Playa del Carmen: Investment Opportunity. EP3 (Part 2)

In this follow-up  episode of Echando Raíces, we uncover the additional essential pillars for investing smartly and securely in real estate in Playa del Carmen or anywhere in the world for that matter: legal certainty, legal security, and financial transparency. Whether you’re a seasoned investor or exploring your first property purchase in Mexico, this episode is packed with expert advice on verifying property titles, understanding the fideicomiso system for foreigners (trust), navigating transaction timelines, identifying hidden costs, and debunking the myth of “guaranteed ROI.” Join us as we equip you with a practical investor toolkit to avoid costly mistakes and make confident decisions in one of Mexico’s hottest real estate markets.

Síguenos en instagram en: @echando.raices_podcast

Proximamente en TikTok y YouTube

Bienvenidos a Echando Raíces!

Follow us on instagram: @echando.raices_podcast

Coming soon: TikTok & YouTube

Welcome to Echando Raices!

Transcript

0:00

Welcome to the Deep Dive. We're the show where we dig into stacks of insights, articles, real world stories, and um, basically untack it all to give you clear, actionable knowledge on topics that really matter. And today, we are plunging headfirst into the, well, the pretty alluring world of real estate investment. Specifically, we're looking at one of the most vibrant spots out there right now, gel, Carmen, Mexico. I mean, you probably picture it right, the dream. Turquoise water, white sand, tourists everywhere, and that, you know, that promise of your property going up in value, making you money, owning a piece of paradise that's maybe an escape and an income stream. But, uh, here's where the dream gets real and where our deep dive mission kind of kicks in. How do you navigate this exciting, but let's be honest, really competitive market to make sure your investment is actually. Good. How do you avoid the pitfalls, the costly mistakes that well could turn that dream sour? Exactly, and that's what we're here to unpack today. This deep dives are really designed to arm you the listener, with the essential knowledge you need to make properly informed decisions in the Mexican market. We're gonna break down the absolute must haves, understanding legal certainty that's about the property itself. Then ensuring legal security through the whole buying process and crucially demanding full financial transparency from everyone involved. We've gathered insights from, uh, seasoned real estate pros, people who are actually in this market day in, day out. So this isn't just theory, it's practical stuff you can actually use drawn straight from their experience. Think of it as your roadmap for investing safely in playa. Okay, great. So let's dive in, starting with what has to be the absolute first step for any investor? Anywhere really, but maybe especially in a hot market like Playa, establishing the, uh, legal certainty of your investment. We hear terms like title deeds, but what does legal certainty really mean down there? Right. Legal certainty. Um, at its heart, it's all about the property itself. It's fundamental legal standing. It means checking like beyond any doubt that the property has all the essential legal paperwork lined up. Yeah, we're talking the foundational stuff, the public deeds. These are the official notarized documents that prove who owns it. And critically, these Ds have to be properly registered in the Public Registry of Property and commerce. Okay. The public registry, yeah. Think of it as the official government record keeper. It's where every property is formally listed. Who owns it now, past transactions. It's whole legal history. It's backed by the government, by an institution that's paramount. It's your solid proof of ownership and a huge piece of that legal certainty. Something that sounds really important is making sure the property is free of liens. Can you break that down? What does that mean for an investor and why is it so non-negotiable? Oh, absolutely. Non-negotiable. Yeah. Free of lands means the property is completely clear. No legal claims, no debts, no restrictions hanging over it. That would stop you from buying it, selling it, or, you know, using it. This could be anything from an unpaid mortgage, uh, a seizure order from a creditor, maybe an ongoing legal fight over boundaries or. Inheritance. Hmm. If a property has liens, it's like, well, it's like buying a car with a massive, hidden engine problem. You can't really own it freely. Right. You're stuck. Exactly. You can't easily sell it. Maybe you can't even rent it out properly without major headaches. The good news though, is that in Mexico, checking this is fairly straightforward. Oh really? Yeah. The public registry issues something called a certificate of no liens. A certificate of libertad de gravamen. It's an official paper stating clearly if there are any claims against the property, any decent lawyer or advisor will make this check. Numer Uno, skipping it. That's just asking for trouble. Okay, so check for liens first. Beyond that, what other specific documents should a buyer absolutely insist on seeing to feel confident about that legal certainty. Good question. You need a whole checklist, really. And they need to be complete up to date. And consistent things like, uh, certificates, these aren't just admin details. They legally confirm the property's exact size boundaries. It's official ID number with municipality. You need to know precisely what you're buying dimension wise to avoid disputes later. Like someone building over the line or something happens more than you'd think if it's not checked. Then property tax records, the ole pre Dallas proof that all taxes are paid up. You don't wanna inherit the seller's unpaid tax bill. Definitely not. Uh, land use permit. Suso zulo super important, especially if you plan to build or modify, it dictates exactly what the zoning allows on that land. You wanna build a condo tower better make sure it's not zoned for just single family homes, right? Crucial construct licenses per Mesos deconstruction. Correct. If it's new or recently renovated, you need proof. It was all done legally with permits. Un permitted work can mean fines, demolition orders, big problems. Yeah. And if it's a condo. The condominium regime regimen to condominium. This lays out all the rules, rights, obligations for everyone in the building, common areas, maintenance, how decisions get made. You need to know what you're signing up for community wise. Okay, so that's quite a list. Are these generally easy to get hold of? They should be. These documents are usually publicly accessible or at least verifiable through official channels. A transparent seller or a good advisor should provide them pretty readily if they hesitate or can't produce them. That's not just inconvenient. It's a major red flag. Could mean serious underlying issues. This whole process sounds like what we often call due diligence, right? Doing your homework. But in a market like Playa del Carmen, so dynamic, so attractive, great location, tons of tourists, seems easy to get in. Why does this homework become like extra critical there? Oh, that's the million dollar question, isn't it? And yeah, due diligence is exactly it, but imply it's not just a box ticking exercise, it's your absolute shield because all those positives, amazing location, tourists lining up seemingly easy entry for investors. They mean nothing if the property itself isn't legally or fiscally secure. As one expert put it, so well, what good is it if all those factors are positive? If that place doesn't offer you legal certainty? Makes sense. If the property has legal issues, unresolved disputes, hidden debts, permit problems. Your investment is basically worthless. You could waste years and a fortune trying to fix things that should have been caught up front. And while this applies everywhere in Mexico, the sheer speed of development in Playa makes it even more vital. New projects pop up constantly. Many are great, but the paces can sometimes hide problems. Legal certainty is the absolute backbone. It ensures the property you pour your money into is genuinely indisputably yours. No challenges, no one trying to take it away. It's the difference between a solid asset and a potential nightmare. Okay, crystal clear. Now, a big question we always get, especially from listeners in the US and Canada, is about foreigners owning property. Mexico has these rules about restricted zones, sounds kind of scary. Can you unpack what these zones are and how they actually work for foreign buyers? Sure. It does sound a bit intimidating initially. So Mexico has what are called restricted zones, basically areas within 50 kilometers, that's about 31 miles inlands from any coastline, and also areas within a hundred kilometers, about 62 miles from any international border. The idea behind this law, which goes way back to the 1917 Constitution, was about national sovereignty, keeping these strategically important coastal and border areas, primarily in Mexican hands. Right? So it sounds like a flat out ban, like, Nope, foreigners can't buy beachfront property. Well, that's where the nuance comes in. It's better described as a restriction, not a total prohibition, and that's a really key difference that often causes needless worry. Unlike some countries where foreigners genuinely cannot own land or where the structures are really shaky, Mexico created a very secure, very established legal way around this. It doesn't break the law. It works within it. It lets foreigners buy safely in these zones while still respecting the original intent of the law, protecting national interests. Okay, so there is a way. What, what is this secure legal vehicle then? How do foreigners confidently buy in places like Playa? It's called a fideicomiso. Basically a bank trust. It's a legal setup, specifically created for foreigners to acquire property rights in these restricted zones. And the key thing here, the part that adds a really strong layer of security, is that these trusts are always managed by a financial institution, usually a Mexican bank. A bank, so the bank holds the title. Does that mean it's not really mine? I know some folks, especially Americans, maybe get nervous about the word trust with real estate, they worry they don't truly own it. That is the most common misconception and it's crucial to clear up. Let's be absolutely clear, even though the bank acts as the trustee and technically holds the legal title. You, the foreign buyer, are the beneficiary of that trust. And as the beneficiary, you possess all the rights to the property, all the rights, like what? Everything. You have the absolute undisputed right to use the property, live in it, rent it out, sell it whenever you want, modify it, build on it, following zoning rules of course. And crucially, you can pass it on to your heirs. It functions exactly like direct ownership. For all practical purposes, it is a hundred percent your property. The bank can't touch it for its own debts. Nothing can be done to take it away from you as long as you follow the trust terms, which are pretty standard. The bank is essentially an administrator making sure it complies with Mexican law and adding that institutional oversight. It actually makes it more secure in many ways. So just to be super clear, despite the bank's role, I can sell it, rent it, manage it, leave it in my will. Basically treat it as my own. Precisely. Yeah. It's a very robust, very common and very secure system that's been working well for decades. And honestly, when you stack the Mexican fi de comso up against how things work in other popular investment spots, Mexico often comes out looking really strong in terms of legal certainty for foreigners. Oh, interesting. Like compared to where. How does it compare to buying in, say, parts of Asia or maybe closer like the Dominican Republic? Yeah, it's a really revealing comparison. Take some places in Asia, maybe like Dubai. Often what you're buying isn't freehold ownership forever. It might be a really long lease, like 50 or 99 years or assignment of rights. The government or some other entity might still hold the ultimate underlying ownership. So it's more like a very, very long term rental. Not quite the same as owning it outright, even via a trust. Okay, so it's finite. Exactly. Then look at somewhere like the Dominican Republic. Yeah. The process there can seem incredibly easy. Sometimes you hear stories of buying with just a passport. Which sounds great, right? Super simple. Yeah, sounds convenient, but that ease can actually be a warning sign. Sometimes it means there isn't that deep, strong institutional framework protecting you during, and especially after the purchase, you might be more exposed to title problems, boundary disputes, maybe even fraud down the line. There isn't that built in layer of protection from a neutral, regulated entity like a bank, ensuring everything is clean and stays clean. So the fitia comiso with the bank involved actually offers more security than those seemingly easier systems. That extra step is actually a benefit. Absolutely. That's the key takeaway. When things seem too easy in international real estate, you should probably ask why. The Fiko miso involves an extra administrative step, yes, and usually a small annual fee to the bank, but that step buys you an enormous amount of legal certainty and peace of mind. It's a formal, regulated process that protects your investment in a way that less structured systems just don't. It's an investment in security that makes a lot of sense. The old, if it sounds too good to be true. Okay, so we've covered legal certainty, making sure the property itself is sound. Now let's shift focus to the process of buying it. This brings us to the second pillar, legal security. How is this different from legal certainty, and why does an investor need to understand the difference? Great question, because they do sound similar and people often mix'em up. So legal certainty, like we said, is about the properties inherent legal health, clean title, no leins, proper permits. It's about the asset itself. Legal security, on the other hand, is about the journey of acquiring that asset. It covers the entire transaction process, making sure every single step from your initial offer right through to signing the final deed and getting it registered is legally sound transparent and protects you the buyer. It's about making sure the process itself is secure, no surprises during or after the transfer. Got it. Asset versus process. So focusing on the process, what are the key checks, the crucial due diligence steps for ensuring legal security during the transaction. For the process itself, you need to focus on a few key areas. First developer vetting, but go way beyond the fancy website or brochure. You need to really check out the developer. Do they have a solid track record? Are all the permits for the entire project actually approved? And in order, before you sign anything, check their company registration tax. Id look for any history of major legal issues or serious delays on past projects. A good developer will share this, so digging into their history, absolutely second. Rigorous contract review. I can't stress this enough. Every single legal document, the initial promise to purchase agreement, the final deed, any addendums must be reviewed carefully by an experienced real estate lawyer who works for you, not the seller or developer. Don't cheap out on this. These contracts define everything, your rights, payments, penalties. You need to understand every single word. Independent legal advice is key. Crucial. Third, think about escrow and payment security. How are your payments being handled, especially if it's pre-construction? Ideally, use a third party escrow service. This protects your money until certain construction milestones are actually met. Understand the payment schedule perfectly. When is money due? What happens if they're late? Right? Protecting your payments. And finally, overall transparency. You're looking for openness from everyone. Honestly, many developers imply, I get this, they know that informed buyers become happy investors and happy investors talk. They refer people. It builds goodwill. Anyone who seems cagey, resists sharing documents or avoids clear answers, that's a huge warning sign during the transaction process. That seems like a solid checklist for keeping the buying process secure. What about timelines? How long does this whole process usually take? Let's say for a Mexican buyer, no mortgage involved. Okay. For a national buyer paying cash, it can actually be pretty quick. Often around two to three weeks, give or take. That includes getting all the necessary documents like that certificate of no lines from the registry, which might take five to seven business days itself. Then lawyers review the notary drafts, the deed, everyone signs, and it gets submitted for registration relatively fast. Okay, two to three weeks. What if that same buyer is using a mortgage? Then you're probably looking at closer to a month, maybe a little more. Even if the mortgage is pre-approved, the bank has its own final checks, property valuation requirements, legal review of the mortgage contract. Yeah. And then the actual fund disbursement. Each bank has its own rhythm, so it adds that extra layer in time. Makes sense. And for our foreign buyers needing the Fedia Comiso in those restricted zones. Right. For foreigners using Fit Comiso, you should typically budget for about one to one and a half months. Sometimes it can stretch a bit longer depending on how busy the Ministry of Foreign Affairs is. That extra time is mostly for getting the official permit from the ministry. They have to authorize the foreigner's participation in the trust for that specific property. It's a required federal approval step. Okay. So definitely longer for foreigners. What happens if during any of these checks, something isn't quite right with the paperwork, like an old permit is missing or something, does the whole deal just collapse? Not necessarily, and this is where Mexico system can be quite flexible, which is, you know, both good and potentially frustrating. Hmm. Minor issues pop up. Say an old tax wasn't paid or a permit needs updating, it often can be fixed. Mm-hmm. The seller might need to go sort it out at the municipal office, pay the tax, get the update, but, and this is the key thing, it will slow things down sometimes significantly. Well, it's good that things can often be corrected. It really highlights why that thorough, upfront due diligence by your team is so vital. Unexpected delays can mess up your plans. Maybe cost you rental income if you miss the start of high season or cause logistical headaches if you've planned to move. So proactive checks to save time and stress, even if the system allows for fixes later, right? Avoiding delays is always better. Now, speaking of costs and the financial side. You mentioned buyers need to look beyond the sticker price. You said something like, there's nothing worse than thinking it costs x and finding out it's y. This brings us to our third pillar, financial transparency and digging into those, uh, sometimes hidden costs. Yeah. What else does a buyer absolutely need to budget for? Yes. This is so critical for realistic budgeting beyond the property price itself. You have to factor in buyers closing costs. These are significant and cover the formalization of the sale. They generally include noter fees for the notary public. Remember, they do a lot more here than just witness signatures. There are legal pros ensuring legality, handling taxes, registering the deed, their fees cover that whole service. Okay? Public registry fees, the cost to actually get your ownership officially recorded. Essential step appraisals. You'll need a formal valuation, often required by banks, but also good for you to confirm market value. Mm-hmm. Then there's a transfer tax in Presto, the acquisition, uh, in web list or ISA, this is a state tax, and then cantata RU reply is, it's a noticeable percentage of the value. Right. And for foreign buyers, if you take mezo fees, there's an initial setup cost for the trust, plus an ongoing annual fee to the bank from managing it. So adding all that up, what kind of percentage are we talking about? Typically you should budget for around 6% to 7% of the property's value for all these closing costs combined. It can sometimes nin a bit higher depending on the state and the property's price, but that six 7% is a good ballpark figure to have in mind right from the start. It's a real cost, not just pocket change, six to 7% on top. Okay. Now, beyond those direct purchase costs. What about taxes later on, like income tax, especially if someone plans to resell. You mentioned the buyer might incur tax, which sounded a bit counterintuitive. Ah, yes. Let's clarify that. It can be confusing. The main tax on profit from selling property is capital gains tax, called ISR and STO soreta. Generally this tax is paid by the seller on the profit they make. If you buy low and sell high years later, you as the seller owe tax on that game. Okay, so it's the seller's tax primarily. Yes. However, knowing about is R is crucial for the buyer when planning their exit strategy and calculating their potential net return down the road. You need to factor in that future tax liability when estimating how much profit you'll actually walk away with. There are some exemptions possible for ISR if the property is your primary residence and you meet certain conditions like living there for a specific period. But these rules are complex, require specific proof, so definitely something to discuss with a Mexican tax expert for your situation. It impacts your overall investment calculation, even if you don't pay it at the moment of buying. Okay, that makes more sense. It impacts your future net profit as a seller. What about actually paying for the property? You mentioned anti-money laundering laws. Can you really not just pay in cash if you have it right. That's a really important point. And a firm, no. Mexico has strict anti-money laundering laws Ley Anti Lavado. These put serious limits on using cash for real estate. The current limit is around 800,000 pesos. Which is roughly, uh, depending on the exchange rate, somewhere around 45,000 to$50,000. USD give or take, anything above that amount cannot be paid in cash for a property purchase. Wow. Okay. So how do you pay the rest? You have to use the banking system. Usually international wire transfers for foreign buyers. This isn't just a rule. It adds transparency, but you need to plan for it. Wire transfers have fees, exchange rates fluctuate. They can take a few days to clear, and your bank will likely ask for documentation on where the funds came from. These are the practical financial details your advisor should be explaining upfront. Definitely need to plan those payments. Okay. Another ongoing cost, not exactly hidden, but maybe underestimated, especially in playa maintenance fees or HOA fees. Yeah, that's a really good point. To flag HOA fees quote us Deto imply Del Carmen and the Riviera may tend to be higher than in many other Mexican cities. The main reason. Amenities. Plain and simple. Most developments there are built for the tourism market, so they come loaded with features, multiple pools, fancy gyms, big common areas, rooftop lounges, maybe beach clubs, 24/7, security concierge, all the resort style stuff. Exactly, and all that stuff costs money to run and maintain properly. Staffing, cleaning, repairs, electricity for common areas. You're not just paying for your unit's upkeep, you're paying your share of maintaining a mini resort. A well run, HOA is vital. Okay. Lots of costs to track. This leads perfectly into something that always makes investors wary or maybe should the promise of guaranteed. ROI, you see ads boasting, 13% guaranteed return. What's the real store behind those claims imply, right? Yeah. Guaranteed. ROI. That phrase should set up alarm bells immediately. Huge red flag. Why? Because return on investment in real estate, especially in a tourist destination, simply cannot be guaranteed. There are far too many variables. Like what? Oh, global economy shifts, changes in travel patterns. One year new competition pops up. You can estimate potential returns based on past performance. Sure. But a guarantee for the future, no way anyone promising that is likely either misinformed or frankly misleading you. So how do they offer these guarantees, say for the first year? Well, nine times outta 10. If a developer guarantees a specific ROI for the first year or two, they're usually paying that percentage out of their own funds. It's essentially a marketing cost for them, or it's built into a higher purchase price. You paid initially. So it's not actually profit from the property's rental income, often, not, especially in that first year. They're basically giving you a temporary subsidy or a delayed discount to make the deal look incredibly safe and attractive. It makes the numbers look great upfront to secure the sale and the catch. The catch is what happens when that guaranteed period ends. The actual return generated by the property from rentals might be much lower. Maybe 5%, maybe less, depending on management occupancy, market conditions. So the buyer feels misled because the ongoing performance doesn't match the initial promise. It creates unrealistic expectations and a lot of disappointment later on. So if guaranteed is a warning sign, what should investors look for to gauge potential profitability instead of a guarantee? Look for a proven track record. Ask the developer for actual verifiable rental income data from comparable units in their existing operational projects. Not projections for the new one, but real history from buildings that have been running for say, three, five, maybe 10 years. Real data from similar older projects. Exactly. Even then, it's still just historical data. An estimate of potential, not a promise for the future. Market conditions change, but it gives you a much more realistic picture than a guarantee pull a thin air. So the advice for you, the listener, is crystal clear. If you hear guaranteed ROI perk up your ears. Open your eyes wide. Read all the fine print, ask tough questions. Where does this guarantee come from? Is it based on real rental history or is it a developer subsidy? And know that authorities are starting to pay more attention to these claims because they can be very deceptive. Okay, so we've talked legal certainty for the property, legal security for the process, and financial transparency for the costs. We're armed with a lot of knowledge. Now let's get practical. Let's see. Investors' toolkit for actually spotting a good deal and just as importantly, a trustworthy developer or advisor in this market, right? The toolkit, the number one tool, maybe surprisingly, is simple. Curiosity combined with the willingness to demand information. As one expert said, there's no excuse for a buyer not to be informed. You just can't passively accept what's in the ad coming ad. You know, great condo. This price, five minutes to the beach need to dig deeper, way deeper, demand a fully itemized quote showing all the costs we talked about. Don't just look at the headline price, push for the details. And it's more than just asking, isn't it? It's a different mindset. Buying property isn't like buying a fancy watch on impulse. Exactly. It's a major complex investment. You wouldn't buy intricate machinery without checking specs, maintenance history, running costs, right? Yeah. Real estate demands that same level of methodical research. Be proactive. Be thorough. So what are some concrete, actionable steps investors should take to vet a deal and protect themselves in Playa? Okay. Beyond getting all the legal and financial docs we've covered, here's some must dos one. Read the contracts. Yeah, thoroughly like sit down, no distractions. Read every single word of the promise to purchase the final deed. Get a certified translation if needed. Mark anything unclear. Ask questions. Get answers from your independent lawyer. Don't sign if you have any doubts. No skimming. Absolutely not. Two, vet the developer's track record. Really vet it. Go beyond online reviews, which can be skewed. Look at their actual resume. How many years in business here? How many projects completed in this area? What's their track record on delivering on time? Ask about past projects. Were there major delays, legal issues? Try to gauge their financial stability. Okay. Focus on their real history. Yes. And three, this is huge. Visit their past projects. Especially their oldest ones. Don't just look at the shiny new model unit. Go see a building they finished five, 10 years ago. How is it held up? Does the construction quality look good? Is it well maintained? Are the amenities still nice? See how things age Exactly. And if possible, talk to people who live there, owners in their previous buildings. Ask them honestly about their experience. Build quality HOA management. Rental results if they rented out that firsthand feedback is gold. It tells you way more than any sales pitch. That makes so much sense. I heard a great story about a developer who actually insisted on taking potential buyers to see their oldest project. First, their logic was, you need to see the lasting quality of our old work to really appreciate and trust the new shows. Incredible confidence. That's a fantastic sign. A developer proud of their history, willing to show you the older stuff. Warts and all that speaks volumes about their commitment to quality and their long-term perspective. Huge green flag, definitely. Okay, last crucial piece. Choosing the right advisor or broker, this feels like it could make or break the whole experience, especially in a foreign market. What really separates a genuinely good advisor from just a sales person pushing for a commission, this is probably the most critical relationship you'll form. A truly good advisor is first and foremost, proactive and transparent. They won't just answer your questions. They will tell you things you didn't even know to ask. Like what? They'll volunteer information about all the potential costs, closing costs, property taxes, potential capital gains tax down the road, Fetty, Comiso fees, realistic, HOA fees, property management costs. If you plan to rent everything, even if it makes the total investment look higher initially, why would they do that? Because their goal isn't just a quick sale, they want you to be fully informed, avoid nasty surprises, and be genuinely happy with your purchase long term that leads to trust, referrals and a sustainable business for them. The advisor to be aware of is the one who only highlights the low price. Glosses over the details, maybe conveniently forgets to mention certain ongoing costs just to get the deal signed. That's unprofessional. Leads to frustrated clients later. Kills their reputation. A responsible broker protects their clients and themselves by working with reputable developers and ensuring total clarity. It's about building trust versus just chasing the next commission. The good ones are in it for the long haul. The others often burn out fast. That's a really clear and vital distinction. So wrapping this all up, it sounds like Playa del Carmen definitely offers exciting potential for real estate investors. It can be very profitable, but it's also a serious competitive market. Being rigorous about legal certainty, legal security in the process, and demanding financial transparency isn't just about protecting yourself, right? It also strengthens the whole market. It rewards the serious, reputable developers and advisors. When buyers are informed, curious, and yes, demanding, they become empowered. They can calculate risks better, anticipate challenges, and ultimately make smarter more successful long-term investments. And that's really the goal to give you our listener, the tools you need to navigate these waters and reduce the inherent risks involved in any investment, how you use those tools. Well, that's up to you. Absolutely. So thinking about everything we've covered today, the property's legal health, the security of the buying process, all the financial details, vetting developers and advisor. Here's a final thought to leave you with. Which one of those elements will you prioritize most as you move forward in your own investment journey? And maybe more importantly, what's one new question you'll make sure to ask your advisor next time you look at a property based on what you heard today? That's a great question. Ponder, we'll definitely be diving deeper into related real estate topics and future episodes, looking at projects in different. Stages, like pre-sale and construction, plus the practicalities of ongoing maintenance and administration. So keep listening, keep learning, and keep empowering yourself as an investor.