Want to go in on a house in Baja?

[Timinator]

There is a house for sale in San Sebastian Cove that I'm interested in. It's a 5 bedroom house and I believe San Sebastian Cove is one of the, if not the best located areas for spearfishing in all of Baja.

It's a solar home/area. It's mostly all Americans that own the homes there. It's leased land from a guy who owns the property there at San Sebastian Cove, his name is Jorge Cunningham. It's secure, it's remote, it's friendly, it's safe. Because it's leased land, you honestly don't have to deal with all the crap that Mexico will heap on you for owning property and trying to comply with their corruption. He deals with that, you/we just pay a yearly land lease fee. I own in Mexico now, and frankly, wouldn't again. But I love San Sebastian Cove. It's not a "resort", it's much more remote and you need to be able to think on your feet and deal with stuff as it arises. But if you've got some $ to invest and love to fish or spearfish, it's pretty darn good.

It's a 1.5 day drive from San Diego, or a flight to Loreto and a 1.5 hour drive up to San Sebastian Cove. They guy is asking 159K for the property, I can go in half, or 1/3's if two people (want to go in).

You can't rent at San Sebastian Cove, so there is only owners there when people are there. I've been there looking at property before, and been spearfishing out of there on several occasions, I assure you, it's as good as Baja has to offer. It's too far from Mulege for Pangas to get to, and too far from Loreto to get to by their Pangas. The island 8 miles off shore from San Sebastian is magic. Trust me.

San Sebastian Cove has a facebook page you can lookup and here's a copy of the guys Craigslist ad. If you buy it our from under me, I'll hunt you down..... https://bajasur.craigslist.org/reo/6...?lang=en&cc=us

[stevencabo]

I've always wondered about that area!

[wlkconsulting]

Was it ever discussed as to why they are selling? What were the concerns of the previous owner?

[SEATUX]

Just as a heads up;
" Because it's leased land, you honestly don't have to deal with all the crap that Mexico will heap on you for owning property and trying to comply with their corruption. He deals with that, you/we just pay a yearly land lease fee. I own in Mexico now, and frankly, wouldn't again."

The only issue he could possibly be talking about is the Fideicomiso Foreigners Land Trust and you have to pay a bank to hold it ( title / deed ) they last 50 years and are renewable 1 time without a name change. But what he describes is risky too... Jorge Cunningham owns the land and you actually own nothing.. There is no deed no title no .....Nothing. So for $167 a month he lets you rent his property.. There by circumventing Mexico's Foreign Land Trust ( Tax )have in mind that at the end of the lease term the land owner has every right not to renew. Owning a home as a land lease can be a good option when you can’t afford or don’t want to make the big investment of a Bank Trust. Something seems fishy..
Here is another offering of same home
https://www.buyloreto.com/property/s...-on-the-beach/

[SEATUX]

BUT...if you have the money to throw away..AND HE RENEWS IT FOR 10 YEARS UPON TRANSFER...it could be a great deal. I'd want to go down there and size up the area and neighbors, and nearest town/support etc..but IF you got it with a fresh 10 year lease ( and you can afford to call it a rental, no equity) it could be a good deal.

[Timinator]

Originally Posted by SEATUX

BUT...if you have the money to throw away..AND HE RENEWS IT FOR 10 YEARS UPON TRANSFER...it could be a great deal. I'd want to go down there and size up the area and neighbors, and nearest town/support etc..but IF you got it with a fresh 10 year lease ( and you can afford to call it a rental, no equity) it could be a good deal.

Yea, sounds like you know all about everything. In some worst case conditions having a land trust can be risky. But, the history of San Sebastian Cove is more stable than any fideicomiso in Baja. Fideicomiso's and any other "buying" by foreigners in Mexico can, and in many cases is, a complete nightmare. As you know, because you know everything, the Notario's in Mexico are where everything legal happens. They are the weak link in owning anything in Mexico because they are mostly corrupt and worthless. This leaves your fideicomiso less than worthless when somebody, like a Mexican National wants it. But you know all that. You also know that the Mexican bank that holds your fideicomiso in "Trust" also charges you a yearly fee to hold it right, and you pay property taxes too every year. Because of this, the lease of land that comes with security, water, help, and a maintenance infrastructure built in, can be a much better route.

Owning in Mexico isn't like owning the US. It's true, but it's not a 3M house either. I'd be way more worried about damage from hurricanes than loosing my property to Mexico's worthless infrastructure of laws. Again, that's why having a house on land that's been owned by one person for 50 years, and in use for fishing for the last 30+ years with every owner there having nothing but praise for the Cove and how it's run, is a blessing.

If you've got 50K or so to go in on this place with me and another person/couple I absolutely guarantee you world class spear and rod and reel fishing. You can have and keep a boat dry docked there, and there are buoys out front to keep it the water when you're there. You will never give the land lease a second thought in San Sebastian Cove. One of the richest people in the world, the guy who owns Mexico's telephone company (TelMex) Carlos Slim, has built a house right down the coast from San Sebastian Cove, complete with his own private airstrip. It's that bitchen. Other than somebody like him, there is no land for sale down there like this.

This is one of the few houses in the cove that have more than two bedrooms. With a full 5 bedrooms, it allows for a lot of options for ownership in the times where there could be overlap with owners. With 3 total owners, ownership and upkeep is slit 3 ways so it's affordable for all.

[Timinator]

Originally Posted by wlkconsulting

Was it ever discussed as to why they are selling? What were the concerns of the previous owner?

The guy bought the house with his wife a couple of years ago. She passed away suddenly and unexpectedly last year. He's selling because of that.

[Mantarrayo]

Wow!! First, i want to point out that you sound like a complete @ss of a neighbor! lol! You know im right, because you know everything too!! I own property in California and Arizona and think that the property tax rates (wich are above Méxicos) are unfairly high, but it is what it is and dont bitch about it!

Foreigners (not just Americans, all foreigners) are forbidden to own Real Estate directly through a zone called the restricted zone. This zone is defined as the immediate land next to a beach or either of the borders.

This was done because at one point foreign powers played with buying entire coasts privately, trying to keep official vessels away. Government paranoia set in, and that law is in the book... You CAN own outright in all of the rest of the country. Dont like my corrupt country´s laws? Dont come here cabrón!

[Timinator]

Originally Posted by Mantarrayo

Wow!! First, i want to point out that you sound like a complete @ss of a neighbor! lol! You know im right, because you know everything too!! I own property in California and Arizona and think that the property tax rates (wich are above Méxicos) are unfairly high, but it is what it is and dont bitch about it!

Foreigners (not just Americans, all foreigners) are forbidden to own Real Estate directly through a zone called the restricted zone. This zone is defined as the immediate land next to a beach or either of the borders.

This was done because at one point foreign powers played with buying entire coasts privately, trying to keep official vessels away. Government paranoia set in, and that law is in the book... You CAN own outright in all of the rest of the country. Dont like my corrupt country´s laws? Dont come here cabrón!

I familiar with the Federal Zone. Again, that's why having a Mexican National who's owned the property for a lifetime and developed it into what it is, is very safe. I'd wager safer than a foreigner with a fideicomiso in any restricted zone. Wouldn't you say?

Too late there little buddy, I already own property in Mexico despite the corruption of all the elected and appointed officials. I also have lot's of friends who are realtors and developers there as well. Because of that, I get to see the problems foreigners have owning there and I know what to look for. Again, that's why San Sebastian Cove interests me. And I believe you're right, I'd be a complete azz to you if I was your neighbor. Believe it.

[SEATUX]

Originally Posted by Timinator

And I believe you're right, I'd be a complete azz to you if I was your neighbor. Believe it.

Or, a half partner with you in this house...can you imagine that!

[Timinator]

Originally Posted by SEATUX

Or, a half partner with you in this house...can you imagine that!

When you're out of facts, use insults. I get it, I have some liberal friends in California and Mexico.

[SEATUX]

You pride yourself on being an ass, how can anyone insult that?

[Timinator]

Originally Posted by SEATUX

You pride yourself on being an ass, how can anyone insult that?

Exactly what I have said that isn't so? You called me an ass for pointing out things that most people don't know about when investing in Mexico. Then a Mexican, who doesn't have any of those same problems, points out a bunch of stuff that isn't applicable when you're leasing land, and I'm an ass for telling him so? Then you jump in as self proclaimed moderator of all knowing, when you haven't said a single thing that's correct or applicable. Dude, you're what we call a "ditch digger". Good thing is, the world can always use another ditch digger.