All Forum Posts by: Alejandro Herryman

You can send me a DM and I will gladly help you out. 

@Aaron T. that is an answer from someone that does not know much about Puerto Rico. Investing from far away is always risky specially if you don’t know the area or if you donot have someone you trust to manage the properties for you. 

I own real este in Puerto Rico, and although I want to invest in the States in the near future, I am looking for another property to buy now. In my area of expertise, I should have $15k monthly passive incone within the next 2-3 years. I am already at $3k net passive income. And I know people here doing 20+ times that amount. 

Hello,

My name is Alejandro Herryman. I am currently working on developing an Assisted Living Facility. We have the land, the design and numbers (operating expenses and projected income scenario). It is a 30 unit, 60 bed facility. I have the team to get all the permits, do the construction and get everything set up and running. If you are interested in investing in this great Business/Investment Opportunity in Puerto Rico, send me a Private Message to schedule a phone call meeting with me of to talk about it. You can also visit my office in San Juan, Puerto Rico.

Looking forward to talk to you soon.

Sincerely,

AHR

Hello,

We are almost done with it. I will post pictures soon.

We bought the property for $35,000. The bank was asking $65,000. It appraised for $90,000. We initially thought we were going to spend $50,000 on it. At the moment we have spent $59,000 and will probably spend an extra $5,000. We invested more than other investors in the area usually invest because we separated water and electricity for every apartment. We will be able to measure how much water and electricity each apartment is consuming in case someone uses more electricity than we are willing to pay. No a/c's are allowed. Also, we prepared everything to be able to qualify for Section 8 program.

The property appraised $153,000 after all improvements. Basically, we made $50,000 in equity on the day we signed the deed at the bank.

I originally thought we will be able to make $1,800 net income with 100% occupancy. The property has 6 apartments. 

Rents with utilities included:

1 bedroom apts. = $400-$480.

3 br: $600-$750

4 br: $700-$900

I placed a sign on the property last week and got 2 people interested in the apartments. One person for the 1/1 apt. and another one for the 3/1 apt. Section 8 will give me about $470 for the 1 bedroom and $780 for the 3 bedroom apt. with utilities included.

If I rent everything under section 8, I will generate $470 for each 1 br apt., $760 for the 3 br apt. and $950 for the 4 br apt. That is $3,610 per month. Lets assume water and electricity will be about $600-$700 a month. Taxes are $1000 a year ($500 every 6 months). That's about $2,826 of net income minus maintenance costs and property management fees. $2,826 a month on a $100,000 investment is a 33.9% return on investment. So even after maintenance costs, property management fees and 10% vacancy, the ROI will still be over 20%.

We are now looking for banks to pull out the equity. 70% of $153,000 is about $105,000 that we will probably be able to take back from the property's equity (we bought everything cash) That means that we will probably be able to get our money back and still make about $1,500 of net income a month with 100% occupancy.

My next project will be a Home Care Facility. I am looking for investors. Already have the design and everything. I am working on calculating the monthly Operating Expenses to know how long will it take me to give the investors their money back. Anyone interested is welcome to have a meeting with me to find out if the investor and this project are a match for each other.

Sincerely yours,

AHR

Short term. 

Hola,

I am from Rio Piedras, PR. Le me know what do you need. I own a multifamily and looking for a new one in couple of weeks after this one is completely remodeled and fully rented. 

Carlos,

I would suggest you going for an LLC. If you need help setting everything up, Send me a Private Message. We are in San Juan, Puerto Rico and provide legal and marketing services to small businesses including Act 20 and 22 matters. Besides, we have an LLC for Real Estate Investments so we also know this business well.

Sincerely yours,

Alejandro Herryman

Hello @William Garcia:

I am from Puerto Rico too. Currently living in Cupey. Feel free to contact me if you have any specific question about Puerto Rico's market.

here you have one. Market is great here if you know where to look. Feel free to send me a PM if you have any question. Merry Christmas!

Sounds good! 👍