How Much I Earned Renting My Condo On Airbnb

[@rafaelmagana4020]

That was a great detailed video. As a potential buyer/investor, I was happy about the details you provided because it answered a lot of the financial questions I kept asking myself in my journey. Thank you for this

[@GaryShirkPV]

I hope this video is helpful to anyone considering an investment in Puerto Vallarta real estate. For an update on a year's worth of income, expense and ROI, check out: kzbin.info/www/bejne/i5jVc4KOjKuEoNU Intro: 0:00 Description of the rental unit: 1:30 Rental Income, Expenses, Earnings starts: 3:00

[@mellissareid4998]

Great information!

[@puertovallartaliving7832]

Great video Gary! A lot of helpful information for investing and or living in Puerto Vallarta! 👍🏻

[@bobbymoncada6861]

Gary I was just there with my wife and went to marina vallarta but it was so expensive, to bad didn't know you were showing apt. Next time I will call you. Probably we find something to invest. I love yor videos and thank you again.

[@joeavina3117]

Is there an email where we can contact you for more information when in PV for listings?

[@GaryShirkPV]

@@joeavina3117 please email [e-mail]. We can arrange a Zoom meeting to discuss your plans

[@eyesea123]

Hi Gary, I stayed in the building and had a very nice stay. I only paid about $100 a night, but it was the off season. I would stay there again without hesitation. You got a very nice building condo.

[@mariosworld11]

Hi Gary, txs for the breakdown and sharing your expenses and profit for the high season for the 3 months on your property. It would be nice to compare 3 months of profit and expenses in the low season in order to get a better idea of how an investment property in PV can do year round.

[@GaryShirkPV]

Yes, excellent idea. I´ll do another one that covers the next 3 months of a low season period and compare. Definitely more coming, thanks for the comment

[@JohnVoirolGroup]

Hi Gary! I’m interested in the off season data, too. Even if it’s just an average occupancy rate.

[@bradbruce]

Running numbers on 3 months of the year during the high season is a terrible way at looking at real estate investing. Investors look at 12 months and not 3 months. Show us how it performed over a 12 month period.

[@andrewthacker114]

Thanks for this information, I think it’s a good situation, with a nice passive income. I agree with the full service management company.

[@gsimd]

It's been a year since this video. I'd love to see another for 2023. Thanks!

[@GaryShirkPV]

Update: My Airbnb 'Success' Story: How I Earned Passive Income of $17,400 in Puerto Vallarta kzbin.info/www/bejne/i5jVc4KOjKuEoNU

[@nimacastro7664]

Very well done and explained. Thank you for sharing 😊

[@teresaaussemlopez6940]

Thank you, this is great information and something I'd definitely have thought of doing as well as one day retiring in Puerto Vallarta, Mexico.

[@atois408]

Fantastic video. Helped me realize I may need to re-address what I pay for property management for my short term rental in Bucerias😬.

[@irmay.2766]

Thank you Gary, I am going to keep this video to see it again, despite all those expenses the income was excellent. I am interested in buy properties in Mexico. I am going to be pending of your videos to see more information about rental in Mexico. Thank you so much.

[@ceceliamoreno1845]

extremely helpful video!! thank you so much!

[@paultrimmerrealestateagency]

Such a valuable video Gary!! Well done!

[@jesusibanez5189]

Great break down! Have you added more Condo's to your portfolio? Be well :)

[@YesItsMeGuys68]

So happy I watch your vlog here . I have a rather large rental and have found great deals concerning My Fantastic House manager , who works for himself . His mother and cousins clean my over 5,000 sq ft house as well . BOTH Very reasonable on my pocket . The same for my accountant and his fees . I seem to have lucked out . ... There is so much demand for property mangers in Vallarta that many strike out on their own .. THIS is where you can find the deals .. Much less than 20% of your bookings , with just as much experience.

[@GaryShirkPV]

Glad to hear you found a great property manager at such a great price. I do see more and more people starting up property management businesses which we need to meet the demand

[@chantydescheneaux9673]

Thank you so much for all the info! 😃

[@FonzyBikes]

Hi Gary. Thanks for your video. I am interested in purchasing a property in CDMX for the purpose of renting out as vacation rental. I would need to finance the purchase. Ideally l would save up any net profits and invest to purchase a second property and so on. How can I get an idea of what areas are the most popular with highest occupancy rates and typical price per night? Also, is it more advantageous from a tax perspective to be a Mexican citizen or American? I live in the US but have dual citizenship.

[@alishaoloughlin8177]

Very helpful, thank you! Could you plz tell me your annual occupancy rate, including low season? And what you generally charge during low season? Thanks again!!

[@GaryShirkPV]

I get around 90% Nov through May. Low season is a lot lower. It's difficult to estimate because I tend to use it at that time for myself and friends. Also during that time I don't go lower than $120 per night for paid guests. At that rate no more than a week a month is rented, and some months no occupancy. Even so, for me, the amount I make after expenses and taxes just during high season makes it a nice passive income stream

[@ceeIoc]

Did you purchase the condo? How are the vacancies throughout the year?

[@GaryShirkPV]

My latest video, just released, has updates that show occupancy rate for the year as well as yearly income, expenses and ROI: kzbin.info/www/bejne/i5jVc4KOjKuEoNU

[@chriscurry780]

Awesome video 📹 Very informative and I was going to ask about condo price, but I found it in the comments , if I decide to buy something I will reach out to you 👍🍻

[@SkinnySRT8]

Great video. Thanks for the info. I am also looking to do this within a year.

[@piyushlahoti2187]

Thank you so much Gary! If we want to rent out on airbnb. Should we go for Bank trust or mexican corporation?

[@joearenas7307]

This video has been exactly what I was looking for. I sent you an email in the hope that I can meet with you there in September. If not perhaps you know of someone I could meet with. GREAT VIDEO!

[@GaryShirkPV]

Thanks! Received your email and I can definitely assist. Will get back to you soon with a reply

[@lindseymartin2440]

Great insight . I didn’t see you account for your mortgage payment as an expense ?

[@GaryShirkPV]

I don’t have a mortgage on this property

[@mikealwood3258]

I see that there is a property for sale in this very condominium right now. Hopefully it's not yours. You show the high season for a reason I think. What is the year total occupancy like? Does the income cover the expenses for the entire year?

[@GaryShirkPV]

Thanks for the comment. I'll pull together all my statements for last year and post the results.. Frankly my occupancy over low season did not do well compared to other units in the area. I had some restrictions like minimum nights, number of guests, etc last year that I've relaxed this year and so far that's looking better. Overall occupancy for last year was around 50-60%. That was enough to cover yearly expenses and still make a profit (note: I don't have a mortgage). My unit has appreciated well over the past 3 years, and that unit you see for sale in the same building is not mine

[@marykirsten7773]

Yes--very helpful! Thank you!!

[@abrahambelt25]

Thanks for the video and information. I’m looking to purchase a rental property in Mexico this year. But I do have a question (might be answered in the comments), after your expenses for the 3 months, I didn’t see the mortgage/rent or insurance payments. Can you provide those if it is not too personal and what are the average cost of decent condos in those two areas you mentioned?

[@GaryShirkPV]

The property isn't financed, so no mortgage or mortgage insurance. Home owners insurance is not required, but available starting at roughly $500 usd per year. Prices in the particular area where this condo is located (Old Town Zona Romantica) have increased quite a bit over the past couple years. A 1 bedroom, 2 bathroom unit similar to this one is now selling in the low to mid $400k's usd. There are certainly other areas of the bay where you can get into the market at a lower price and rent out on the short term rental market

[@elizabethboothe2774]

I liked it. But what’s the price of current properties?

[@emsbzrr8024]

Hi Gary! Thanks a lot for this super informative video! Definitely an eye opener for me. I'm considering buying some real estate in Mexico too, exactly for the reason you mentioned here (extra rental income + vacation home when needed). However, what if I live most of the year outside of Mexico (I'm in Europe) and that I only use the real estate as a vacation home a few weeks per year? Will the taxes be a lot higher? Do you think it's still worth it? I would love to know the price you paid for your condo in order to have an idea of the kind of return on investment it can bring. Cheers mate!

[@GaryShirkPV]

Thanks for the comment. Getting Mexican residency will allow you to get a Mexican tax id and may allow you to deduct some of your expenses. You'll want to discuss with a Mexican accountant to understand your particular situation. You can live most of the year outside of Mexico and still get residency (I'm assuming here you're a US or Canadian citizen. I don't know Mexican residency requirements for other countries). I paid approximately $300k usd for my condo at the end of 2019

[@emsbzrr8024]

@@GaryShirkPV Thanks for your answer !

[@andresqz720]

​@@GaryShirkPVthanks for sharing this information, as a Mexican guy the price blew my mind , I think it's more suitable for American people

[@Anonymint-vj7bt]

@@GaryShirkPV does TR work as well? I have TR.

[@kristopheranderson9270]

@@GaryShirkPV Did you pay cash? If not why did you opt not to include debt service with your numbers?

[@troymills9437]

Gary, I estimated your annual net income at $23,079 which equates to an 8% yield on cost. Not bad from a cash flow perspective. Then you have potential capital gains on sale. Do you have any experience or thoughts about the market up in Nuevo Vallarta? We've stayed there for a month in the winter the past couple of years. We're full-time permanent residents but live in the central highlands the remainder of the year.

[@GaryShirkPV]

I think Nuevo Vallarta (recently renamed to Nuevo Nayarit) has a lot of potential. Check out the video I released a few days ago called: "The Perfect Storm | Investors | Nuevo Nayarit". New development pricing is still pretty good up there, the new highway from GDL opens next year, and the new Vidanta Theme Park comes on line next year as well

[@purposedrivenchiropractic7339]

Great information, Gary. What was the purchase price of your condo?

[@GaryShirkPV]

Sale price plus closing costs was just over $300k usd in 2019

[@fletcherwheaton]

Great video Gary! Great information on rental property taxes.

[@GaryShirkPV]

Thanks Fletcher. I definitely plan to turn this one into an on-going series to show how these numbers change seasonally

[@fletcherwheaton]

@@GaryShirkPV Great idea, keep creating. I'm enjoying the journey.

[@Oilerrocker]

Hey Gary loved the video, we are planning on doing the same thing you are doing, do you mind giving us the name of the property management company you used .

[@GaryShirkPV]

I use Lifestyle Property Management. They cover the areas of old town PV and the Hotel Zone, and I believe they expanded into Versalles recently

[@Anonymint-vj7bt]

Thanks for sharing. I wish you would have told us the current market value and its annual appreciation?

[@GaryShirkPV]

Here is a recent update I did that has a full year's worth of results along with initial cost and appreciation: kzbin.info/www/bejne/i5jVc4KOjKuEoNU

[@Anonymint-vj7bt]

@@GaryShirkPV ty

[@Vesper_Songs]

Thank you, Gary, for this informative video. Is the rental income amount you list the net amount after sites like Airbnb take their cut?

[@GaryShirkPV]

Yes, the video shows net amount after all costs

[@tampapropertygirl3422]

Gary, thank you very much. You touched on some details that I did not consider. I plan to return to Vallarta and purchase rentals for both short and long term. Can you provide market rents on long term rentals, say for expats willing to live in Pitillal, or Versalles, etc? Thanks!

[@GaryShirkPV]

An estimate of long term rental rates (say a 1 year lease) for a newer condo with a pool and amenities in Versalles is roughly $2000 usd for a 2 bedroom and $1500 usd for a 1 bedroom. Lower than that in Pitillal but I don't have much data on that (for Pitillal, it's best to look for rental signs in the neighborhood and call the owners directly)

[@alexisquirion821]

There is no mortgage ? It would help to analyze this knowing what was the invested amount, and the value of this condo! Thanks for the great content.

[@GaryShirkPV]

No mortgage. I purchased it in early 2020, purchase price was $289k usd. Property values have increased substantially since then. Our MLS typically has similar units listed in the low to mid $400k range

[@Oilerrocker]

Great passive income, did you include property insurance or renters insurance in your expenses? I want to rent out mine in Versailles but I little worried about damages.

[@GaryShirkPV]

I don't carry insurance, but it's pretty reasonable. You can budget $300 to $500 usd per year

[@PanChod-ct7ou]

Who pays cash for investments? You can't write off interest payments then

[@chrismainferme7041]

Hi Gary, what months are the low season and what will you be charging per night in the low season? Thanks

[@GaryShirkPV]

Low season here is traditionally around May through October (although so far, this May, we were still pretty busy). I don’t know yet what the price settings will be. My property management company sets prices based on the local rental market conditions. I believe they have some algorithms to optimize income. I’ll report out low season results in a future video

[@scaballe2519]

Thanks so much for this video, Gary! Would you recommend to work with an external property management firm? The 20% is not bad compared to a 35% estimate I was given if I were to stick with the condo management for this. For context, this is in the Riviera Maya but I figured it would be pretty similar to Puerto Vallarta. In terms of getting permanent residency in Mexico, one would first have to become a temporary resident for 4 years, correct?

[@GaryShirkPV]

I'm not familiar with Riviera Maya. 35% seems like a lot. I wonder if there are expenses included in that which aren't included in the 20% figure here in PV. Regarding residency: It's possible to get your permanent residency without first getting temporary. You'll want to check with your Mexican consulate. Policies among consulates can be different and are subject to change

[@hawksbill5037]

Incorrect. If you have the income/cash you can skip temporary and go directly to permanent.

[@Anonymint-vj7bt]

I have read that typically direct to PR is only for those who are age 50 and above. The Mexican system for direct to PR is intended to be more for retirees and investors.

[@mikekang9030]

Great video Gary. What does your total passive income look like on a yearly minus expenses? Presumably it seems to look like 10-25% return on your investment yearly? Cheers

[@GaryShirkPV]

Thanks for the comment Mike. Since I just started renting relatively recently, I'll want to get a year or two of data before I publish return (although I'll keep this channel updated along the way). For now, I'd estimate conservatively no less than 10%

[@joyannesloan8384]

I'll second the other in terms of appreciation for the detail you went into. One question though, are we only able to get factores if we have a permanent residency and not temporary?

[@alexdaneau186]

Great video, thanks!

[@chrismainferme7041]

Hi Gary, great video, can you tell me the name of the property management co that you use in PV

[@GaryShirkPV]

Hi Chris, I use Lifestyle Property Management. They manage properties in Old Town Puerto Vallarta and the Hotel Zone. If you need other contacts outside of those areas, just send me a WhatsApp or email and I can get more information to you

[@chrismainferme7041]

Hi Gary. great video, can you tell me the name of your property management company you use in PV?

[@GaryShirkPV]

I use LifeStyle Property Management. They manage properties in Old Town and the Hotel Zone. If you need a referral for companies who manage outside those areas, send me a WhatsApp or email and I can get that information to you

[@elvirasmolik4699]

Hello.This is a very nice video. Can you tell me the name if your property management. Thank you

[@GaryShirkPV]

Thank you for the kind words. My property manager is located in Puerto Vallarta's Emiliano Zapata colonia (Zona Romantica), and their name is: Lifestyle Property Management

[@lynnesunshine]

Hi Gary, good info. 2 Questionsi: do your expenses remain the same over low season when there is little income? Would you mind sharing the property management co?

[@GaryShirkPV]

Hi Lynne, the commission that I pay to my property management company will be lower because it's paid as a percentage of the rental income. Same for my monthly taxes - less income means less tax bill. However, my fixed costs like HOA fee, electric bill, internet, etc will remain approximately the same throughout the year. The name of the property management company is LifeStyle Property Management. They manage properties in Old Town PV and the Hotel Zone just north of Old Town

[@lynnesunshine]

@@GaryShirkPV thank you 😊

[@karimenlee]

having own a strata unit in hotel in Canada helps me understand and appreciate the break down from you. I would do just as you have. This is an awesome video of information. Are foreigners able to have mortgages from there for buying properties? If so, what is the percentage down payment?

[@GaryShirkPV]

Thanks for the comment and glad the video was helpful. There are companies that provide financing for foreigners buying property in Mexico. Cross Border Investments has been providing this service for over 10 years: crossborderinvestment.com/contacto.html Typically, you'll need to put 40% down which covers the down payment on the property and financing costs

[@GaryShirkPV]

Another financing provider specifically for US citizens is MoxI: www.globalmortgage.mx/

[@pptkn1s140]

Hello Gary. So after Mexican tax US citizens will need to deal with US tax correct? If living in Mexico most of the year would that qualify me to get foreign income tax exclusion?

[@GaryShirkPV]

You’ll want to run that question by your US tax accountant, but in general, although you must report your income in Mexico, US citizens are not double taxed in the US for income they earned in Mexico, regardless of how much of the year you spend in Mexico

[@plaguedguy85]

Gary, what is the monthly cost of the property that you pay if you don't mind me asking.

[@GaryShirkPV]

Hi thanks for the question. Are you asking about a monthly mortgage payment? If so, I don't have a mortgage on this property. The monthly condo Home Owners maintenance policy is now approximately $310 usd per month (a bit higher than last year due to increased maintenance costs and a change in the exchange rate)

[@roti1873]

I'm curious how to handle taxes or what the difference would be if you were a tourist or a temporary resident.

[@GaryShirkPV]

The main difference is that permanent residents can apply for and receive an RFC which is a Mexican tax ID. With an RFC you can deduct expenses when filling taxes, and deduct capital gains when/if you sell the property in the future. You'll want to consult a Mexican accountant of course should you go forward with a purchase

[@r.sewell4327]

Couple quick question for you Gary. My wife and I are looking at a very similiar condo near you and had the same idea as you did with a property management firm. Did becoming a permanent resident save you a large amount on your taxes and did the positive rental income complicate your US income taxes?

[@GaryShirkPV]

You'll want to get permanent residency so you can get a Mexican tax ID and deduct expenses from your rental income. Earning rental income in Mexico did not really complicate US income taxes; you have to report your earnings on your US taxes but my understanding in most situations you won't be double taxed. It's best to discuss with a Mexican accountant as well as your US accountant

[@Veronica-tk9rl]

@@GaryShirkPV can i live in canada and still apply for mexico permanent resident card? I will be back and forth several times a year

[@GaryShirkPV]

@@Veronica-tk9rl Yes, you can become a permanent resident in Mexico without having to live in Mexico full time. You can share time between Mexico and Canada

[@Ernestjm2]

Can you depreciate the income?

[@victor_lar]

What about repairs? If plumbing, air conditioning, stove, fridge, dishwasher, washing, drying machine breaks?

[@GaryShirkPV]

During the period covered in this video, I didn't have any of those expenses; however in future videos I'll definitely include any and all expenses that occur. And if any of those repairs are needed, my property management company will hire repairman and have them fixed; no interaction needed on my part

[@teresaaussemlopez6940]

I would love to see a full year analysis.

[@harrynton]

Great videos. How much property and where in PB can you buy with $80K? Thanks

[@GaryShirkPV]

Here are all the lots of land in our real estate MLS for under $80k usd: www.flexmls.com/link.html?1occebtu8tlg Here are all the condos on or under that price: www.flexmls.com/link.html?1occebwpy9k2 And here are all the houses: www.flexmls.com/link.html?1occec370z78 The above links are valid until July 23, 2022. If you’re reading this comment after that date and would like to see updated links, send me an email

[@bossman408]

Great video, I appreciate how you cut out all the bullshit.

[@monicawright1544]

Hello, can I assume that based on your numbers that your condo is free and clear. If not can you provide some information on whether or not a foreigner can purchase an investment with a mortgage loan. Thank you

[@GaryShirkPV]

Thanks for question. Yes, in this case I own the property free and clear. But financing is available; for example: www.globalmortgage.mx. You'll find though that financing costs and rates are higher than what you're probably accustomed to. There are other options besides the above example. If interested, send me an email or WhatsApp and I can get you more information

[@debrarouth855]

Is this condo located right above the property management office shown on the map? We may be interested to book next year.

[@GaryShirkPV]

Yes. There’s a link to the property in the Description of the video if you’re interested!

[@heidivu262]

Hi Gary. We also have to comply & pay tax for US Government as wel. However, There is a Foreign Tax Credit provision for double tax payments in US tax code to minimize US Income Tax for US Citizen.

[@GaryShirkPV]

Yes, that's a good point. You have to include the income from your rental when you file US taxes, but as you say, you won't get double-taxed, at least up to a certain limit. Property owners who rent here should definitely discuss these implications with their tax professionals as part of their due diligence when investing

[@dovygoodguy1296]

Hi Gary. I liked your video. However, if you make a calculation for an entire year you'll have the same expenses but LESS income because demand goes down between May and October which is half the year. So for those two quarters you may not have any income or just small income. How do you factor all of that? This is the chronic problem with the tourist locations anywhere, whether in Versalles, or Marina in La Paz or Colonia Americana in Guadalajara, or Ajijic.

[@GaryShirkPV]

Good point! Many places make up for the low earnings in low season with high earnings in high season. In general, beachfront does well all year long, as well as the most popular tourist areas located several blocks from the beach

[@dovygoodguy1296]

@@GaryShirkPV Aha, so that makes a big difference in terms of investment choices. The properties not on the beach must be owned by people who aren't that interested in income. On the other hand the beachfront owners risk things like hurricane and tsunamis against the property there.... but overall they'd be a different type of owner.

[@GaryShirkPV]

That's true to some extent. Depending on the property, condos could be several blocks from the beach and still do well enough to make money for the year. Beachfront definitely has better occupancy and nightly revenue, but the prices on beachfront are significantly higher. So if you're looking at return-on-investment the two scenarios become more comparable

[@GaryShirkPV]

Because of the geography of the area (high mountains surrounding the bay), most hurricanes that come through the area do not result in significant property damage. It is possible, but it's nothing like what happens in the Gulf every year

[@dovygoodguy1296]

@@GaryShirkPV Which itself is a plus for PV and a minus for Cancun and Playa?!

[@Kinghippi3]

Where can we look to buy?

[@andrewsheedy4201]

Hello Gary, My name is Andrew I am interested in purchasing a 1 to 2 bedroom in Puerto Vallarta as an investment and a place to stay 2 weeks to 1 month a year. Excellent video very informative. Can you help? Thank you.

[@GaryShirkPV]

Hi Andrew, yes, I can help you. Could you send me an email at [e-mail] and I’ll help you get started on your search!

[@karlj.berscheid7817]

Thank you Gary. I purchased a condo in Versalles that is still under construction. Can you refer me to your property management company? Also, I will need to furnish the property, and wonder if you can advise me where or who can help?

[@GaryShirkPV]

Hi Karl, my property management company doesn't service Versalles. I have a client who bought in that area and he is using Samson Waters, samsonwaters.com/

[@GaryShirkPV]

For furniture / interior design, here are two options for you to look into: Raventhorn Interior Design, www.raventhorninteriors.com/, and www.pvturnkey.com/

[@karlj.berscheid7817]

@@GaryShirkPV thank you sir.

[@karlj.berscheid7817]

@@GaryShirkPVthank you sir. You are The Man in PV!

[@In_con_ceivable]

Hi Gary, great information however I must say that those expenses are higher than I expected. Yea you’re making good coin per month but still, that’s a lot of coin to lose in 3 months.

[@dividenddaddy3769]

Who do you use for your accounting services?

[@GaryShirkPV]

I use suorasociados dot com dot mx. I’m very happy with them

[@lisastewartrealestate]

I didn't see insurance premiums as one of your expenses. How did that figure into your net income?

[@GaryShirkPV]

If you buy insurance for a 1 or 2 bedroom condo, you can figure about $500 usd per year. Many owners don't purchase insurance here (because of building materials, fires are rare, and being in the bay protects us from most hurricanes). But insurance is definitely available and pretty inexpensive to those who want it

[@miguelibarra1267]

Thank you Gary

[@Veronica-tk9rl]

Hi Gary, do you have a lawyer you recommend to handle buying in Mexico?

[@GaryShirkPV]

Hi Veronica, I've had good luck with a firm called MexLaw (mexlaw dot com). I hope this helps

[@langleyj8199]

Great information. Thanks.

[@langleyj8199]

We might connect with you next year about places in pvr

[@Mafiakitty]

Are you allowed to rent out your house if you don't have temporary or permanent residency?

[@GaryShirkPV]

Yes. However without permanent residency you will not be able to get a Mexican tax ID, and therefore will not be able to deduct expenses from the tax on your rental income

[@alexmozmtl]

@@GaryShirkPV so do you still have to pay taxes on income, even without the Tax ID (being a complete foreigner)?

[@erickarchila6145]

Hello Gary, thanks for this info I am buying an apartment in puerto vallarta would you please refer us a Full Service Property Management Company in Puerto Vallarta. Gracias Gary

[@GaryShirkPV]

Hi Erick, congratulations on your purchase. Send me an email ([e-mail]) along with the area where you are purchasing and I'll send you a list of property management companies

[@johnq1177]

Have you done an update video for off season?

[@GaryShirkPV]

Yes, here is an update: kzbin.info/www/bejne/i5jVc4KOjKuEoNUsi=P5rdCFoTZnCqZ15O

[@accomplishedtheory9502]

If I wanted to rent a beach front condo for a month on AirBnB during high season how far in advance should I be looking? 6 months in advance? One year?

[@GaryShirkPV]

If you’re flexible on the start and end date, 6 months should be ok. If you have specific dates in mind you may need to reserve more in advance

[@accomplishedtheory9502]

@@GaryShirkPV awesome thanks for the tip! Are there any property management companies or platforms that I can use when looking for monthly stays? I know I could check Facebook marketplace but I don’t want to have to be on my toes trying to avoid scams. I just see those Airbnb fees being so high for both the vendor and customer so maybe there’s a better way?

[@GaryShirkPV]

There aren't a lot of options, but you might try PVRPV rentals. One thing you could do is get an Airbnb for a few days, and then during those days use Facebook groups to find a rental for the remaining days. It's a little risky in that you might not find exactly what you're looking for, but I don't recommend arranging and paying for a rental without seeing it first hand

[@accomplishedtheory9502]

@@GaryShirkPV Gotcha! Thanks so much and keep up the great content! 👌

[@elre5929]

What is the price and mortgage of such a property ?

[@GaryShirkPV]

There's no mortgage on this particular property. Although financing is available...let me know if you need more information. Prices in this part of town have increased substantially. A 1 Bed / 2 Bath at the time of this comment lists starting at $400k usd. However there are a lot of other areas up and coming with lower starting prices

[@melfuentes4184]

Very good presentation. Thanks…

[@melfuentes4184]

Could I get your e mail ?

[@GaryShirkPV]

@@melfuentes4184 [e-mail]

[@jjvaldes1]

What is your ROI?

[@vitavi2800]

How much that kind of condo can cost now?

[@paulrieselman5197]

How much was the unit itself? Was it under 500k? If so I Might be interested in doing something similar! Thx let me know please! Paul

[@GaryShirkPV]

Hi Paul, thanks for the comment. For existing condos, inventory in that area is very low right now. Here is the only one available at this time under $500k: www.flexmls.com/link.html?1obeptty3rjw If you’re willing to consider buying pre-sale (developments still under construction), then a number of other good options pop up: www.flexmls.com/link.html?1obeptxn6a65 And here are pre-sale options in the other area I mentioned in the video, Zona Hotelera. These are beachfront condos and will be rental machines once completed: www.flexmls.com/link.html?1obepvx2z1on Note: The above links will expire in one month. If you’re reading this and you need an update, just comment below, or send me an email or WhatsApp

[@GaryShirkPV]

By the way, my unit in the video was $289k, but I bought that in early 2020

[@chinoyadventures8837]

@@GaryShirkPV hi. I just saw your youtube video today. So a one bedroom unit like yours has gone up by how much in that area? I will be in PV this Sunday July 16 for 1.5 weeks to check out PV if it's a good place for future retirement. Thanks.

[@GaryShirkPV]

@@chinoyadventures8837 I bought my 1 Bed / 2 Bath condo in PV for $289k usd in early 2020. Below is a link that shows the list prices to all 1 Bed / 2 Bath condos in the same area right now. You can see the same unit now averages in the mid $400k’s usd. Note that this area has experienced some of the highest appreciation in the Bay. There are other places that are growing in popularity where you can get in at a lower price, and then take advantage of the area's growth. Zona Romantica 1 Bed / 2 Bath Condos in MLS July 2022: www.flexmls.com/link.html?1od6vd8zru8d Note: The above link will expire in August 2022. If you see this comment after that and would like an updated link, just send me a message or leave a new comment

[@joesegura2076]

like the info?is your condo paid in full....i like the investing passive income?

[@GaryShirkPV]

Yes, in this case the condo is paid off. I should have mentioned that

[@joesegura2076]

@@GaryShirkPV i like the idea of passive income ? what prices of condos are in that area? i just retired and my will be next year..we both luv PV...but never actualy looked at property ?she is very concerned due to the rumors of the cartels? she feels it would be bad investment in mexico also government politics is another thing shes scared of?

[@christinecavanagh8220]

How much was initial investment? Cost of condo? Please & thank you.

[@МаркВарламов-г4б]

How much does the cost of the property increase there for one year?

[@GaryShirkPV]

In recent years, 6 to 7% per year on average

[@Genesis12890]

Hi, did you finance with a bank in Mexico. ??

[@GaryShirkPV]

I didn’t finance it, but financing is available to foreigners for some types of properties

[@Genesis12890]

@@GaryShirkPV thank you for answer my question. I plan to buy a department in Playa del Carmen.

[@andrewthacker114]

How much would the tax go up if you’re a foreigner, without residence papers ?

[@GaryShirkPV]

I'll check on this; although one would definitely want to discuss their individual situation with an accountant to be 100% sure

[@letsride4962]

Hi Gary. NO mortgage on the property?

[@GaryShirkPV]

Correct, no mortgage

[@alexandraguerrier2709]

Do I have to pay all three taxes if I leave out of state of Mexico

[@GaryShirkPV]

The three Mexican taxes that I described are required if you're renting out a property using platforms like Airbnb.& Vrbo. To the best of my knowledge you would have to pay those regardless of where you live, but to be sure you'd want to run this question by a Mexican accountant

[@donnyrider2419]

Do not hold a mortgage on this property?

[@GaryShirkPV]

I do not

[@dvcam22]

That 20% for property managment is totally unncessary! Now days you can control almost everything with those key boxes for a self check ln, pay your bills remotly with your phone, answer your airbnb accounts by yourself, and hire a cleaning lady who can do the cleaning for you etc! Also put some camera at the main entrance or on the door bell to check your guests veracity …I do that with 4 condos i have in Riviera Nayarit and works totally fine!

[@GaryShirkPV]

Yes, fair comment. With online payments and lock boxes, hiring out cleaning, managing website yourself, you can save the majority of the property management expense that I show, and for many people, that's a better option

[@dvcam22]

@@GaryShirkPV yes!!!! And will become Even a better investment! Love the Romantic Zone. Me and my partner will buy you some flat there when the right moment for us arrive! Best wishes!

[@jackbeckerman5562]

Hi, I find you to be knowledgeable and honest and would appreciate any guidance you can offer. My wife who is from Thailand and I an American want to move and open a business in Mexico. She is a specialist in therapeutic massaging, eyebrow, lip, and eyelash permanent makeup. We would like to train other Mexican women once we can open a shop to expand our operation. We have a very good idea of how to market our services. Can you refer me to an agent who can assist us in finding a place to initially rent and eventually make a purchase and also locate us a good commercial rental for our business? Thank you in advance.

[@GaryShirkPV]

Jack - Yes, I can put you in touch with a Coldwell Banker agent in Puerto Vallarta who specializes in businesses. Please send an email to me and I'll put you in touch with him: [e-mail]

[@AldoFelt]

What about the fees from the applications such as Airbnb?

[@GaryShirkPV]

Thanks for the question. I should have checked this earlier and mentioned it. Airbnb charges the guest a relatively small fee (I believe 3%) on top of my nightly rate, and then takes that fee before paying me

[@luisr222]

Is there a chance that you will share one complete year or results

[@GaryShirkPV]

Yes, my plan is to release quarterly results and in the 4th qt also roll up the numbers for the year

[@dvcam22]

Electric bill 27 dls for three months?

[@GaryShirkPV]

Yeah, that is low for 3 months. I think the reason is I pay my CFE electric bill every 2 months and perhaps the low amount shown is because of the timing of the billing cycle and when payment was made. I can say that on average I pay $30 to $40 usd per month for electric, and that's with moderate air conditioning use

[@tutnetam]

In 2023 I see your rates are lower mostly $100

[@juanitamcbride6029]

Electric was $27 for three months? Incredible!

[@GaryShirkPV]

Yes, that was the actual amount for that billing period. The average amount over the year will be higher than that because in the summer, the use of AC rises. An estimate for average monthly Electric bill for me over the course of a year is roughly $40 per month

[@marthayoung7868]

Cómo me puedo contactar contigo para hacerte unas preguntas???buen día y muchas gracias😀

[@GaryShirkPV]

[e-mail]

[@bobbymoncada6861]

Thank you

[@godblessamerica6613]

Where's your mortgage payment?

[@GaryShirkPV]

I don't have a mortgage on this property. However, if needed, financing is available to foreigners purchasing property in Mexico

[@ludovic4903]

Seems that 40% of your gross rental income is way too high! Looks like it is not worth the trouble

[@Blakenau]

Hi. What is the value of such property in U S dollars? Thanks in advance!

[@GaryShirkPV]

Blake, thanks for the questions. Looking at recent closed sales of comparable condos from the Vallarta MLS in the same Old Town neighborhood, sale prices are in the $400k usd range. This neighborhood has experienced pretty high appreciation over the past few years. Alternatively there are other up and coming neighborhoods nearby where you can still get in at a lower price which should have pretty good rental results in the coming years

[@thaniacampero5746]

I am interested to havin a talk with you

[@GaryShirkPV]

Thania, please send me an email and my colleague and I will set up a meeting on Zoom or a phone call. We can answer any questions you have and if interested send you some property samples for you to take a look at: [e-mail]

[@davidocampo1496]

Good video! Can I get your email I would like to discuss some investment property I would like to acquire. Thank you, David

[@GaryShirkPV]

Hi David, please send to [e-mail]