Sotavento Residences

by davej, Wednesday, April 13, 2011, 23:07 (3892 days ago) @ Ann and Chris

I bought one and think it will be wonderful as time goes on. The estimated utility costs are about $3,000 to $3,500 a year and the dues about the same. Throw in taxes ($500) and the annual trust fee cost ($600)plus whatever and I figure the total annual expense will be about $8,000.

Location, location, location. Nothing like being on the ocean, sipping a beer watching the sun set.

Issues:
About a year ago I was told 69 units had been sold, recently I got an email implying less than 69 units were sold.

Also trying to figure out US taxes on the foreign trust may be complicated.

Rules say only the management firm can rent out the units and they get 40% of the revenue. I'm OK with this rule and do expect to get some rental revenue when I'm working and not in Mexico.

The accounting method to calculate my 60% of the rental income revenue may be vague.

Is buying a Mexican beach front condo risker than playing in the stock market, hell no!


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