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aborgman

Jan 19, 2016, 7:32 AM

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Property Management/Rental

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My wife and I are looking to buy a place in Cozumel in about 5 years. I've done a good bit of research on the buying process, and feel reasonably comfortable with my understanding of that aspect.

The property would serve as a vacation property for us until we retire, and upon retirement we would live there ~6 months per year. We have no plans to ever live there full time.

My questions -


1) Is it possible to make enough rental income on a small place to come close covering property management/upkeep? I don't expect to turn a profit, just pay for keeping it up when we aren't using it.


2) Is it possible to hire a property management company to administer the rental and take
care of all fiscal obligations (rental taxes, being the employer for service folks, etc)?

3) If the answer to #2 is no - how ridiculous (and costly) is it to administer, and is the overhead/risk so high as to make it not worht the effort?



YucaLandia


Jan 19, 2016, 8:16 AM

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Re: [aborgman] Property Management/Rental

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Each individual vacation-rental market has it's own quirks and unique properties.

Replies to Questions:
1. maybe. (location? cost? proximity to central plaza?)
2. definitely yes.
3. N/A since #2 reply is 'yes'.

The Cozumel market is particularly special, as it is on an island ... has a beautiful shelf-wall reef ... offering both drift diving + snorkling at the start of the world's second largest barrier reef.

This makes Cozumel very different than even the neighboring Playa del Carmen, Puerto Morelos, Akumal markets, or (the currently hot) Tulum market.

e.g. Maybe you market it as a unique "drift-dive retreat" ... ???

Cozumel has also had it's own decades of quirky local character - due a number of factors that are too many for us to describe here. *grin*


This means that people who live on Cozumel, especially those with rental properties, are the ones to ask. There have been a few Mexconnect posters from Cozumel over the years, but they have not been active on this board the last 6 months.

Have you dialogued with the expats on the Cozumel forums? or with the expats on the various Riviera Maya forums?

They would know the current status of likelihood of successfully running a rental as an absent landlord.

Happy Trails,
steve
-
Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jan 19, 2016, 8:24 AM)
 
 
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