Planning On Building A Vacation Home, Need Advice!
Hi all,
I want to build a home in Mexico for use & income.
I spent a month in Mexico last year investigating. It became evident to me that I couldn’t swing it on my own. Quit thinking about it.
I’m thinking again. My plan is to have 10-12 partners, (investors).
I’ll take a year or so to build it. Things move slow in Mexico.
So many questions . . . .
What legal entity should be used? I'm sure there would be ownership changes over time & don't want that to be an unnecessarily difficult.
I want the investing, (getting in & getting out to be clear, legal & binding).
At this point I would market the home with its own web site.
What are your thoughts?
What should I be thinking about?
Thanks!
Mike
10-12 partners? what kind of property are we talking about here? just think, you will need to divide your earnings by at least 10. Will you be making enough per money, and divide it by 10, to make the deal worth it?
[addsig]
It will be a house near the ocean. It would rent for say, $1,500 per week @ 26 weeks = $39,000.
I'm mostly interested in the adventure. My practical and conservative side pushes me to make it pay back something.