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Concerns With Cozumel Capital?


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#1 YoloCoz

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Posted 15 December 2014 - 01:19 PM

Hi all,

I have been working with the folks over at Cozumel Capital to find an apartment for the 5 months my wife and I will be on the island. We have finally agreed on an apartment and the terms and now I am to send a wire transfer for the first month's rent. I make a lot of wire transfers for my business so i wasn't too alarmed. When I got the banking info for the transfer it was for the apartment owner's bank account and not for Cozumel Capital. This set off just the smallest of alarms in my mind so I thought I would run it by you folks. Anyone had any dealings with cozumel Capital? Should I be concerned? From my research, they seem to be a legitimate operation but why I would send money directly to the owner and not to their office (where they could verify the transaction) was a little surprising to me. I have included a link to their website showing the actual apartment as well. http://www.cozumelca...edad.php?id=133

 

Thanks ahead for any thoughts or experience with them!

 


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#2 Carey

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Posted 15 December 2014 - 02:50 PM

Well, if you're dealing with Rita, she's been selling real estate on the island for many years and I haven't heard anything bad about her, personally, in the 12 years I've lived here.  As to why she wants the money shipped to a personal account as opposed to her business, you should simply write and ask her the reason for this.  The Mexican IRS has changed a huge amount of rules most of which impact on Cozumel business people in a bad way. I suspect that the reason she wants the funds to go directly to the owner of your rental is because otherwise it is more difficult for her to show the Mexican IRS that she did not receive all the funds but only a commission.  Something along those lines.  But I would just write and ask her for the reason as it will make you feel better.


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#3 YoloCoz

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Posted 15 December 2014 - 03:29 PM

Thanks Carey! I have been working with Susana and will follow your suggestions on asking the question, but you may very well be correct about the situation. I knew CC had been around for a very long time and I had very little suspicion, just thought I would throw out the question to the more experienced locals. 

As I said, I wire transfer / W.U. money to a lot of different countries and have simply learned to be a bit cautious. 

Thank you for your input! See you all in about 4 weeks.

Eric


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#4 Coz2wonder

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Posted 15 December 2014 - 04:39 PM

I suspect your your wire transfer documents will act as a receipt.  I would just want Rita to document the payment.

 

Enjoy your stay.


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#5 mstevens

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Posted 15 December 2014 - 06:12 PM

We actually were working with a different real estate company when we bought our house, but Rita Sheese was the listing agent so we interacted with her as well. I really think she's reliable.

 

If the Susana with whom you're working is Susana Portocarrero, she's actually the person with whom we had by far the most contact during our purchase and she's someone I trust. If it's a different Susana, I wouldn't know.


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#6 YoloCoz

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Posted 16 December 2014 - 09:50 AM

Thanks MStevens. Yes that is Susana. Unfortunately, in the six hours between the email with account info for the owner and the e-mail I got last night it seems that someone has rented it out from under me :-( Cash in hand business, I suppose. back to the drawing board :-)


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#7 Carey

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Posted 16 December 2014 - 12:12 PM

Cash is king here alright.  No paper trail for Hacienda, the Mexican IRS, to follow. is the way every one likes to go and as much as possible. reinforced even more these days by increased tax rates and Hacienda attempting to crack down. It is a n age-old Mexican tradition, cheating the tax man. For example completely standard practice for small local businesses like  hardware stores and the like to offer a 10%or more discount to customers if they will accept a hand written receipt -- a nota -- rather than requiring the official receipt known as a factura.  And many -- if not all -- captains (capis) who take out divers, snorkelers and fisherman want to be paid in cash only.

 

 A wire transfer to the rental home owner's Mexican bank account is not nearly as desirable as pesos on the proverbial barrelhead.  Because there is a paper trail in the first case and no way for Hacienda to know or prove a payment was made in the second.

 

Good luck on  your continued search.  I would contact every realtor on the island and see what they have to offer although I expect you're already doing this.


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#8 Freezin' Canuck

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Posted 16 December 2014 - 12:46 PM

Hi Yolo Coz,

 

My neighbour across the street has moved to Playa and has a one br 2nd floor apt. for long term rent (unfurnished) for $3000 MX pesos per month ($250). My wife was talking to her and she has gone back to Playa but left a phone number with us and on the gate.I've seen a couple of others in our neighbourhood (signs on the outside) as well, altho I haven't checked them out as to condition and/or price--some furnished, some not. We live in a very good family-oriented neighbourhood. Send me a personal message if there is any interest.


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#9 ccannon707

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Posted 16 December 2014 - 02:16 PM

Yolo, IMHO I think you may have dodged a bullet. I clicked on your link and recognized that old hotel with 2 apts in front. I looked at the apts a couple yrs ago...  they were very run down + the traffic noise from busy 11 was also a negative for me. Maybe they have been beautifully refurbished, but I think you can do better. If it were me I'd get to Coz, spend a little on a budget hotel and really have a look-see in person. You can negotiate weekly/monthly rates at hotels too for the interim.


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...Christine

 

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#10 Freezin' Canuck

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Posted 16 December 2014 - 02:44 PM

Totally agree with 707.


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#11 Coz2wonder

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Posted 16 December 2014 - 03:22 PM

If an agency is going to collect say 20% of the rental (one time, or per month) they need to put the client first before they dodge the tax man.

 

This is a business, rental or sale.  The client is left blown in the wind because somebody wanted to hide income...

 

Take ccannon's advice, it makes a lot more sense, and doesn't expose you to situations like this.  Besides, you get to SEE it before you throw your money down.


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#12 YoloCoz

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Posted 16 December 2014 - 03:41 PM

ccannon, et al.,

Yes, this is precisely where we are at with it. I have the first week booked with a budget room. Here is the sad part of the story...My poor wife, who doesn't speak Spanish at all, is hating me for this :-). We arrive on the 12th and I start my DM training on the morning of the 13th. I had wanted to start the following week but there aren't enough booked clients to get in the necessary dives unless I start right away. so, my wife is going to be stuck trying to negotiate this with the English speaking realtors. In the end, we may end up booking several weeks at a hotel so that I can be there to help her with the search... I know, boo on me :-( Still happy to be coming down though. Low of 26 f here tomorrow...


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#13 Coz2wonder

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Posted 16 December 2014 - 03:55 PM

your Christmas present has got to be REALLY good this year.


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#14 pato52

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Posted 16 December 2014 - 08:51 PM

You guys are just "Making Memories.

Have a blast!


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#15 Coz2wonder

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Posted 17 December 2014 - 10:31 AM

I found something that might help.  I would contract John Pera at Cozumel Home Care, he does rentals.  http://www.cozumelhomecare.com/


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The most important thing in life is not knowing everything, it's having the phone number of somebody who does!

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