All Forum Posts by: Christian Smith

Hi BP community!

Yesterday I put a 6 bedroom, 2 bathroom house in Rincon, Puerto Rico under contract for $170k. The property is located on the 413 which is the best road in puerto rico also known as "the road to happiness". House is in a section called Puntas which is the most desired area of Rincon for rentals and home buyers and is a very hot market. House has incredible ocean views from the roof and front yard. The ARV is $350k +/- House does need some updating and other work but nothing major. I have a full inspection report and also have 2 quotes if I want to do full or partial updating. Needs 20-30k to update. The house is fully concrete. The house is split level with 2 kitchens. Tile through out the house. Total property size is 600 sq meters. The house includes another building out front approx 250 sq ft, it is currently being used for a hair salon business which also has private bathrooms (brown building shown in pictures). Houses in PR do not include square feet on the property details but I estimate the Total sq ft including the building out front is approx 3800 sq ft. Title search has already been done and everything is free and clear.

Looking for a loan amount of $170k or more depending if your willing to cover a portion of the rehab.

Im ideally looking to buy and hold the property so would like to get a long term loan but may flip this property depending on financing rates & terms. I am open to all options. I would be happy to hear what you can do! Looking forward to hearing from you!

Thank you!

-Christian Smith

Hi BP community!

Yesterday I put a 6 bedroom, 2 bathroom house in Rincon, Puerto Rico under contract for $170k. The property is located on the 413 which is the best road in puerto rico also known as "the road to happiness". House is in a section called Puntas which is the most desired area of Rincon for rentals and home buyers and is a very hot market. House has incredible ocean views from the roof and front yard. The ARV is $350k +/- House does need some updating and other work but nothing major. I have a full inspection report and also have 2 quotes if I want to do full or partial updating. Needs 20-30k to update. The house is fully concrete. The house is split level with 2 kitchens. Tile through out the house. Total property size is 600 sq meters. The house includes another building out front approx 250 sq ft, it is currently being used for a hair salon business which also has private bathrooms (brown building shown in pictures). Houses in PR do not include square feet on the property details but I estimate the Total sq ft including the building out front is approx 3800 sq ft. Title search has already been done and everything is free and clear.

I have money to put down but would like a loan amount of $170k or more depending if your willing to cover a portion of the rehab.

Im ideally looking to buy and hold the property so would like to get a long term loan but may flip this property depending on financing rates & terms. I am open to all options. I would be happy to hear what you can do! Looking forward to hearing from you!

Thank you!

-Christian Smith

Hi BP community!

Yesterday I put a 6 bedroom, 2 bathroom house in Rincon, Puerto Rico under contract for $170k. The property is located on the 413 which is the best road in puerto rico also known as "the road to happiness". House is in a section called Puntas which is the most desired area of Rincon for rentals and home buyers and is a very hot market. House has incredible ocean views from the roof and front yard. The ARV is $350k +/- House does need some updating and other work but nothing major. I have a full inspection report and also have 2 quotes if I want to do full or partial updating. Needs 20-30k to update. The house is fully concrete. The house is split level with 2 kitchens. Tile through out the house. Total property size is 600 sq meters. The house includes another building out front approx 250 sq ft, it is currently being used for a hair salon business which also has private bathrooms (brown building shown in pictures). Houses in PR do not include square feet on the property details but I estimate the Total sq ft including the building out front is approx 3800 sq ft. Title search has already been done and everything is free and clear.

Looking for a loan amount of $170k or more depending if your willing to cover a portion of the rehab. 

Im ideally looking to buy and hold the property so would like to get a long term loan but may flip this property depending on financing rates & terms. I am open to all options. I would be happy to hear what you can do! Looking forward to hearing from you!

Thank you!

-Christian Smith

Zach can you please add me to your email list. I am down in Sarasota and invest in the greater Tampa Bay Area. Email: [email protected]

Also I would like to discuss your financing options through your sister company.

Feel free to call me: 941-585-3291

Thanks a bunch!

@Michael McDevitt Thanks Michael! I appreciate your reply! Thats why I asked this question. I love hearing other investors opinion on what they would do with the property with the knowledge and experience you have acquired. But you are 100% right, it is ultimately up to me what I want to do with it. Thanks again!

-Christian

@Joe Villeneuve Thank you for your response! That was a great answer and I should have provided more information. I love your method and agree with it 100%. I just started investing in real estate. This is my first property I've purchased. I own an equipment rental company and every year I had plenty of write offs which ultimately screwed myself for getting any type of conventional loan or hard money loan although I have a perfect credit score and funds to secure any deal, they still wouldn't touch me. Most investors will say "if the deal is there the money is easy to find" and in my case it was the most difficult part. Even with a deal that has 40k+ profit and funds for a down payments and other expenses I couldn't find the money to back me because of my little income to show. I was looking at multiple properties at the time but since I couldn't find the funds to back any of them I decided to focus my energy on locking in one property to get started. Now that I purchased my first property I feel I can finally move forward financially and actually develop a plan and have the funds to pursue other deals. I understand everyone has different long term goals but I just wanted a little insight on what other experienced investors like yourself would do with a property like this if you had to start where I am today. Any stories, info, insight would be appreciated!

Thank you so much!

-Christian

@Patsy Waldron Thank you! 

@Brandt Smith Sorry, I should have worded that better. Total investment is 88k. Thanks!

I purchased a beautiful 3/2 single family back in February for 75k. Total investment including repairs, updating, and closing costs is 88k. I've done my comps for the area and figured the ARV to be 130k. I still owe 30k on the property through owner financing. There are a few deals I am looking into at the moment and need the capital to get the ball rolling. The property is in a beautiful area and amazing neighborhood. The house came out beautiful after updates. House could easily rent for $1100+/month. My 2 exit strategies Im debating on would be 1.) cash out refinance and rent out the property and use the funds for next deal -or- 2.) flip it and move on

I understand both options have their pros and cons but really want to build long term wealth as well as have capital for other deals. 

I would really love to hear feedback from more experienced investors on what you would do in my situation and open my mind to other options that may be available. 

Any information or opinions are appreciated!

Thanks a bunch!

-Christian

Hi Melissa!

I am a full time investor out of North Port. I buy properties all around Charlotte & Sarasota County. I have cash available within 24 hours! Would love to work with you!

(941)-524-7103

-Christian