What is a Lock Off Condo & Crazy Architecture in Tulum, Mexico

Luigi took me to Tulum to explain what a Lock Off condo is and why it's interesting for investors. The development he showed me was also quite unique from an architectural point of view as well.
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No part whatsoever of the discussion and presentation is, or should be considered as, investment advice, financial advice, legal advice, or tax advice. Always do proper due diligence and speak to a qualified professional advisor in your jurisdiction. Also, be advised that Ladislas Maurice and The Wandering Investor staff may own real estate or investments in the specific markets or opportunities that are discussed. The Wandering Investor may also have marketing agreements in place with certain opportunities that are mentioned.

[@TheWanderingInvestor]

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[@Jamminn555]

Luigi, real estate master and F1 champion! Seriously though, really appreciate this video, guys. Love the lock-off concept and the insights into Tulum-Playa Del Carmen rental markets. Thanks Luigi and Ladislas and see you soon in PDC-Tulum! Benjamin

[@therealashleycrouch]

I looked at buying a unit in this development. It is gorgeous. But 2022 was peak for Airbnb and 5-6% is really low. Ideal Airbnb would be 15-30% net yields. Now it is going down. I wonder if the added train and airport will bring enough travelers to sustain the inventory? Because so much is being built around there all at once.

[@marlontx]

Prices will still be much cheaper then the United States, Bali, Thailand, Canada but when the train and the airport is more up and running plus more people come plus more stores are built and in general the town of Tulum expands prices may raise a bit because people will realize the value of there properties

[@marlontx]

I say now is the perfect time to 2026 max

[@maratkurbanov4161]

Thanks so much amigo for putting this video out. Very interesting!

[@TheWanderingInvestor]

Glad you enjoyed it!

[@RFXZ67966]

I didn't catch, you close is this to the beach. Also, the gym and pool look great but the complex is such high density - I can imagine these facilities being absolutely rammed in summer if everyone is staying their their accommodation or successfully renting it out

[@jgm3620]

Great video and great apartment

[@CashCatz]

Woah, really neat architecture. Anything like this going on on the Baja Peninsula?

[@TheWanderingInvestor]

I don’t know. But if there is, it would be much more expensive.

[@PascalManhattan]

How much is such a unit for sale? Did i understand correctly 500$ per month for a 140m2 apartment?

[@MrDdub619]

400 to 500 for HOA not the cost of the unit.

[@alexg6702]

Lock-off aka ‘Dual Key’

[@dovygoodguy1296]

Ladislas, you travel around so much, when are you going to do some informative videos about travel, airlines, lodging, etc.?? Not necessarily travel videos, but videos about your travel experiences and how to travel to these places!

[@TheWanderingInvestor]

Thank you. I don’t think I want to take my channel in that direction.

[@gilveradoriano3726]

Hi, how much is the starting price for this apartments and what sizes. Also how much is the long term rent total cost. Thanks! Thanks!!

[@TheWanderingInvestor]

Hello! Feel free to get in touch with Luigi and get the latest information from him: [e-mail]

[@thrivevegan]

Which condo unit is this called?

[@TheWanderingInvestor]

I forgot. Ask Luigi. You can contact him using the form.

[@buyfixrentrepeat1270]

I like your hat do you wear it to show people your Canadian ?

[@TheWanderingInvestor]

Thanks. It was just really sunny and I have short hair 😅

[@buyfixrentrepeat1270]

That make sense I was just wondering because I noticed it had the maple leaf on it. I am Canadian too but live in Florida. I am interested in starting to invest in Mexico possibly I think it has lots of growth potenial but need more time to decide@@TheWanderingInvestor

[@TheWanderingInvestor]

@@buyfixrentrepeat1270 👍 the best way to figure it out is to spend time down there and see for yourself if it matches your objectives and risk profile

[@buyfixrentrepeat1270]

Very much agreed this is why I have not done anything as of yet. Need to spend ample time before doing anything. @@TheWanderingInvestor

[@Killua607]

Name of that project?

[@TheWanderingInvestor]

I forgot. Ask Luigi: [e-mail]

[@elijahochoa8431]

Can I take out a Mexican mortgage as a US Citizen?

[@TheWanderingInvestor]

In some cases yes but the rates are so high it doesn’t make sense

[@elijahochoa8431]

Thanks for the reply man. yeah, that wouldn't make sense then. I will research and plan then because I really want an investment place in Mexico to be my future home once a bit older. I did have a nice little house in Santa Catarina, Brazil, but due to the new government and the government programs under which people are having their homes taken away we decided to sell. Well, very much appreciate your great content. New follower here. I'm in SW Florida and that Tulum park sounds amazing for private fly ins or cruising. México es increíble!!!@@TheWanderingInvestor

[@RealCatch22]

It will rent itself... and yet, not a single person in sight in the whole complex other than these two guys. And those units (interiors) are built so cheap, it's just few walls of concrete and a few nice bits of wood here and there to make it not so bland and industrial looking. Sorry, but what you get in Tulum for that price can't hold a candle to what you can get in Bali for the same price. For the price of a really basic 1-2 bedroom apartment in Tulum you can get a 2 floor / 3-4 bedroom villa in Bali with your own pool, on your own plot of land with tons more privacy and space to play around in. But hey, what do I know... I only lived in Playa/Tulum for years. Got plenty of friends still going to Tulum for a few weeks here and there and they are paying exact same prices for weekly/monthly rental there as they did 5-6 years ago, instead of that being much higher now. Why? Because there are so many properties sitting empty on the market now and the only way they can compete is if they keep dropping the prices. Even then, your agent keeps living in some dream land as he's constantly saying that digital nomads and influencers will come to Tulum and rent out all those units. LOL, if you're relying on those 2 groups of people to keep your property rented out for the year, you're in for quite an awakening. The only digital nomads and influencers coming to Tulum are the ones from LA and California, for the most part, as the prices in Tulum are still kinda on par with California prices (slightly more expensive, but they can kinda handle it). Tulum is already more expensive than Miami, for example, and we all know how ridiculously overpriced Miami is. The drinks at hotel bars and clubs at night start at $25-30 a pop. Hotel rooms start at $600/night. And all that for shitty infrastructure - the beach road looks like it's survived bombing in WW2 or something, one lane each way, usually packed during the day and the only way around is on a moped. And that's a suicide mission on its own due to all the holes on the road. There is still no cellphone service along the beach or the beach road (because the locals refuse to let those cell towers go up in that area for some reason). Taxis are now charging $50-60 to drive you anywhere from the beach, even if it's a 4-5 minute drive up the road to Aldea Zama or the centro (and vice versa). And this guy thinks that digital nomads and influencers will flock to that? LOL... sure, Bali is a traffic mess on its own, but at least it's GOT infrastructure, working roads, cellphone service and wifi everywhere. And that's where most of the nomads and influencers are flocking to, because the cost of living in Bali (rent, food, everything else wise) is still about 70-75% less than that in Tulum. The only nomads and influencers that go to Tulum these days are the partiers who go for Zamna festival events (which happen twice a year), they fill up the town, party their ass off, and then boogie right out of there. As far as some of the comments here by delusional owner or two who mentioned that their property value is up already, yeah, you might be up some 10-20% on paper, but try and unload that property to anyone in Tulum - try to find a buyer at your 20% profit margin and let us all here know how that works out for you. I've got plenty of friends in Playa who have had multiple properties for years now and they were expecting to cash out at least 30-40% on them in this time, at least, and they can't find buyers for any more than 10% of their purchase price, as everyone's dropping their asking prices left, right and center to compete with the pre-con unit prices. I still keep getting messages from sellers who have been asking $500k for their units for few years now and are dropping their prices to $300-330k to try and unload them and still can't find buyers easily. What good is a nice unit in Tulum when you can't unload it when you need the cash for whatever it might be? And who in their right mind would buy anything in that lawless country anyway? Cartel can come and kick you out of your own house/villa whenever they feel like and you have ZERO recourse when it comes to that. Zero legal or any other recourse. I've had friends leave within minutes when that happened and they are still trying to recoup their losses, 8 years later. Plenty of articles in local news of those instances and scenarios too. And Bali is much safer when it comes to that - cops (who are constantly harassing people around Playa and Tulum and hustling them out of their money), cartel (who are running wild now and in the past year and a half are responsible for 240 murders in Tulum area alone... 33 murders this year alone so far) and everyone else in between who is on cartel's employee list (taxis, hotels, etc). Sorry, but Tulum WAS an interesting option 5-6 years ago, when prices were reasonable and you weren't being hustled out of $100s of dollars at every corner for literally everything. Today, it's just a money farm for cartel and everyone they control in that area, and they control the cost of EVERYTHING around there. Coming from someone who's lived there for years, and left after sh*t hit the fan, so to speak, and it became unbearable. Your better bet is Playa as everyone who used to stay in Tulum is moving over there now because at least they have reliable infrastructure around the town, roads, transportation, taxis that don't rip you off (every single time), manageable corruption among cops, etc...

[@TheWanderingInvestor]

But a lease in Bali which means your property will eventually revert back to the Indonesian owner

[@RealCatch22]

@@TheWanderingInvestor eventually, yes. But in 25-30 years, depending on the lease term, and you can always extend that for another 25-30 years on expiry for an extra fee. And it's a lot easier to unload and sell a nice villa in Bali some 10, 15, 20 years down the road when you need some money for whatever for a really nice profit than it is to unload a condo in Tulum for more than 15-20% profit, no matter when you bought it, as there is so much new construction going on that people can just buy a cheaper pre-con condo than an "aged" one.

[@TheWanderingInvestor]

@@RealCatch22 20 years down the line your Bali villa with two decades less on its lease with be worth a lot less.

[@RealCatch22]

Lol, and your condo in Tulum will be worth half of what you paid for it, as the build standards in Mexico are so much lower than anywhere else and that condo of yours will be falling apart and in serious decay, so unless you invest into it more than it would cost me to renew my 25-30 year lease in Bali, you'll be the one on the losing end. Oh, and you can't even make easy profit on your condo in the next 5-10 years as everyone will be buying pre-construction properties instead at much less, as everyone in that area knows that condos are depreciating assets due to build quality. But again, what do I know, I almost invested a few million in that area...

[@TheWanderingInvestor]

@@RealCatch22 To be clear in this video I did not pitch Tulum as a capital gains play at all. But you are delusional if you think your villa will be worth more in 20 years. Sure you can maybe renew the leasebut not indefinitely. You need to take this strong depreciation into account.

[@msvlogsusa4175]

Can you give real state agent the gentleman email address please thank you

[@TheWanderingInvestor]

[e-mail]

[@nonameanon9368]

Not impressed at all....unless it's pennies on the dollar

[@Acteaon]

When Mexico ISN’T cheap. Game changer? 🤷🏻‍♂️ Deal breaker?

[@TheBallan001]

This didn’t age well. Tulum market is in big trouble

[@zfunk9]

Where are you seeing this? What do you mean it’s in trouble?

[@carlosfernandez2803]

Very good projects, but it is a shame that at the request of Mexican citizens the government implements the trust (fideicomiso) for foreigners, it is risky to invest with that, it is basically a legal loophole that allows you to buy properties in Mexico because in reality it is not you who is buying Mexican properties at the end the bank is the owner, I hope they remove that so we can invest like in other countries.

[@sonnyobhan5293]

it’s not risky at all lmao

[@RealCatch22]

Not risky at all, as you're just creating your own legal trust and buying property under that trust, not under your name. You still own it by owning the trust that owns the property. LOL

[@carlosfernandez2803]

@@RealCatch22 i will never invest with a trust, good luck

[@nikolk5121]

Name of the complex ?

[@TheWanderingInvestor]

I don’t recall. Get in touch with Luigi and ask him. His contact information is in the description.

[@Acteaon]

@nikolk5121 Did u find the name of the complex in the description? I didn’t see it.

[@TheWanderingInvestor]

@@Acteaon send Luigi an email, he knows: [e-mail]

[@alelola]

Xalet