All Forum Posts by: Juan Bravo

Hi @keith white,

I'm nearby your area... I'm a newbie, but want to start right in this game. There's contacts and relationships I need to build in order to feel safe on my investment decisions and you might help with that having a trustworthy PM company. I've been wanting to get my first SFH rental in Salisbury but need someone to help with the rehab estimates. Maybe we can get in touch and start propelling toward each other's goals.

Hey guys! Here from beautiful Eastern Shore Delaware (Lewes/Rehoboth Beach area). I'm a newbie trying to get my first buy & hold rental. Hopefully will learn a bunch from y'all. @Jeffrey Giffin Delaware representing!!! Woop!

Thank you @Victor Chico. I talked to a couple of credit unions and only one has a bit of more flexibility and rates. However, I still will have to put 30% down which I do not have at the moment.

@Percy N. the land can be sub divided only for the where the residence is (P.R. is protecting against ag land subdivision). Nonetheless, subdividing is a royal pain being this the reason why I found this at a bargain price. The property is not in tourist area and it's price is $165K

So, I have to express that I am very bummed by my recent experience trying to materialize the rental + agricultural land deal in Puerto Rico... It is a BIG pain in the neck! Only a handful of banks will lend, and these will put you on a 'nice' 8% APR rate (not!) after you putting a 30% down on the property and paying about 5% closing costs. It is impossible to get a better deal over there since banks will back out very quick if the property has 2 acres + of land (even if it's a castle). So, in summary, I tried to purchase a multifamily property with 30+ acres for $165K using creative financing (Personal Loan + Owner financing). Personal loan amount was not enough to complete downpayment wich automatically changes the plan... Went for multiple local banks and found that, for a property like that, only Puerto Rico Farm Credit will contemplate a loan but requests 30% down, ag land in use, and interest goes from 7-11% usually. The downpayment needs evidence of where money came from and it cannot be from another loan.

So, here is a summary of my first failed attempt to purchase a property in Puerto Rico... =(

Any thoughts, suggestion, prayers are welcomed!

Thanks,

Juan Bravo

Thank you all for the warm welcoming!

Wow @Tommy Engel! Congrats on your successes! You're a newbie but you're no rookie, that's for sure! Great to see you around. I'm a newbie and a rookie 20 mins. from where you are in  Ellendale (in the goonies north from Georgetown). Hope to read from you, connect, learn.

Cheers,

Juan Bravo

Wepa Edgar!

Nice to see people interested in PR's RE! Same as you, I was born and raised in the Enchanted Island. I'm also a newbie... so I look forward to learn from this conversation. Best of luck in your endeavors.

Hi @Dennis Rodriguez, 

I  tried to PM you last night but  BP doesn't let me unless you become my colleague I believe. I sent a colleague req. Thanks for the help!

Thanks for the feedback @Paul Timmins! Learning a lot with the beginner's guide and a couple of the podcasts so far. Truly appreciate it!

@Teddy Sherrod thanks for your input. I travel often to Puerto Rico and am following very closely the current situation. This investment I have been following for a year now and it presents a great opportunity for my goals. However, since I'm a newbie, I'm trying to cover my bases on how to approach this deal.