I am exploring options to invest in Puerto Rico. I am looking at multi-units and might go down in April or June. Anybody have any insight on where to look? Good Property Managers or real estate agents down there?
I am also looking in PR, interested in hearing any comments!
I have my eye on it as well. Lived in PR for two years when I was a child. My dad has lived there for the past 20 years. Been there a few times over the years to visit. Back in 2005, the infrastructure was falling apart in many areas even then. Now with the hurricane, I'm not surprised to hear they have to basically start from scratch.
I'm going to watch and wait and I caution my fellow investors. The culture in Puerto Rico is not the same in the USA. They are extremely slow to do anything and there's always someone looking to take advantage of a "gringo". For instance, renting a car took me five hours of sitting around waiting for them to get their act together. So frustrating! They are long on stories and excuses.
I hear many roads are still out and electric is still sporadic and only for a few hours at a time.
I am somewhat optimistic that there will be the possibility of great things for investors in P.R., but proceed very cautiously. Don't trust half of what you hear, always verify! Good luck! :-)
In my humble opinion... after living in Puerto Rico 20+ years and becoming very familiar with the political, economic and cultural situation of the island (after all I AM puerto rican), I strongly believe that what the future holds for Puerto Rico is very similar to that of the Dominican Republic. Which quite honestly wasn't too far from being true prior to the hurricane.
And what I mean by that is that I see PR becoming a destination for tourists & Air BnB users. An upper class that's well off, the majority of the people on the island living in poverty and a middle class that's basically non-existent. Where there's WAY too much corruption, government waste, and bureaucracy that it's almost impossible for the locals, without "connections", to run successful business' therefore not being able to stimulate the local economy.
Having said all that... no one can dispute the absolute beauty of the island. The beaches, the mountains, rainforest, and all of the ecosystems that exist on the island are stunning. The beautiful people and not to mention... THE FOOD! OMG hands down the best in the world!
So if I were to advise anyone on investing on the Island I would definitely tell them to consider purchasing property to accommodate tourist and people looking for vacation rentals.That's my $0.02. You do your due diligence and research before investing.
PS I'll be visiting the island from January 10th to the 17th. I'll be meeting with a several local Real Estate Agents so I should be able to come back with a much better perspective.
PPS I Just got back and now have a much better feel and insight of what’s going on in PR. 😳
Here's my assessment based on my recent visit to Puerto Rico:
It's rough out there. My opinion hasn't changed really... I was able to confirm my assumptions rather.
I would definitely invest with tourists and short-term vacation rentals in mind. Just because there are just way too few people who can afford even a $500+ rent. Also, it's really not worth buying properties to flipâ¦ unless your able to keep the ARV under $60k and still make some money.
Buy and hold would be the way to go for residential. And only buy and hold vacation/short-term rentals specifically.
Commercial property is also profitable… depending on location.
I personally was out there gathering information and documents regarding raw Oceanfront property (with permits in place for Hotel Casino and Resort), Acreage for agriculture development (Puerto Rico is blessed with very Fertile Soil), some shopping centers in urban areas and 2 private islands that a broker wants me to help him market here in the States.
So HMU anyone that would like more info about Puerto Rico
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