All Forum Posts by: Alejandro Herryman

Check this website for more information. Prices fluctuate depending on the neighborhood the house or apartment is situated at. I would suggest doing more research on this topic. Here is one example of a 4/4. http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1279515&Sec=2 4/3.5 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1278211&Sec=2 2/2 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1278019&Sec=2 2/2 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1274043&Sec=2 4/3.5 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1271233&Sec=2 4/3.5 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1241141&Sec=2 4/4 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1267866&Sec=2 4/3.5 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=1267866&Sec=2 4/3.5 http://www.clasificadosonline.com/m/DetailMobile.asp?ID=907251&Sec=2 Good luck. 👍

I can do a deeper research for you if you want, however, to be able to answer you now, I can tell you that the vacancy rate can be found by calling the Puerto Rico Tourism Company. They collect that data, which is public.

Hi @Elia S.,

Thanks for the welcome message.

I am documenting everything, so I will surely post all the process as soon as I am done with it. Hopefully before the end of December 2016.

Hope you are doing well and wish you the verybest in your past and future investments.

Hello Dennis:

Thanks for responding to this post.

I'll keep this message in English for other people to understand and benefit from it.

I live in San Juan and the property is in Santurce. I would say that it is a C- or D neighborhood. Even though this is a risky area to invest in for regular investors, specially for newbies or foreigns, and it probably goes against most general advises from others, I know this place very well and can tell you it will be fully rented within a month or two. Is a niche with high demand and I am making sure my property is better, prettier and more confortable than 95% of the other apartments nearby.

Mayagüez and San Juan are very different. Rents are a lot lower out of San Juan and there are less people living out of San Juan, than in the metro area. Santurce by itself has more people living there than in Mayagüez.

I will do the marketing and management at the beginning, but whenever I reach 30 units, I would say a property manager will make sense. I would like him or her to work just for me, so I would need/like to come up with $1,500-$2,000 a month for his or her service. With the income I should receive with 30 units, should be enough for a property manager, bookkeeper and nice profit for me and business partner.

At the end, only time will tell.

Any other question?

Stay in touch.

Hello Everyone,

I am just passing by to introduce myself to the community.

My name is Alejandro Herryman from the island of Puerto Rico in the Caribbean.

I am a licensed attorney, real estate broker and publicist.

I know the real estate business very well in my niche here in Puerto Rico because I used to manage over 100 apartment units about 8 years ago and have been studying again for the last 3 months and have been very accurate in my findings. After submitting 45 offers, we found a gold mind. If you dig deep here, you will find some great opportunities.

I just started as an investor 2 months ago. Joined forces with a business partner and got a 6 unit property last week. We are in the process of choosing our General Contractor for the remodeling process. If everything goes as planned, we should have this property remodeled, and fully rented by mid January. At that time, we will do the process all over again.

My personal goal is to have 100 units within 3 years, but from I have seen in the last month, we will probably hit that mark within 2 years. We'll see...

Any investor interested in Puerto Rico, is more than welcome to contact me with any questions he or she might have. If I don't know the answer, I can probably find out with couple of calls.

I hope to be a good resource for many members here at Biggerpockets, specially, since Biggerpockets reopened my desire to become a Real Estate Investor. I have gotten so much value from the PodCasts, that it is time to pay it forward.

Sincerely yours,

Alejandro Herryman