Puerto Rico Market Interest

3 Replies

Hello BP,

I am new to getting into the real estate investing game. I have so much to learn from all the experienced folks on here. I currently live in Florida and have my eye on the Puerto Rico market as a potential investment destination for short-term vacation rentals. I'd love to chat with anyone who has experience with this in PR or anyone local in PR who can shed light on whether this is realistic. I know I need to be mindful of local rental regulations as well as find a reputable management situation as I'd be managing from afar. No help is too small! Looking forward to making new connections. Thanks all.

@Christopher Hartnett

You should also be aware of cultural differences.  Puerto Rico is a blend of typical US and Latin America cultures.  That brings both bad and good qualities.   I find it makes for a desirable place to visit, but the pace of business and the sense of propriety is different.

For example, fenced parking.  (I have several friends that are from or have lived in PR who have confirmed this.)  If you have an apartment within walking distance of the beach, you had better have fenced-off gated parking.  Why?  Because people will park at your house if you do not.   This is true even if it is marked as private property and has "do not park" signs.  I've also heard horror stories about dealing with utility companies and my friends all recommended fully documenting and taking photos of any receipts you get from those companies.

I do believe PR could be a good place to invest.  Just be sure you go in eyes-wide-open.  

Good luck.

@Christopher Hartnett  As @Greg Scott says, there is a cultural difference. This benefits the local, boots on the ground investor vs. outsider because we know the ins and outs, connections, and it's not as easy as being an outside investor investing in other states, especially a new one that will manage from outside. It is a good place to invest if you know what you're doing and are willing to learn the specifics of how real estate works in the island. For me, it's paying off... but you gotta hustle! Good luck and feel free to connect.

@Roberto Torres and @Greg Scott thank you both for your replies. Living in Miami for 19 years, the cultural differences between Latin-influenced locations and elsewhere in the US are well ingrained in me - perhaps that’s even what makes this region attractive to me! Your comments make total sense and I appreciate them. 

@Roberto Torres I’m happy to hear that things are working out for you. I definitely don’t want to jump into the market - in PR or anywhere - blind and not knowing the specifics of what makes things tick. I see what look like good deals online, but upon visiting the island, maybe they are wrong for a variety of reasons. I definitely plan to visit to do better research and understand the local environment before jumping into a venture (or adventure). I definitely would love to connect with you as one of the local boots on the ground! Sharing stories of success and failure is what makes this all work. Have a great day. 

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