All Forum Posts by: Chris Payne

@Grace Porritt I'd also like to know about property taxes there. From what I read, there's little to no property taxes; less than $1,000 for most properties. Can anyone chime in on this?

@Gene Maltsev I spoke with a mortgage banker at Banco Popular recently. The requirements for purchasing investment property is similar to in the states. For a conventional loan they require around a 45% debt-to-income ratio or less. They determine your ratio by averaging the income on your last two tax returns. Minimum 30% down payment and they'll lend up to 70% LTV.

Thanks @Arianne L. Thanks @Jerry Padilla

Interesting, because when I read the Requirements for a Delayed Financing Exception it states: 

"The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property."

https://www.fanniemae.com/content/guide/selling/b2...

This would mean no loans of any kind (including hard money) can be used to buy the property, right?

@Arianne L.  A huge congrats on this deal! Thank you for sharing all the details. You've certainly opened my eyes to a new rental strategy. 

Can you or @Jerry Padilla confirm whether the delayed financing can be done if the house is initially purchased with hard money?

Hi BP team,

I continue to have trouble with the BP app. It keeps crashing when I do searches and when I browse, sending me back to the home screen. It's the second time I've downloaded the app and I continue to have the same problem. I'm using an Android device (LG G4). 

Any suggestions?

@Omar Merced Thank you.

I just got back from Vieques and I see a potential opportunity for a 3 or 4 bedroom vacation rental near the coast. Anyone know where I can find information on sales trends in that area?

@Omar Merced How do you feel about investing in vacation rentals? We're thinking about picking up a property in Vieques or in the La Placita area of San Juan. The prices are very attractive and platforms like Airbnb and Vrbo make it easy to generate ROI...

I just got back from Puerto Rico; San Juan and Vieques to be exact. The streets are humming with tourists and property prices are cheap. I need to do a bit more research, but investing in vacation rentals seems like the perfect move right about now.