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Renting out my house ?

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Post by jgriff Fri Aug 19, 2022 11:03 am

Hola Amigas and Amigos

I have been searching online about the pros and cons for renting out my house for 6months every summer. Would any of you very knowledgeable people know of a website or where I may be able to find this information ? Real life experience. I know what I am including in my rental. I realize that I would have to pay the 16% tax. I am wanting a property manager to look after it.
My major concern would be someone moving in for the 6 month rental and NOT moving out. In the last 3 years thinking about doing this I have read a couple of people complaining about not being able to get the tenants out and having court battles.

TIA
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Post by CanuckBob Fri Aug 19, 2022 11:47 am

Most of the Real Estate companies have rental agents that look after properties. They do everything from finding tenants, collecting rents and paying bills.

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Post by jgriff Fri Aug 19, 2022 11:56 am

CanuckBob wrote:Most of the Real Estate companies have rental agents that look after properties. They do everything from finding tenants, collecting rents and paying bills.

Thanks Bob. I should of included that I have spoken with 2 companies. Do you have any insight about problems getting people out ? That is what scares me the most and I am trying to get a feel about the potential problem other than what a management company would tell me.
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Post by mudgirl Fri Aug 19, 2022 1:20 pm

Some things to consider are that you will be legally required to pay income tax on your rental income. Also that when you come to sell the place, if you have done rentals, you will pay full capital gains tax as it will not be viewed as your primary residence. I would suggest you consult a good accountant for all the actual legal and tax ramifications.

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Post by CanuckBob Fri Aug 19, 2022 4:32 pm

As long as you haven't been taking "tax write-offs" against the property and it is your principle residence and you have a residency visa you won't likely have to worry about your capital gains exemption. I know scores of people that rented their houses in off season and later sold with no problems.

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Post by CanuckBob Fri Aug 19, 2022 4:35 pm

jgriff wrote:
CanuckBob wrote:Most of the Real Estate companies have rental agents that look after properties. They do everything from finding tenants, collecting rents and paying bills.

 Thanks Bob. I should of included that I have spoken with 2 companies. Do you have any insight about problems getting people out ? That is what scares me the most and I am trying to get a feel about the potential problem other than what a management company would tell me.

I don't know of anyone that has ever had this problem. Not to say it can't happen but must be extremely rare particularly if you have a rental agent and a written contract. It is more likely to happen with a vacated property and squatters. Leaving your house empty for extended periods of time is probably riskier IMO.

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Post by Canada_Mike Sat Aug 20, 2022 11:07 am

I've been renting my house out for the summer season for years. I've had people not want to move because they love it so much, but no one ever refused. Renters are not squatters. FWIW, I use Continental.
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Post by jgriff Sat Aug 20, 2022 11:15 am

Canada_Mike wrote:I've been renting my house out for the summer season for years. I've had people not want to move because they love it so much, but no one ever refused. Renters are not squatters. FWIW, I use Continental.

Thanks Mike. Can I send you a pm with a couple of questions?
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Post by Canada_Mike Sat Aug 20, 2022 12:22 pm

Sure.
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Post by brigitte Sat Aug 20, 2022 12:55 pm

You cannot claim your house as primary residence if you rent it and therefore are not entitled to the 4 or 5 million pesos exemption when you sell.Being Mexico there are probabl way to handle it but it is one of the drawbacks

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Post by CanuckBob Sun Aug 21, 2022 7:58 am

If it is the only property you own in Mexico and you have the utilities etc. in your name and you have a residency visa it will be no problem at all to claim this as a principal residence and get the exemption. I have seen this many times. In fact I have one friend who sold a hotel that had a residence on site (which they lived in) which was sold with a personal exemption claim as the property was not commercial and no tax write offs were ever taken against it. The Notorio had no idea it was a hotel.

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