All Forum Posts by: Aaron T.
Aaron T. has started 43 posts and replied 772 times.
Post: PR Real estate taxes
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Brad Crerar:
Hi All, Is anyone able to shed some light on property taxes for a second home / vacation rental in puerto rico? I have read online it can be as high as 10-11% but 2 RE agents I have spoken to say property taxes are lower than mainland. Obviously $30k in annual taxes on a $300k house would greatly affect the investment potential.
In addition, if anyone has a recommended lender and/or property management company they would recommend for PR, I would greatly appreciate it. Specifically looking at the Northwest part of the island.
Happy Friday
Most property tax has not been reassessed in over 30 years, so property tax is relatively cheap. its the insurance you need to focus on.
Post: Buying in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Anthony Rios:
Hello all,
I am looking for recommendations of lenders that have been used for investment properties in Puerto Rico. I am from PR but as I live in Florida; I am interested in looking up realtors and lenders that work in PR.
Penfed has a location on PR and may have a location close to you in FL. also look at the local Bank COOPs, they are helpful. outside of that you have the normal banks...oriental, Banco Popular, etc..
Post: Advice for the Puerto Rico market
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Brady,
what type of information are you looking for in particular? there are several investors here on BP that invest on the island and can help.
Good luck, enjoy the island while you are there.
Post: Bring a business to Puerto Rico??
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @John B.:
My family and I will be moving to NW Puerto Rico. We have some real estate (commercial and residential) in Colorado and are interested in finding more properties in NW PR. But, we also wonder if there is a certain type of business that we could buy and move to PR to take advantage of the tax incentive acts.
Anyone have any ideas?
John, do a lot of research before jumping into the tax incentives. There are a lot of little things that trip people up, and you are held hostage by the government of PR while participating in these. We opted not to do it.
Post: Anyone with vacation rental exp. in Puerto Rico or Costa Rica?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
@Richard Warner, yes we have 5 STR villas being built right now in Cabo Rojo, just a couple minute walk to Buye beach.
I want to get over to Costa Rica as well. lots of good feedback from people about Central America.
Post: Airbnb in Puerto Rico during Covid
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Luis Batista:
@Aaron T.
Do you know of anyone who does property management for Airbnb on the west side of the island? Particularly around San Sebastian.
Luis, I dont have any contacts in San Sebastian. Our company manages STRs along the west coast. Right now in Aguada and Cabo Rojo.
Post: Puerto Rico HELOCs? Can this be done?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Victor Sine:
@Aaron T. Thanks! Let me know. I've called a few and waiting to hear back. It seems that HELOCS on the island aren't very common. I'm also waiting to hear back from PenFed.
and technically it is a vacation home not a full on investment property.
awesome
Post: Puerto Rico Property Registry
- Developer
- Aguada, PR
- Posts 921
- Votes 278
You would go to the CRIM, but dont count on finding properties for sale that are behind on taxes. Taxes are so low, that the CRIM does not do anything about the non-payers. Additionally, with the heir laws, its not like you can scoop them up without a legal battle. We thought about tax delinquencies in the past, and realized there is not any meat on that bone.
Post: Puerto Rico - Opportunity?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Tsedey B.:
I’m super interested in buying an investment property in Puerto Rico but all the condos that allow Airbnb have increased their prices in the last 6 months. I was very close to buying a renovated 2,700 sq ft condo near the beach (with ocean views in the distance) in Isla Verde but the seller wanted $475K in a very old building with no amenities and no Airbnb. I just don’t think I will rent be able to rent it at $3K without direct beach views. If anyone in PR has any information on where to find good deals (other than classifieds, zillow, point2home and property shark), please send me a message.
Deals are getting harder to find, sellers are becoming cry babies, and most realtors dont want to work. We have a couple more in the pipeline this year, but we will be looking at other islands starting next year.
Post: Puerto Rico’s Abandoned Properties
- Developer
- Aguada, PR
- Posts 921
- Votes 278
The CRIM is a good place to start, but be prepared to wait in line or not get good customer service. The biggest problem with abandoned properties are the heir laws. These properties are tied up in the families disagreements, families move away, kids have kids, so it quickly becomes a mess.
@Kathryn Morea I would like to hear more about the recent changes. I have some areas I am working that I could find some benefit.