All Forum Posts by: Roberto Torres

@Suhailly M. FEMBI, Moneyhouse, Trust Mortgage, Preferred Mortgage. Had clients work their loans with these mortgage lenders with good experience.

@Suhailly M. Hey yeah definitely it's different from the states but I don't think that assuming loans is actually prohibited. I think realtor just wants to get easy deal and doesn't want the hassle to educate himself or the buyer. 

@Kathryn Morea Great initiative will be joining you guys tomorrow! 

@Alexander Castro You do have to be careful in what you invest though, market has seen dramatic raises in price recently in some areas and since most puertoricans live below poverty line, cashflow for long term rent can be extremely low. I do concur that the island is beautiful, but it's not so easy to find worthwhile deals. 

@Luis Batista All tourist areas in San Juan. Also outside of SJ around the island the last 3 years has seen a boom in people looking to buy for short term rentals. The listings that you are seeing right now in Airbnb are probably not even half, a lot of people converted to long term rent after covid so once things begin to open up, they will also convert back to airbnb. The secret has been out for a while now, so owners have started to sell above appraisals. To find good deals you will need somebody in the island with investing knowledge.

Good luck

@Luis Batista Hey Luis I'm a host and YES, occupancy and average nightly rates have fallen since Covid. The best Airbnbs are still getting booked but they have special things and have very good management. Things are picking back up though. Know that SJ area is getting saturated with Airbnbs and there is A LOT of competition, everybody is trying to do the same thing. There is low inventory of properties as in the US so properties are getting multiple offers and a lot of buyers are buying above appraisals. My opinion is that you need to have experience in Airbnb or hire a professional so your investment is worthwhile, you will be competing with locals and exterior investors. If you have CASH you will have advantage.

I'm a local real estate agent and investor born and raised in SJ. Good luck

@Raul J. Bello Also, trying running the numbers of the deal. Use the biggerpockets calculator and run the numbers to calculate ROI, cashflow, and cash needed to close.

@Raul J. Bello Best is to have the money set first and then to offer. Private money is difficult if you don't have a lot of experience. I recommend your parents get pre approved or sell the other property first (which will take more time than talking to a lender). I'm a real estate agent with investing experience, feel free to connect or send me private message if you have any other questions. 

Good luck!

Are you precualified with a bank or buying cash?

@rau Will you buy cash? If not, are you precualified with a bank?

@Raul J. Bello