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Updated about 4 years ago on . Most recent reply
THINKING OF BUYING A FIX AND FLIP PROPERTY
Hi, just checked out a deal in Puerto Rico, its a fix and flip property, the asking price is $75,800, could resell for $100,000-$110,000. How do I analyze this deal with a cash offer? I think that with $8-10,000 in repairs that property can be finished and looking good as new. Totally a newbie in this, but looking forward to making this happen.
Most Popular Reply
dont underestimate the 1. time it takes to get ANYTHING done in PR. add COVID to that and its next to impossible. 2. finding anyone reliable to work is also tough. 3. everyone has their hand out for money, although cash offer, San Juan will bleed you dry in fees. 4. you will need a lawyer to buy or sell anything to include a Kit Kat bar in PR.
With that said, sounds like a fun project and if you get to spend any time down there (outside covid) you will have a great time.