All Forum Posts by: Godofredo Garcia calderon

Hello Andres, I´m 33 years old and from El Salvador too, I was looking for some accountant advise for declaring "rentas diversas", El Salvador" and I found your fórum question. I haven´t found a local REI club either and since you are the first person I find that shares the same enthusiasm as I do, let me tell you what I'm doing and I hope it might be useful for you.

After doing a Market study about rents within different áreas that I thought would be profitable to invest (and within my possibilities) I used my credit and leverage a 39k, 25 year loan with a 7.25% rate and bought a small one floor house (72m2), the owner agreed to defer the 3k down payment into 10 monthly equal amounts.

My project is placed in Merliot, which I believe has favorable ingredients like job sources, low crime rate, easy Access, universities, commercial malls and I think the “Diego de Holguin” will bring development to the área. Anyway, I turned it into a Fourplex by adding a second floor and dividing 4 independent áreas (durock walls) with 36 square meters each (With another 16k, 10 year loan at a 11.75% rate at another bank)

Each área has one room, kitchen, living room, one bathroom and a laundry place, and since the average rent for just one room in the área is around $160 I´m planing to get at least $280 for each “space”.

I already have a trustful architect, attorney, Handy man and I'm still looking for an accountant who knows about RE…

I had a hard time with OPAMSS (six months to fulfill their estructural requests), but every single problem came with knowledge. I´m determined to make this happen. Right now I´m refunding with a 3rd bank in order to get a lower monthly payment for the full amount and maximize the cash flow expected, (I'm already studying about tenant screening) hopefully everything will go ok…

Wish you luck in your journey, I believe that if you want something so bad and you invest time in acquiring knowledge about it, you have a great shot to succeed.