All Forum Posts by: Victor Chico

Hi Zach:

Agree with what has been said. If you are thinking Rincon, definitely check out Aguadilla. It's underdeveloped near beaches and great food.

 Just sent you a private message.

Does anybody have experience with these loans?

@Manolo D.: What's "CDC"?

Hello!

Can anybody share their experience on using LIHTC? Also, can you point me to good resources (books, websites, etc) where I can learn more?

I recently met with my local housing finance authority to find out about this program. It seems that the program is geared toward big projects (e..g, 60+ units) and not small projects (5-10 units). There are 9% and 4% programs. After reading the requirements for the 9%, I believe the 4% is a better fit for what I am trying to do. However, it still seems like a very big mountain to climb.

I would like to acquire properties, rehab them (with LIHTC) and rent them to Section 8 or other low income tenants. I am wondering if this will be possible if my target property is a 5 to 10 unit property.

Any thoughts?

Check out:

http://www.tasamax.com/

http://www.luisabreu.com/

I believe there's another one, but I can't remember the name.

Saludos @Doel Gonzalez:

A fellow Colegial here (ICOM '03).

What banks did you call in PR that won't lend to you? First of all, you are not a foreign investor. Puerto Rico is a territory of the U.S. and for all practical purposes it is treated like a state. I will suggest that you call the large PR banks (Popular, Oriental, FirstBank) to check. If you can find the time, it is best to go in person. In addition, check with the Savings & Loans ("cooperativas") since they are usually more flexible.

As to the DOS clause, it is enforceable, but as others have said the risk of it being enforced is minimal. However, there is a risk and the bank has the right (and the resources) to make your life miserable. Plus, you can get less than 8% financing right now.

If that doesn't work, you need to consult with an attorney. Some sub-optimal options come to mind, such as a long-term purchase-option which can be recorded in the property registry.

Hey @Mike Waltman!

I am from Puerto Rico and those are definitely great spots for surf tourism. I would put my money on Aguadilla/Isabela. Arecibo is also a good place with nice surf.

Keep in touch!

Hi!

I was born, raised and currently live in PR. I have some rental property which I inherited and I am looking to expand my portfolio.

Feel free to drop me a line and I will help you out anyway I can.

I say GO!

I live in Puerto Rico and I know many of my fellow Puertorricans are moving to Texas for better opportunities.