All Forum Posts by: George Williams

@Victor Chico just "nerding out" online over the last few years and scouring foreclosure websites (auction.com, Homepath, Homesteps, etc.), trying to find good deals in on the island. It also helped being a cash buyer and being able to close quickly on an "as-is" deal. That said, do you know of any good hard money/private lending sources down here?

@Jeff B. thanks for the link. Puerto Rico's macroeconomic and debt woes are no secret, but I've personally had lots of success down here, and have no plans on getting out any time soon. It's tough to lose, buying grossly undervalued, cash-flowing properties near beaches/amenities in developed areas. Even if my properties don't skyrocket in value in the near future, I'll have easily gotten back what I put in plus some, all while living near the beach! The island is ripe for investment, and there are plenty of people making money down here, notwithstanding the long-term economic crisis. 

@Mike Hurney We (fiancé and I) bought them in cash over the past year or so - one was a bank-owned property (duplex, unoccupied for ~8 years, completely gutted), and the other was a former Fannie Mae Homepath foreclosure that was partially renovated by a flipper when I bought it (also a duplex). Both were purchased way under market value and then renovated, so cross-collateralizing sounds especially attractive - lots of equity! I'm a total newbie to financing in PR (and in general) though - I have no idea how we would begin! 

Anyone know of any acquisition strategies in Puerto Rico? It's tough to find flexible, hard money, or private lenders down here. We already own a couple properties in PR free and clear and are looking to expand our portfolio with some 2-4 unit deals. Most of our income is from rental properties, and we are specifically looking for ways we can leverage that as well as subject property projected rental income in the qualification process. We were thinking about going the FHA route, but are considering trying hard money or private investors. Anyone have any ideas or advice? Thanks!