All Forum Posts by: Alberto Leonard

@Alberto Leonard! 

Will Griffin, Jr. at Griffin Clift Everton and Maschmeyer is probably the best investor-oriented attorney in town. He closes dozens of deals each month for investors. If I had a subject-to transaction, he's definitely the one I'd start with.

Hi @Alberto Leonard, any luck in this endeavor. I am interested in something like this myself 

I have a local PM down there that does all that for 20-25% fee. Yeah I wouldn't do something like an out of country STR for income purposes. Only do it if it's an area you enjoy and want to use it yourself.

 Hello, so far the property itself has been fine. Covid was a terrible time for income of course. To be honest it definitely doesn't cash flow. Income roughly covers all of the upkeep expenses and I'm still paying the mortgage. I do donate approx 5 weeks a year to charity auctions so I'm losing some time of potential rent. I could push harder probably to get it more fully occupied but I'm content where it's at. I don't know that I'd expect it to fully cover the costs if you are mortgaging it. Aside from that, the house itself hasn't had any really crazy expenses. Flat roof repair. Couple of ACs, etc.

I will never invest in a third world country, and probably won’t ever visit either.  A friend of mine has a personal legal experience in Aruba, and I can tell you, these places can be the Wild West. 

 
I am a bit confused concerning your reply to my question.   I wasn't taking a poll of who would invest in Aruba but looking for investor's true experiences with Short term rentals in Aruba.  And not quite sure where you get your information but try and fact check before answering.   Aruba is NOT a 3rd world country.. it is an island under the governance of The Netherlands, a 1st World country. 

How would you know its the Wild West out there if you've never been.  You don't even hear anything negative about Aruba in the news.  I've been there several times.  Driven all over the beautiful island without a single incident.   The people are very kind.   And as for your friend..  with the extremely vague statement,  it holds no value especially with all your previous misinformed opinions.   But thank you so much for replying..  Have a wonderful life in whatever it is you do..  

We had a Foreign National client who owned three properties free and cleat in tenn.  Values ranged from 65k - 85k.  The lender I work for wouldn't refi any of them for him and not even as a portfolio loan either.  So I called lots of lenders for them and the complete garbage lenders were quoting me for properties in this price range was ridiculous.  That's why the lender I work for won't do them.  Loan amounts are too small.  Not worth their time.  But even some other lenders rake you over the coals at these lower price ranges because it's business 101.  Revenue - cost = Profit.  Revenue is tiny on these small deals, but the cost of labor for the loan officer to QB the deal for a month for the lender eats away at any profit for the lender.  So most don't do it at all or others try to charge you 3 - 5 points plus closing costs.