Wednesday, July 25, 2007

Update Summer 2007

Greetings from sunny, and I mean sunny, Mexico!
Much is in the works during the hot summer months here in the Arizona-Sonoran Desert.

Joe is continuing to gather all the information he needs in order to submit his application for an FM-3 Visa in Mexico which will help a great deal when we go to make final application for the civil association in Mexico.

Speaking of the civil association, you may or may not know that it is the Mexican equivalent on a corporation. Non-Mexicans are not permitted to own property in Mexico. Therefore, because we are not citizens of Mexico, any property that we would want to own must be either in some kind of trust or in the name of a corporation. This is why we want to establish the corporation. We have seen the difficulties that can arise if you try and get around these laws.

By the way, you really need an FM-3 visa just to rent a house!

There are many, many properties available all over town. If you remember, with the help of Rich Barcelona and a few local brothers, we investigated a property that consisted of a 4 bedroom house and 12 motel rooms. The owner was asking US$200,000 for all. However, we discovered that only 4 of the twelve motel rooms air conditioners worked. Five of the motel rooms had extensive water damage to the ceilings. The electrical for both the house and motel would need to be completely overhauled. The house a/c could not be tested because of the condition of the wiring. To top it off, the roof for the house would most likely need replaced. It just wasn’t worth it.

Another property was brought to our attention that has 13 3-room apartments and a 2 bedroom house, all situated around a center courtyard. It has been vacant for 3 years. As with anything that is vacant for more than a few months, everything has been gutted—no windows, no doors, no plumbing, no electrical wiring or even conduit! The ceilings would all have to come down as well. The good thing is that the walls are all in good shape. All the plumbing and electrical could be dropped down from the ceiling and then the ceilings insulated before the drywall is replaced. They are asking US$125,000 for the property.

It is amazing to me, the kind of price they are asking for property here. Not too far from here, there is a house for sale for US$380,000! Incredible! The owners of these properties will let them sit for years as well, refusing to lower the price. We continue to watch and wait. If we’ve learned anything during our stay in Mexico, it is to wait, to relax in the Lord’s presence and move when He moves!

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