Hi!
Anybody knows how to obtain HML for investing in a property located in Puerto Rico? (It is a commercial property).
Any information will really help.
thanks,
lv
Need more details.
Hi Johnny:
I still don’t have all the info, but here’s what I know so far…
Apt. complex - 26 units. 1 & 2 BR. Constantly rented (don’t know yet if it’s fully rented right now or if there are any vacancies, but due to the location and based on personal experience, I’m pretty sure the vacancy level should be extremely low).
Rent from $450 - 550 month per unit (which could be raised a little).
All apts are fully furnished
Operating expenses = ??? (This is the info. I’m still to get, since op. expenses there are very different than those here and I am not sure using 50% is accurate, but I’m checking on that).
Asking price = ??? (Will get this info. soon)
Here are my thoughts (the good and the bad):
-Until I get the op. expenses info & asking price, I can not be sure what the right price is.
- the seller is a very old man, who wants to retire from being a landlord and has already sold other properties and is open to offers.
- the property is in an excellent location, and rent might be raised, although not too much.
- all apts. are in livable condition (some minor cosmetic repairs can be seen in the horizon)
This is all I know so far. I’m still checking on it.
I just wanted to know my options for financing if it turned out to be a good deal.
Thanks for any feedback,
LV
The asking price has nothing to do with the right price. Figure out what your right price is and make your offer accordingly. Use expenses (real world not nonsense numbers) and the rental income and figure out your number, don’t go a penny over that. If your number and his number are way off its just not going to work.
Thanks for your reply. I’ve requested the info. about the operating expenses to the set my numbers and the price. Definitely, I won’t pay a cent more of what I think it might be worth.
LV
Once the numbers are in. Let me know. Thank you kindly.