Jul 30, 2004, 5:29 PM
Post #11 of 12
I love it!! That is a great idea, about the cards for the elevator.
Re: [Esteban] Rehabbing Condos - how feasible?
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Although, he lives on the 5th floor and is kind of old, so I would feel bad. On the other hand, our elevator always breaks down so I guess he is used to it. We live on the top floor and it is not fun, especially when you have a party.
I had to walk up the stairs about a week ago (yep, elevator was down again), and when I got to his floor I saw all these new computer boxes and fancy answering machine packaging right outside his door. I couldn't help but grumble. He can buy all that stuff, while the rest of us subsidize his share of the security, cleaning and common electricity.
Since I have been shopping this idea around, I have gotten lots of good advice, but also some strange stories/myths/whatever.
One is that all the new construction right now is being done by the Jewish mafia from NYC. Ummm, huh???!?? What the hell?? I don't even know what that means! Is it good or bad? People are so wierd....
So, yeah - anyway, I still need to do lots of research but am very excited about the prospects.
My main client is American Express, so I have to keep up on the consumer loan market in México, such as it is. With all the international banks coming in - Citibank bought Banamex, HSBC bought Bital, etc......there will finally be some credit available to mexicans to have a mortgage. The banks started with car loans last year, that seems to be going swimmingly, so on to the next safest loan: homes.
I also have hear that the reason banks are lending money is that the government has finally cracked down on defaulters and have given repo men some legal teeth, but not sure if that's true.
HSBC just introduced a 9.99% mortgage, so perhaps there could start to be a semblance of a middle class soon. That means starter condos to me, hence the plan.