We are Buying Land in Loreto Mexico to Build our Retirement Home and More!

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We are Buying Land in Loreto Mexico to Build our Retirement Home and More! - Episode 23

Рет қаралды 16,105

Dooglass and Esperanza's Adventures

Күн бұрын

Пікірлер: 117

@ShauninParadise 2 жыл бұрын

Live before you die! I dig your message brother. Best move of our life moving here to Mexico!

@dooglassandesperanza 2 жыл бұрын

Thanks!

@Chelsify 3 ай бұрын

I spent 3 weeks in Loreto last December. I fell in love with the town and have decided to retire(end of August)and move to Loreto.

@dooglassandesperanza 3 ай бұрын

Great choice!

@explorinwithlaurin 2 жыл бұрын

Thank you for sharing your experience of looking for a house in Loreto! This is very helpful! 🤠

@dooglassandesperanza 2 жыл бұрын

Glad you enjoyed it

@itamorales9115 2 жыл бұрын

Excellent choice!!! I love Loreto☺️

@dooglassandesperanza 2 жыл бұрын

Us too

@abettertop 2 жыл бұрын

Good luck! Hope this transaction works out for you guys, so we can be Neighbors. I bought my home right up the street and love it there! Hope to be retired January 2023!

@dooglassandesperanza 2 жыл бұрын

Maybe we will meet sometime.

@jonreynolds720 7 ай бұрын

@@dooglassandesperanzalooking for property there can you recommend a quality realtor?

@chainedaddiction Жыл бұрын

I agree Dooglas, I don’t need all the big city stuff. Loreto or even smaller town will work for me. I value peace, cleanliness, and quiet. Yeah, I remember San Felipe being like a desert!

@dooglassandesperanza Жыл бұрын

When I went back to the Portland Oregon area recently I had forgotten how big and busy it is. Here I can get to anyplace in town in less than 10 minutes including the airport. Most everything we need on a daily basis is less than a 3 minute drive. In a big city you spend hours driving around from place to place and there is tons of traffic. We definitely love the small town!

@chainedaddiction Жыл бұрын

@@dooglassandesperanza I hear ya. I have never been interested in anything past just visiting larger cities. I grew up in Redding, CA on the outskirts of town. It was really nice to grow up there in the 70’s-80’s but the town has really turned into a trash heap with the homelessness and lack of leadership. I am glad to hear that at least there are still some places and people that value a clean place to live and are willing to do what it takes to keep it nice for visitors and residents alike.

@rnrr5634 5 ай бұрын

😊@@dooglassandesperanza

@sweetbadgerpie 2 жыл бұрын

What exciting news!!! I can’t wait to see what you kids create down there! Hope to visit sometime xoxo Christy-

@dooglassandesperanza 2 жыл бұрын

You're welcome anytime!

@marydfm664 2 жыл бұрын

I get why you like Loreto, however, if you have a medical emergency you will be up the creek. It happened to us, I will suggest people that are retiring to Mexico to find a place that has a decent hospital, especially a decent trauma hospital. I am just saying...something to think about.

@dooglassandesperanza 2 жыл бұрын

Hi Mary DFM, Thank you for the valuable advice. This is a very important topic that I think I will cover in detail in an upcoming episode. We have seriously investigated the medical capabilities of each place where we have considered living in Mexico. There definitely is a trade off between living in a bigger city and having more comprehensive medical coverage available, and living in a smaller town with limited medical capability. We are both in good health and don't require any significant ongoing medical treatment at this time. We have US medical insurance and US medical evacuation insurance if needed. In the end, I would rather die earlier in a small town where I am happy, than to live a long life in a bigger city where I would be miserable. Bigger city living is what we gladly left behind in the US. We both grew up and lived in the country for a big part of our lives and love it. This is a critical decision that each person should make before considering a move like this.

@artemisapelaez6902 2 жыл бұрын

There's a big hospital close by

@dooglassandesperanza 2 жыл бұрын

There is a Hospital with an Emergency room in Loreto. They can handle emergencies like heart attack or car accident. If you need specialty care they can transport you to La Paz which has big medical facilities like any big city in the US.

@djkenny1202 Жыл бұрын

@@dooglassandesperanza some go to La Paz, or San Diego

@marikeyshappyhomedecor4876 2 жыл бұрын

How exciting! Congratulations 🎊🎈 Saludos from the Bay Area 🌻

@dooglassandesperanza 2 жыл бұрын

Thank you so much!!

@berettaman7 2 жыл бұрын

Real Estate Purchase Agreements. Must-haves. I review 4 to 6 real estate purchase agreements weekly; some are assignments of rights of an existing fideicomiso, some are for the purchase of property from a Mexican national, and others are pre-construction deals where the developer is a Mexican company, some of which are foreign-owned Mexican Corporations. The following are some of the issues that a buyer should consider before entering an agreement, considering that the buyer has requested the advice of an attorney versed in fideicomisos. The following are some issues that merit your absolute attention to attend to and make sure are discussed and considered in the purchase agreement (these are just a few of the many precautions and clauses essential to a contract): The name of the contract must reflect the true purpose of the contract, for example, a Promissory Trust Agreement, an Assignment of an Existing Trust Agreement (that could require canceling the current trust and structuring a new trust with a fresh 50-year trust with a different bank), etc. The purchase agreement must include proof of ownership, a formal description of the property, and a receipt for current property taxes with the cadastral number. The contract must be balanced, and clauses must clearly include rights and obligations for both the buyer and the seller. One thing to consider is adding a target date for delivery of a finished building and unit when buying a condominium and with clear penalties on the Developer for failing to deliver as agreed. The Buyer should not consent to have the Seller bound to retain the services of the seller's counsel, closer, trust bank, or notary; the buyer must not allow a conflict of interest. The seller often binds the Buyer to a contract that gives it a free ride on the Buyer, who, unknowingly, is to pay for legal fees that normally are on the Seller. The price of the sale and the terms of payment are entirely negotiable for the parties. Still, a Buyer should be careful not to front over 30% earnest money, and even if the down payment is less than that, always conduct a title search and a full inspection before any payment. The Buyer should always demand Escrow. Most sellers don't want escrow; you should insist on it or walk away. Make sure to add a full disclosure clause and penalties for failure to do so. Also, the property must be free and clear with no tenants, no squatters, no pending taxes, current with trust fees, HOA fees, etc. Make sure that there is a clause that defines closing. Too many developers and sellers of property call closing to be paid the purchase price in full, Actually, closing should mean paying the balance on the purchase price the day the fideicomiso is signed by the parties in the presence of a notary public, keys, and possession of the property are delivered to the buyer. If the seller is a business entity, you absolutely must demand that the contract includes a clause where the seller is bound to give the buyer an invoice that meets Mexican Tax laws; we call this factura electronica. Why, Why must you demand this? The Income Tax Law demands that a business selling property provide the buyer an electronic factura to be issued to the buyer within the same month of the purchase and payment received; if the buyer consents to a contract that fails to include this obligation, the consequence will be that the Buyer will not be able to evidence the cost of acquisition. Yes, there are many other clauses that I can think of; I don't have nor use a template; all of my contracts are made to fit specific circumstances. Do yourself a favor, learn as much about the tricks of the trade, about the formalities required by Mexican Law, and don't ever fall push anything before you have all facts. No, I am not suggesting that you do this by yourself, but become informed to make an informed decision. As I keep saying, you cannot want a property so bad that you are willing to forego critical safeguards. Although this is not part of the topic, getting a professional to provide an itemized list of closing costs early on is crucial. I hope you find these suggestions useful. Regards, Rafael Solorzano

@dooglassandesperanza 2 жыл бұрын

Great Information! thanks!

@osbornebay944 2 жыл бұрын

Thank you Doog, your topic is my top interests, Bravo!

@dooglassandesperanza 2 жыл бұрын

You are welcome

@DaveCollette Жыл бұрын

Really enjoying your content. I've been a realtor for 15 years and those transactions sound very strange. I obviously don't know their real estate practices there and how their agency works but sounds strange nonetheless. I'm doing my research right now on purchasing in Mexico so your info is very helpful.

@dooglassandesperanza Жыл бұрын

Yes, real estate is very different here. One big difference is that much of the land is Ejido land which is community owned land. I believe this land has to be converted to titled land before it can be sold to foreigners which is a difficult and lengthy process. The second big difference is family ownership rights. I don't know all of the specifics, but I think that a generation behind, your generation, and your future generation all have legal claim to any property you own even if they are not listed on the title. Most people (including Mexicans) hire a real estate attorney to handle the sale. If you get a good one, in 6 months to several years you can close and have your Mexican property.

@ambarmeeserdescodificar 2 жыл бұрын

Just 5% to the owner, for your protección. I hope you will . Some time they sale the land 2 ó3 times .imposible you know.

@dooglassandesperanza 2 жыл бұрын

Thanks for the advice. We actually know the owner personally and the property history is well documented.

@tk5164 Жыл бұрын

Keep up the good work. Videos are very helpful

@dooglassandesperanza Жыл бұрын

Thanks, will do!

@heidiperez1387 Жыл бұрын

Thank you so much for making this video. It's very helpful! Appreciate it 👍

@dooglassandesperanza Жыл бұрын

You're very welcome

@heidiperez1387 Жыл бұрын

We're planning on retiring there ourselves (from California) so are very much researching. These videos are very helpful for us🙏

@ernestodanielespinozacasti655 Жыл бұрын

Congrats, i see you got to past your 1k subs. Awesome!!!

@dooglassandesperanza Жыл бұрын

Yeah thanks

@campingalan Жыл бұрын

Hi there!! Thank you for this awesome and informative video! I really really like Loreto. I have passed through there twice while following the Baja 1000. I really liked the cleanliness, as well as the awesome colonial aspect. I wish you good luck on your endeavors and can't wait to follow you along. We just returned from our Exploratory Trip #1 to Mexico. This one was to Mazatlan. We really had a great time, and the city has definite potential for what I think will be part time living. However, we also want to do an exploration trip to the Central Highlands, which we think will be to Oaxaca in the south. We live at 8000 feet in Colorado, and would like to check out a place that is a bit cooler. Also, I am really hoping my boss will do a trip back to Baja. His wife likes to go to Cabo. If they do, this would be a great time to introduce my wife to La Paz and maybe Loreto. Have a great weekend

@dooglassandesperanza Жыл бұрын

We grew up in Oregon and it definitely is a huge change from that weather to 95 degrees and 80% humidity every day for months, but we love the heat and have adapted. Thanks

@pegz.3959 2 жыл бұрын

Congrats!!

@dooglassandesperanza 2 жыл бұрын

Thanks

@philipfareio4445 2 жыл бұрын

I loved your home of heart sweatband soul in CA

@dooglassandesperanza 2 жыл бұрын

Thanks

@TheFredman08 2 жыл бұрын

Congrats on the property and glad you are using a Mexican attorney.....only concern is you mentioned near the end that you're waiting for the deed with your name, aren't you doing a fideicomiso (as it appears Loreto is within 50 miles of water)? Also, if you're building a home on the property, make sure you can get utilities to the property (if needed). I only mention this as this can be an issue with un-developed land down there.

@dooglassandesperanza 2 жыл бұрын

Hi Mr M, Since we are going to be building an income property on the property we will be using our Mexcian Corporation to purchase the property and run the business.

@dooglassandesperanza 2 жыл бұрын

The lot that we are purchasing has power to the front corner of the lot and city water in the street on both ends of the lot (it fronts two streets, one on each end). There is sewer in the street on one side and sewer about 100 meters down the street on the other side. I also have a buddy that has over 1000' of city approved sewer pipe left over from another project so getting sewer there will be pretty easy since it is a dirt road on that side. Fibre internet also runs right in front of the property on both ends so all the utilities are close.

@ecsmooth742 2 жыл бұрын

Right onn Dooglas. I hope it all works out for you. Much respect on walking when the other sellers tried to bump you on price. That’s some Major BS…

@dooglassandesperanza 2 жыл бұрын

I learned many houses ago that you can't get emotionally involved (at least before it's yours). It's just a business negotiation and you have to be willing to walk away if it isn't a fair and honest deal.

@aidenm8014 2 жыл бұрын

Tons of room for activities!!!!

@dooglassandesperanza 2 жыл бұрын

Waiting for you to do activities 😜

@augiequintero4147 10 ай бұрын

Why aren’t you giving us information on the prices for those of us that don’t have a clue how much property runs for out there!

@dooglassandesperanza 10 ай бұрын

In one of our videos we did detail the cost of the property, but I don't remember which one. We paid $260k for the property which was far below market value. Our property is currently assessed around $500k without improvements. Of course you can find much less expensive property depending on the neighborhood and location. I have seen much smaller lots in the center of town go for $750k and on the water you would be way over a million. You could also find property away from the beach for $30k for 10k sqft lot. Hope this answers your question. Thanks!

@flinthartwig4094 6 ай бұрын

Sounds like the realtor screwed you on that second deal. Probably ask the seller for a kickback...... Maybe not, but that's probably what happened.

@dooglassandesperanza 6 ай бұрын

There was no realtor on that deal. Dealing directly with two brothers from the US. They have continued to run the same scam on other people we know in town who tried to buy the property. Still for sale two years later at 3X the price the agreed to sell to us.

@templeofgaia7419 Жыл бұрын

Thanks) why tell people to hit the like button etc.at the beginning? They haven't even seen it yet! Lol

@dooglassandesperanza Жыл бұрын

Most channels like to put a reminder about likes and subscribing in the first 30 seconds of the video because even the best video loses 70%-90% of the viewers in the first 60 seconds. People have been trained by apps like Tik Tok to have extremely short attention spans. Almost everyone who watches your videos to the end is already subscribed.

@djkenny1202 Жыл бұрын

Im not a big fan of the fortress sort of things Americans tend to do in Baja. The walls feel unfriendly. But great town.

@dooglassandesperanza Жыл бұрын

Everywhere we have been in Mexico this seems to be the standard. All of the Mexican property owners do it too. In fact except for a few streets in the core of centro, most developed property in Loreto has a wall around it. I asked a Mexican friend about it and he said "How else would you define your property lines and keep others off your property?" This also may come from the very strong squatters rights in Mexican law. If you don't have a wall and squatters setup on your property and you aren't there to immediately remove them, they can make legal claim to your property surprisingly quickly and take it from you. This exact process happened to the property next to ours.

@ricka1133 10 ай бұрын

Hi guys, I'm headed for the Baja this winter. Will you be able to accommodate a Ford Transit which I'm currently building? Will you be up & running by Jan.? Might want to stay for a month or so. Dont need hookups. Rick from Oregon

@dooglassandesperanza 10 ай бұрын

Hi Rick. We are investigating putting in some RV spots but we currently don't have anywhere set up. If we do decide to do RV spots it would be later next year.

@HM-ji7le 5 ай бұрын

What’s a bank that is US and Mexico friendly to bank with?

@dooglassandesperanza 5 ай бұрын

Intercam is the way to go. They will let you open an account without being a resident and without an RFC. Transfers from the US go through Mellon Bank and are domestic wire transfers. No waiting for three days to go through SWIFT checks. Money usually transfer within a few hours. Customer service in branch and on the phone is great.

@verlaineplantinga5297 2 жыл бұрын

Congratulations on your purchase Just stumbled on your channel today..We just went through Loreto in June on our way to LA Paz to get our temporary residence. We are planning to move to Mexico from Vancouver Canada. We were thinking Puerto Vallarta area or LA Paz. Because have friends in both those place. But I loved Loreto..I was wondering what the rents are there.

@dooglassandesperanza 2 жыл бұрын

Hi Verlaine, The rents vary widely. We have a friend who lives in an unfurnished studio apartment for $300 a month. We pay $1500 a month for a full furnished large 1 bed apartment that is 1 block from the beach, has a pool, secured parking, and an outdoor kitchen. We also saw other high end condo units for up to $2500 to $3000 a month. That would probably get you an oceanfront place.

@verlaineplantinga5297 2 жыл бұрын

@@dooglassandesperanza Thank you so much for that info. Really enjoying your videos. Can't wait to get on road again head down there.this fall.

@ShauninParadise 2 жыл бұрын

I think you're choosing between two amazing places! We moved to the PV area a couple years ago (i also have a youtube channel) and have loved it but Loreto also looks beautiful!

@verlaineplantinga5297 2 жыл бұрын

@@ShauninParadise Do you like LA Paz

@dooglassandesperanza 2 жыл бұрын

We do like La Paz, but we are looking for a smaller town.

@ricka1133 10 ай бұрын

how much will the villas rent for? Rick

@dooglassandesperanza 10 ай бұрын

We are setting the rates and will be announcing that along with the opening date and booking information on this Friday's video

@ParraguezPinto 2 жыл бұрын

Have you very been in Mexico Estado de México?? At the north area as Cuautitlan Izcalli, it is so close from Mexico city and have everything to give the american good quality life...

@dooglassandesperanza 2 жыл бұрын

No, but it is much colder there than we were looking for. Perfect weather for us would be 31C (87F) High and 23C (73F) Low every day of the year. Southern California was too cold for us in the winter. I have to be able to grow Coconut Palms!

@ParraguezPinto 2 жыл бұрын

@@dooglassandesperanza haha cool I visited Mexico City and I think that this place need some invest it could be cool for retirement and heritage a land with value ... principal is in the Valle of Mexico and I can drive to many differents towns, and its not too expensive as buy in Mexico

@joncarter3817 2 жыл бұрын

Enjoyed the video - very informative. I'm wanting to come down there this winter so maybe you will end up having thoughts on how to find a rental (maybe two months) that is not one of the big expensive touristy deals. I suspect there are a number of people like my wife and I who want the Mexico experience not hotel on a beach thing. Small place on the beach is good though. If you have advice or some one to talk to please let me know. Thanks in advance and keep the videos coming.

@dooglassandesperanza 2 жыл бұрын

We are in a fairly expensive one bedroom apartment, mainly because we wanted a pool for the summer. We are paying $1,500 a month for a fully furnished apartment with all utilities included and a pool and off street secured parking. I would say that's kind of on the mid high end of what's available. We have a friend that has a very simple studio apartment close to town. It is unfurnished and doesn't even have appliances but he only pays $300 a month with utilities. Then there are places on the Malecon that go for $2,500 to $3,000 a month and are more like a full resort.

@joncarter3817 2 жыл бұрын

Your place sounds just right, now I need to figure out how to find a place like that. If you have someone you work with please let me know. Thanks @@dooglassandesperanza

@dooglassandesperanza 2 жыл бұрын

We found our place initially on AirBnB, and then found their website and connected with them to negotiate a monthly price. I am not sure if any of the realtors in town help find rentals, but it may be worth a try.

@Chelsify 3 ай бұрын

Theres a Subway in Loreto....

@dooglassandesperanza 3 ай бұрын

There is now, but not over a year and a half ago when this episode was filmed.

@kamal171 Жыл бұрын

How do we know you buy land in Laredo Mexico we need a proof

@dooglassandesperanza Жыл бұрын

Many people from this channel have stopped by and seen our progress for themselves. Next time you're in Loreto just search for pufferfish villas on Google maps and it will bring you right to us. I assure you we really exist

@danielbeyette3691 Жыл бұрын

why don't you tell us prices.

@dooglassandesperanza Жыл бұрын

I didn't want to ruffle any feathers of people who we were dealing with. This is a very small town and everything gets around quickly. The first house was asking $305K and we offered $290K, malecon lot was $300K, Third lot was listed for $293K, offered $280K, they raised the price to $350K. The current lot inn the video which we are still in the process of buying is $270K. Thanks!

@ExpressionsofAwakening 2 жыл бұрын

I want to travel as a single woman in Mexico anyone know if its safe? of course I would not drive at night.

@dooglassandesperanza 2 жыл бұрын

We have met several single women traveling alone and they all said that they feel safe. I haven't seen anything that has made me feel unsafe in Baja.

@deeprollingriver52 2 жыл бұрын

As a solo female traveler, I feel safe. But I’m cautious. You never know what could happen wherever you are. If you’re driving the Baja Peninsula as a female, you’ll have some challenges but the drive is stunning in many places 1. Keep 4 gallons of water with you in your car at all times. Snacks also. 2. Buy an emergency beacon locator and keep it close 3. Keep basic survival tools in case you break down 4. HAVE NEW TIRES. Check every vital need of your car. Do even think of not doing this. 4. NEVER ALLOW YOUR GAS TANK TO GET BELOW 1/2 a tank. There are very long stretches of road without gas, fill up at every gas station. 5. Never stop for anyone unless it’s at a federal checkpoint. 6. There are very long stretches of no phone or internet service. If you can afford a satellite phone, get one. A satellite communicator will do also. 7. The road is narrow with many mountain passes to cross. There is rarely any safe shoulders to pull over onto. If you deviate even a little, you’re car is toast. Drive alert at all times. KEEP YOU EYES ON THE ROAD. 8. Drive in a caravan if possible 9. I’ve never seen many animals and never any on the road…..but you never know. KEEP YOUR EYES ON THE ROAD. 10. Start driving early so that you make it to the next town before dark. 11, Don’t enjoy the scenery. KEEP YOUR EYES ON THE ROAD!

@kckc9955 2 жыл бұрын

What's the average price for properties you guys have looked at there?

@dooglassandesperanza 2 жыл бұрын

There is a wide range depending on what you are looking for. I would search Loreto Mexico real estate and you should find many sites

@davebaker489 2 жыл бұрын

I don't want to be a real downer know it all ... But from what I've read there are some real water "Challenges" facing Loreta. Including a dispute by the land owners of the local aquifer. Hope I'm wrong it looks like a real nice town. Dave of P n D

@dooglassandesperanza 2 жыл бұрын

Hi Dave, It is my understanding that the issues with who will pay for the electricity to run the wells has been resolved and that a new long term contract has been completed with the owner of the wells. The only news I can find about this on the web are stories from 2020. I may be mistaken, but all of the business owners I have spoken to in Loreto consider the water issue resolved.

@deeprollingriver52 2 жыл бұрын

Nobody understands that living in Mexico was once cool. It’s increasingly becoming an issue. Immigration laws are changing. They hate gringos here for “driving up prices”. Never mind I’ve infused over $15,000 into the Mexican economy in 6 months. There is going to be a time within the decade, people from the United States are going to be fleeing north for the border. Your land you purchased? Ha ha.

@davebaker489 2 жыл бұрын

@@dooglassandesperanza I'm very glad to hear that and not just for me . Dave of P n D (Pam n Dave)👍👍

@kckc9955 2 жыл бұрын

There are major water issues for the whole of Baja California Sur. Hopefully the local governments and residents will be proactive and implement viable long term solutions and not just build a bunch of desalination plants

@dooglassandesperanza 2 жыл бұрын

@@kckc9955 Yes, let's hope they implement a viable solution.

@rosbittgonzalez1321 Жыл бұрын

Hola, cómo está tu español?

@dooglassandesperanza Жыл бұрын

Hablamos algo de español y tratamos de aprender más todos los días.

@Den-nu6pv 2 жыл бұрын

How’s the cartel acting down there

@dooglassandesperanza 2 жыл бұрын

We have only been in Loreto for a couple months, and I have not seen anything that looks like cartel activity here. I have never been offered drugs here (unlike other places in Mexico), and in fact I have not seen or heard of any criminal activity beyond petty theft. It definitely feels much safer than where we came from in Southern California.

@philipfareio4445 2 жыл бұрын

Why in the world did you give up your house when you could drive there and go back home

@dooglassandesperanza 2 жыл бұрын

Hi Philip, A few reasons. My wife and I have done the two house thing, and it's not for us. We don't like going back and forth. Second, I really wanted and needed to retire early at 50, and we didn't have the finances to keep our house in Southern Cali and buy another house somewhere else. Lastly, we just weren't happy with the lifestyle in California anymore. Too much crime, too many people, too much politics. After the third driving gunfight between the gangs and police went down the street in front of our house we decided we wanted out. We have both lived in a quiet rural area before and were looking to return to that life.

@clique1579 Жыл бұрын

please collaborate with the local economy, otherwise, respectfully, don't stay there

@dooglassandesperanza Жыл бұрын

We are totally immersed in our community. Our construction project has created many jobs and we will be hiring several people to work at and manage our resort when it is completed. Whenever possible we are having local craftsmen build everything we need instead of buying it from out of town. Our doors are handmade by a local carpenter, our windows are handmade here in town by the local glass shop, all of the metal work that we didn't do ourselves is done by welders here in town. We also have bought everything such as furniture and supplies that is available here in town here. Some things just aren't available here and most of those we ordered from other Mexican states through stores here in town. So most of the money put into this project stays in the local community and almost all of it stays in Mexico. Once we are up and running and turning a profit we plan to do projects for the community whenever possible. Our town is isolated in the desert and construction and hospitality are the two main ways for people to make a living here so we feel like we are contributing to helping build this community.

@clique1579 Жыл бұрын

@@dooglassandesperanza That's great, it's not to make you feel unwelcome or something, it's just that the economy being influenced by remote workers makes life harder for locals, it's greatly appreciated that you contribute to the local economy like that. Hope you enjoy the town and don't hesitate to visit down the state, such as Todos Santos or Cabo

@Den-nu6pv Жыл бұрын

You should never have put that much money down

@dooglassandesperanza Жыл бұрын

Thanks for the tip but that is pretty standard for Loreto these days. Besides our attorney wrote the contract and it is held in the US and 100% refundable if the sale doesn't close. Bonus... The stock market lost 25% since I deposited and the escrow funds lost 0%

@HM-ji7le Жыл бұрын

I thought you would have to be a Mexican citizen to buy property in Mexico?

@dooglassandesperanza Жыл бұрын

No. Foreigners can directly own land as long as it's not in the restricted zone which I believe is 100 km from the border and 50 km from any ocean or sea. In the restricted zone foreigners can either use a Mexican land trust or form a Mexican corporation and have the corporation buy the land.

@dooglassandesperanza Жыл бұрын

We chose the Mexican corporation since there is no bank holding the property in trust. We are the two owners of the corporation and the corporation owns the land. This is exactly the same as an LLC buying land in the United States which is becoming much more popular as a way to shield yourself from liability

@HM-ji7le Жыл бұрын

Good to know. Sounds like you did your research. I’m really thinking of buying property in Loreto for retirement purposes. Do the locals benefit in any way when it comes to buying property?

@dooglassandesperanza Жыл бұрын

The local government collects a 2% acquisition tax at closing. There are also yearly property taxes that go to the municipality. We also need a local accountant to do all the financials for our Mexican corporation which requires monthly tax filings. Construction also benefits the community through permit fees, hiring locals for every step of construction, and buying all the materials locally. Our project will eventually pump many hundreds of thousands of dollars into the local economy.

@ambarmeeserdescodificar 2 жыл бұрын

hello friends, I am Mexican, my children are American, I live in Cancun, I recommend that before you sign an agreement you have to check in the property registry to which loreto belongs and see that the owner is 100% and released from the ejido. It has many ejidal properties. I would recommend looking for a peace lawyer or a Real State agency as an intermediary... hugs and good luck It happens a lot that the unprepared Mexican sees an American and wants to take advantage. Comentarios También se buscó Traductor Google inglés español Traductor inglés Traductor confiable de inglés a español Traducir Traductor DeepL

@dooglassandesperanza 2 жыл бұрын

We have a real estate attorney representing us and she has performed all of the title search and property checks. We know the unique history of this property and know the past two US owners personally. The property also has American Title Insurance which we know is not a guarantee but it provides an additional check.

@mariasanmo4165 Жыл бұрын

Green-go

@dooglassandesperanza Жыл бұрын

Green-go = Gringo? Haha. We rarely get called a gringo in Loreto. The Mexican people have he attitude that once you decide to live here you are a Mexican just like everyone else. They don't try to label people here. We are all just Mexicans in Loreto!