Tampa, FL · Member since 2016 · 65 posts · 12 votes
So, I'm having a really hard time with obtaining all the property information I need to analyze this deal. I'm thinking about doing a contract and forwarding it to a realtor friend of mind.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
Hi Tangala. Are you from PR? Do you have friends and/or family there? Are you planning to go live there? I ask because I am from Puerto Rico I have friends and family from there and I lived there for 15 years and I have very little motivation to invest there (for now). As you must of heard PR is going through some serious stuff and will be for quite a while and as much as I love my island I love my ROI more. Until they get the job and crime thing under control I wouldn't buy and would not recommend for anyone to buy. Just my opinion.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
Hi Tangala. Are you from PR? Do you have friends and/or family there? Are you planning to go live there? I ask because I am from Puerto Rico I have friends and family from there and I lived there for 15 years and I have very little motivation to invest there (for now). As you must of heard PR is going through some serious stuff and will be for quite a while and as much as I love my island I love my ROI more. Until they get the job and crime thing under control I wouldn't buy and would not recommend for anyone to buy. Just my opinion.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
PR is near bankruptcy and it would be devastating similar to Detroit.
I would wait until the dust settles, but when it's clear what the future will be (haha) for PR, buyers will get access to great deals, while IMO, sellers will suffer.
Rental Property Investor · Miami, FL · Member since 2015 · 52 posts · 3 votes
10y
@Omar Merced How do you feel about investing in vacation rentals? We're thinking about picking up a property in Vieques or in the La Placita area of San Juan. The prices are very attractive and platforms like Airbnb and Vrbo make it easy to generate ROI...
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Chris Payne I wish I could help you more but I can't advise you because I have no current experience there. I love vacation rentals and managed properly can be a gold mine. If I was going to invest there I would look at how saturated the market is and seek some more active investors in the area for guidance. Hope this helps. Also, stay tuned for the what the government is going to do with the debt. It's quite sad that such a beautiful place has been managed to bankruptcy.
@Tangala Williams I hope the post didn't come across as harsh. PR is just in bad shape. Once I see the light at the end of the tunnel I would invest in PR. That being said I'm sure there are some smart people making a killing in PR right now. If you have the time and money to wait it out I think it could work.
Lender · Camuy, Puerto Rico · Member since 2016 · 56 posts · 52 votes
10y
Hello Tangala,
I'm a lender here In PR (First Equity Mortgage Bankers Inc. FEMBI).. Our main office is in Miami, however I office out our San Juan location and have lived here on the island for apprx 2 years. I work mainly w/ individuals from the US that have an interest in RE investment opportunities, those looking take advantage of the Act 20,22 tax incentives or those that simply would like to have a vacation home getaway.
For help w/ your original question, if you have the legal description of the property I could help you out w/ obtaining property info via some of the websites we have access to here that aren't available to the general public.
The residential RE market here is PHENOMENAL both here on the main island and the neighboring ones ( i.e. Vieques) I have contacts w/ a number of agents here and we have attorneys in our office that I can gladybounce questions off of should you need any help. As for the economic situation, this week is paramount as there is an imminent vote ( check out info about PROMESA) that would really help in turning the tide for the locals here, however from an investment standpoint the rental potential is extremely high depending on the area you buy in, rates are still historically low if you have the desire to finance, and I've never seen home prices so low.
Let me know if you still need any help.. Always glad to lend a hand:)
Realtor · Pensacola, FL · Member since 2014 · 54 posts · 20 votes
9y
@Lawrence Johnson please shoot a PM my way. My wife and I are looking at some properties in Old San Juan and Vieques, and would love to get some information on potential financing. Thank you!
Stonington, CT · Member since 2015 · 47 posts · 4 votes
9y
Lawrence Johnson please PM me have land that I would like to sell in PR maybe you can help with. Also would like to look into investing in old San Juan. Awesome post guys
Investor · Sunnyside, Queens, NY · Member since 2015 · 213 posts · 159 votes
9y
Interested as well. However last time I checked, properties in good areas were only trading at 85-90 cents on the dollar. Not nearly enough of a discount to make up for the downside risk.
Hello All, I'm looking to begin purchasing some single and multifamily holds in PR. Prefiero Area Metro. Have any of you guys jump in yet? My goal is to make my first purchase in the first quarter next year. Also, will be visiting soon. Would like to plan it around a meetup. Any good REIAs out there?
Stonington, CT · Member since 2015 · 47 posts · 4 votes
9y
Omar Merced I have not purchased anything. Was looking to maybe sell land or build on family owned land. Haven't really made any leeway though. Our land is zones agricultural which is killing us.
Bayamon, Puerto Rico · Member since 2017 · 4 posts · 7 votes
9y
Hi all! I was wondering if anyone could share a bit of insight/personal experience about the potential of investing in rental properties over in PR.
I'm a 21 year old that stumbled upon biggerpockets about 2 months ago and I've never been so excited about something in my life. Ive been reading up on real estate books and listening to podcasts and now I'm looking to learn more about the RE market here in my island.
No one in my family or any of my friends have any experience dealing with real estate so when I try to get their opinions on it I always get the same "things are really bad, there's no opportunities on the island." "Move to the states, things are better over there".
If anyone could take a moment to enlighten me on the topic and push me in the right direction I'd really appreciate it. Also, if you live here on the island maybe we can talk about it over some coffee or something (my treat :) )
I'm very eager to learn and take the leap into the world of rental property investing.