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Boy Wonder

Joined: 29 Mar 2004 Posts: 453 Location: Clacton on sea
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Posted: Sat Jan 15, 2005 10:02 am Post subject: |
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Moonraven I am sure most of Western Europe will be thrilled to hear you describe them as living in the Third World.
I have taught in Greece,Spain,France,Italy and Poland and wouldn't describe any of them as the Third World.
But then as a North American what does she know! |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sat Jan 15, 2005 4:21 pm Post subject: |
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One might also consider how teaching abroad, even entry level positions claimed as farcical in this thread, might serve as only a small part of one's career or career path.
Many people in Mexico teach English part time after having retired and moved down south. Some do it to keep active, others for the extra income, and still others as extensions of careers left behind.
I mentioned earlier in another thread (I think) that one could be a consultant. I met an EFL teacher from Toronto who had previously been working as a stock broker. He left it behind and came to Mexico to teach. He had a natural inclination towards teaching in companies, and quickly found himself back in the stock game. Last I heard, he is still here in Mexico City working as a consultant as I said, working in finance. It struck me as odd...stock borker turned ELT turned consultant aborad, but hey, to each his own. |
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marblez
Joined: 24 Oct 2004 Posts: 248 Location: Canada
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Posted: Sat Jan 15, 2005 4:33 pm Post subject: |
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| Life is what you make of it! Most people here are living proof of that. Don't forget to consider those who just don't care about material things or getting "rich" in general. I only have one life - I'll spend it doing the things I love. I think I can live with a $500 car instead of a $50,000 black hole of a car. |
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guty

Joined: 10 Apr 2003 Posts: 365 Location: on holiday
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Posted: Sat Jan 15, 2005 6:13 pm Post subject: |
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IS 650,
Please tell me if any of my figures are way off. Out of interest, I think a good salary at a Mexican Uni is about 12,000 pesos. If a mortgage is 3.5x annual income that give a possible mortgage of around .5m pesos.
What kind of property can you get for this?
Big detatched villa with pool, comfortable city centre apartment, etc? |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sat Jan 15, 2005 6:31 pm Post subject: |
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| guty wrote: |
IS 650,
Please tell me if any of my figures are way off. Out of interest, I think a good salary at a Mexican Uni is about 12,000 pesos. If a mortgage is 3.5x annual income that give a possible mortgage of around .5m pesos.
What kind of property can you get for this?
Big detatched villa with pool, comfortable city centre apartment, etc? |
Here's my uninvited 2 cents on the subject.
My wife and I enrolled in a program called Auto-Fin, which means Self-financing. It's a kind of credit union.
A major banking industry crisis in 94/95 did a lot of damage to the mortgage and general credit industry in this country, from which only now is recovery starting. Most of the country's banks had to be bailed out, and have now been scooped up by foreign banks such as Scotia, Citibank, Santander, etc. Up until about 2 years ago, it was next to impossible to get a mortgage, with downpayments of close to 50% required and interest rates that make loan sharks look like saints. From that, several credit unions popped up to fill the gap.
The basic plan is this. Auto-Fin offers several packages for savings towards outright purchase of a home. One makes monthly payments to Auto-Fin towards a goal. My own goal is 250,000 pesos, about 23,000 usd. Once you reach the halfway point, which is 125,000 pesos in my case, Auto-Fin lends you the rest at 7% interest I believe. The idea is to take the amount you've saved and the amount Auto-fin gives you for either the outright purchase of a home, or to put towards a standard mortage with a regular bank.
It will probably take me 3 years to reach the 125,000 peso mark since we chose very low monthly payments, set at 1,500 pesos. We have the option to make jump ahead on the payment table by dropping 2, 3, or more months' worth of payments in one go, without penalities of any sort, which we often do. I imagine that Auto-Fin is also earning by investing participants' input in other areas.
Real estate prices vary widely throughout the Republic. In Mexico City, I could buy a three-bedroom modern apartment in an upscale area for around 75,000 usd. One could go down to Pedregal in south Mexico city and buy a home for 500,000 + dollars. I could find a small apartment or house in an industrial area or dodgy neighborhood for as low as 10,000 dollars.
I'm renting where I am now...a three bedroom modern apartment in a fairly yuppyish neighborhood, close to the US embassy, paying 6000 pesos per month. I'm hoping the owner will sell to us, but if not, I'll be looking around this neighborhood to buy something similar. |
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ls650

Joined: 10 May 2003 Posts: 3484 Location: British Columbia
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Posted: Sun Jan 16, 2005 1:53 am Post subject: |
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| guty wrote: |
If a mortgage is 3.5x annual income that give a possible mortgage of around .5m pesos.
What kind of property can you get for this? |
A couple of the teachers I work with have bought property locally. Property values here vary greatly depending on location. One can buy a small townhouse with two bedrooms for about 150,000-200,000 pesos. A bachelor suite-type condo near the beach might be 300,000-350,000 pesos. (There's roughly 10-11 pesos to the US dollar.) |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sun Jan 16, 2005 3:08 am Post subject: |
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| Prices in Huatulco I imagine are about to take a big climb as I hear there is much developement out there. Those teachers may have made a nice investment indeed should they decide to sell in the future. |
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sojourner
Joined: 28 Jan 2003 Posts: 738 Location: nice, friendly, easy-going (ALL) Peoples' Republic of China
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Posted: Sun Jan 16, 2005 3:29 am Post subject: |
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Guy,
Many thanks for the postings about buying residential property in Mexico. However, what are the laws regarding tenure ? Does Mexico have a freehold system of tenure ? In Thailand, it appears that if you buy a house, it's only "yours" for about 20 or 30 years, when the (leasehold ?) tenure expires - what about the situation in Mexico ?
Also, is it very difficult to obtain permanent residency status in Mexico ?
Regards,
Peter |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sun Jan 16, 2005 3:43 am Post subject: |
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Tenure expires in Thailand? That's either progressive or repressive, depending on which side of the fence you are on I guess. I have never heard of such a system in Mexico.
We've had a few threads regarding residency status in Mexico over in the Mexico thread. Here are some sources for info...
http://www.mexperience.com/liveandwork/immigration.htm
http://www.mexico-trade.com/citizen.html
I'm just under 2 years away from not having to stand in line any more at la migra office, which is always packed with Argentines, who seem to not like being in line as much as I.
It is not difficult if you have patience, or resources, or family connections in Mexico. Since I married a Mexican woman, it is pretty easy for me.
Of course, about 3 or 4 thousand dollars to the right official could also make the process lightning quick...such is Mexico. While assisting a teacher to renew his visa once, the immigration official with our case offered us a working permit for 900 usd. Not a copy, nor a fake. The real thing. Mexico can be a crooked place. |
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foss
Joined: 17 Aug 2004 Posts: 55
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Posted: Sun Jan 16, 2005 2:17 pm Post subject: |
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Thanks for the insights into DF - quite surprising.
Back to the question: let's imagine that it weren't a farce. Imagine that, due to some improbable economic kink, the standard TEFL job in attractive countries such as Mexico, Turkey or Thailand offered a secure financial package for life. Wouldn't the competition for jobs be a bit stiffer? How many people currently teaching would measure up to this competition? |
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Ben Round de Bloc
Joined: 16 Jan 2003 Posts: 1946
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Posted: Sun Jan 16, 2005 2:23 pm Post subject: It can be complicated |
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Peter,
One thing to keep in mind about buying property in Mexico is its location within the country. Only Mexican citizens can own property outright within a certain distance from an ocean border, for example. The distance can vary due to the size of the municipio in which the property is located. It isn't just beach-front property.
If a foreigner (non-Mexican citizen) wants to "buy" property in one of these areas, it has to be via a bank trust (fide comiso) with an annual service charge or have a Mexican citizen's name on the title. The fine print is important, because in some cases the bank or the Mexican citizen automatically becomes the owner of the property when the foreigner dies. A long-term lease (99 years) is an option for foreigners but can be risky. Should the Mexican citizen whose name appears on the lease die, the lease usually becomes void, meaning the deceased person's family can legally oust the foreigner from the property immediately.
A few years ago, there was a big scandal in the state of Quintana Roo regarding state and local government officials selling government land illegally to both Mexican citizens and foreigners. A person can also run into problems regarding property that was once part of some haciendas (plantations,) where the property can be handed down to members of families who were given parcels of the land, but the property can't be sold legally.
If you're seriously considering buying property in Mexico, it's wise to find a trustworthy lawyer (oxymoron?) with a background in local real estate dealings. |
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ls650

Joined: 10 May 2003 Posts: 3484 Location: British Columbia
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Posted: Sun Jan 16, 2005 3:53 pm Post subject: |
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| Guy Courchesne wrote: |
| Prices in Huatulco I imagine are about to take a big climb as I hear there is much developement out there. Those teachers may have made a nice investment indeed should they decide to sell in the future. |
Development here is actually pretty slow: Huatulco is having a hard time competing against the bigger, more well-established resort areas. If you're an American or European tourist flying down for a one-week stay at an all-inclusive resort, why would you sit on an airplane for an extra hour or so to go to a smaller resort with fewer leisure activities?
I don't expect any major changes in housing prices here for at least 10 years. |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sun Jan 16, 2005 4:09 pm Post subject: |
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| I don't expect any major changes in housing prices here for at least 10 years. |
Thanks for the first-hand view...I've never been out that way, except for Puerto Escondito.
I had a meeting with the State Secretary for Tourism of Guerrero, and she had mentioned development in Huatulco as a worry for Acapulco (where she and I were based) drawing away international tourism, which has been in a long, slow decline in Aca.
Is Huatulco part of the Plan Puebla Panama project, Fox's famous tongue-twister, if you are familiar with it...? |
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Guy Courchesne

Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City
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Posted: Sun Jan 16, 2005 4:17 pm Post subject: |
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Good important points Ben...there was an incident in Ensenada a while back where the police had removed many American home owners form the properties they had purchased. I think they cited the 50 meters from the coast rule in that case.
I didn't know that the distance varied though, from town to town. Do you know what the distance rule is where you are? Your city is beach front is it not?
| Quote: |
| A few years ago, there was a big scandal in the state of Quintana Roo regarding state and local government officials selling government land illegally to both Mexican citizens and foreigners |
There was a young Green Party congressman here in DF who got raked over the coals on that. Green Party rep selling land in a federally protected ecozone, if we are referring to the same case. People here thought it was set up where the Greens were getting framed. |
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Ben Round de Bloc
Joined: 16 Jan 2003 Posts: 1946
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Posted: Sun Jan 16, 2005 6:06 pm Post subject: Merida, Yucatan |
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| Guy Courchesne wrote: |
| I think they cited the 50 meters from the coast rule in that case. |
The rule is 50 kilometers from the coast.
| Guy Courchesne wrote: |
| I didn't know that the distance varied though, from town to town. Do you know what the distance rule is where you are? Your city is beach front is it not? |
From the north edge of Merida (closest part of the city to the coast,) it's about 40 kilometers to the coast. The 50-km rule states that if any part of a municipio is within that 50-km distance, the entire municipio is included in the no-foreign-ownership rule. Since the northern part of Merida is within the 50-km distance, the entire city of Merida -- which isn't considered a coastal city, by the way -- is subject to the 50-km rule. |
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