Los Angeles, CA · Member since 2016 · 160 posts · 21 votes
I purchased a fourplex in Inglewood CA last year and am wrapping up rehab very soon. I'll probably have around 200-300k in equity so Instead of paying down the credit card debt I've accumulated, I'm thinking about scooping up a property in Puerto Rico to pay it for me. I'd like to take a HELOC out to pay for the down payment.
So, I'm looking to visit Puerto Rico sometime this fall. Very interested in either purchasing vacation rentals or small multi families. Must be turn key though. Any advice on dependable property management would be helpful as well since this will be a long distance investment.
I just started doing research on the island and it seems there are a lot of cash flowing opportunities. Does anyone have advice?
Congrats on the sale of your property. Puerto Rico real estate is perfect for someone who wants to get in at the bottom. I go there several times a year for the last 12 years and I always check out the RE prices. They are at rock bottom and rising. There is more building there than I have seen in a decade. Old buildings are being torn down and replaced with new ones.
If you buy in PR check out the location nearest the airport specifically Isla Verde. There are some condos that are a great value 5 minutes from the airport. Give me a shout if you are serious I can advise you about potential mistakes.
Congrats on the sale of your property. Puerto Rico real estate is perfect for someone who wants to get in at the bottom. I go there several times a year for the last 12 years and I always check out the RE prices. They are at rock bottom and rising. There is more building there than I have seen in a decade. Old buildings are being torn down and replaced with new ones.
If you buy in PR check out the location nearest the airport specifically Isla Verde. There are some condos that are a great value 5 minutes from the airport. Give me a shout if you are serious I can advise you about potential mistakes.
@Mario F. As @Account Closed says, maybe the best for u is looking into Isla Verde for a vacation rental if u want turn key. If u want small multifamily though, i'd look into distressed properties for best return on investment. I recommend someone with boots on the ground for this but there is great opportunity if u know what and where to look. If u r buying small multifamily turn key, it will be $100,000 more than a distressed one that u can fix up with only $30,000. Just my thoughts, good luck!
@Hadar Orkibi With a loan u can get 20% return easily with small rental multifamilies. If u r doing airbnb it can be much higher but more work. Hitting the 1% rule here will not be a hassle. I do know of an excellent GC but don't have any direct experience with a good PM personally. I'm personally doing airbnb's because of the boom of tourists coming after the hurricane. I'm buying in tourist areas of San Juan walking distance to beach. Hope this helps!