Renting
for profit in San Miguel de Allende
The Online Edition of
International Living Magazine
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Retire
In Mexico - Live Better For Less -
While there are some people who come to Mexico for a week’s vacation and
end up living here for the next twenty years, most people adopt a more
prudent course and do some homework first. Dru Pearson is a person
who did her homework and she is someone who knows about retirement in Mexico.
While there may be a few expatriates scattered in a dozen villages throughout
Mexico, most Americans and Canadians settle in one of five locations:
San Miguel de Allende, Mazatlan, Oaxaca, Guadalajara, or Lake Chapala.
Dru Pearson visited all these areas before settling in Lake Chapala. Dru
gives sound and thoughtful advice on retirement in Mexico. Everything from
how to pick your location to Mexican paperwork is covered. If you've
ever considered retirement in Mexico please read this report first. It
has the information that would otherwise take you months of frustration
to acquire. Click
Here for details - |
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| One of
our favorite retirement havens in the world is San Miguel de Allende, Mexico.
The weather is spectacular gear-round, the cultural offerings are varied,
and the cost of living is among the most affordable in the world. IL staffer
Michael Jackson reports on the success villa owner Michael DeSisto
has had and on how, you, too, can turn your retirement home into an income-producing
rental.
Twenty-four
years ago Michael DeSisto first traveled to San Miguel and fell in love
with the place. Today he owns a "mini-resort" there called the Casa DeSisto.
He purchased the property five years ago for $225,000, invested $75,000
to renovate it, and recently had it appraised at $750,000.
DeSisto lives
at Casa deSisto three months a year, and the rest of the time he rents
it out-for $1,500 a week. That's $54,000 a year he's earning when he's
not there. Certainly, there are upkeep costs. And he pays a full staff
to ensure the seven-bedroom, seven-bathroom villa is in top shape. Nevertheless,
he has very successfully turned his dream house into an income-producing
investment.
Why has it
worked so well? DeSisto attributes his success in large part to the reasonably-priced,
highly skilled, and reliable labor force he's found in San Miguel. (He
pays each member of his household staff of six between $150-$200 per month.)
No only did it allow him to affordably renovate Casa DeSisto, but it means
he leaves the property in good hands when he's away.
Start your
own Casa DeSisto
Another critical
factor? Location, he says. And he's quick to add that there are still well-located
properties available in San Miguel that would make ideal rentals-even if
you're only looking for a one-bedroom home or a condo. You needn't run
an Inn to turn a profit. Many North American retirees let their single-family
homes during the months when they're back in the States.
We found several
affordable properties right in the heart of San Miguel: |
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w a
two-bedroom, one-bathroom condominium two blocks from downtown for $69,000
w a
three-bedroom, two-bathroom home with an open patio, a living room with
fireplace, a kitchen, vaulted ceilings, and a garage for $65,000
w a
17-acre ranch prime for use as a guesthouse for $65,000
Once you have
your property, you'll need to find renters. DeSisto says it's easier than
you might think. Try posting your listing at the local UPS office. They
have a bulletin board expatriates check regularly. Most real-estate agents
are willing to advertise your rental for you. And here in IL, too, you'll
reach a very qualified audience (if we might toot our own horn).
Visas
A tourist
visa allows you to stay in Mexico for up to six months. If you plan to
live in Mexico permanently or start your own business, you must apply for
an FM-3 or an FM-2 Visa. You can apply for FM-2 or FM-3 status at the Delegaci6n
de Servicios Migratorios in Mexico or at the nearest Mexican Consulate.
by Michael
Jackson
Contacts
wMichael
DeSisto,
Rte. 183, Stockbridge, MA 01262; tel. (413)298-3629
wMichael
Mervin, Bienes Raices de San Miguel,
Cuadrante Esquina con Aldama, Apdo. 401, San Miquel de Allende, Gto..37700;
tel. (52-415)2-22 84, fax. 2-73-77, for real-estate listings
wConsulate
General of Mexico,
8
East 41st Street, New York, NY 10017; tel. (212)689-0456
Travel-bargain
updates
wDiscount
Flights
Asian deals.
American Airlines, Northwest Airlines, and United Airlines now offer round
trips from Los Angeles to Tokyo for $675, Boston to Tokyo for $970, and
Denver to Osaka for $770.
Miles for
credit. Use your American Express card to purchase a full-fare, round-trip,
unrestricted "Grand Class" ticket to Vienna and get a second, business-class
"companion ticket" for 499. Contact Austrian Airlines at (800)843-0002.
Latin America.
LanChile Airlines has two-for-one companion fares on flights from Miami
to Bogota, Guayaquil, and Caracas. Book a full-fare reservation in premium
first or executive business classes, and get a free companion ticket. Call
(888)657-7666 for more information.
wHotels
Free rooms.
Fly with Malaysia Airlines, and you receive four nights of free accommodation
at various destinations in Malaysia. Tickets must be purchased by June
26 for travel until June 30 (return by July 7). Call (800)552-9264.
Asia half
off. Through September 15th, rates at Westin Hotels & Resorts,
Asian and Pacific properties have been cut up to 50%. Call (800)937-8461.
Hilton east.
The Hilton offers special room packages in Malaysia, Singapore, and Thailand.
Stay at the Hilton International
Bangkok for
$85 per night. The package includes use of the health and fitness center.
Call (800) 445-8667.
wPackages
Shangri-La
trip. Experience an 18-day Indonesia Odyssey for $3,690 to $3,990,
including round-trip airfare from Los Angeles, accommodations, most meals,
and sightseeing. Call (800)2210814 for details.
Summer in
Asia. The Ritz-Carlton offers discounted summer packages at hotels
in Kuala Lumpur, Bali, Singapore, Osaka, Shanghai, Hong Kong, and Seoul.
Call (800)241-3333.
wCruises
Float through
France. Go on Normandie Cruises and enjoy the River Seine from Honfleur
to Paris, with stops at historic towns and castles along the route. Rates
are $1,200 and $1,400 per person for double occupancy and single rates
are $1,700 brochure rates are $1,843, $2,093 and $2,293. Call (800)392-9888.
Australian
tour. Ambassador Tours offers a discount of up to $2,560 per person
on Holland America's New Amsterdam for visiting "Down Under." The rates
for the 16-day Dec. 21 cruise start at $3,699 for an inside cabin and $4,499
for an outside stateroom. Visit Melbourne and Tasmania in Australia and
the New Zealand ports of Milford Sound, Dunedin, Christchurch, Nelson,
Picton, Wellington, Tauranga, and the Bay of Islands. Call (800)989-9000. |
