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and the concept of $90,000 cash at no interest
I'm not involved except that I get to live in a house with a great view for free but I pay the bills.
1. Internet fiber optic=$15/month
2. Water=$9 last month
3. Electricity=$20 last month (it must be subsidized)
Next NAFTA renegotiation we should force Mexico to protect foreign property owners better. It would require an amendment to the Mexican constitution, but there you have it.
The stick we can deploy to make them comply is a recriprocity clause in NAFTA about this. That means Mexican owners of Canadian and American property would get the shaft like gringo ones do down in Mexico.
Yeah. And not to mention that gringos get fucked in Mexican courts all the time...unless they pay big, fat bribes.
ElYorsh says
Prescripción problems.
what the hell does that mean?
Kind of like eminent domain, but for citizens that have been occupying a property for more than 10 years.
A guy a few houses down has a larger place he bought for $130,000 a few years ago, but it has a thatch roof.
Not related to this story, but something interesting I learned from my Cunado who's renovating his place. If he doesn't do brick(he's not), the property value doesn't rise one peso.
A year ago, the "owner" passed away and she of course still owns it.
Her younger sister has a job at the airport, and lives in the family house which has no mortgage, but she's not on the title, rather her father.
An interesting program is called INFONAVIT; sister gets a government mortgage and they deduct her payment from her paycheck.
So, the sisters think that the younger sister "Rose" buys the house I'm staying in using INFONAVIT.
What's the beauty of this plan? Answer: INFONAVIT only takes a percentage of Rose's pay each month to pay her mortgage; her payment would rise if her salary rises. I think Rose makes about $600 USD per month.
How large a mortgage can Rose get? About $90,000 USD. How much will she have to pay each month?
The payment they calculated is about $75 USD per month.
At first I was annoyed because I was going to fix up the place; but I realize they both want me to stay to pay the bills which are peanuts compared to what I spend on other frivolities. On the other hand, if I were thrown out, I can pay cash for someplace else or find another broke GF, etc.
I am curious what plans the GF has with the dough if they go through with the plan; I hope she doesn't go 50-50 with her sister.