All Forum Posts by: Dennis Rodriguez

@Rick Alvi

I always go to the source for all flood related maps and information.

https://msc.fema.gov/portal/

Like it says right on their page: " The FEMA Flood Map Service Center (MSC) is the official public source for flood hazard information produced in support of the National Flood Insurance Program (NFIP)."

Good luck,

Dennis

What type of contract you signed for this deal? The TREC standard contract gives you several days (normally 3-7) to back out without loosing your EM but you will however loose any Option Money. This is called the Termination Option on paragraph 23 of the 1-4  Family Residential contract. As long as you  give written notice of termination within the established time period, you would get your EM back. 

New home builders use their own contracts most of the time and you basically have to read (or have an attorney read it) to determine what exit or termination clauses you may have (if any). 

Good luck.

@Juan Bravo

I have a friend in Puerto Rico who is both a RE Broker and investor. He woks with an attorney that is very experienced putting together seller financing and other creative financing contracts in the island. Send me a PM and I'll give you his contact info and he can put you in contact with his attorney. 

Good luck. 

Dennis

I would love to take on this challenge but I'm very busy right now with my investor clients. 

Good luck finding someone. 

@Jaime Alvarado best way to find one is to go to a local meet up and ask around. I have several business cards but have never had to use their services so I'm not going to recommend anyone. 

Good luck. 

@Amy Conn that is the question no one has a clue about. I've heard really good arguments on both sides. As optimistic as I am... with a Republican Congress I doubt they are going to provide the tools necessary for Puerto Rico to re-structure it's debt. Hedge funds are lobbying with BIG $$$$ so Congress doesn't provide that exit. Again, everyone has their own opinion and at the end of the day we all just have to sit tight and wait. 

I had no idea about the restrictions on the 1031 Exchange to PR. Why exclude PR and not Guam, USVI and the Mariana Islands? These are the things that the US Congress has done that really make me mad. 

Good luck. 

@Amy Conn I honestly think PR hasn't hit the bottom yet but it won't go down too far from where it is now. If I were you, I would wait until after May 1st when the government is supposed to make a $400M payment on a note and the way things are now, it looks like they will default on that one. From that moment on, either congress approves the bankruptcy chapter for Puerto Rico or hell will break loose and we will see even more people migrating to the US and the economy going down to an abysm. I think that is going to be the turning point but that is just my opinion.

About the Zika and Chikungunya, I wouldn't worry too much. As long as you are not pregnant, the Zika isn't that bad (if the microcephaly-Zika connection is even true in unborn children) and the Chikungunya is tuff but it won't kill you as long as you get medical treatment early. I might be wrong and I'm not a doctor but I have family living there and they are not that worried. Its just something to be cautious about but not overly concerned.

By the way Rincon is such a beautiful small town. Good choice.

Dennis

John Rosselli I've been in that same situation twice in Katy (Cimarron). You probably lost to a buy and hold investor. Check back in the property in 2-3 months and see if they list it for rent. Many investors offer a lot because they are betting on Katy appreciation. They don't care about not making money now. They are in for the long run. Good luck.

@Jon Holdmansorry for the confusion but what I meant was giving the lender a Deed of Trust to provide them some security in the deal. I'm not sure you can do that in PR but @Victor Chicocan chime in. Someone told me that only financial institutions/banks can hold mortgages in PR. A private individual can not act as a bank and foreclose on a property. Again, this I'm not 100% sure.

On the apartment topic... In Puerto Rico there aren't apartment complexes like here in the states. You can't buy a 200-300 apartment deal because there aren't any. You can buy 1 or 10 units on a condo building and rent them if you which but that concept of an apartment building with a leasing office and common area pool and clubhouse were EVERYBODY is renting and there's a resident property manager just doesn't exist down there. I know property managers that manage individual rentals for investors in different buildings or multiple SFH and that's about it.

When you read ads be careful because in Puerto Rico we refer to Condos as both Apartamentos and Condominios. We don't make that distinction that apartments are only rental units and condos you can buy. To this date I still confuse the term sometimes and tell anglo friends that I'm buying an apartment unit and they give me the look. With that being said, if you have read an ad were they say retail on the first floor and apartments on the higher floors, maybe they are referring to condos on the higher floors, not apartments as known here in the mainland.

The only time I have seen complete apartment buildings is around college towns. For example my uncle owns a 12 unit 3-story "apartment" building near the Univ. of PR that he self manages. That would be the one exception were I can see buying a true apartment building would somewhat mimic what's done here in the states.

I hope this clarify some of the questions. PM me if you need more info.

I will PM you. My uncle owes several properties in Dorado/Manati/Mayaguez and he had to evict a tenant with 3 children once and it was a nightmare 'cause they didn't have a place to go and the Family Services office didn't want the children in the street. It went on and on for almost a year if I remember correctly. All that time my uncle didn't receive rent and had to pay for his attorneys. This was some years ago.