Ever heard those horror stories? Say, about a real fine vacation home near a pristine Mexican beach, Cabo San Lucas for example. And then there’s this real nice old couple that wants to start the proper transaction with the Notario, the Fideicomiso and what have you, but then the over-excited owner/salesman goes like “give me the cash instead, that’s how we do it in Mexico”? Only for the salesman to disappear with the money and never turn?
Well, consider it a cautionary tale, and for good reason, because it happens often. But it’s something you can avoid. After all, you don’t want your business trip to Cabo being a fiasco. How, exactly? Keep on reading.
Turn off your Party brain and get on the Business train
It’s understandable. We hear “trip to Cabo San Lucas” and we immediately think of margaritas and tequilas, but you need to control that part, as much as you might not want to. Once you get past the border, it’s not all fun and games. If you treat it as such there will be people looking to blindside you into bad deals or even downright swindles, not only that, but genuine owners and real deals will slip off your fingers because you didn’t take it seriously enough.
Sure, this doesn’t mean that you can’t have some good fun at the beach or at the local bars, but you need to know when to work hard and when to have party hard. You can’t mix them.
Don’t think deals are going to be everywhere and within reach
While Mexico is a land of opportunity, that doesn’t mean it’s low hanging fruit anyone can pick up, let alone expect for it to drop by your yard. There are many great deals on offer, but you need to spend time and effort in order to make a sound investment. This goes from being well informed about promising projects before your trip and knowing where to look once you reach Cabo. You won’t hit the jackpot if you drop by unannounced and uninformed. Remember, knowledge is power, and so is foresight.
Never let your guard down. Know the rules.
Like I said before, people will try to take advantage of party goers, because easy-going people tend to be easy targets. If you don’t know how real estate in Mexico works, namely, the transactions, the requirements of the notario and fideicomiso, you will be seeing a lot more “unbelievable” and “cash-only” deals popping up. And if a deal is too good to be true, if there is no office or established business backing up that overtly friendly stranger, if it sounds too easy, then that’s a clear sign for you to decline.
Don’t let shortcuts and seeming one-in-a-lifetime deals cloud your judgment—any more than those (admittedly tasty) margaritas. You need focus, so that next time you take a trip down to the best beach location in Mexico, not only can you score an amazing property, but you can also enjoy yourself as well, without either side bumping into one another.