I’m going to be going to grad school in a San Juan, Puerto Rico for a high earning career doctorate program (nurse anesthesia). The program is three years, so my husband and I are considering purchasing a potential vacation home/ LTR property while I live there.
Rents in the area of beachfront Isla Verde for a 2 bedroom 1 bath are about $1700-2300. We can get a property for around $300k, 15% down no pmi w/ a 5.75% rate currently. The building in particular is grandfathered in to no property taxes, $1600/insurance & $255 HOA fees, which cover building maintenance, amenities, etc. This location is quite far from where we normally live in Pennsylvania, however we vacation there every other month & have many family and friends in the area & building. We are considering renting the unit six months out of the year, as the building does not permit Airbnb, then using it for ourselves & renting to friends/family the second half.
While we both own primary properties, which are self-sustaining with property managers with income of ~$500/month, there is a little anxiety around purchasing a property so far from our home base in the states. Any insight on this particular purchase?
original posted by _machiavellie to r/personalfinance on Sat, 16 Mar 2024 11:34:20 GMT.