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. The account of the owner showing me his place for the first time is noted in the main description at the top. I first started taking care of #3000 in 2012, and we have made a lot of nice improvements over the years. 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 property back then, which led to the bank collapse in 2008.