First-Time Home Buyer in Puerto Rico – Need Advice Before Buying My First Property

Hi everyone,

I’m a first-time home buyer from Puerto Rico looking for some guidance from experienced investors and real estate professionals.

I have the opportunity to purchase a property for $80,000, and the seller is willing to give me until October to secure financing.

Over the last few months I’ve been working hard to improve my financial situation:

• Brought a 120-day delinquent account current.

• Bringing all of my loans and payments current.

• Actively paying down credit card balances.

• Current credit score is around 620.

• Working as a barber and business owner.

My goal is to buy this property as my primary residence, but I also want to make smart decisions that could help me build wealth through real estate in the future.

If you were in my position:

1. What would you focus on between now and October to maximize approval odds?
2. What mistakes should I avoid as a first-time buyer?
3. What questions should I ask the seller before moving forward?
4. What would make you walk away from a deal like this?
5. How would you use a first property as a stepping stone toward building a real estate portfolio?

Any advice would be greatly appreciated. I’m trying to learn as much as possible and make the best decision for my future.

Thank you!