Tuesday, January 25, 2011

How to Buy Real Estate with Your IRA

Yesterday, I posted a blog about options for financing the purchase of property in Mexico, promising to provide more details about your ability to use your IRA savings to fund your purchase.

For the best info on the topic, below are links to a 3-part article written by Tom Phelan that was featured on EscapeArtist.com.

Part 1:  Does the US Government Want Your IRA?
Part 2:  Time to Pull Your IRA Out of Wall Street
Part 3:  How to Buy Real Estate with Your IRA

A bit of background about the author, Mr. Phelan:

  • International Speaker For:    International Living and Live and Invest Overseas
  • Subject: How Your IRA Can Buy Foreign Real Estate”
  • National Speaker:    RE/MAX, Coldwell Banker, Keller Williams, Century 21
  • Subject: “How Your IRA Can Buy Real Estate” and “1031 Exchanging”
    • Articles Published by: The Escape Artist, International Living, Live and Invest Overseas, Wall Street Journal and MSN (Internet Version) and NuWire.
  • Subject: IRA Purchased Foreign Real Estate
    • “How Your IRA Can Buy Real Estate” 3 Hour 3 CE Course Arizona Department of Real Estate Approved Class
  • Certified IRA Consultant/Specialist (www.IRAAA.org ) for the Self-Directed IRA – SEP, Check Book Control Self-Directed IRA - SEP and the Individual 401(k) 
  • Member IRA Association Of America www.IRAAA.org 
  • Certified 1031 Exchange Specialist (Starker Services) 
  • President IRA Choices - National Web Site: www.IRAChoices.com 
  • Published in Audio by: Simon and Schuster - Bantam Books 
  • Author:  “Million Dollar IRA©” - “Rich IRA Poor IRA©” - “How To Buy And Sell Real Estate And Never Pay Taxes (legally)2003©  - “Rich Realtor® Poor Realtor®2003© - “The Argentine Vineyards Buyer’s Guide©” 
  • Former Radio Co-Host Talk Show on “Real Estate Issues and Mortgages” 
  • LL.B Degree in Law.
  • Smith Barney Stock Broker - New York 1996-1998
 
Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Monday, January 24, 2011

Paying for your Piece of Paradise in Mexico: Your options for financing

Historically, purchasing property in Mexico has  been  a cash sale, as there has not been a functioning mortgage and finance market until rather recently. 

The possibilities for financing a property is a common question that I receive, so I thought I would update everyone with the list of possibilities regarding financing a property in Mexico for those coming from abroad.  

There are some sources of funds from your home country and others available here in Mexico. The key to getting the best deal is to review the list, see what you may qualify for, shop the options, and then see which option will work the best for your purchase:

Financing Options from Home Sources:
  1. Using a Credit Line from your Home Bank:  Some buyers have an existing credit line available to use at their discretion from their home banks.  This is often a low interest, quick, and easy option.
  2. Use Another Property for Collateral in a Loan:  Foreign banks will typically not loan money using a foreign property as collateral for a loan.  However, if you have equity or own another property within your country, you can leverage that property for a loan from your Home Bank.
  3. Using your IRA Funds:  Some types of IRA investment funds can be used to purchase real estate.  It is a bit of a complex topic, and one that I will cover in more depth in tomorrow's blog post.
Financing Options from Mexican Sources:
  1. Co-Owners:  For some, going in on a property with family members for friends is a great solution for a part time home.  Mexican fideicomisos allow multiple parties to own properties.
  2. Developer or Owner Financing:  Some developers of new construction and some owners are willing to extend a period of time to buyers in order to facilitate a cash sale.  Neither of these entities are banks, so the term of the loan is much shorter (typically from 6 months to 2 years from most owners & up to 5 years from developers).  Additionally, if there is an interest rate could be a bit higher than what you would get from a bank on a 30 year loan.  The upside is that many will do 0% interest for a short term, no prepayment penalty, easier to qualify, and no loan fees.  So if short term will work, this may be your best option.
  3. Mortgage:  Traditional mortgages are a relatively new phenomenon in Mexico.  Recently, interest rates have come down to between 6-8% for those with good credit scores with a minimum of  25-30% down.  These loans are traditional, old-school style loans: no 0% down, no doc, or other shady loan schemes.  To qualify for a good rate, one needs an old fashioned good credit score and income statements.  Fixed Rate and ARM loan options are available, and most waive the any pre-payment penalty after 2 years.  [Most folks, when they first look into mortgages compare the rates that they have on their primary home with the rates of their potential mortgage in Mexico -- One important thing to note is that primary home loans are typically 2-3% better than second or vacation home loans.]
    1. Mortgages in Mexico is a broker that finds funds from various sources.
    2. Finance North America
    3. Stewart Title Mortgages
    4. Bancomer
    5. Scotiabank



Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Saturday, January 22, 2011

Puerto Morelos in the News: Puerto Morelos an idyllic alternative to Cancun

Check out a great, recent article about Puerto Morelos!


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Friday, January 21, 2011

ATTN GOLFERS!! Be a part of setting a Guinness World Record this Sunday at Mayakoba!

How cool is this??  They are attempting to set a Guinness World Record for the World's Largest Golf Lesson!!  It's FREE!!!

Anyone 12+ years of age is welcome to participate and the whole family is invited to attend.  Starts PROMPTLY at 1:30 pm at the Mayakoba's El Camaleon Golf Course.

See more info here.

Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Puerto Morelos Music Festival! Jan 27-29 & Feb 3-5

The Annual Puerto Morelos Music Festival, put together by the Casa de la Cultura, is coming soon! 

January 27-29
February 3-5
7-10 pm 
Puerto Morelos Town Square
Along with music, there various local artisans will be featured.
See the line up and more info here!

This festival is always brings great music and is an excellent chance to support our phenomenal Casa de la Cultura!


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Wednesday, January 19, 2011

Boat For Sale! 24' Foot Sea Ray! Fully Loaded!!

Any one intersted in buying our boat??

We have a 24' Sea Ray Laguna.  It's in great shape and fully loaded with all sorts of fishing equipment.  Regularly maintained and registered here in Mexico.  We have put lots of recent upgrades on it:  New Cushions, New Bimini, New Fishing Equipment, New GPS, New Pumps, etc.

You can find see more specs about the boat on the site:  PuertoMorelosCharters.com

$25,000.00 USD




Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Tuesday, January 18, 2011

Wednesday! Benefit Night at Cantina Habaneros

In memory of Ed, who recently passed away, there is a benefit dinner, concert, and auction being held at Cantina Habanero's tomorrow (Wednesday) starting at 5 pm.  They have quite a nice list of things that will be auctioned throughout the night. 

Proceeds from the benefit will go to his wife Nataly and 2 children.


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Sunday, January 16, 2011

The Schulz Family Holidays, Birthdays, New Year's Eve, & Anniversaries

Casa de los Caballos

Our family had a fantastic holiday season -- and I hope it was the same for yours!

Caden's Santa List
For our family, the period between December 25th and January 10th is a busy one.  First, we celebrate Christmas on the 25th.  Then, my husband's (Josh) birthday is December 26th.  Next, we throw our annual New Year's Eve Party on the 31st.  Josh and I celebrate our wedding anniversary on January 5th.  Finally, the festivities wrap up with my birthday on January 10th.  On top of all of that, the kiddos are out of school -- They had 20 days of vacation this year.

As I thought about all the things we packed into this time, I am grateful that there are so many opportunities so close to where we live to enjoy life.  So, I thought I'd give you a quick rundown of how we enjoyed our family time here in Puerto Morelos -- perhaps giving you some ideas of things to do as well.

We all had a great time shopping for Christmas gifts at the recently remodeled and expanded Plaza Las Americas mall in Cancun.  Josh also took in the movie "Tron" at its Cinepolis VIP Movie Theater, with it's waiters, leather recliners, and yummy food.

Poker Night
Christmas Day was spent on the beach!  Nothing Better!!

We also headed to The Forum to take the kiddos to the Rainforest Cafe, only to realize that it has closed.  So -- Plan B:  We headed to the Hard Rock Cafe for a fun meal.  [Be sure to check out their back terrace to see a beautiful spot on Cancun's beachline.]

Christmas 2010
I headed to the fantastic local Market 23 in Cancun to shop for supplies for our New Year's Eve Party.  I make a point of visiting the market at this time of year to see all of the Christmas items, gifts for New Year's altars, flowers, and seasonal goodies.  Here, it is a tradition to give a sheep to friends for the new year.  I haven't quite figured out the history behind this tradition, but stuffed toy sheep were plentiful at the market, along with all sorts of sparklers, fireworks, and firecrackers to ring in the new year.

Josh's Bday at John Gray's
For Josh's birthday, we went for out for brunch at John Gray's Restaurant in Downtown Cancun.  The food was super yummy and the prices were great.

We rang in the New Year at our house for the second annual Schulz New Year's Eve Party.  A great time was had by all, and we finally wound down the dancing around 4 a.m.

Caden's Grouper
Our wedding anniversary was forgotten, by both Josh and I, for the THIRD year in a row.  (The story of how we got married and the not-so-momentous day is one for the history books...)  Luckily, we had planned a spa day at local 5 star boutique resort, Ceiba del Mar, on January 6th -- and it was a perfect day to celebrate our (belated) anniversary.  Our full day packages included a spa treatment.  I got a glorious 50 minute facial, and Josh got a 1 hour massage.  After our treatments, yummy tea, and saunas, we meandered out to the poolside for yummy drinks with umbrellas, hot tub time, and beach.


[Ceiba del Mar offers packages for around $100 USD per person.  They include a spa treatment, all day access to their INCREDIBLE spa facilities -- fantastic sauna, Swedish shower, jet tubs, cold plunge pools, the hotel pool, hot tubs, and beach palapas, as well as discounts on extra spa treatments/food/drinks.  The day is WELL worth the price.  The Mayan Riviera Properties Office has the vouchers and can schedule your spa day!]

New Year's Piñata
One particularly warm, calm day we headed out on a friends' boat to fish and catch some rays.  A yummy snapper ended up being our catch and lunch, Mayan Style Tikin Xic, the following day.

Another night, we picked up lobster from the fisherman's market in the Puerto Morelos Town Square and barbecued Surf & Turf with friends.  We finished dinner with a super yummy white chocolate birthday cake that Josh had bought for yours truly!

New Year's Eve
The following night, we headed out to dinner with friends at the Las Brisas Restaurant in the Fairmont Hotel at Mayakoba.  They have recently changed their menu and, unfortunately no longer offer their house martini which infamously left me feeling quite good the last time we were there, but dinner was fabulous all the same.  Good Food, Great Place, Fantastic Friends = An Incredible Time

At the Top of Coba Pyramid
Climbing Coba
Punta Laguna at Sunset
The following day, we headed out to the Coba Ruins and a visit to the Punta Laguna Spider Monkey ReserveCoba features the tallest pyramid in the Yucatan.  It's a long way up...and even a LONGER way down, but the views from the top are amazing!!  After the ruins, we headed to the nearby Monkey Reserve.  We arrived at 5 p.m., which I had heard was the best time to see the monkeys as they search for food before nightfall.  The lagoon is beautiful!!  [Apparently, if you get there in the early morning (7-8 a.m.) you can use their canoes to cross the lagoon to see a larger population of monkeys living on the other side.  Also, there is a Coba/Punta Laguna Tour available for small groups.  Ask Mayan Riviera Properties Office for details!  It's fantastic!!]


Friends, Dwain & Val, Biking in Coba
I summed this year's holiday/birthdays/new year's/anniversary experience by recently stating, in the wake of its aftermath, that "I wasn't sure where to check in first:  Betty Ford or The Fat Farm".

That all being said, we had a fantastic time.

Viva Mexico!




Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Saturday, January 15, 2011

RIP: Ed from Cantina Habaneros

Sadly, Ed the Owner of Cantina Habaneros, passed away last night after becoming suddenly and seriously ill.

(As many Puerto Morelians know, Cantina Habaneros is the popular watering hole in town -- always think that it is the Puerto Morelos version of the "Cheers" bar. )

My thoughts and prayers are with his wife, Nataly and his two great kids.

You can send your thoughts on to them through the Cantina Habanero Facebook Page.


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Thursday, January 13, 2011

Free Conferences for Investors & Developers

There is a FREE Conference Series, leading up to the big forum on investment and development.

AMPI Riviera Maya
y el Tecnológico de Monterrey

Le invitan a participar en la 3ª Conferencia rumbo al Foro de Inversión Riviera Maya 2011
Oportunidades Estratégicas de Desarrollo en Quintana Roo
Que se llevará a cabo en Cancún y Playa del Carmen, Quintana Roo





Fecha: Jueves 27 de enero de 2011
Duración: 10:00 a 12:00 horas 
LUGAR: TEC MILENIO

5:00 PM 
AUDITORIO DEL H. AYUNTAMIENTO DE SOLIDARIDAD

Evento sin costo


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Tuesday, January 11, 2011

New Real Estate Listings!

Check out our latest Puerto Morelos Real Estate Listings -- There are some GREAT deals!!

Oceanfront Home!  Large Terraces, Large Pool, Fully Furnished!
$895,000.00 USD



Oceanfront!!  One Bedroom Apartment, Two Bedroom Apartment, & 2 Studio Apartments.  Could be easily converted to private home!  Large Pool.  In the heart of Puerto Morelos with EXCELLENT Rental Income!!
$750,000.00 USD


Oceanfront One Bedroom Condo.  Fully Furnished.  Large, Private Rooftop Terrace with Jacuzzi and Bar!
$325,000.00 USD




Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

Monday, January 10, 2011

New Listing!!! Restaurant for Sale!!! Successful Business Opportunity!

I get lots of emails from folks interested in the possiblity of opening or running a business here in Mexico.  And...Here's your ideal chance!!!

Newly on the market, this is one of Puerto Morelos' successful (and tasty) restaurants.  This is truly a turn-key business and an excellent opportunity!!



Interested?  See more info about this listing on MayanRivieraProperties.com



Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.

New Infrastructure Plans for the Yucatan Revealed & Chichen Itza is SOLD!

Great article by YucatanLiving.com about the recent unveiling of the new plans that are in store for the Yucatan!  Also mentions the unique history of Chichen Itza, which was recently purchased by the State of Yucatan!


Twitter and Facebook Readers can view the original post and leave comments at: PuertoMorelosBlog.com.

Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.