Lessons in Not Overdoing Most people come to Puerto Vallarta and have a fabulous time. On the other hand, there are those who go overboard in all the wrong places, and we mean that literally. When you go to the beach it’s going to be HOT; you are much closer to the equator than where …
Buen Provecho! May is a busy month in Puerto Vallarta, in spite of many snowbirds having left us to go north to tend gardens, measure grandchildren, mow lawns and visit friends and family. One of our longtime favorite events in Puerto Vallarta during this period is Restaurant Week, the longest week in town. It …
Biodental Studios Welcome to Biodental Studios – Dr. Javier Morales At Biodental Studios we use only biocompatible materials, the most effective techniques, state of the art sterilization, and modern high dental technology. Dr. Morales also offers some detox recommendations to patients thinking about removing their metal fillings and root canals…. Read More https://biodentalstudios.com
We find these designs simple and chic and wanted to share them with you… This is definitely part of ‘Inspired Living’… and we hope that as the real estate market in Puerto Vallarta shifts so do the design elements being introduced here. Since meeting in the mid-1980’s, artist Ruben Toledo and Ralph Pucci International’s Ralph …
Ruben Toledo and Ralph Pucci collaborate on design. Read More »
We laid off sugar a few years back and have been very happy about the switch to honey. Local honey in Puerto Vallarta can be purchased on the streets and we often buy from the same grumpy old man who caters to those walking up and down Basilio Badillo. When we run out of our …
Nuevo Vallarta Oftentimes we have disappointed tourists who thought they were coming to Puerto Vallarta but found themselves in Nuevo Vallarta instead. This happens because most travel agents haven’t been here themselves to know the difference. Vallarta equals Vallarta on paper and they seem pretty darn close on a map. Nuevo Vallarta, using the name, …
Buen Fin and Mexican Economy If you were out and about in Puerto Vallarta the past couple of weeks, you couldn’t have missed the advertising of Buen Fin. Buen Fin is Black Friday in Mexico and Puerto Vallarta gets in on the act in all of their popular shopping venues. This year topped the charts …
Pedicures: Our feet take a beating in Puerto Vallarta. We have an amazing collection of open toe sandals, from flip flops to fancy huaraches. Sneakers and hiking boots fill the remainder of our assortment of shoes. With toes showing most of the time, we like them to look pleasant, rather than gnarly and dirty. More …
Jogging About Town We shudder when we see joggers in Puerto Vallarta on the highway between town and Mismaloya, sometimes with only inches between them and passing traffic. It’s a dangerous place to run. Most people are looking for solid footing and smooth pavement, taking off from hotels with no idea what lies around an …
It’s Too Darn Hot! It’s too darn hot It’s too darn hot I’d like to sup with my baby tonight Refill the cup with my baby tonight But I ain’t up to my baby tonight ‘Cause it’s too darn hot …. Ella Fitzgerald It does get hot in Puerto Vallarta in the summertime. From May …
Hidden beauties can be found along Highway 200 on the way to or from Puerto Vallarta. One of these gems is Lo de Marcos, a small Mexican beach town that has not been fully discovered. There are no looming hotels, large boat marinas, beeping taxis or traffic jams. Quiet and relaxing are the reviews we …
The bathroom is one of the most crucial areas of the house. It is where you can refresh yourself before or after work. 10 designers made use of their brilliant ideas to come up with simple but eye catching Wash Basin designs. This is definitely part of ‘Inspired Living’… and we hope that such beautiful …
When we first arrived in Puerto Vallarta, our destination for groceries (and many other things) was Gutiérrez Rizo. If Rizo didn’t have it, you didn’t need it! Rizo, located in the heart of Old Town, had two levels with a broad staircase in the center of the store that allowed one to climb partway and …
One of the biggest worries of new house flippers is what happens when they can’t sell their flips.
It’s a legitimate fear…but one you don’t need to have if you just take a few precautionary steps with your lenders ahead of time.
To do this though, it largely depends what KIND of loan you have on the house.
Here are two scenarios that you may come face to face with and how to deal with them.
When you’re working with a private money lender – this could be a family member, a friend or a business acquaintance, you’re the one who’s setting the terms.
So when you write that promissory note, you’re going to personally guarantee the loan. I do this on all my note holders; I personally guarantee them, depending on the situation.
If it’s an equity deal, then it’s a little different – but on a pure note we usually personally promise them. It’s really important to me to make sure my lenders are well protected.
I do this because I don’t want to be in a position where I can’t pay off that note only because it went beyond the 12 months. So what we typically add in a stipulation our promissory note that includes a “when the property sells” provision.
The idea is not to make you lazy or give you a false sense of security, but to protect you in case hings go wrong.
Never forget that in house flipping, time is money and you never want to be in a property longer than six months.
This provision just gives you a little extra layer of protection to know that you’re not going to be foreclosed on hard by your lender.
If you’re in a deal with a hard money lender, then the rules are completely different…so this section is a bit more lengthy.
When you borrow hard money, the hard money lender creates the rules, they’re professional lenders just like bank and most of them really know their stuff.
Some house flippers, eager to get their first deal funded with a hard money lender, get too aggressive and set their terms for six months.
Big mistake…
Never, ever, ever get into a six-month loan with a hard money lender. I don’t recommend them…its just not enough time, especially when you’re first starting out flipping.
Its completely plausible that you could buy a property and it could take you 60-plus days just to rehab it. Not that you want to take that long on a rehab, but it can happen.
If the rehab takes 60 days, thats two full months into it and only after that, you can list it and start the selling process.
But lets say its towards the end of the year and it took a couple of months for the selling season to come. Or perhaps you could sell …read more
Often falsely credited for the colonization of Puerto Vallarta, Mismaloya is a lovely settlement about twelve kilometers from the city. In 1963 the Hollywood director, John Huston, chose it for the location of his movie The Night of the Iguana based on the Tennessee Williams book of the same name. Though Puerto Vallarta was already …
First Quarter 2016 Puerto Vallarta Market Report The Easter holiday is over and we have the results from the first quarter Puerto Vallarta real estate market. It has been a wonderful season filled with incredible weather, activities, theatre, concerts, parades and celebrations, and of course a busy real estate market. Here is a comparison for …
Q1 – 2016 Puerto Vallarta Real Estate Market Report Read More »
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