All Forum Posts by: Dennis Rodriguez

Hi @Account Closed

Post your deals and the CASH buyers will find you. Trust me...

Happy Investing,

Dennis

All I'm going to say is this. My uncle has been a landlord in PR for almost 20 years. In the past 3-4 years he has been selling all his properties and putting his money elsewhere (including Houston). Last night I talked to him and for the first time he mentioned the possibility of moving to the states just like I did 3 years ago and like 1,000 puertorricans are doing every week. Think about it, 50,000 people are leaving every year.

Right now there's even a drought making things even worst for everyone. In San Juan they have water 1 day and then they shut it for 3 days. People are fed up with the situation and I honestly think that the rate of migration to the states will only increase in the next 5-10 years.

Good luck,

Dennis

Hi @Tony Valdivia

I think the natural progression from Hard Money is to Commercial Loans with a small local Bank or move to Private Money. It looks like you have a track record and you can put together a portfolio of your past deals and that should be good to get some commercial loans from a small local bank (Portfolio Loans). If that doesn't work, then you can pitch your deals to Private Investors and get loans from them. Like you said, the key is to have a loan in place so the refi is easier and not considered a cash-out refi. A good source of Private Investors is people with Self-directed IRAs looking to invest their IRA money or someone with a big 401K or IRA that you can convince to turn into a Self-Directed IRA and lend you the money.

Hope this helps,

Dennis.   

Hi @Hamy Bake

I used to be a RICH club member and it is a good place to start. I had the chance to meet people and get my team set up (RE lawyer, CPA, Hard Money Lenders, etc.) you can meet a lot of people really fast. I'm no longer a member because I moved too far from their office and I can't make it to the Monday meetings like I used to.

Don't know about the other clubs but I've heard Lifestyles is very very expensive so be careful what you drag yourself into.

Best advice... Go to the free BP meetups around town and talk to everyone.

Good Luck,

Dennis

Yetzul,

Offer CASH, buy As-Is (no seller concessions) and act fast. That's how I get properties off the MLS for my clients. Investors don't slow down during Nov-Feb like owner occupants do. If you are going to buy distressed properties you need to make offers/buy year round to compete with other investors. It is a fierce competition out there.

Good luck,

Dennis

Brionne,

Don't waist your time putting together a Buyer's list. When you have a deal post it here (Marketpace) and at your local REIA (RICH Club for example) and you will get a buyer if it's a true deal.

I'm currently working with a group of 4 investors and they buy everything that I can find for them that is a true deal. I'm not a wholesaler, I just pull deals from the MLS and get my Realtor's commission.

Good luck,

Dennis

John,

Call Nelson Ledezma at (832)418-9948.

Good luck.

Dennis

Good job Sam,

I'll get to play in these leagues someday. I'm glad things are going well for you.

See you around,

Dennis G. Rodriguez

No @Juan Perez we are all very boring and lame people in Houston. Hahaha I'm just kidding with you.

The answer is a BIG YES. There are several groups and meetups around town. I usually go to the ones in Midtown that are set up by @Charles Nguyen

 and @Brian Nguyen. It's usually toward the end of the month but make sure you get in touch with them so you get the invite. They meet at different Midtown bars so you meet new investors and get to know new places. It works really well for me.

See you around and good luck.

Dennis Rodriguez

Hi @Brian G.

I'm really glad you are doing OK in this deal and that it turned out perfect for you but as a word of caution to others... Not everything is peaches-and-cream in the rental market in Puerto Rico. My uncle has been a long time investor (more than 20 years) and at one point owned SFR in Dorado, Manati, Juncos and still owns two building with a total of 20 units in Mayaguez that he rents to UPR students. He is a full time investor and spend his days doing repairs and maintenance to keep all the units looking like new.

He recently started selling his SFR because some were vacant and hard to find tenants and now he is worried because for this coming semester he has too many empty units at the apartment buildings. Needless to say he is very nervous and doesn't know what else to do to attract students. He has been lowering rents to stay competitive and updating bathrooms and kitchens and everything looks amazing. The effect of people fleeing the island is very real and he is feeling it. The student apartments were a no-brainer thinking that as long as the University is there, students will need somewhere to rent (in PR universities don't have dorms like here in the states).

So again... I'm very happy for your investment and quick turn around but for others reading this post, know what you are doing before throwing your money out.

Good luck and happy investing.

Dennis