Computer Programmer · Austin, TX · Member since 2015 · 15 posts · 2 votes
Guys,
I've reached out to a few of you, but I thought I'd cast the net out a little wider.
I recently visited Puerto Rico with my family and loved it. So much so that I'm considering purchasing a vacation rental. I'm wondering if anyone has some insight on the process?
Real Estate Attorney · Manhattan, NY · Member since 2014 · 129 posts · 106 votes
7y
@Nadav Givoni
I know it’s an old post but what I know about Puerto Rico is that now is the best time to buy - after the hurricane they’ve received plenty of funds and there are huge companies going in there because 97% of the island is an Opportunity Zone
I would stick with the metro area of
Condado (too expensive now)
Isla Verde (only near the big hotels beach front)
Old San Juan (anywhere anytime there is good because of scarcity of supply and steady demand with tourism and the uniqueness of the place)
Problem is how we banks would want 40% downpayment but maybe you will find other investors willing to carry financing for a year or two till you get established and show presence on the island then banks will give you a loan with a 25% downpayment
Got a lot of clients and investors friends down there and they love it
Real Estate Attorney · Manhattan, NY · Member since 2014 · 129 posts · 106 votes
7y
@Nadav Givoni
I know it’s an old post but what I know about Puerto Rico is that now is the best time to buy - after the hurricane they’ve received plenty of funds and there are huge companies going in there because 97% of the island is an Opportunity Zone
I would stick with the metro area of
Condado (too expensive now)
Isla Verde (only near the big hotels beach front)
Old San Juan (anywhere anytime there is good because of scarcity of supply and steady demand with tourism and the uniqueness of the place)
Problem is how we banks would want 40% downpayment but maybe you will find other investors willing to carry financing for a year or two till you get established and show presence on the island then banks will give you a loan with a 25% downpayment
Got a lot of clients and investors friends down there and they love it
Chicago, IL · Member since 2019 · 91 posts · 21 votes
7y
I travelled to Puerto Rico and lived in an airbnb, I like their airbnb style and all the other properties. Their place seems to be a good vacation real estate investment.
Wholesaler · Philadelphia, PA · Member since 2016 · 124 posts · 81 votes
6y
@Pat Marco What wonderful useful information. Can you expand on why the DP requirement is now 40%? Also, do you think the window of opportunity to invest there will be open much longer?
Real Estate Attorney · Manhattan, NY · Member since 2014 · 129 posts · 106 votes
3y
Puerto Rico continues to grow both in the commercial real estate market and the short term rental market. Those who invested 4 years ago when we started exchanging information here must have deal really well. Unlike the US Puerto Rico is seeing continued growth due to the tax incentives and the number of wealthy people relocating there to take advantage of these tax incentives. Also tourism there is booming, no passport needed, since it is part of the US and cruise business is expected to grow steadily for the next 7 years so i am focusing on Old San Juan since that is where cruises dock and properties there have the highest demand for Airbnb
One more thing, the convention business is getting ready for a huge come back and will continue to grow for years to come.
All this is going on there while the US markets are slowing down and banks are becoming more and more difficult to deal with
Developer · Aguada, PR · Member since 2014 · 927 posts · 279 votes
3y
There is new proposed legislation that may limit where you an have a STR. They are trying to ban them in residential areas, which by their statistics could put 30%+ out of business.
There is new proposed legislation that may limit where you an have a STR. They are trying to ban them in residential areas, which by their statistics could put 30%+ out of business.