All Forum Posts by: Aaron T.
Aaron T. has started 43 posts and replied 774 times.
Post: Thinking about buying an old elementary school-turn into hostel
- Developer
- Aguada, PR
- Posts 923
- Votes 278
Originally posted by @Thomas Ackley:
This sounds like a passion project and not an incoming generating project.
Without looking at the numbers, I would imagine you need an absolute cheat in one of the areas for this to make sense, monetarily. You'd need to acquire this for a steal, or be able to do the rehab for almost free or know you can charge a lot in the end.
The end result sounds amazing, but what do you think the purchase price would be? How much would it cost to renovate the common areas of the facility, how much for each room, how much can you rent each room out for and how often can you rent them out?
Passion, not really. Just something I ran across and asked myself what could be done with it.
Post: Thinking about buying an old elementary school-turn into hostel
- Developer
- Aguada, PR
- Posts 923
- Votes 278
Originally posted by @Michael Baum:
Hey @Aaron T., that sounds like a cool project to me. Where is it located?
I have always wanted to buy an old school like that. I am not really sure why. It just seems like a cool thing. The only problem is that anything that makes sense financially is in the middle of the country in small towns. Like Indiana or Illinois.
What is the purchase price on the place? How many sqft?
Things that really matter in a building like this are the roof and the HVAC. Both can be very expensive to refurbish if needed. Easily exceeding the purchase price of the place.
How many acres? Can you build additional buildings or are there other buildings on the property? Maybe you could turn something into a store and/or light service restaurant. What other amenities are close by? Things to do?
Give us the deets man!
this is in Puerto Rico. Buildings are all concrete and concrete roofs. Sits on a couple acres. And you can build more structures. .5 mile from popular surf beaches.
Thinking it could be kind of a chill str resort. Do up the landscape nice, some amenities, and pool.
Post: Thinking about buying an old elementary school-turn into hostel
- Developer
- Aguada, PR
- Posts 923
- Votes 278
Originally posted by @John Underwood:
What would be the draw for someone to want to stay here?
It’s a half mile from the beach. Big surf community.
thinking a pool in the center area and then have good outdoor common areas.
Post: Vacation Rental Investors, how is your property doing this year?
- Developer
- Aguada, PR
- Posts 923
- Votes 278
we got hammered in the Apr-Jun time frame, but after that it has been pretty good. we even onboarded a property during COVID.
Post: Thinking about buying an old elementary school-turn into hostel
- Developer
- Aguada, PR
- Posts 923
- Votes 278
Post: Thinking about buying an old elementary school-turn into hostel
- Developer
- Aguada, PR
- Posts 923
- Votes 278
I am looking at an elementary school that has been abandoned. I am thinking I can turn classrooms into several small pods or rooms like a hostel. put in a pool and some nice common areas to make it kind of a pod resort or hostel resort.
I would be interested if anyone has seen anything like this or has thoughts of why its a bad idea, or things to think about as I day dream.
Post: Investing in Puerto Rico
- Developer
- Aguada, PR
- Posts 923
- Votes 278
appreciation is a weird thing in Rincon. appreciation is only driven from the investors upping the prices, and holding out for top dollar.
long term rentals means you need to find someone who has a job and can pay the bills 60% of the island is on government assistance. 80%+ of Rincon is gringos.
Short term rentals are good, lots of competition. there is money to be made, but its not the 2% rule. there is also a season for that area. in the off season, a lot of STR hosts are trying to get LTR renters in there for 30+ day bookings.
Post: Looking to Build Connections in Puerto Rico
- Developer
- Aguada, PR
- Posts 923
- Votes 278
@Edward Diaz Where did you end up buying at? Congrats on the four unit. hard times right now with Mom Wanda at the helm, but stay the course and it will pay off.
Post: What types of contract is needed if property is out of country?
- Developer
- Aguada, PR
- Posts 923
- Votes 278
Very open ended questions. you trying to wholesale? I would talk to a RE Lawyer before you do any deals down there. you may find quickly that you can get in over your head with the heir laws and other expenses not normally associated with doing business in the US.
Originally posted by @Kevin Sabatino:
What do you predict will happen in PR? And also as of now what are viable sources of invest there in PR? Thanks!
House prices continue to climb, long term, nobody knows, but we continue to invest and have hope things will iron themselves out over the long term.