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Updated over 6 years ago on . Most recent reply
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Buying a vacation rental in Puerto Rico for appraised value
Hello BP members,
Trying to get some advice on a vacation property for the Isabela, Puerto Rico area that is being offered to me at appraissal value. This property is 3 mins from the beach (15mins from airport) and has 2 separate houses in 1 with big lot and pool which I can VRBO and/ or BRnB. Nonetheless, it makes me uneasy to buy it (with Puerto Rico's economic crisis) at appraisal value. What do you think?
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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.