mexico regarding dwellings and there are almost no building codes, so I think your question is about purchasing. Cabo is in the restricted zone, as you seem to know, requiring a trust (which everyone always says is a fideicomiso, often misspelled, which is a Spanish legal term for "trust" and yes, I'm quite pedantic). You should ask a Mexican attorney for advice re your question, I pay mine 200 pesos per consult which is super reasonable. The other thing, which you also probably know, is that renting out, especially short term, is problematic if you're not on-site with some available time to address issues.

But I'm nowhere near Cabo and have never been there so take what I say for what it's worth.
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Old 2nd February 2020, 06:55 PM
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Originally Posted by xolo View Post
There are few laws that are enforced in Mexico regarding dwellings and there are almost no building codes, so I think your question is about purchasing. Cabo is in the restricted zone, as you seem to know, requiring a trust (which everyone always says is a fideicomiso, often misspelled, which is a Spanish legal term for "trust" and yes, I'm quite pedantic). You should ask a Mexican attorney for advice re your question, I pay mine 200 pesos per consult which is super reasonable. The other thing, which you also probably know, is that renting out, especially short term, is problematic if you're not on-site with some available time to address issues.

But I'm nowhere near Cabo and have never been there so take what I say for what it's worth.
Ok , thanks for the info. One of our best friends lives here in Vancouver but has an airbnb in PV. He seems to make it work despite the difference. Ill be sure to grill his brains. Thanks you for the response my friend. Tim

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