Lender · GA · Member since 2023 · 20 posts · 2 votes
Does anyone here have section 8 rentals in Puerto Rico? The low cost of houses and high paying rates are making me attracted to the idea.. Any thoughts?
Does anyone here have section 8 rentals in Puerto Rico? The low cost of houses and high paying rates are making me attracted to the idea.. Any thoughts?
Ill bite. What kind of returns is your calculator spitting out? Barrier to entry cost for something "turn Key" (I know that a loosely used term in the industry but humor me)
I don't know what you mean by you'd bite, nor why your asking me to humor you but here's one of the deals I'm looking at.
2 bed 1 bath single family house for 30K, 8% interest rate means $222 a month to the bank, and HUD pays $590 a month to me.. $368 a month profit.
I have no idea what repair cost could be since I still need to research how to do that.. But overall the worst I can see it being is it needs electrical and plumbing and painting..
It would be my first deal so it lets me put my foot in the door so I can then take a home equity loan out of it to get into my next deal with a higher chance to negotiate the price down.
Also the population density of Puerto Rico is so high that it seems unlikely I won't be able to find a tenant rather quickly, especially when a majority of the island is under affordable housing..
I am currently chewing on a deal. Multifamily 2/1 for around 65k one unit is rent ready the other will need some repair. The problem is that I am new to this. I am from PR so I have some advantage. Care to compare notes?