During this global pandemic every type of business is being affected & impacted in some way. In the real estate industry we are seeing developers and others either drop prices or change pricing to pesos. For an Expat buyer, this can mean a savings from tens of thousands to hundreds of thousand of dollars. For …
Puerto Vallarta Real Estate During Covid-19: Price Reductions Read 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 »
Take a Panga to Yelapa! There are people who ask if Mexico is safe. It’s a question that actually upsets a lot of locals and residents here in this relatively peaceful country. Yes, there are problems, just as there are in our extremely divided neighbor to the north. However, there is very little danger to …
Voting From Afar We agree with those in Puerto Vallarta who are intent on discussing the issue that the upcoming election in the United States is going to be one of the most important events in the history of the country. If one party wins, there will be upheaval and chaos; the other party is …
Puerto Vallarta and Guns This past weekend we had the occasion to watch a rousing televised sports event in Puerto Vallarta with a group of acquaintances and a handful of people we’d never met, some tourists. One new visitor to our lovely city proudly displayed her recently obtained NRA card and also her permit to …
Hungry September In Puerto Vallarta, September is known as SeptiHambre…“Hungry September.” September finds many businesses in Puerto Vallarta closed for the entire month. Owners traditionally leave Puerto Vallarta to vacation elsewhere and usually don’t return until October, taking the first week of that month to make repairs, paint and lay in supplies. This means their …
Solar Energy in Puerto Vallarta: Solar energy is not new. It was discovered and developed in 1839. Because coal was available by mining and created a lot of jobs, solar took a back burner to other forms of energy. When science and the general public began to be aware of the impact of oil and …
Aztecs were meticulous record keepers and developed their own paper long before the Spanish conquest. Amate paper was banned by the Spanish conquistadors for the simple reason it was used in Aztec religious ceremonies. It was considered by Aztec shamans to have magical properties and the Spanish weren’t interested in finding out why. However someone …
Designed by the progressive firm M E Arquitectos, Grand Trianon embodies the best of sleek design and is an exciting addition to the walkable neighborhood of Versalles. This modern building consists of 24, two and three bedroom residences that are as forward-thinking and elegant as the architectural team that designed it. Filled with warmth and …
Grand Trianon – New Condominium Development in Versalles (Puerto Vallarta) Read More »
Go to the Theater ! “The Best Little Whorehouse in Texas” – The Musical at the New Boutique Theater The hottest show in town is getting rave reviews! It’s a 1978 Broadway Musical based upon a true story of a sensationalist TV news reporter’s mission to shut down The Chicken Ranch, a 150-year-old bordello in …
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