All Forum Posts by: Brian G.

Thanks Mark Brogan just trying to outsource this task to my GC. $50 per box seems to be the going rate in my market. Regards

Do you pay per box? By linear foot? And how much?

Originally posted by @Ben Leybovich:

@Brian G. - we pay people to do that kinda work.  What's wrong with you?

 Ok. Ok... After contemplating your reply. Your are right... I just love being at the job-site learning new things. It's very easy to get distracted on this business. I've turned the project to my GC. Thanks for keeping me honest. All the best.

Working on my flip property stripping tile on concrete with a super loud jackhammer and all neighbors are now mad at me :-) But the tile had to go...

Definitely the Owner Occupancy is a deal breaker (in your case). If you are not planning on living in the property then there is no deal. Sometimes the OO requirement period expires and they offer non occupants to bid on the property.

Lamar Dixon hands down I have to say walls. I am currently flipping a condo (REO) in Miami, Fl. We inspected the place and all walls looked ok. After closing then and only then I was allow to remove the wall board trims. Here we detected molding. So we were like hmmm what happened here? I decided to demolish a wall in the middle of the unit and oh boy! Molding going up the wall 4ft high. By now utilities were connected and we turned the water on and a hose from water heater had a leak. We let the water run to follow the traveling pattern as we felt suspicious of all walls being compromised. At the end we moved quickly and replace 90% of all walls. Thankfully we bought right so this molding issue didn't become a deal killer. Good luck!

Bryan Williamson at the moment I do not know of any super site like Zillow for PR. However there are other search tools that could assist in your search. http://www.clasificadosonline.com/ and www.http://www.clasificadospr.com. These sites are somewhat like Craigslist (in Spanish). I know this is not the preferred way to search for real estate but these two sites receive over 90% of the real estate searches in the island. Sellers need to post there if they want to sell fast. If you need realtor assistance let me know. Best regards

Sellers just want to bail out. No issues there. Now the 800 pound gorilla here is the bank (if they haven't approved the transaction). How to convince them to do the short sale at your desire price is a better question. Once an offer gets presented it will trigger assessments on the property. Once they smell equity they will go after it. Take the property back and resale it as REO or wait for a short sale offer that sounds reasonable to them. If you have time to play with the bank go for it. If not, move on. All the best!

Last one I did took over 3 months. Once offer got accepted, the title search showed encumbrances that needed to be cleared before closing. Long story short Fannie tried to negotiate thus the longer time. I believe we got saved because of the end of the year where things suddenly accelerated. If you have a good deal stay put. All the best...

Hi there. Welcome to BP. $50k inland is doable. In the coast is tricky as for nicer and more appealing areas for vacationers the real estate sky rockets. Areas outside the metropolitan area that could be of interest are (in the west): Cabo Rojo, Boquerón, Aguadilla, Guanica, Isabela and Vega Baja. From these the high traffic areas (especially during summer and Easter seasons) are definitely Boquerón, Cabo Rojo and Aguadilla. Boquerón and Cabo Rojo the traffic comes from tourists, college students and even the same puertoricans. These are just great places with nice beaches to relax and take vacation. Aguadilla is known for their perfect "tubed formed waves" which are a high traffic. This attracts a ton of surfers from all over the world. I think there are condos in Vega Baja within your price range and very close to the water. To the east side of the island, Ceiba, Luquillo and Fajardo are nice. These areas are more recreational for boating, fishing and golfing. Adjacent small islands with ton of potential are Culebra and Vieques. Not sure how is the appetite for vacation real estate there but definitely an option. So in summary, yes a $50k-$75k is doable. Make sure your asset is visited regularly to keep an eye for theft, vandalism and squatters. Also depending on the area, vehicular traffic could be a nightmare. It is better to pick a place more accessible to your Father for repairs.

On a different note, keep in mind that the island still recovering from the 2008 financial crisis, unemployment remains at all times high at 14%, many corporations have closed shop (to never come back) and the economy is experiencing a tremendous exodus of professionals. Most puertoricans are demanding a better pay and coming to the US. This is putting pressure to the real estate market down there. Is you are buying cash, this will give you more leverage during your negotiations, but don't count on appreciation... Is simply not there (yet).

I personally own real estate there as buy-and-hold. The rental market is strong. Screening tenants is challenging but doable.

Best Regards y todo lo mejor!

Brian