All Forum Posts by: Andres Jaramillo

@Jonathan R. that sounds interesting I didn't know houses where so cheap in those areas. I won't do 3 at first but one and see how it goes. Would you please provide me more details about it ?so I can see what needs to be done. Thanks

@Ingrid J. thanks for the link. I have been reading about it and they have great ideas

@Cristian Ventura I lived in the Isabela area and I think that is the place to go. I would prefer a condo close to the beach so it is is really attractive for Airbnb. Would you please give me your opinion about the best locations and type of homes for this type of business in PR. After this we could start a discussion on specific properties. Are you a realtor, investor? Thanks

@Lane Kawaoka what you are saying sounds interesting. How did you come up with the 30k number? Would you explain me in more detail so I can see how it works

Thanks for your advice

Hi @Agustin Jimenez,

The BRRRR method is something similar to what I am doing so I collected the cash I have now. I haven't heard of it specifically but it makes sense. Since you don't have anything yet my suggestion for you is to buy your principal residence home. You get great rates and incentives and then you can rent it afterwards if you want to buy another one. Also if you live at least 2 years in that property then if you decide to sell it you don't pay any taxes on $250k or lees you make on the property. Another idea I have is buying a house in a blooming area of Puerto Rico and use it as airbnb as well as vacation spot. I am wanting to find a business partner so the investment is not as risky and if it goes well then I can buy more

Let me know what you think

Hello guys,

As of right now I have 100k available to invest that I earned in a house deal and savings. I currently own 2 property which one is my principal residence and the other one I am renting it and making 500 per month profit on it. I really like the idea of buying a property and getting some stable cash from it, that is why I am thinking a multifamily property will work great for me. I also have the advantage of having some family members that can help me with the management and maintenance. I could increase the cash I have up to 140k since I could get some money out of my 401k and also trough some friend loans (I prefer not to do this). I have read a lot and I still have the following questions:

1) Any other ideas of investing this money instead of multifamily?

2) Do all the lenders required at least 25% down? 

3) I applied with 2 lenders and they offer me the same 4.75% interest rate and 25% down, is this a good deal?

4) I have my eyes in this property which I think I could buy on 435k. It is 4 units, it is well located but I have to pay HOA on it. In order to get this I will have to put down ~120k. The numbers tell me I will make ~600 per month including all the expenses on maintenance, vacancy, etc. This give me a cap rate of ~5.9%. Do you think this is a good deal? I just don't feel making so little when I am spending all my cash but what do you think?

5) Do you guys have any number rule on multifamily properties, like the cap rate must be at least this or something like that?

My goal is eventually own a big multifamily property or several ones. I like managing the property and collecting the monthly cash. I don't have much experience on real state to really know the best move to get me to my goal

Thank you