All Forum Posts by: Victor Chico

@JD Martin,

@Felix L Perez is following Michael Corleone's advice, "don’t ever take sides with anyone against the Family again. Ever."

;-)

@Doug R.

I can't give you a number, but things that you should factor into maintenance in a concrete building in PR are: sealing roofs and yearly maintenance of the same; kitchens (depending on quality 5 to 10 years); paint (about every 5 years). That's just off the top of my head. I am trying to develop a list of these things for my own properties.

I would take out less equity, maybe around 60%, so that I would have more cash flow. Remember to factor in maintenance costs, property taxes (which may go up soon in Puerto Rico due to the proposed budget and PROMESA), insurance, etc.

Also, keep in mind for your next deal that your new "rental income" won't be considered income by mortgage lenders until after you have received it consistently for 6 months or more. At least that is what I was told a few years ago.

Presente!

@Thomas Gagnon

You can finance it through any lending institution in PR. What would you like to do with the property? I would love to get into the Old San Juan market. Maybe, we can work together. Send me a PM.

I haven't tried this site, but was recommended to me for AirBNB research. It's in my "to do" list. If you check it out, please share your results.

https://www.airdna.co/

No problem man. I lived there for 3 years while studying my undergrad. Great memories!

@Brandon Cohen: PR is a community property state. Your wife will have to be on the loan. If you have a prenup, then you can show it to the bank and they will not require her signature and you can register the property in your name only. Make sure the Property Registrar states on the deed that it's your private property.

The option of an LLC which @John Quiles mentions is an option. However, I think it will be difficult to get the loan with the LLC as guarantor. A workaround would be to put the property in the LLC's name and also provide a personal guarantee for the loan.

You will need to check with a lawyer if you are worried about how this will affect everyone's rights in case things go sour or someone dies before it's all paid off.

I am assuming you want to do VRBO, HomeAway...stick to Old San Juan, Condado, Isla Verde area.