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bledito
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[*] posted on 10-28-2013 at 07:20 PM
rental expenses


what are the associated costs for renting my home in los barriles on a weekly, monthly, basis. 2 bedroom 1600 sq home. for electric, water, internet, sat. tv, propane, and what is the income tax paid to mexico on rental income, and earned income. are there any requirements as to legality for non mexican renting property ect. any other pertinant info I might need, such as liability insurance, licensing. ball park figures from anyone renting their casa would be appreciated greatly. my concern is having a vacant home for some extended periods of time vs having it occupied. what would be a break even rental rate for all associated costs.
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[*] posted on 10-28-2013 at 07:54 PM


You need to figure out what your monthly cost is right now for everything..You need to be legal to rent any property. Best thing I can tell you is have a meeting with Francie, she handles all of our legal stuff...You will need to get a hacienda number, that's for your taxes...do everything legal and you won't have any problems. Francis office is next to Bancomer, she'll make sure everything you do is legal...that's the best advice I can give you..

Barb
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gnukid
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[*] posted on 10-28-2013 at 08:04 PM


Renters tend to cause a huge amount of damage and are extremely high cost in general unless you have a person on site. They let things leak, and those things cause high damage costs to appliances, faucets, ac, water, fuel system, walls etc... Imagine the cost of someone flooding your house, damaging the appliances, damaging the counter or floor, leaving the ac, fuel or water on for extended periods? Leaving the house unlocked? Vacationers tend to be forgetful and not well suited to manage issues in a foreign country. Expect to require a full time maid and maintenance team to assist if you rent your place
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[*] posted on 10-28-2013 at 08:22 PM


I have to disagree with Gnukid...we've had a rental here in Los Barriles for 10 yers. Never have we had any damage from our renters, we've had renters replace so many things, without us asking them to..they will tell US they bought stuff for our place.. Never had any type of flooding, damage, things broken...Don't let him scare you off..there's great people out there..If your rental is in good shape, I believe it'll stay that way.... Maybe we ARE just lucky but we've never had any bad renters and we also manage others beside our own....you'll be fine if you get everything legal
Barb
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LosCabosbound
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[*] posted on 10-28-2013 at 08:30 PM


I have never had a real problem with damage from tenants. Its amazing the things that accumulate over the years of having renters. Coolers, umbrellas etc...

One strong word of caution... tenants tend to come in, blast the A/C 24/7. I have had shocking bills for even a two week rental. Unfortunately it puts you in a higher rate category for the following months. It was so bad, I no longer rent from July to October.

Good luck
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bledito
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[*] posted on 10-29-2013 at 03:58 AM


I really appreciate the responses. bill collector or loscabobound have you any figures you could share. high end expenses, summer months, i could basis my rates on. i'll be down again in jan and will talk to francis next to bancomer. you could u2 me if you do not want public exposure.
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[*] posted on 10-29-2013 at 07:44 AM


Check your u2u
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bledito
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[*] posted on 10-29-2013 at 05:25 PM


must one have a corperation or can one have fidescimo or does it even matter.
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[*] posted on 10-29-2013 at 07:01 PM


Either works just fine..
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bledito
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[*] posted on 10-30-2013 at 06:24 AM


i posed this question on baja talk.com and longlegs in laps disagrees stating fiedescimo can not rent. what i read on anouther web search states one can lease to a third party.
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[*] posted on 10-30-2013 at 07:07 AM


Quote:
Originally posted by bledito
i posed this question on baja talk.com and longlegs in laps disagrees stating fiedescimo can not rent. what i read on anouther web search states one can lease to a third party.
If that's true, there are hundreds of people blatantly breaking the law here. I believe as long as you have a residencia temporal lucretiva or a residencia permanente and register with Hacienda to pay all the applicable impuestos, it's legal.



"The future ain't what it used to be"
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[*] posted on 10-30-2013 at 07:26 AM


Monoloco is correct. We are registered with Hacienda, pay monthly taxes on the income..Never was our FiDE ever questioned..you mentioned you've got a vacant lot at this time, won't be building until 2015..You should just wait until your home is built then research all the rental options..things change down here, daily, monthly, yearly...
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gnukid
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[*] posted on 10-30-2013 at 07:58 AM


I have a few friends who rent their homes, these are the estimated monthly costs that may vary with desire/amount of use:

maid who comes before the renter and after, cost of each visit is $75 -if renter or homeowner would like more maid service they pay the additional

care taking maintenance and garden of the house, $300 month

telephone internet$50, cfe $100-200, water truck $50

extra upkeep maintenance repair, replacement, paint upkeep, yearly roof pain, plumbing, kitchen appliances $200
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[*] posted on 10-30-2013 at 08:24 AM


WOW if I had the cost of Gnukid friends rental I'd stop renting..
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jbcoug
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[*] posted on 10-30-2013 at 10:30 AM


Bill,

Keep in mind, Gnu didn't say they made any money.

John




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gnukid
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[*] posted on 10-30-2013 at 10:45 AM


People rent large beach homes for about $1000-2000 a week in LB and it's worth to have the house ready to go when you are on vacation. People often rent their home just to keep it up and functioning, it serves a purpose as opposed to being empty, dusty and infested with insects, rats or worse.

It's a lot of work to maintain a house for renters, though I hear it gets easier the more you do it. Now there are Airbnb and Vrbo websites and more professional rental managers, maids and maintenance crews to help the process.

Smaller homes rent for much less by the month, for example, $600-1000 month and monthly renters pay their utilities and their maid service.

If you have regular staff, they can quit and claim some after work payout anytime, if if they work for more than a year the amount is quite high and can come as a shock.
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[*] posted on 10-30-2013 at 11:10 AM


John, your correct...we are in it for the income..
Barb
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bledito
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[*] posted on 10-30-2013 at 03:42 PM


yes hopefully things change only for the better. the la ribera project is going to change the whole area there. just south of us in los barriles not for the better. the marsh area will most likely be gone. tourism in los barriles will most likely increase. more crowding by transients who care little for the enviorment around. it will be more like cabo and san jose. if I had wanted that i would have bought there. i imagine this will take some time to transpire but an eventuallity given that project is progressing.
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gnukid
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[*] posted on 10-30-2013 at 08:31 PM


Bledito, so you haven't built yet, have no experience, then provide a dismal prediction for the future, you might need to invest time and energy to learn a bit or not apparently.

[Edited on 10-31-2013 by gnukid]
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bledito
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[*] posted on 10-31-2013 at 04:38 PM


Yes, perhaps over 10-20 years if the project continues. What would your assesment of the area be with the continuing work on that project going on. I may be wrong. There are a lot of factors that come into play one being the potential change in law for foreigners to hold title on residental property. there are a great many baby boomers retiring in the coming years. the word I hear about how cabo and san jose were just 20 years ago leads me to believe that the same may be coming for the los barriles buena vista la ribera areas as well. that is given the proper circumstances fall into place.
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