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Re: Montecristo Villa 8 (by Lisa G.):

david5173

daver111 wrote:

lisag322 wrote:

david5173 wrote:

I own Villa 8 for the month of April and 2 floating in the summer. I rented all of my April time between Redweek and VRBO.com. I am not sure why I have done so well over the past 3 years but its been Ok for me. I agree about the resale issue but I have never tried either. Marlene Macbeth

Marlene, What was your 2008 rental rate for the month of April? We were in Cabo last week, and Dirk told us units are renting for $700-$1200/night. I figured that those rates were not realistic, and am happy to have found this discussion site. What is a reasonable nightly rental rate for 2008/2009?

Does anyone have any information on the third party mortgage financing - we were told by Dirk it would be available in early 2008, and are now being told that PB is working on setting up their own mortgage financing? I am wondering whether either of those statements are true.

Lisa G

Lisa, Did you already buy? If not I can give you a good deal on the first half of October. I bought back in September 07 and wasn't able to find any good Mortgage options. My bank wasn't willing to go to Mexico to appraise the place. I ended up with a 10 year home equity loan, but the payments are more than I can afford if I'm not able to rent the weeks. I figured the home equity loan was a decent option since you can write off the interest. The only downfall is finding one with a long enough term that you can afford the payments. Let me know if you're interested. Maintenance fees are already paid for this year. -Dave

I rented most of my April time 3+ weeks for 425 per diem. I had five days left in the middle of the month which I rented for $200 per diem because it was not a full week and I thought something is better than nothing. I have rented most of my time every year we have owned except for the weeks I have used. One of the issues I get from tenants trying to rent is they do not receive a quick response from owners. I'm a real estate broker and realize "if you snooze, you lose" and price is everything so I generally am responding to emails within hours of them being sent and try to be realistic about what I charge. Hope this helps you.

Marlene

Dave and Marlene

thanks for your responses. We appreciate the hints on getting our weeks rented.

Dave -we bought when we were in Cabo last June, and are not looking for more time, but thanks for the offer

Our unit won't be available for rental til 2009, so we have been investigating different sources for renting. This discussion has been the most valuable thing I have run across so far - since I can talk to other owners and find out what the real story is.

The bottom line for us when we bought was that we would be thrilled to spend a month in Cabo every year, but our jobs/kids ages don't allow that quite yet.

I bought my first presidential unit week at Sunset Beach when there was only a model on the side of a barren mountain. Over the last 7 years I have seen enormous development - and have faith in this developer. However, everything seems to move much slower than promised that seems to be the way of Mexico.

Lisa G