All Forum Posts by: Victor Chico

Sounds good.

@Danny Duran, I will PM you.

@George Williams, sorry, don't know anyone.

@Peter Hoeck

Check out https://www.airdna.co/ for statistics on the AirBnb market in Puerto Rico (or anywhere else you are interested in).

Before buying a condo, find out the HOA policies. Some prohibit the use of the condo as a short term (i.e., AirBnB) rental and that will severely impact your cash flow. I was going to buy one in Condado recently and when I found this clause, the numbers didn't make sense anymore.

Whoever quoted 10 to 20k to setup a company in PR either to doesn't know what they are talking about, or wants to make a quick buck off of you. Run away from them.

@George Williams, I would love to hear how you stumbled upon those deals.

Anyone who made money in Detroit real estate that can chime in?

I sent you a PM.

My two cents...it depends.

First of all, check the numbers at https://www.airdna.co/ to see estimated occupancy. Did you run the numbers? Does the property cash flow? Do you need to fix anything? Do you have someone to run the vacation rental?

I love Isabela. The whole west side (Isabela, Aguadilla, Rincon) of the Island is being discovered by tourism. If this were a property that I wanted and would cash flow even if I bought at appraisal value, I would buy it. I would because I live in Puerto Rico and I could go down to the property whenever it's vacant to enjoy it with my family. I was going to do this last month (in another town), but the deal fell through.

However, if this were merely an investment, I would be more careful. Run your numbers and see if it makes sense. Property values are low right now, but stable. I don't think values will nose dive like they did around 2008, but that is always a possibility.