As we move through the final phases of construction and on to rental and sales (will explain in a second) on the first Mexican house, I thought it would be good to review where we are with the project. The picture on the top-left is what we started with. The other three is where we are now. Initially, we were going to convert this into a house where we could live, but then we found an even better house farther up the side of the mountain with a better view, so we decided to convert the first house into an apartment four-plex. Lynn then figured out a way to add another two apartments at the back of the house with an entertainment terrace and an azotea or rooftop sitting and entertainment area. So now it is a six-plex with a lot more appeal.
Our initial plan was to sell the apartments then use the proceeds to buy another property to remodel. We thought, if we could not sell it immediately, we could fill it with renters, then sell it. Our thinking was that it would be attractive to investment buyers if the apartments were already producing income when they bought it. The plan has not changed much. We have been on hold because a potential buyer wants to look at, but lives in Guadalajara and has had a struggle getting free. The good news is that he wants renters and was pleased with the idea that we could provide them. Lynn already has a list of potential renters he is vetting that is much longer than the number of available apartments.
Lynn already has his eye on another property for the next project. We hope we can get the first property sold soon enough to take advantage of it.
