How Property Management Works In Playa del Carmen & Tulum
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- čas přidán 16. 07. 2024
- Luigi sits down with Monyka and they have a detailed conversation how property management works in the Riviera Maya for vacation rentals, examined from the perspective of the property owner.
Note: Whether a property is better suited for property management for long-term rentals or vacation rentals depends on the characteristics of the property (ie. location, condo amenities, appearance) AND the frequency you intend to stay at your property. Contact Luigi@ParadiseHomes.Mx to discuss whether a specific property is best suited for long-term rentals or short-term vacation rentals.
🕒 Navigate the Video:
0:00 - Intro to property management in the Mayan Riviera
1:09 - Property Management vs Vacation Rental Management
4:07 - Choosing the right vacation rental manager
5:08 - What is included in vacation rental management
8:19 - Taxes
15:51 - Property management fees for vacation rentals
18:59 - Owner's additional responsibilities
20:19 - How minor maintenance issues are handled
21:52 - Starting / ending a property management relationship
25:05 - Conclusion
📞 Connect with Us:
Contact Luigi & his team: visit paradisehomes.mx/contactluigi/
⚖️ Legal Disclaimer:
This video is for informational purposes only and should not be considered financial advice.
Thank you for being so brutally honest the best way is to form a corporation. It seems like to keep the fees to a minimal.
Great video thanks for sharing.
Amazing video!
Extremely helpful video. In the end it doesn’t seem like someone could really make that much money. If you’re lucky looks like you can net about $1000 max a month for a condo.
I love that you're bringing tech into your work. You have me thinking about another business opportunity now as a result of this conversation. Gracias.
Nice!
Hi there, another very informative video, thank you! I am wondering if you could do a video that would show actual figures of current actual clients with each of the tax scenarios... like gross revenue, all expenses, net profit, general location, etc. you handle (no names or specific details of course) but just to give us an idea of what we can expect as far as real net "take home" figures. Although sites like airDNA are helpful, it doesn't provide any NET figures, and for those who will take financing and can't pay the entire mortgage outright, it's a whole other ball game...
Hello, thank you for the comment. For specific numbers in real scenarios please email us: Info@Paradisehomes.Mx.
You guys should do a video about the closing process, if you have knowledge about that. How does it differ from the US/Canada? Do most investors buy sight unseen, or do they go down and see the place first? What is the recording process with the state/govt? Are there closing costs? How does it differ if you are a Mexican citizen as opposed to a US/Canadian citizen. How safe is it from any type of scam etc. etc.
I know from doing the homework too and talking to an agent down there, you are recommended to either pay with cash or finance back at home as the interest is high in Mexico, but they say closing costs are around 2-3% and you have to buy through a trust from a bank....but it's safer as you are the only shot caller and the bank has to hold the title and other requirements on your behalf only.
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Que tal Luigi, Muy buen video y con valiosa información. El Proximo año voy a recibir 2 unidades estudio en PDC y otra en Tulum,. El 36% que cobra Airbnb, para quien va? Para Airbnb o tambien para impuestos de México o de USA? Gracias por tú tiempo...
What about property management on a commercial property?
Great information! Will be contacting you in the near future. Could you address if a fractura is issued to take a tax deduction for the cost of property management?
Hello! Thank you for your comment and question. To answer your question, yes, we can issue a factura. However, whether or not a factura is issued depends on which one of the 4 scenarios / tax planning strategies you employ (reference section 8:19-15:15 in the video). In order to talk about the details of the scenario you are in, please feel free to email us at info@paradisehomes.mx (attn: Monyka).
Great info, do you have a number where i can call? I have a condo and i would like to see its potential.
Ok, so if you rent for 1000$ a moth how much will I receive ufter all expenses?
It typically depends on the monthly expenses besides the standard PM fees.
No mucho.... Management companies usually take 30% of rental income. Then at least 200 Usd in electricity bills. Then HOA 150 Usd More or less, then all the damages tourists can cause. Insurance, taxes and so on.....
@@Carolinapetroska 30 percent is too high, it's 25% at most...this is assuming it's a short term rental. You can rent much more than $1000 a month in a short term rental scenario. If it's long term, the only expense is the HOA fee. Electricity, WiFi, water, gas is typically paid by the renter. Which is an average of $250 a month. No need for insurance and taxes would be like $300 a year.on average. Any kind of damage is covered with renter deposit, which is typically 1 months rent, which covers most damage scenarios.
Not worth the investment. Not much profit out of the investment.
Seriously, how can ANYONE turn a profit paying 36% to AirBnB and 25% to a management company. How can the remaining 39% of gross be enough to turn a profit? If I’m understanding this correctly, I’d prefer to invest in horse buggy whips!
Not sure about Mexico fees, but in US Airbnb charge 3%
It's kind of sad all those condo owners have converted this city to a giant airbnb area and that real owners don't live here !!!