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All Forum Posts by: Aaron T.

Aaron T. has started 43 posts and replied 757 times.

Post: House Hacking 101: How to Live Mortgage Free (or close to it)

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272

James, is it at 6pm or 830? two times listed above.

Post: Valuing Commercial Real Estate in Puerto Rico

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272

Good afternoon, I am about to cut some teeth in the commercial market (residential) in Puerto Rico. I am trying to find a good resource on how how they value their commercial real estate. 

Post: Eviction Attorney in Puerto Rico

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272

another forum I am on had a recommendation here. 

www.ilspr.com 

Post: Wholesaling in Puerto Rico

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272
Originally posted by @Aaron Inman:

@Raekwon Yates following this conversation, I have a wholesale company based out of DC and am looking to relocate to PR

check out relocatepr.com 

Research ACT 60

Post: Why Do You Invest in Colorado &/or Colorado Springs?

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272

we planned to invest more in Colorado, but after all the BNB laws, rising prices, we opted to take our capital elsewhere. Although our BNB does well here in town. 

Post: Thinking about buying an old elementary school-turn into hostel

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272
Originally posted by @Mary Cronin:

Check out the hostel management website - lots of tips, forms and stories that might help you. 

Back in the 1990s I stayed in hostels when traveling - you meet the most interesting people. I remember a doctor on an exchange program; a gal that graduated from college 10 years prior and still traveling, working on archeologic gigs, botanical gardens, nursing homes etc. 

Mary, sounds like a cool website. do you have a link? 

Post: Thinking about buying an old elementary school-turn into hostel

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272
Originally posted by @Eric Teran:

@Aaron T. I’m going give you advice from an Architect’s perspective and what can derail this projects. Hopefully, it doesn’t but here is you list.

1. Puerto Rico looks like they follow the International Building Code (IBC) of 2018 which means a lot and even though old building may not have those requirements you will be changing the use of the building from a school to a hostel and the occupancy. That means you will not be grandfathered in for many parts of this project. It also means it isn’t a third world country where you might get away with a lot of things.

2. Plumbing. There is a ratio on how many people you have for how many toilets, showers, and sinks you need. Plumbing can cost a lot to update. Is the property on septic or public sewer? How much will it cost to enlarge either of those. If you are on septic you can kiss the pool away. Unless you get a company to fill and drain it. I know of one in the DC area that does this so a property owner doesn’t have to hook up the pool to the sewer systems.

3. You may need to adhere to ADA guidelines. Puerto Rico is part of the USA and people may sue your small business if you do not meet ADA or ANSI guidelines. For example, clear pathways, restrooms and showers, beds, and so on. Even how hard a door may be pushed is taken into account. You can sometimes get away with not complying if the occupancy is lower than a certain threshold.

4. Mechanical requirements. I know COVID will go away sooner rather than later. However, a lot of codes have been updated for Air filters. For example, some daycares I am working on had to change their 4’ wall to 6’ because of COVID to separate spaces. Is Puerto Rico hospitality industry requiring anything like this? The good thing is that you are near a beach so opening a few windows may do the trick but you need to ask.

5. Electrical may need to be updated. The panel, outlets, etc. Once you open a wall to change one thing then there are a hundred things to update. Do all lights need to be converted to LED?

6. Fire alarm system or sprinklers. This will cost an arm and a leg and you need to check if this is required. It may be an occupancy thing again. Same goes for the number of egress from a space.

7. Energy requirements. Does the code require new windows and doors and insulation and so forth.

8. Structural. You need to make sure it is still in good shape after all those hurricanes every year. If anything needs to be repaired it will fall under the new IBC 2018.

9. Certificate of occupancy requirements and any other type of licenses you may need from Puerto Rico’s tourism industry.

10. Finally, figure out the best spot for the bar! That will bring in your revenue.

I love hostels and have traveled the world staying in hostels. I’ve stayed in over 100 and maybe one or two would pass all the new code requirements. I bring all this up because there is a lot of due diligence that needs to be done and any of these items may add a ton of money to the construction budget. I’m on your side and I hope I see this built in a year so I can take my kids surfing.

Good luck!

Eric, this is useful, I will paste it into my one note. I had a few of these noted already, but will note a couple extras you bring up. Thank you. 

I thought about a bar or even a section for a yoga studio based on one of the other links someone posted above.  

Post: Thinking about buying an old elementary school-turn into hostel

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272
Originally posted by @Sebastian Garcia:

@Aaron T. Where exactly in Puerto Rico? Im from Puerto Rico. Rincon area may be a great place to open up an Hostel, a lot of people travel to Rincon to just stay in a cheap place and surf all day. But other than that, maybe in Condado, or Calle Loiza.

This is in Rincon.  

Post: Challanges of renting on Airbnb

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272

Airbnb works, because its one of the goto. kind of like Kleenex is a face tissue, same with airbnb is the tag line for STRs. although lately airbnb customer service has a lot to be desired. VRBO is getting better, because they now collect taxes on your behalf in some areas. this was one reason why we stopped using them. they were just a PITA to work with and their fees. at least airbnb wraps it all up in a easy to use package. 

Post: Thinking about buying an old elementary school-turn into hostel

Aaron T.
Posted
  • Developer
  • Aguada, PR
  • Posts 906
  • Votes 272
Originally posted by @Caroline Gerardo:

Is the location near a National Park, or desirable hiking trails? Youth hostels rent VERY cheap and require lots of cleaning and trash pickup.  Who is going to maintain the pool? 

again, this is near the beach and a surf community. I dont think I would aim for youth or even kids. I would envision an adult space 15+ and up. Not all adults want to be around kids. 

All our current STRs are automated, so we dont do much with them and they function on their own with little input. I would try to do the same here. We would probably have a cleaner or two on staff that would clean daily the common areas and do the turnovers. A pool company would be on contract to do the maintenance of the pool, landscapers to do landscape, handyman to do handymen stuff, etc... again, you put together the people you need to make you successful.