All Forum Posts by: Aaron T.

we use LVT in our rentals as well. its not as cold as tile up here in COS. We use tile or LVT in our rentals in FL.

Do you currently own a place in PR or do you plan on buying a place in PR? a property in a tourist area would be hard to find for $50k. most places near tourist areas are being scooped up by investors or already owned by investors. 

Remember 6 out of 10 people are on government assistance and not working, so if you plan on doing rentals, you will have to make sure you get your monthly payment. 

Originally posted by @Account Closed:

@Genesis Rivera Rios

Ok great. Sounds like soon you’ll be on your way to accomplishing your goals.

Would like to know how was the process from start to finish when you complete your transaction.

I will be in puerto next weekend on the 13th for an Invester meeting and a JV partnership in San Juan. There's a good real estate network meeting on the 18th that will explore section 8 rentals that you would enjoy, might give you options on renting.

PM me if you would like to get Coffe I’ll be in el Condado.

Congrats on your purchase

everything in PR is behind at least 60 years.  everything in PR takes longer. It takes longer to get a phone answered, takes longer to get your realtor to respond, takes longer to walk into a bank and get served, takes longer to open accounts, takes longer to apply for loans, takes longer for the municipalities to stamp docs, takes longer to close, takes longer to do just about anything. 

I think the above kind of spells out that you need to have time and patience when purchasing down there. closings will take 60 days plus for finance and just a little shorter for cash. Additionally, be prepared to pay for EVERYTHING, so keep extra in the budget for things you would not normally think of. BTW, if you are financing, then you need to use a bank or credit union on the island. 

besides everything taking longer, being tickled and died to death, not getting responses until days later, everything else is pretty straight forward. 

With all that said, its still a beautiful place.

We enjoy the west side. We will be down there in a few weeks closing on our condo. Enjoy, this is the best time of year to be there.

I know a couple realtors on the west side, but I dont think they operate in San Juan. Realtors are flaky in PR, so if you find a good one keep them. 

Originally posted by @Colin Smith:

I would recommend talking to Nathan Ward with Timberline Ridge Home Inspections.

I second Nathan Ward. He took care of our inspection.

Originally posted by @Karelyn Cruz:

@Aaron T. One follow up question, what website do you use to find foreclosed houses in PR? Any free websites? The ones I find charge you to get detailed information. I assume there has to be a public database with all the info for free, no? Thanks for your help! 

I use point2point to look at inventory. you will also see foreclosed homes in there as well. you can take the info and drop it into skip trace if you want to find the owners. one thing to note is that PR is still living in the past as far as technology and ease of finding data. If you can look past some of these things, its still a beautiful place.

Originally posted by @Karelyn Cruz:

@Aaron T.

Does anyone knows where I can find a list of properties with tax liens in PR? Is there an agency that has that info and if so, how can I get it? Gracias!

Karelyn, The CRIM will be the one that controls all the data for the island. Unfortunately, taxes are so low there, that it takes forever before the government does something about it. The government is in no position to take homes back, since 6 out of 10 are already on government assistance. I looked into the tax thing too, but quickly realized it does not work the same as the states.

Josue,

Enjoy the island. We love traveling there. We will be back there in another month to close on our new condo.

Originally posted by @Pierre A Ramos Jr:

@Aaron T.

Hello Aaron, im a native of Puerto Rico, and i also share the interest in real estate investing and deals. I use facebook, and a classifieds web page , sort of a craiglist but for PR. Realtors kinda just have a monopoly going on. There is really no MLS. As that can raise doubts or questions, i see it as an opportunity to really get the wholesale deals. I have a very good sense of the market as i have been comparing markets like central Florida, south Florida, Pennsylvania, currently working with a best friend which is a realtor in Georgia, as well as our church friend which is working with an investor and we share with each other similarities or differences. I have narrowed my opinion as i have experience in the construction, handyman side, as well as i have spent the past 3 years independently learning financial education. I am working on putting a sort of strategy for first time investors in Puerto Rico, and have an answer to such great questions like the one you asked. If you like to connect and hear an opinion, at your service.

Pierre, yes there is no MLS. point2point or FB groups are a help as well. Realtors are lazy and non responsive. I am still waiting back from a text I sent last week.