Great video and so helpful. My home is paid off and I’m looking to buy in Mexico City with the equity in my home. Thank you for taking the time to make this.
This is great, I have struggled to find buying in Mexico city videos. There is a lot out there for buying on the coast but my husband and I are definitely wanting CDMX, so thank you for this.
Paul, I've listened to you for years on TWIT and read your old and new web site. Given the state of the USA and me being a bit older than you, we've thought about leaving the US and Mexico was always a possibility. Thanks for this and we wish you the best of luck and will be interested in following your Mexico adventures. I'm sort of envious and might be too chicken to leave the USA but still fascinated through your eyes.
Listen ive travelled to atleast 40 countries and none compare to CDMX atleast in my experience. Never a dull moment. Did i mention the amazing people, food, architecture and history. CDMX is top notch and worldclass imo.... You made a wise choice my friend.❤😍😀😀😀😀
Thank you both for doing this video. We follow you in your other ventures, but took an interest in what you did with the place in Mexico. My wife and I had questions and really appreciate your time for making this video. It answered so many questions.
Long time podcast listener, first time RUclips watcher. This is great Paul, Stephanie! And yes, there is a niche for 'real world" travelers like you of two and ourselves (my wife's Stephanie, and I are travel bloggers) that appreciate these videos.
Hello Paul thanks to the two of you posting this. I live in New Jersey and I love Puerto Vallarta and want to retire there. I have about 4 more years to go before I retire. I know that Mexico wants cash and they are not culturally used to doing mortgages. It's crazy that most Mexicans expect cash. Thanks for making your videos. I am looking forward to watching them.
Thanks for doing this video. I heard you mention it on WW today and tracked it down. We recently bought a second home in south Florida and went through a similar thought process. Your approach reinforced the approach we took.
thank you for sharing the beautiful trust that you have in each other & the way that your financial path together lead to This MIRACULOUS manifestation
A TWIT fan Chilango living in London that loves Paris. It got a big surprise when I realized you were buying in Mexico from Windows week. Despite leaving the city, in my yearly visit I always wonder why I moved. It's a great place for city and weather lovers (as long as you can avoid traffic jamsl.
This is very interesting to me and my wife. We are in a similar situation, although we have not completely agreed on our next place. I will be sharing this with her.
Looking forward to more videos on your new place and the logistics of buying property in another country. Just curious, I know you loved going to Paris regularly. Did you consider a place in France? Also, how do you deal with the language barrier? Are you studying Spanish? Thanks!
Yeah, we thought about France and other places in Europe and I guess we thought we'd end up there part time at some point. But the costs are problematic, as are the logistics of getting to Europe and back, and residency is very difficult. Mexico just made a lot more sense. Yes, were studying Spanish. My wife is being a lot more aggressive about it: she does a live tutoring class over Zoom twice each week.
Hi thanks for this video. Just got back from staying in the Condesa neighborhood and exploring Roma Norte. We loved it there. I'm American but got my Mexican passport due to my mother being a citizen of MX recently. Havent used it at all but I know it could be handy when it comes to real estate. We are researching purchasing. Questions for you if you dont mind. 1. What are monthly fees you pay as far as maintenance or hoa. Is there a norm there for that or condos? 2. Can you short term rental your unit on Airbnb or VRBO when you are not using it? 3. Lastly what do you do about insurance. I know they have quakes there so curious as to protecting your investment there should something like that happen and damage the apartment building. Thank you I hope you make more videos of your experience down there.
Our HOA is $325 to $350 US depending on the exchange rate. Real estate in Mexico is nothing like the U.S. There's no MLS or way to really compare the costs of things and figure out if you're getting a good deal. It's kind of a wing-it type thing. We can Airbnb the apartment (or whatever), but are not doing so currently. Our building has insurance, but we don't yet have insurance that covers our own belongings. We need to do that. The building meets the latest codes for earthquakes---it kind of shimmies if a really big truck goes by---but I guess we'll have to see how that works the hard way. Thanks!
Thst's a great idea, thanks. Short version: Mexico won't tax our income because we're U.S. residents earnng income from the U.S. If we rented this place out or got jobs in Mexico, we would owe taxes on that. And we do, of course, own property taxes to Mexico now.
Hi Paul and wife! Thank you for this video. I'd like to know if there is anything special that needs to be done when purchasing an apartment in Mexico. My husband and I are planning to do the same but I get nervous and hope we won't forget to do anything in terms of wiring a large amount of money. Does it need to be reported? Also, are there any issues with using a HELOC (or similar) to purchase a property out of the country? Thanks in advance!!!
From Steph: Hi! We were really nervous, too. We used a HELOC and transferred money in $50k increments from the HELOC to our regular checking account, which is linked to Wise (a service where you can hold money in different currencies, if you're not familiar). The bank where we had the HELOC and our regular bank both called us to confirm what we were doing, since we were moving a lot of money. We never reported the transfer/purchase anywhere else. We moved the money from Wise to the seller's account three times--a 1% deposit, 19% down payment, and 80% to complete the purchase. The last transfer needed to be broken into two transactions because it was a large amount. Things to know: - You can buy property here as a non-resident but to sell you need residency. - If you are buying the property jointly, they will ask how much each person will own (50%/50% or whatever) and want the money to come from each person separately. We didn't know this, and they found a workaround for us, but we needed to get our marriage license. - Getting the deed took us a LONG time, like 1.5 years. - The process is different near the coasts and borders--we don't know much about that since it wasn't our experience. Good luck and please reach out if you have other questions!
We were going to head to a realtor's office to ask that question, but we got sidetracked by the apartment open house and never did go there. So we kind of answered it for ourselves, with some help from a local representative that we hired.
Can't wait to visit Mexico City. So funny how everyone believes it's so dangerous. Meanwhile America is falling apart and there are school shootings and trump may be re-elected. On my trip to Mexico City I will also check out Roma Norte. Many say go to Querétaro or San Miguel de Allende. I personally am almost certain that for me it will be Puerto Vallarta. I adore that city. I think I will rent for a year or two first. I am a bit concerned about commiting without really living there first. We would love to see what your place looks like. How do you and stephenie feel about your decision and how long have you been there now? Can you offer a low price or will it insult the seller? As I get older I am wondering why own why not just rent ?
Great video and so helpful. My home is paid off and I’m looking to buy in Mexico City with the equity in my home. Thank you for taking the time to make this.
Thanks! Please reach out if you need any help/recommendations.
Thanks for the info and transparency, Paul. So happy for you and Stephanie and your new place. 😎
Thanks!
This is great, I have struggled to find buying in Mexico city videos. There is a lot out there for buying on the coast but my husband and I are definitely wanting CDMX, so thank you for this.
Nice, thanks! And good luck with your house hunt.
Paul, I've listened to you for years on TWIT and read your old and new web site. Given the state of the USA and me being a bit older than you, we've thought about leaving the US and Mexico was always a possibility. Thanks for this and we wish you the best of luck and will be interested in following your Mexico adventures. I'm sort of envious and might be too chicken to leave the USA but still fascinated through your eyes.
Thanks!
Listen ive travelled to atleast 40 countries and none compare to CDMX atleast in my experience. Never a dull moment. Did i mention the amazing people, food, architecture and history. CDMX is top notch and worldclass imo.... You made a wise choice my friend.❤😍😀😀😀😀
Nice, thanks! We agree :)
Thank you both for doing this video. We follow you in your other ventures, but took an interest in what you did with the place in Mexico. My wife and I had questions and really appreciate your time for making this video. It answered so many questions.
Thanks!
Mexican people are so warm and welcoming. Congratulations to both of you.
Long time podcast listener, first time RUclips watcher. This is great Paul, Stephanie! And yes, there is a niche for 'real world" travelers like you of two and ourselves (my wife's Stephanie, and I are travel bloggers) that appreciate these videos.
Thank you!
These videos are incredibly helpful. Thank you
Thanks!
Great discussion with lots of useful information. Good luck!
Thank you!
Hello Paul thanks to the two of you posting this. I live in New Jersey and I love Puerto Vallarta and want to retire there. I have about 4 more years to go before I retire. I know that Mexico wants cash and they are not culturally used to doing mortgages. It's crazy that most Mexicans expect cash. Thanks for making your videos. I am looking forward to watching them.
Thanks!
Great info, thanks! Extra points for the Pulsar.
:) Thanks!
Thanks for doing this video. I heard you mention it on WW today and tracked it down. We recently bought a second home in south Florida and went through a similar thought process. Your approach reinforced the approach we took.
Nice, thanks!
Long time Twit viewer and follower to your articles. Thank you for sharing your journey
What is Twit?
thank you for sharing the beautiful trust that you have in each other & the way that your financial path together lead to This MIRACULOUS manifestation
Nice, thank you so much!
Great story! Thanks for providing details/amounts - interesting to know what the market is where you bought.
Interesting story. I love the Nissan Pulsar NX in the first home's driveway.
:) Yeah, that was a fun little car. We drove it cross-country when we moved to Phoenix in 1993.
A TWIT fan Chilango living in London that loves Paris. It got a big surprise when I realized you were buying in Mexico from Windows week. Despite leaving the city, in my yearly visit I always wonder why I moved. It's a great place for city and weather lovers (as long as you can avoid traffic jamsl.
Thanks! Yes, staying out of traffic is key in CDMX. :)
This is very interesting to me and my wife. We are in a similar situation, although we have not completely agreed on our next place. I will be sharing this with her.
Nice, thanks!
Looking forward to more videos on your new place and the logistics of buying property in another country. Just curious, I know you loved going to Paris regularly. Did you consider a place in France? Also, how do you deal with the language barrier? Are you studying Spanish? Thanks!
Yeah, we thought about France and other places in Europe and I guess we thought we'd end up there part time at some point. But the costs are problematic, as are the logistics of getting to Europe and back, and residency is very difficult. Mexico just made a lot more sense.
Yes, were studying Spanish. My wife is being a lot more aggressive about it: she does a live tutoring class over Zoom twice each week.
Hi thanks for this video. Just got back from staying in the Condesa neighborhood and exploring Roma Norte. We loved it there. I'm American but got my Mexican passport due to my mother being a citizen of MX recently. Havent used it at all but I know it could be handy when it comes to real estate. We are researching purchasing. Questions for you if you dont mind. 1. What are monthly fees you pay as far as maintenance or hoa. Is there a norm there for that or condos? 2. Can you short term rental your unit on Airbnb or VRBO when you are not using it? 3. Lastly what do you do about insurance. I know they have quakes there so curious as to protecting your investment there should something like that happen and damage the apartment building. Thank you I hope you make more videos of your experience down there.
Our HOA is $325 to $350 US depending on the exchange rate.
Real estate in Mexico is nothing like the U.S. There's no MLS or way to really compare the costs of things and figure out if you're getting a good deal. It's kind of a wing-it type thing.
We can Airbnb the apartment (or whatever), but are not doing so currently.
Our building has insurance, but we don't yet have insurance that covers our own belongings. We need to do that.
The building meets the latest codes for earthquakes---it kind of shimmies if a really big truck goes by---but I guess we'll have to see how that works the hard way.
Thanks!
How does income tax work for you now that you can potentially be working from either of two countries? Perhaps a future video on this topic.
Thst's a great idea, thanks. Short version: Mexico won't tax our income because we're U.S. residents earnng income from the U.S. If we rented this place out or got jobs in Mexico, we would owe taxes on that. And we do, of course, own property taxes to Mexico now.
Hi Paul and wife! Thank you for this video. I'd like to know if there is anything special that needs to be done when purchasing an apartment in Mexico. My husband and I are planning to do the same but I get nervous and hope we won't forget to do anything in terms of wiring a large amount of money. Does it need to be reported? Also, are there any issues with using a HELOC (or similar) to purchase a property out of the country? Thanks in advance!!!
Will ask Stephanie to give you a better reply to this than I could.
From Steph:
Hi! We were really nervous, too. We used a HELOC and transferred money in $50k increments from the HELOC to our regular checking account, which is linked to Wise (a service where you can hold money in different currencies, if you're not familiar). The bank where we had the HELOC and our regular bank both called us to confirm what we were doing, since we were moving a lot of money. We never reported the transfer/purchase anywhere else.
We moved the money from Wise to the seller's account three times--a 1% deposit, 19% down payment, and 80% to complete the purchase. The last transfer needed to be broken into two transactions because it was a large amount.
Things to know:
- You can buy property here as a non-resident but to sell you need residency.
- If you are buying the property jointly, they will ask how much each person will own (50%/50% or whatever) and want the money to come from each person separately. We didn't know this, and they found a workaround for us, but we needed to get our marriage license.
- Getting the deed took us a LONG time, like 1.5 years.
- The process is different near the coasts and borders--we don't know much about that since it wasn't our experience.
Good luck and please reach out if you have other questions!
Do you need a special work or travel visa to be able to stay in Mexico for an extended time?
Yeah, we'll need to get at least a temporary residency to stay longer than 6 months at a time. We're going to start working on that soon.
I know what you mean about navigating their bus system.
So you asked the guy "What do we have to do to get started if we want to buy or rent here?" And then....WHAT WAS THE ANSWER?
We were going to head to a realtor's office to ask that question, but we got sidetracked by the apartment open house and never did go there. So we kind of answered it for ourselves, with some help from a local representative that we hired.
Mexico and South America has to build more apartments because of thier high population.
Did you look at Guadalajara?
No, but we will be definitely visit someday.
Can't wait to visit Mexico City. So funny how everyone believes it's so dangerous. Meanwhile America is falling apart and there are school shootings and trump may be re-elected. On my trip to Mexico City I will also check out Roma Norte. Many say go to Querétaro or San Miguel de Allende. I personally am almost certain that for me it will be Puerto Vallarta. I adore that city. I think I will rent for a year or two first. I am a bit concerned about commiting without really living there first. We would love to see what your place looks like. How do you and stephenie feel about your decision and how long have you been there now? Can you offer a low price or will it insult the seller? As I get older I am wondering why own why not just rent ?
lets go Brandon!