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DianaT
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Bahia Asuncion House for Sale -
Bumping this thread as we will be in BA most of June if anyone is interested in looking at our home that is on the market.
If interested, check the following link and U2U or e-mail through craig's list and we will be happy to respond directly.
http://bajasur.en.craigslist.com.mx/reo/2973613445.html
Unfortunately, we cannot consider renting or leasing the property as it is illegal to do so when the property is owned through a Fideicomiso (bank
trust). However, a buyer could buy it all in a Corporation and then it could be legally rented.
This information was corrected by others below.
John y Diana
[Edited on 5-16-2012 by DianaT]
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captkw
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Mood: new dog/missing the old 1
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hola
hi diana,first Id like to thank you with the help you gave with the pic's of my dog last winter,,you made the very worst of my life a little
easyer,,thankyou !! hey,nice looking pad ,,can I ask,,why your selling and are you in a hurry...Keith & lil tasha
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DianaT
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| Quote: | Originally posted by captkw
hi diana,first Id like to thank you with the help you gave with the pic's of my dog last winter,,you made the very worst of my life a little
easyer,,thankyou !! hey,nice looking pad ,,can I ask,,why your selling and are you in a hurry...Keith & lil tasha |
You are welcome and I am glad it helped a little!
There is not a real hurry to sell. We have so many great friends there and really enjoy our time there. We have felt like we have had the best of two
worlds between BA and San Diego.
On the other hand, there are certain age and health concerns that cannot be ignored forever, and some projects and adventures that have our names on
them that we would like to pursue before Father Time turns into the Grim Reaper. :-)
John y Diana
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danaeb
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Hi Diana - Can you point me to the law about the illegality of renting or leasing fidecomiso property? I tried googling, but didn't find anything. I
know many people who would be concerned about this. I understood that you have to pay hacienda taxes, but i didn't know it was illegal, or under what
conditions it would be illegal.
Dana
Experience enables you to recognize a mistake every time you repeat it.
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DianaT
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| Quote: | Originally posted by danaeb
Hi Diana - Can you point me to the law about the illegality of renting or leasing fidecomiso property? I tried googling, but didn't find anything. I
know many people who would be concerned about this. I understood that you have to pay hacienda taxes, but i didn't know it was illegal, or under what
conditions it would be illegal.
Dana |
Dana,
The simple answer is No. We are going by what we have been told by our agent that if we wanted to rent our house out, we would need to have a
corporation and the property be a part of the corporation to be legal.
Thus if that is NOT the case, we sure would like to know otherwise. We just trusted his information. ????
Thanks and I hope I am wrong.
Diana
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rob
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Diana - there is nothing in Mexican law that forbids the holder of a fideicomiso from renting the property - the information you were given is simply
incorrect.
HOWEVER
- you must register with Hacienda and pay ISR tax on the profit made, which requires a tax number, accountant (recommended) etc etc all the business
stuff . .
http://www.bajainsider.com/baja-business/rentalpropertyincom...
- Uncle Sam will take a deepened interest in your vast foreign wealth - you will need to inform him of the income. The URL below is rather
self-serving (scary talk followed by the solution - hire him to save you)
http://www.mexicoonline.com/blogs/25/150/living-in-los-cabos...
In short - if you are going into the rental business, form a corporation and let someone else manage it.
Hope that helps.
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DianaT
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| Quote: | Originally posted by rob
Diana - there is nothing in Mexican law that forbids the holder of a fideicomiso from renting the property - the information you were given is simply
incorrect.
HOWEVER
- you must register with Hacienda and pay ISR tax on the profit made, which requires a tax number, accountant (recommended) etc etc all the business
stuff . .
http://www.bajainsider.com/baja-business/rentalpropertyincom...
- Uncle Sam will take a deepened interest in your vast foreign wealth - you will need to inform him of the income. The URL below is rather
self-serving (scary talk followed by the solution - hire him to save you)
http://www.mexicoonline.com/blogs/25/150/living-in-los-cabos...
In short - if you are going into the rental business, form a corporation and let someone else manage it.
Hope that helps. |
THANK YOU---maybe we misunderstood.
I am guessing, and this is a guess, that one would possibly need to change their FM3 as well?
Another question Rob. If we so desired, without us forming a corporation, could we allow someone else who does have a corporation rent out our home
if they, and not us, received the income and we received nothing?
Also, you mentioned something about hiring someone else to manage it? Would that be necessary if we had our own corporation?
Thanks
[Edited on 12-26-2011 by DianaT]
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Bajahowodd
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Gee. Is there some sort of massive exodus out of Asuncion?
Have to say that I did grin just a little as I watched the posts pile up. Noting what Rob stated, in particular. Just seems to me culturally, in
Mexico, the law is not always the law.
That said, aside from rental or lease income, I get the feeling that you and John are looking to move on. Being an absentee owner in a place so remote
would appear to be more trouble than it is worth. JMHO.
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DENNIS
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| Quote: | Originally posted by DianaT
I am guessing, and this is a guess, that one would possibly need to change their FM3 as well?
Another question Rob. If we so desired, without us forming a corporation, could we allow someone else who does have a corporation rent out our home
if they, and not us, received the income and we received nothing?
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This isn't real life talking here, is it? Would you rent your house to anyone you didn't know well enough to keep your agreement to yourself?
Did you ever forget to declare something to the IRS? If so, don't worry about it. You won't be denied entrance to the Promised Land.
Get real folks. It's your house....not a thriving business.
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Bob H
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| Quote: | Originally posted by DianaT
| Quote: | Originally posted by captkw
l |
On the other hand, there are certain age and health concerns that cannot be ignored forever, and some projects and adventures that have our names on
them that we would like to pursue before Father Time turns into the Grim Reaper. :-)
John y Diana |
Wow, sorry to hear that... I know you loved it down there and your place looks so sweet!
The SAME boiling water that softens the potato hardens the egg. It's about what you are made of NOT the circumstance.
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rob
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Diana - I'm going to punt on the FM3 status change question - there is an FM3 status of "rentista" - but not sure if that is landlord status or a
renter - I'm rusty on FM3 folklore . . .
Taking your second query - you suggest a truly Mexican approach that I think both Dennis and Bajahowodd would appreciate - an good legal approach! Use
someone else's corporation, which would rent the house on your behalf, and give you an annual repayment of some long-outstanding loan . . .
Regarding hiring someone else to manage your corporation - it is simply a tax-paying machine that could be handled by an accountant. You need an
accountant if you have a corporation, all the real work - renting the place out etc etc, would be done by you. Much easier to piggyback on someone
else's corporation.
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tiotomasbcs
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Trotter's house and Lauribooats are side by side on the coast albeit the Alaska side. Maybe someone could buy them both and build an amusement park
or Monopolos. Exodus.  Tio
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DianaT
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| Quote: | Originally posted by rob
Diana - I'm going to punt on the FM3 status change question - there is an FM3 status of "rentista" - but not sure if that is landlord status or a
renter - I'm rusty on FM3 folklore . . .
Taking your second query - you suggest a truly Mexican approach that I think both Dennis and Bajahowodd would appreciate - an good legal approach! Use
someone else's corporation, which would rent the house on your behalf, and give you an annual repayment of some long-outstanding loan . . .
Regarding hiring someone else to manage your corporation - it is simply a tax-paying machine that could be handled by an accountant. You need an
accountant if you have a corporation, all the real work - renting the place out etc etc, would be done by you. Much easier to piggyback on someone
else's corporation. |
Thanks Rob---I am not sure of all the designations on the FM3s, but I believe that if one is doing any business, it needs to be a part of the FM3---
even volunteering can cause problems. I love your statement about Folklore.
I know it is difficult to believe, but I am very serious. Out of friendship, we have considered exactly what I said. Let someone who has a
corporation rent out our place and collect the money and we would SERIOUSLY receive nothing---it is a friendship thing, and has NOTHING to do with
money. The only thing we would receive in return is that our place is occupied once in a while when we are not there. Just a consideration at this
point in time.
Shoot, not everything is about money or avoiding taxes. We have one friend who uses our place on a semi-regular basis and we would not think about
accepting any payment in any way---OK, that nice bottle of French Cognac was appreciated. :-)
Well, we are not going to create a corporation---we are retired and intend to stay retired.
Dennis, about the IRS----well, well..............
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PCbaja
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I have been renting my house now for 3 yrs. successfully. I had to have a fm 2 and permission from local immigrado. I have an accountant that pays my
taxes electronically to Mex City. I only have a fido, because the bank gave me permission to rent so no need for a corp. I also have rental property
in th US and my house in Mex is the easiest to manage and most profitable. I get a kick out of all the doom and gloom posts about real estate in Baja
by the people who seem to know it all. When I'm not living in Baja I'm making good money on my investment down there! Life is good!
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comitan
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PCbaja
But when you decide to sell watch out Capital Gains will bite you.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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PCbaja
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| Quote: | Originally posted by comitan
PCbaja
But when you decide to sell watch out Capital Gains will bite you. |
You are right comitan, but why kill the goose that lays the golden egg! I am trying to get the financing together to build some more smaller homes
that share a pool on the beach. Unfortunately I have had to turn people away cuz the house is already booked. That said the question that follows is "
do you have anything else?"
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elgatoloco
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Nice house! We think that the greater BA area is a great place with lots of variety of people and places to explore. Can't wait to get back down there
for a visit.
MAGA
Making Attorneys Get Attorneys
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Bajahowodd
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| Quote: | Originally posted by tiotomasbcs
Trotter's house and Lauribooats are side by side on the coast albeit the Alaska side. Maybe someone could buy them both and build an amusement park
or Monopolos. Exodus. Tio |
Don't forget a Super Pollo franchise!
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DianaT
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| Quote: | Originally posted by tiotomasbcs
Trotter's house and Lauribooats are side by side on the coast albeit the Alaska side. Maybe someone could buy them both and build an amusement park
or Monopolos. Exodus. Tio |
Ah, an amusement park, what a great idea, except in many afternoons and in the springtime, our Alaska side often has wind.
Opps, that is the other side!
As a good friend says, when it gets cold and windy, it is time to drive a couple of miles inland and explore.
This area has a micro-climate every mile or so! And during the times when it does get really hot and uncomfortable in town, our Alaska side is
usually quite nice. 
[Edited on 12-28-2011 by DianaT]
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KaceyJ
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| Quote: | Originally posted by DianaT
| Quote: | Originally posted by tiotomasbcs
Trotter's house and Lauribooats are side by side on the coast albeit the Alaska side. Maybe someone could buy them both and build an amusement park
or Monopolos. Exodus. Tio |
Ah, an amusement park, what a great idea, except in many afternoons and in the springtime, our Alaska side often has wind.
Opps, that is the other side!
As a good friend says, when it gets cold and windy, it is time to drive a couple of miles inland and explore.
This area has a micro-climate every mile or so! And during the times when it does get really hot and uncomfortable in town, our Alaska side is
usually quite nice.
[Edited on 12-28-2011 by DianaT] |
Diana ,
is there really much difference in locations within BA or is this just some insider joking around ?
thanks
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