If you have read any of my previous blogs,you will have seen that the majority of the things that I write about involve lifestyle- "the Best Lobster in the Riviera Maya","Veterinary Care","The D-I-E-T Plan For Buying Property in Mexico","Mexico,Why & Why Not",etc.
This time however,I'm going to be covering something different. It is a subject that many of my associates have already written about,and you may have even discussed this topic on the phone with them. Now,you may be wondering why I would want to re-hash a subject that has been addressed ad nauseum. Well,the simple truth is that I have finally gotten it! After more than a year with Investment Properties Mexico,and hearing about "Land Banking" literally every day that I'm in the office,the light bulb has finally gone on for me. No one can accuse me of being a fast learner. :-)
I have discussed Land Banking with clients,and to be honest,it was something that I would many times try to briefly gloss over and then move on to finding out about what they wanted in a property here in the Riviera Maya. I must confess,I love the feeling it gives to see how excited my clients get when we have found them their perfect home.
I guess that was the biggest block for me with Land Banking... I couldn't show them the breathtaking views of the Caribbean,the quality of the construction,nor the beautiful furnishings. Also,in most cases,I wouldn't even get to meet them face to face,because the vast majority of our Land Banking investors have purchased their hectares of prime land in Muyil,sight unseen over the phone.
So,what was my great epiphany? What was it that finally made me realize that I was doing some of my clients a great disservice by not explaining at length the benefits of Land Banking? Was it rereading the Land Banking package yet again? Did I suddenly wake up in the middle of the night and realize,"Wow,what a tremendous investment!"?
No. I have three people to thank for opening my eyes to the incredible upside of Land Banking- Hutch,his lovely wife Betsy,and Mike.
Let me briefly explain how this came about: Hutch and Betsy are clients of mine who had recently returned to the Riviera Maya. They have vacationed here several times before,but this time they were not just here to soak up the sun. They were looking for an investment for their future. We had spoken several times on the phone,and exchanged numerous emails. During one of our phone conversations I had done my typical "breeze through" on Land Banking. Hutch had gotten very excited about it,so after we'd ended our call I had emailed him our Land Banking packet and pretty much forgot about it.
During subsequent conversations,much to my embarrassment,I never really got into Land Banking with them again. I did however,find out more about what their ideal Mexican home would look like,what their price point was,and I found that they wanted to use it to generate some additional income for them through rentals until they retired in 3 years. I likewise learned when they would be returning to Mexico and cleared my schedule so that I could spend some quality time with them.
I had done all of my research and when we met,I had several properties ready to show them. I was excited to get started. It was when we first met and were chatting that Hutch brought up Land Banking. I was crushed. My mind was saying,"Forget about Land Banking,I have some great properties for you and Betsy to look at!" But,I just smiled and proceeded to give them the "Reader's Digest" version,again. Then,I quickly changed the subject and herded them off to my car to start the tour of properties. I was sure that,somewhere among them,I'd found a winner.
A few hours,and several properties later we were sitting together with a couple of cold drinks and discussing what we had seen. They both said that the condos we had viewed were beautiful,but Betsy added that she and Hutch were water people and really wanted to be closer to the Caribbean. I explained that there was nothing available at their price point any closer to the sea.
Now- this is where the epiphany begins.
Hutch turns to me and says, "What about Land Banking? Can't we invest and then when we're ready to retire,have the money that we'll need to get the property we really want?"
BAM!!! (That was the sound of the slap on the side of my head when I started to wake up).
He was completely right! Why hadn't I realized it before? Hutch and Betsy understood this investment better than I did.
Now,I needed someone in our office who truly understood this tremendous opportunity to explain it to my clients. Someone who knew it in much greater detail than I,who could answer any questions that Hutch and Betsy might have.
We immediately headed back to the Investment Properties Mexico offices in Playa del Carmen,where I enlisted the services of my friend Mike Martin to present ALL the details and benefits of Land Banking. I was just as interested as my clients in everything that Mike had to say,and I had some questions of my own. As Mike continued the presentation the lightbulb in my head grew brighter and brighter. I am happy to say that I now understand how great this opportunity is... I mean truly understand.
So,to all of my present clients who are looking for a way to either,get the best return on their investment dollar or to grow their available cash to buy their dream home in Mexico,let me apologize for being so short sighted and not educating you with the complete details on the tremendous benefits that Land Banking provides.
And to my present and future clients let me assure you that,should your individual needs be best served by Land Banking,I will be happy to provide you with the information that you need to make an educated decision... ALL the information.
Granted,Land Banking is not for everyone,but is it for you? Let’s find out together!