Updated over 5 years ago on . Most recent reply
Investing in Puerto Rico
Investment Info:
Single-family residence fix & flip investment.
My investments have been done in Puerto Rico. The drop down menu does not give me the option to select Puerto Rico and so I can't add detailed information of investment deals.
What made you interested in investing in this type of deal?
Just another way to make xtra cash.
How did you find this deal and how did you negotiate it?
Online auctions making offers 30% to 40% of listed price. After analyzing the last 3 sales within the area and doing interior & exterior inspection of asset, I can decide to go forward or cancel bid.
How did you finance this deal?
I usually buy cash. There's one or two hard money lenders at 8% rate I believe, but also there's mortgage financing available at 20% down for a conventional loan if you want to have a low payment. The last option I used it for a 3 units; 2 Bdrms/1 Bath each near the beach in an average neighborhood "not a tourist area" that total monthly rents are $2,000.00 with a low monthly payment of $530.00 with insurance and taxes included.
How did you add value to the deal?
Bought it at $70K market value is $125K
What was the outcome?
I think it was a pretty good deal.
Lessons learned? Challenges?
Positive.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did everything myself, no agents.