Visiting PR July 11

La Estación
laestacionpr.com/
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Thanks we will check the place

Hola Rey, I am in rincon and would love to meet up if you make it this way.  just send a message if you do Gracias!

Have a great productive and relaxing trip, Rey!

I will let you know when, thanks

We got up at 3 am. We flew from Boston to JFK, sat at JFK for 4 hours and then flew to PR. Once we had the car it was very short time to get to Fajardo where we are staying at an AirBnB apartment. We checked in at the apartment, then went shopping for food and some wine. We were exhausted but we relaxed outside and had some wine.

Today we plan to meet Frogrock and Sugarbird for lunch.

Tomorrow house hunting / LOT hunting begins. If the weather permit we may do Vieques or Culebra one day, so far it looks like rain all week. Oh Well, the island needs the rain.

Yippee, you are there!  You'll have to keep us updated, Rey.  My next trip isn't until next Feb. sadly

Keep us updated in your progress and adventures thru the island. But above all, enjoy your time in PR!! We're going to be in the island in September (5-12).

Well yesterday was an interesting day.
We were about 10 deep to go thru a red light in the town of Fajardo. One guy behind us leaves the line, goes into the incoming traffic lane passes everyone waiting for the light, crosses in front of the 1st car at the light and takes a right turn. The lack of patience of that guy was incredible. Nobody was aggravated, but we were flabbergasted. I saw that happen several times yesterday.

Also saw several people on RT 3 use the breakdown lane as a traffic lane.

I guess I been out of the island too long, LOL.

My wife and I had lunch with Sugargirl and Frogrock. We had a good time talking about our lives in the states and what it was like for them to move to PR. Two very lovely ladies which we liked a lot.

Visited my mother and my brother which I had not seen in about 3 years.

It seems my visit brought rain to the island, I was told to come more often, for the rain not my presence.

Today we are meeting a realtor that will be showing us some nice properties that meet most of our requirements. We shall see how it goes. The properties seem to be in Rio Grande, Luquillo, Fajardo and Ceiba. These are spacious properties most of them around 2,000 or more square feet houses, with large yards and fairly new construction.

Depending on the hour we finish, we may hit the beach.

ReyP wrote:

Well yesterday was an interesting day.
We were about 10 deep to go thru a red light in the town of Fajardo. One guy behind us leaves the line, goes into the incoming traffic lane passes everyone waiting for the light, crosses in front of the 1st car at the light and takes a right turn. The lack of patience of that guy was incredible. Nobody was aggravated, but we were flabbergasted. I saw that happen several times yesterday.

Also saw several people on RT 3 use the breakdown lane as a traffic lane.

I guess I been out of the island too long, LOL.

My wife and I had lunch with Sugargirl and Frogrock. We had a good time talking about our lives in the states and what it was like for them to move to PR. Two very lovely ladies which we liked a lot.

Visited my mother and my brother which I had not seen in about 3 years.

It seems my visit brought rain to the island, I was told to come more often, for the rain not my presence.

Today we are meeting a realtor that will be showing us some nice properties that meet most of our requirements. We shall see how it goes. The properties seem to be in Rio Grande, Luquillo, Fajardo and Ceiba. These are spacious properties most of them around 2,000 or more square feet houses, with large yards and fairly new construction.

Depending on the hour we finish, we may hit the beach.

Oh, I forgot that going to the supermarket is a family affair and a friendly get together. One person pushes the cart and gets the items, while 4 to 6 people are gathered around them chit chatting and taking the whole aisle. There is only one line in the aisle, the middle! I had to constantly interrupt them so I could get by them. I miss it, LOL.

Hi Rey - your visit sounds wonderful!!

So, I don't have a car.  I learned when I came here (because I rent a car sometimes) to be patient.  In AZ the traffic was horrible, but here I am not a part of that day to day commute and it is really nice.

One of the things I like about PR is that I can say (and a lot of people do this too) there's no hurry to get anywhere.  It's really a personal decision, I guess, but the pressure that I no longer have is wonderful.

That being said, there are some crazy drivers out there!  It's everywhere I go though, not just in PR. The breaking of the rules are just slightly different in places.  In Houston, if you drive under 90 mph, they honk at you like you're crazy

Good luck with house hunt and enjoy the beach!

BTW, Prices are overly inflated by the realtors. Most houses are inflated at a range of 40 to 60 percent. Ask for the CRIM, that is what the government taxes the house at. When you compare houses use the CRIM house value to compare house 1 against house 2. You can not go by the CRIM to determine your offer for the place as the CRIM maybe only around 10 to 20% of the real value.

Do not overpay, also consider reposed homes, the bank main interest is to recover what is left on the mortgage, and sometimes will also take less if you can pay cash. A 200,000 reposed house that still has a mortgage of say 100,000 can be had for 120,000 to 90,000 if you talk to the bank that holds the mortgage. Warning: you are buying "AS IS" so check them well before the offer.

I will agree with ReyP, be wary of realtors, not to say there are all bad, but they will overprice a house specially if you are an expat. If you see a house you like, try to speak with the owners, check with the neighbors and get a second opinion before making an offer. It is normal in the island to batter back and forth. Remember this is a buyers market and there are plenty of good opportunities. Banks are willing to negotiate, specially when they have an overwhelm amount of reposes properties on their books.

Do your homework and shop around....happy hunting!!!! 

Hi, Rey~  Will the realtor give the CRIM when you ask for it?  Happy house hunting and hope you get a chance for the beach!

I requested the crim from the realtor for one house I saw.
I saw several houses today in Fajardo, Ceiba, Luquillo and one at the bottom of the rain forest at "Colinas Del Yunque". Very nice neighborhood very close to Luquillo.

They are asking about 220K for the house but it is HUGE, about 4,000 square feet of living space and the land is 3,695 Square meters. It is a fixer upper, but it is huge, and very open, has 2 walking closets that are the size of some people bedrooms, huge walking pantry, it even had a Jacuzzi. The entrance is like some hotels lobby, with 2 or 3 large skylights in the center of the house and an inside garden with steps and walkways thru it. It has a pool that needs refinishing, several outside buildings for entertainment and even has a separate building that is a "Lechonera" where I can roast a whole pig!!!!!

Unfortunately people has gotten in and removed most of the wiring and all light fixtures.

HUGE grounds
I may offer 150K for it, but I can see that it its going to cost me a good 80K to fix the place, but it would be worth it. That place once fix up is a fricking mansion. It even has marble on multiple sections of the house.

We are considering fixing it up and maybe make it into a Bed and Breakfast with a nice pool in the back, outside showers and toilet, a bar, a grill outback and an inside garden/solarium, there is even a small fish pond inside the house. a huge dining room where you can put a table for 12 or more people and a HUGE kitchen. We were thinking maybe running a B&B from around December to April for the snow birds. It has like 6 bedrooms all a nice good size.

Thursday we are going to see more houses but we keep discussing that huge property.

You can always ask for the appraisal for the property if it is a bank owned. I will get a local contractor to look it over and give you an estimate of how much will vost to fix it. $80k is a lot os money for repairs.

Good luck either way.

adlin20 wrote:

You can always ask for the appraisal for the property if it is a bank owned. I will get a local contractor to look it over and give you an estimate of how much will vost to fix it. $80k is a lot os money for repairs.

Good luck either way.

Yes I am having someone come see the property and give me an estimate. I will also check what the property is appraised for right now and what the taxes are. But I also have to see if there are zoning laws that will prevent me from using the property as a business. In reality the business is secondary, the place is amazing just as a house, business possibility are gravy on top.

This property once fix up can easily be worth 500K or more in PR and about 1.6 mil in the states.

BTW the 80K is my estimate for the work, that is the Max I would be willing to pay for repairs, the actual cost may only be 40K. I prefer to be conservative so I can make sure that I can afford it.
If I can pay 150K and repair for 80K or less, I am willing to go for it, It would be the Perez Hacienda and B&B. 

Here is a link to some photos I took of the property if you want to see.
https://www.icloud.com/sharedalbum/#B025oqs3ql8xb7

Wow, that home looks amazing!

Very nice property!! It will be a good investment, enough room to make it a good B&B.

that's really impressive...a lot to take care of though.

It even has a place out back to cook a whole pig, there is a bar area outside, the pool, 2 shower heads in pool area, and a 1/2 bathroom outside. We have also several trees and one is a flamboyant which is in bloom right now.

The only 3 major things are
a) one skylight needs repair and
b) the confrere beam at the edge of the skylight needs repair due to that leak
c) entire house and outside buildings need to be completely rewied since somebody broke in a legible ago and stole all the copper wiring.
Most else is fairly smal, like repair some windows and screens, new safety doors, polish floors, new kitchen appliances, paint in and out and do some serious sanitizing of the place. Oh forgot, also need the interior wood banisters policed and sealed. No termite damage is evident. Possible wood is tested so it is not tasty.

Sugarbird wrote:

that's really impressive...a lot to take care of though.

Way too much work for ourselves, but we plan to hire part time help to keep the place spotless and the grounds in tip top shape.

That is .... assuming we can negotiate a good price.

Likely the repairs will only be around 40k, but we are prepared for up to 80k. We have arranged for someone to come and give us an estimate before we make an offer.

I also have other business arrangements with other people to make it easier for Mainlanders to immigrate to the island. I am good at making business connections and having people see the value of the business arrangement.

It could be a good business, in PR internal tourism is on the increase. A B&B close to beaches and other types of venues will be a good investment.

Copper have high value, not surprise it got stolen. The wiring will definitely be your major cost. One word of advise, in PR you want to bargain, do not take the first beat and if possible, you buy the materials. You can make a deal with the supplier and save some money. DO NOT give any money to a contractor without a written contract and never pay in advance. Most contractors will take 1/3 up front, 1/3 half way thru the project and the rest at conclusion.

Be wary of contractors and ask for references. Check with he local hardware stores, they will tell you if the guy is reliable or not and can recommend someone.

I think it prudent to be there during reconstruction.

I will agree, if you do not have a family member or someone you can trust to be there for you. Also, you want to make sure the repairs are done by code (especially electrical), I was lucky during our house construction that my uncle did all the electrical work.

Rey P. the house looks amazing. I know that it would make a great b &b. Best of luck on whatever property you select.

I didn't know your name is Reinaldo. That is my Hubby's name. What a co Inca dink.
Take care, Tonie

magnificent! When is the house warming?

Still waiting to hear on the appraisal and repair estimate, it is not likely that I will make an offer during this trip since things take time. If the numbers look good I will bargain with the seller and get it as close to 150 as I can, they are asking for 220.

Yes I like to bargain, house is just sitting there getting older by the minute, I plan to bargain as hard as I can. If they don't want to sell it for what I am willing to pay they can wait another year or two more to sell it to someone else.

Glad you think it is a good property. As I walked thru the house and looking at the state it was I could hear the cash register adding up the repairs, now I am over that and plan to move on it if the price is right. Come on Down!

I will use the list of repairs and estimates as a bargain tool. This is a good time to buy (especially in PR), lots of houses in the market, not enough buyers with the money to buy.

Good luck!!! 

Thursday I am bringing  two people to see the property I told you all about. One is a contractor, another is a guy that buys distressed properties to fix and resell, They will advice me and give me an estimate on the cost to repair. I will also go look at a few other properties.

Remember to bring a towel.
Carroll

Always carry my towel and electronic thumb.
Have your friends get a Babel Fish to deal with the Spanish.
42!

tonie0750 wrote:

Rey P. the house looks amazing. I know that it would make a great b &b. Best of luck on whatever property you select.

I didn't know your name is Reinaldo. That is my Hubby's name. What a co Inca dink.
Take care, Tonie

Yes Reinaldo, but most people call me Rey, it is less of a mouthful and they have a hard time rolling their R's. Visiting you would be very confucing since your husband and I are named the same.

ReyP wrote:

Always carry my towel and electronic thumb.
Have your friends get a Babel Fish to deal with the Spanish.
42!

For those that do not understand the above, it is from the Sci-Fi book Hitchhiker's Guide to the Galaxy.

42 is the Answer to the Ultimate Question of Life, the Universe and Everything. This Answer was first calculated by the supercomputer Deep Thought after seven and a half million years of thought. This shocking answer resulted in the construction of an even larger supercomputer, named Earth, which was tasked with determining what the question was in the first place. The Earth was destroyed by the Vogons five minutes before its ten-million year program was due to be completed.

The Babelfish is a fish like entity you insert in your ear which allows you to translate all other languages in the universe.

The Electronic Thumb was a device used to hitch a ride on alien ships in the neighborhood of where you are located at the time.

Hitchhikers carry a towel because it can be used for food, as a blanket, a weapon and many other uses. No hitchhiker would leave without his towel.

It is a funny stupid book, you should all read it or re-read it if you have.

The person that was going to give us an estimate on the work to fix the house could not make it today, We are now talking Friday afternoon to get an estimate on the work required to bring it back to life.

However we went out again today and saw a house that we were interested in investigating. It is a 3 bedroom, 2 bath property in the mountains of Ceiba, while small we like it better than the previous property we were interested in and is in pristine conditions, so no repair bills. We gave it an offer but I do not think the seller will come down enough to agree on a price. It has .90 of a cuerda, of about 3500 square meters of land. Unfortunately it is a long shot, I do not think we will agree on the price. I saw the official land drawing so I know the land is officially that size. BTW no air conditioner needed in the house except for maybe for the bedrooms, the breeze is strong and much cooler. Fingers crossed but not holding our breath.

Thank you for the update, Rey!

Good luck getting anyone out on Friday afternoon... you'll be cutting into someone's drinking time!