Slowly, very slowly, things are moving ahead
A quick update to the previous post. We have agreed on a price in pesos for the lot. It's a little higher than my peso suggestion, but it's a pretty minimal gap. I think we can handle it. We differed a little on what we considered the "current" exchange rate. But I'm not going to get too fussy about it and I'll just hope it turns itself in my favor, somehow.
Next step, it moves over to the lawyer to check the title and taxes and make sure everything is good on that front. Set up all the other paperwork I'll need to go through and I think we're slowly turning those wheels. I'll go to the bank tomorrow to secure what I need in a loan. And then I think it's a waiting game. I have been told many times that the process is not a quick one. And I'm not in a rush anyways.
I haven't taken out any sort of loan in a million years, so I'm not at all prepared, of course. Two years of tax history, pay stubs, bank statements, blood sample, urine sample... ok, maybe some of those are made up.
I am slowly entering into the stages of "Oh my god, is this a good idea? Should I be doing this? Am I the biggest fool in the world?"
Next step, it moves over to the lawyer to check the title and taxes and make sure everything is good on that front. Set up all the other paperwork I'll need to go through and I think we're slowly turning those wheels. I'll go to the bank tomorrow to secure what I need in a loan. And then I think it's a waiting game. I have been told many times that the process is not a quick one. And I'm not in a rush anyways.
I haven't taken out any sort of loan in a million years, so I'm not at all prepared, of course. Two years of tax history, pay stubs, bank statements, blood sample, urine sample... ok, maybe some of those are made up.
I am slowly entering into the stages of "Oh my god, is this a good idea? Should I be doing this? Am I the biggest fool in the world?"
Probably No, No, Yes, but I've been looking at doing this for years. I've saved money to have a nice down payment and a short loan. I've tried my best to learn everything I can, but there's always more to learn.
Is this a good idea? I don't know. It's an investment. Investments by their nature are kind of risky. There's no reason this would be different.
Should I be doing this? I guess the other option would be to keep saving money. But is my money going to build sitting in a bank at the same rate as invested in this land? Or are prices going to keep rising in Mérida and no matter how much I save, I'll get further and further behind? If I had answers to this, I would have bought Apple stocks in the late 90s and I'd be super rich right now and this wouldn't need to be a conversation.
Biggest fool in the world? Some days, yeah. But I think I've thought this out and I think we'll be okay.
That's all I have for today, unless something changes. Now we'll see how the bank visit goes tomorrow and where we go from there.
Is this a good idea? I don't know. It's an investment. Investments by their nature are kind of risky. There's no reason this would be different.
Should I be doing this? I guess the other option would be to keep saving money. But is my money going to build sitting in a bank at the same rate as invested in this land? Or are prices going to keep rising in Mérida and no matter how much I save, I'll get further and further behind? If I had answers to this, I would have bought Apple stocks in the late 90s and I'd be super rich right now and this wouldn't need to be a conversation.
Biggest fool in the world? Some days, yeah. But I think I've thought this out and I think we'll be okay.
That's all I have for today, unless something changes. Now we'll see how the bank visit goes tomorrow and where we go from there.
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