The property is in Aguadilla, the town I was born typical rental not vacation although I may consider in the future.. This property was part of an inheritance and it is a small modest one bed home. However, it is only two minutes from the beach and the new Marina that has the only Ice skating rink in the Caribbean!. For those who are familiar with Puerto Rico rentals, know that the rents are cheaper than in many places. However, we were able to charge $500. for a one bedroom SFH. Which is a good deal given the competition down there. There are a lot of houses in the market and at ridiculous prices. For instance you could rent a 3 beds 2 baths for around $375!!. I mean this is less than 1% ratio to the homes value. But what make our house so appealing was that we delivered a totally remodeled cozy home with appliances which in the Islands most Landlords do not provide. I think that was the biggest difference providing all new appliances in a clean remodeled environment and we try to accommodate any tenant's requests.
I did learn a lot about the processes over there. Things move slowly than I would have liked but hey that is why people live an a Island! to Relax!. My Dad left some other properties in bad shape, so I will continue to work one by one. The first investment I did, but hopefully I could use the collateral from this one to finance the rest. Total remodel cost around $15k in 6 months. Thanks to all for the best wishes! We'll be in touch Saludos!