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bledito
Nomad
Posts: 420
Registered: 7-6-2013
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Building a Casa
To those Who have traveled this road before me. What is the best way to handle all the money for the building project. I am just getting started and
wired pesos to the account of the architech in los barriles. This cost me 100 U.S. to wire and the pesos conversion fee. I figure to be doing these
transfers probabally monthly. What is the least expensive approach? should I set up a mexican account and tranfer money to it in larger quantities?
Will this mexican account allow me to transfer to anouther mexican account not in my name thus avoiding the repeated international wire transfer fees
and peso conversion costs. I could use some advise on this matter. I plan on travelling down several times as well. What is the max ammount of cash I
can bring in in cash as a traveller? How to tracking the funds sent and getting reciepts for materials labor, imms, and all the rest.
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bajagrouper
Senior Nomad
Posts: 964
Registered: 8-28-2003
Location: Rincon de Guayabitos, Nayarit, Mexico
Member Is Offline
Mood: happy and retired
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You can enter Mexico with as much cash as you want, you just have to report it if it is more than $10,000.00 cash to Customs/ Border Patrol...
When I was building my house I just brought in blank checks from my bank in the USA....
I hear the whales song
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capitolkat
Senior Nomad
Posts: 510
Registered: 3-9-2006
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We did the wire transfer route- our costs were $25 per wire transfer and over a 10 month construction project we did 6 transfers- for a total of $150
which nothing to us out of the total costs. Not sure I would want to be carrying around over $10,000 per trip from the US and realistically the travel
costs to bring the money back far exceed the $25 I paid or the $100 you are paying. Checks may work if the contractor is willing to wait for the time
it takes for a check to clear.
Life is too short to drink bad wine
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baconjr
Nomad
Posts: 128
Registered: 7-14-2012
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Mood: Es la vida de perro!
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Before signing off on the finish building you will want to make sure of all your water & electrical. They don't pressure test the water and after
a while we had to tear the drywall to fix a tiny leak that was on a fitting that the plumber was too lazy to put plumbers tape on the fixture. It took
an electrician to figure out what the electrician was thinking when he did the house. Good luck.
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bledito
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Posts: 420
Registered: 7-6-2013
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I plan on spending a few months there while a lot of the infrastucture is being built in jan and feb to get away from the midwests winter. I will plan
on coming down as phases are being completed to see everything in order. I would expect a pressure test on the plumbing even if i have to do it myself
prior to closing all the openings. I can also bring down a meter and check the electric. with plans and drawings I should be able to tell what goes
where and how the wire runs should be and will be able to tone out the wireing to make sure things are in order. I hope all goes well. I have to put
some faith in my builder even if i do follow up inspections anyway. I jut don't have the time (semi retired) workin seasonal, to be there the whole
time. I spent a lot of time looking at the mexican style construction and can see the flaws in strutural in some of the work done. a thorough review
of the plans by architech freinds here in the states and checking phases of the work should avoid problems. I could be happy living in a palapa shack
as long as I was there but that doesn,t fit into the Missus idea of I,m so happy, so a three bed full bath kitchen and all the amenities is her plan.
any further recommendations on the financing is appreciated.
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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When I started mine at the first of the year I didn't have a local account and it was a pain. You run out of cash pretty quickly at 5k pesos per ATM
day. I did the septic , concrete and panel contracts via wire transfers. $25 per was ok by me. But I really suggest a local bank account. I wire
transfer larger chunks for the same $25 and my project manager has signature rights for checks - trust is very important. I get a monthly accounting
and can verify the numbers on line.
Andy
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tecatero
Nomad
Posts: 205
Registered: 11-20-2013
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Get a Citibank account in the US and a Banamex acct in Mexico...you can transfer up to $1,000 US online in between accounts daily free of charge via
global transfer. If you go into the bank you can wire up to $3000 for free. However there are limits I think of $3000 weekly, or something like
that,but still its easy
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bajafreaks
Nomad
Posts: 404
Registered: 3-27-2007
Location: Gardnerville, NV./ Los Barriles BCS
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Mood: No Bad Days !!!
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Sent you a U2U.
Good luck on the build, keep us all posted.
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BajaBlanca
Select Nomad
Posts: 13196
Registered: 10-28-2008
Location: La Bocana, BCS
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Good luck on the build and pleeeez monitor every step. Better than major regrets later. Actually, if it is at all an option, stay there while they are
building. It is a different world down here!
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akbear
Nomad
Posts: 203
Registered: 8-23-2003
Location: Buena Vista BCS
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I'll second Tecatero's, that is what I did. It is a little harder now that Banamex pulled out of Los Barriles. I also have a Bancomer account, just
deposit a Citi check & wait for it to clear, 10 business days. Then use ATM or go to bank & withdrawal what you need.
Stop by, first house South of Mar y Sol condos on hiway.
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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| Quote: | Originally posted by akbear
just deposit a Citi check & wait for it to clear, 10 business days. |
Are there $$ limits or charges for this?
Andy
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BajaGringo
Ultra Nomad
Posts: 3922
Registered: 8-24-2006
Location: La Chorera
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Mood: Let's have a BBQ!
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We had an excellent, extremely talented and conscientious builder yet I still tried to be onsite for almost all of the construction. Building
standards/expectations differ between countries and being onsite helped avoid a lot of "do-overs". Also it was a lot of fun getting involved with the
construction, pouring concrete, laying block, etc. The home becomes a part of you.
As to the money, just do a one time transfer of all the funds into a Mexican bank account. You can actually get some really good rates (better than US
banks) and then just write a check or take out cash as needed.
Pesos to pesos gives you better accounting control over the construction...
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Bill Collector
Nomad
Posts: 374
Registered: 1-13-2004
Location: Buena Vista, BCS
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Andy
We deposit a US check twice a month in Bancomer, havent had any charges. You can go into the bank with your ATM card and get more money out. Check
your u2u
Barb
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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| Quote: | Originally posted by Bill Collector
Check your u2u
Barb |
Sweet - my first Nomad U2U. I feel like one of the cool kids now.
When did you go by the house?
Andy
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grace59
Senior Nomad
Posts: 614
Registered: 9-14-2004
Location: San Felipe, Baja, Mexico
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Luckily for us our builder had an Acct. with Bank of America in Calexico. In the beginning I would transfer money from our acct. into his...at that
time the cost was 35.00...then the transfer fee went up. I then just took the funds out of my acct. in cash and drove the 1/2 mile to B of A to
deposit it into the builder's acct. Saved me lots of money in the long run! Do try to be there to check on the progress as often as you can. Our
builder sent a weekly job report and photos to keep us posted as to what was happening.
Whenever I hear that rainy, chill wind blow. I think it may be time to head for Mexico. Tengo que obedecer mi corazon!
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bledito
Nomad
Posts: 420
Registered: 7-6-2013
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Logistics are a problem. Still trying to verify/decipher the account information sent by our architech and builder. Once this is sorted out I plan on
just wiring the money directly to thier account at regular intervals as the progress continues. Anyone know of any inexpensive places we can stay for
weeks at a time over the year I expect this to take. I could tent it but my missus probably would want something a bit more. Starting with the first
of the year for a two month stay while we do site layout and foundations and utilities, and then probabally at least three more two week trips during
the year every couple of months or as phases near completion. WE bought a suv when we were there last so we have transportation and a couple we met is
storing it for us.
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bajafreaks
Nomad
Posts: 404
Registered: 3-27-2007
Location: Gardnerville, NV./ Los Barriles BCS
Member Is Offline
Mood: No Bad Days !!!
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| Quote: | Originally posted by bledito
Logistics are a problem. Still trying to verify/decipher the account information sent by our architech and builder. Once this is sorted out I plan on
just wiring the money directly to thier account at regular intervals as the progress continues. Anyone know of any inexpensive places we can stay for
weeks at a time over the year I expect this to take. I could tent it but my missus probably would want something a bit more. Starting with the first
of the year for a two month stay while we do site layout and foundations and utilities, and then probabally at least three more two week trips during
the year every couple of months or as phases near completion. WE bought a suv when we were there last so we have transportation and a couple we met is
storing it for us. |
Run an add on the Baja Pony Express website.
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danaeb
Senior Nomad
Posts: 991
Registered: 11-13-2006
Location: San Diego; El Centenario
Member Is Offline
Mood: groovy
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Maybe try vrbo.com for long term rental. You might get a better price if you're staying for a month or so.
Experience enables you to recognize a mistake every time you repeat it.
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Marinero
Nomad
Posts: 419
Registered: 11-4-2003
Location: Los Barriles, BCS
Member Is Offline
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| Quote: | Originally posted by bledito
I plan on spending a few months there while a lot of the infrastucture is being built in jan and feb to get away from the midwests winter. I will plan
on coming down as phases are being completed to see everything in order. I would expect a pressure test on the plumbing even if i have to do it myself
prior to closing all the openings. I can also bring down a meter and check the electric. with plans and drawings I should be able to tell what goes
where and how the wire runs should be and will be able to tone out the wireing to make sure things are in order. I hope all goes well. I have to put
some faith in my builder even if i do follow up inspections anyway. I jut don't have the time (semi retired) workin seasonal, to be there the whole
time. I spent a lot of time looking at the mexican style construction and can see the flaws in strutural in some of the work done. a thorough review
of the plans by architech freinds here in the states and checking phases of the work should avoid problems. I could be happy living in a palapa shack
as long as I was there but that doesn,t fit into the Missus idea of I,m so happy, so a three bed full bath kitchen and all the amenities is her plan.
any further recommendations on the financing is appreciated. |
U2U me with the name of your builder.
Si estás buscando la person que cambiará su vida, échale una mirada en el espejo.
Fish logo from www.usafishing.com, used w/permission.
But Oz never did give nothing to the Tin Man
That he didn't, didn't already have..... |
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bledito
Nomad
Posts: 420
Registered: 7-6-2013
Member Is Offline
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trying to figure out a address it starts Cl. Sin and the question is, is the letter after the C a (L) or a (i) it could be a capital i or it could
be a lower case L. Does anyone know this? it's part of an address for the builder in la ribera
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