Tuesday, August 2, 2005
San Miguel de Allende, Mexico
Fed up with 12-hour days working as a family physician in the States, Murray Friedman uprooted and left the rat-race behind. He considered Panama, before finally opting for Mexico, where he now runs a B&B in San Miguel de Allende with his partner. "Life’s too short" is Murray’s mantra. You may think so, too. This month, we continue our New Life in 2005 series in the print edition of International Living…with Murray’s story.
Dear International Living Reader,
As an IL subscriber, I’d spent a couple of years dreaming of a new life somewhere in Latin America. With the help of IL’s Panama: The Owner’s Manual, I identified the criteria essential to my new home: proximity to the States; temperate climate; low cost of living; good health care. Access to affordable theater, films, and concerts was also a priority.
Unfortunately, without maintaining a regular source of income, we weren’t going anywhere. Since my partner had been in the hospitality business, we decided that running our own B&B was our best option. Around this time, I attended IL’s Travel Writing course in San Miguel de Allende, Mexico, and was immediately taken by the charm of the city–which happened to fit all my criteria. When the course finished, we weren’t ready to leave.
From a couple who owned a B&B nearby, we rented a large two-bedroom unit with a living and dining room, full kitchen, and outdoor terraces. Over the next few months, we continued to be captivated by San Miguel’s colonial charm and relaxed ambience. We spent several days with a realtor looking at potential B&B properties, but nothing compared to our rented accommodation. We casually mentioned this to the owners one evening. Five minutes later, they called to ask permission to let realtors come through the next day: they had decided to sell up and retire.
Property in San Miguel can be expensive and prices are rising rapidly. (Friends just made a 30% profit on a home they purchased 18 months ago.) We knew this was a once-in-a-lifetime opportunity and prepared to take the plunge. The only thing playing on our minds was money. Luckily, I saw a newspaper article (and later a note in IL) about using your IRA to own property. The catch is that it must be investment property and the owner cannot live on-site. We decided to split our property into two parcels–IRA funds bought the rental properties and the proceeds from the sale of our home in the States paid for the other.
Five months later, we became the new proprietors of Las Terrazas San Miguel (www.terrazassanmiguel.com), a complex of four homes–three of which are weekly or monthly rentals…
Murray Friedman
For International Living
