Hello from sunny Puerto Rico!

[Victor Chico]

Hi all!

I recently found this site and decided to join. I am an accidental real estate investor who wants to become a professional real estate investor.

I inherited a duplex when I was about 12 or 13 and rented it to a family member for a long time. That gave me a small side income, but not much experience. Later, I rented it again. When those tenants left, the property was a mess. I recently fixed it up and rented it under section 8.

In addition, I have inherited about 6 properties recently (thanks grandpa!) and they are rented under section 8.

Having had all this fall on me, I am know learning about being a landlord and about investing in new properties.

From what I have learned so far, my goals are to:

(1) Setup a robust property management system/process to manage my current properties;

(2) Learn about analyzing investment opportunities on properties I have seen or believe have potential. I want cash-flowing properties and I like the section 8 program. I am currently not interested in negative cash-flow hoping for equity gain.

(3) Learn about the best ways to invest with a partner (i.e., LLCs, Partnership agreement, whatever). I have a great friend with an engineering/construction background who wants to start investing too.

As to my background, I am a lawyer. My practice is criminal defense, but anticipating problems I am learning about landlord/tenant law and evictions.

Any help is appreciated!

[Raquel Barela]

Victor Chico
Welcome to Bigger Pockets! My mom lived in PR for 2 years and loved it. Sounds like you have a great start to your investment career!

[Brandon Turner]

Hey Victor Chico , welcome to BiggerPockets! BP is a perfect place for accidental landlords - because you can use the forums to get ideas, help, and education in real-time.

I think you are definitely on the right track with your three goals. Perfect.

By the way - check out these two articles from the BP Blog, as they might give you a little extra insight:

1.) How to Be a Landlord: 10 Tips for Success
2.) How to Rent Your House: The Definitive Step by Step Guide

Also - don't forget to throw up a picture so we can get to know you better! Keep in touch!

[Ben Schembri]

Hi Victor,

I also fell into real estate investments after my Grandpa gave my brother and I a commercial property. It is such a great accomplishment for someone to share their success and help get the ball rolling for family members.

Not everyone that inherits real estate would know what to do with it and some would sell it to buy that nice car or bigger house. By studying real estate investments and using tools like this forum I feel like you can make smart decisions to continue building wealth and continue the tradition of passing on income producing assets to family.

Best of luck to you!

-Ben Schembri

[Victor Chico]

Raquel Barela, I was born and raised here and love it!!!

Brandon Turner, thanks for the articles and there's my ugly mug! ;-)

Ben Schembri, thanks for sharing. Any advice on handling property with family? I share some of the properties with my uncle. I am studying precisely to do what you mention. Hopefully, I can grow my portfolio and pass it on to my children later in life.

[James Vermillion]

Welcome to BiggerPockets Victor! I agree with Brandon, you have set some great goals I BP can definitely help you gain more information and get the advice to achieve them. I would love to hear more about the market in Puerto Rico! Did the market follow the bubble and subsequent burst as the rest of the US did? If so, how is the market recovering?

[Ben Schembri]

Victor Chico With our commercial property my brother and i have we each do different activities. He is more hands on and does maintenance upkeep, where I focus on lease renewals, handling of rent and tax preparation.

While my situation is running smooth, I have seen some very chaotic and unpleasant dealings with family owning property together. And, I am looking to work by myself in my next deal.

[Victor Chico]

Originally posted by James Vermillion:

I would love to hear more about the market in Puerto Rico! Did the market follow the bubble and subsequent burst as the rest of the US did? If so, how is the market recovering?

James Vermillion:

The market here followed the same pattern as in the US. We are tied to the US economy, so whatever happens to the US economy happens to the PR economy about 6 months later.

According to an appraiser which I know the market will still take around 5+ years to recover.

I actually bought my home in September and it was a short sale for $100K less that what was owed.

Chico

[Account Closed]

@Victor Chico Saludos vecino !

[J. Martin]

Welcome Victor C . There are a lot of super helpful people and great advice on this site! I'm a "fix and hold" investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..

You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the "vote" button if you like someone's post or is helpful, and there are "awards" to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!