All Forum Posts by: Aaron T.
Aaron T. has started 43 posts and replied 772 times.
Post: Puerto Rico HELOCs? Can this be done?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
HELOCs are tough on rental properties. most banks will only loan them on a OWNER OC property. give some banks a call on the island, I would be interested to hear as well.
I will also ask my banker down there on Monday.
Post: Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
I'm looking for some legal advice on creating an LLC. The Puerto Rico LLC idea seems interesting, but how would you structure it?
It depends on what you want to do. Talk to a lawyer down there, because there are many obscure laws that can cause issues in the long run if you do it wrong. Their legal system and government help is a spiderweb to navigate.
Post: Pros and Cons of Buying Home in Puerto Rico?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Everyones pros and cons will be different, it will depend what you are looking for. ACT 22 is now ACT 60. really do your homework before trying to sign up. there is a lot to digest and understand before you sign your life away to the PR government.
I often think the Cons outweighs the Pros when buying down here. We will be looking at other islands soon.
Post: Any real estate investors in Puerto Rico?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Jonathan Norris:
Howdy folks. I know this is an old thread but wondering if anyone has bought any properties or recommends any agents in Puerto Rico? I'm headed there this weekend for a vacation and want to check out the market while I'm there.
We use Damarys Barbosa on the West side of the island.
Post: Investing in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Casey Rolland:
Aaron, Do
Originally posted by @Aaron T.:
Coamy is not much there. You can rent long term, but short term rentals would be hit or miss. do some homework on that market. Most people would chose to stay in Ponce if they had the choice.
Also be aware of the southern area near ponce, that is where the earthquakes are often felt and the most damage occurs.
Aaron, I suspect you own properties in PR. Do you have Earthquake insurance on your properties?
Or US Transplants who own the property or investment properties have Earthquake insurance?
Thanks!
No, no earthquake insurance in particular. only the south of the island in the Ponce area is affected by earthquakes. Although they can be felt a little in other parts, it is not the destructive kind that you would need insurance for.
Post: Puerto Rico: Gold Mine or Fools Gold?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Originally posted by @Janice Zayas Thomas:
Originally posted by @Kathryn Morea:
@Jorge Rivera I'm currently living in Isla Verde and seeing lots of properties snapped up by investors and being repaired and cash flowing. Tourism looks to be doing really well where I am. The hotels are full or nearly full. The low airfares and maybe cabin fever have contributed to lots of visitors from the mainland. The folks here who have airbnb's that I know personally are booked solid! There was a dip last spring, certainly a painful April 2020, but it's good now. Are you aware of Act 74? It applies to hotels and airbnb's and has some great tax credits.
Kathryn, I know this is a loaded questions but how are investors finding these properties? I stalk clasificados online and all of the worthwhile properties are optioned or out of date on the website. Do you have recommendations on a RE agent who works with investors who don’t live on the island? I’m from PR but live in the US and i go back 1-2x a year.
you can also use point2point.com that will get most of the sites pulled into one. Also find a realtor to work with, there is no real MLS, so there is a lot of properties that are just on agent sites. We found one this morning scrolling through Facebook and ended up going under contract on it.
Post: Advice for Puerto Rico property
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Brad,
Much like properties in Miami, Rincon is also elevated in their home pricing. Remember 80% of Rincon is Gringos, so you will find some of the higher prices on the island there.
When you buy land, be prepared to pay EVERYONE fees, stamps, etc... its a long and expensive process, but if you find the right property it can be done. Remember you are in a hurricane zone, so any modular prefab do not really exist on the island, so you would have to import them (if you are talking about trailers).
Post: Investing in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Coamy is not much there. You can rent long term, but short term rentals would be hit or miss. do some homework on that market. Most people would chose to stay in Ponce if they had the choice.
Also be aware of the southern area near ponce, that is where the earthquakes are often felt and the most damage occurs.
Post: Puerto Rico condos and realestate
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Sam, what kind of trends are are you looking for?
Post: Loan Assumption in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
I would be very careful moving forward. Talk to a lawyer smart in this. The last thing you want is to be caught up in some heir laws.