Hello again everyone!
This is the story of why we chose to purchase our property, and how it happened. Please note that I manage this unit for the owner. We purchased our unit in 2004, and the owner purchased Penthouse #2704 that you see here in 2014. The unit was completely gutted, and then beautifully remodeled in 2014 and 2015. The owner is a wonderful and very smart lady. I love the design choices she made in her place. Thanks, Tim Miller
After my brother Rod and I discovered Cancun, it was not if we were going to buy something there, but where. We looked at a lot of options with the realtors. We worked with a 2 guy team, quite unique, they are both good guys, and they loved to have fun and cut up, so that made the looking process more fun.
The thing about the hotel zone is, anywhere you find on the beach is close to everything else by bus. So, it was more a situation of what is the resort like, what is the unit like, the views for sure, and could you rent it nightly/weekly. We were on the verge of buying two studio units at a different resort, even though, in our heart, we really wanted the 4br at Oleo. It was a total dump, but it had million-dollar views and it was this huge 4br with this massive balcony. Plus, we loved that is was within an actual resort, rather than a condo complex. But we didn’t have the money, by a long shot, we only had half, and you couldn’t get loans back then for Mexico property.
Rod and I were in the middle of talking about it when my Mom walked in and said, just buy the bigger place, you know you want it”. We’re like, “how, we only have half of the money?”. Mom goes, “just tell him you’ll give him ½ now and half a year from now, because you can refinance the Florida property AFTER it has gone up in value again.”
We were already mortgage maxed out in Florida, whenever values went up, we refinanced to buy more. Not smart, but we didn’t know any better and the banks were allowing no down payments for commercial