2-4 unit property acquisitions in Puerto Rico

[George Williams]

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!

[George Williams]

@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!