Puerto Rico Apartments

[Jon Holdman]

What are folks thinking about Puerto Rico these days?  Yeah, I know they're into it with hedge funds over government and utility company debt. Is this an opportunity?  What is lending like there?  Is this area tenant or landlord friendly?  What are good and bad locations?

[Victor Chico]

Lending is same as the US. We are a US territory. FHA loans, HUD...same process, regulations and laws.

There is a "fast track" eviction process. In reality, it takes anywhere from 45 to 90 days to get someone out (depends on the case). I am an attorney and the few evictions I have done have gone by fast (around 30 to 45 days).