All Forum Posts by: Mario J Perez

You're welcome @Bjorik Mutize

@Bjorik Mutize There are plenty of repo's to choose from. As for rents and vacancies, it depends on property location. Get a good location, BRRRR it and it'll be fine.

Well, there's always the possibility... but let hope not. Maria, was, as they say, was a "100 year event". Lets hope we don't get another one. As far as projections go, during the hurricane season (June 1 to Nov 30) I am glued to the weather channel. Yes, there is insurance to cover it. As for how long the insurance companies take to pay up, well that's another story. Even now, two years post Maria, there are still insurance claims to be paid. This is also due to the number of claims, of course. Pretty much everyone on the island had some sort of property damage. Hope this helps...

No different really. You just have to do your due diligence like anywhere else. PR is a US territory so its pretty much the same as in the US.

Hi Joshua,

I live in PR and know the area well. What laws are you referring to? PM me to see if we can work something out.

All the best,

Mario

Hi Pamela,

Yes, that interest rate seem a bit high. Shop around with different banks. As far as the rehab you need done, it shouldn't take too long but since you are in NY, I would recommend having someone locally keep tabs on the contractor. BE CAREFUL!! Also, check out homeaway.com

Hope this helps,

Hi everyone!

I'd like to get opinions on a 3 unit I'm considering. One unit is a 3/2 and the other two are 2/1. 

It's in pretty good condition with minor repairs. Rents for the area are +/- $600-$650 for the 3/2 and $450-$500 for the 2/1's. It currently has two mortgages totaling about $142,000, which is the asking price. The guy wants to sell because he is a doctor and does not have the time to take care of the property. My question is; if I lowball him for less than the $142K, is there a way for him to get out of it? Thanks,

MJP

Hello Brianna,

Why do they want to add him to the lease? Will he be living with the other two or in an apt. by himself?

It's a good thing that he mentioned up front his criminal record.

How long has he had his construction job? Ask him if you can talk to his supervisor.

Check out ntnonline.com

Hope this helps,

MJP

Thanks Steven & Dan.

What about working with a private lender?

If my debt to income ratio is too high, what can I do in order to qualify for a loan to purchase a rental property? I was thinking along the lines of working with a private lender or getting a partner.