All Forum Posts by: Aaron T.

Banking in Puerto Rico is difficult. the closing process takes longer, interest is higher, and loan options are limited. you can try some of the COOPs or PENFED. 

Puerto Rico is not for the faint of heart. I am on the fence that if I could start over again, I probably would not do it. Life on the island is hard, people not from here dont understand the island life, work attitude, etc... much different from the United States. 

If you want to invest, then come live here first. Spend six months to a year before buying, because you may change your mind.

We used to love coming to the island for vacation. That changes once you are here with responsibility. 

Quote from @Mary Jay:

Quote from @Aaron T.:

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 I stalk clasificados online and all of the worthwhile properties are optioned or out of date on the website.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.

  How do eviction work in Puerto Rico? Is it difficult to evict? Landlord friendly or tenant friendly?

 I dont deal in evictions, but I would say its almost non-existent down here. 

Be careful when you say tax incentives. not everyone qualifies and if you do, you will be selling your soul to the corrupt government of PR. Please do your homework before committing to anything in PR. 

Quote from @Brooklyn McCarty:

Search Google, look at agents listed on the mls. Keep making those calls 

 There is a MLs on the island, but it’s not a real thing they use there unfortunately. 

Quote from @Lorraine Patterson:

Hey everyone, I'm trying to find a realtor with experience in short-term rentals in Puerto Rico, specifically Vieques. I've been searching on FB, but haven't had much luck so far. It seems like everyone is either keeping their secrets close or no one wants to make a profit! Can anyone recommend a realtor who might be willing to share their expertise in this area? I'm ready to make some money and create unforgettable experiences for my guests. Thanks for any help you can provide!

Unlike the US where you can look at the MLS, each realtor has their own listings, so you will have to talk to many people.
You can use point2point and classifscados to search and pull realtors from those listings.

Quote from @Lorraine Patterson:

Hello BP community, I've been working with a RE Agent in Puerto Rico and there is an opportunity that became available to me. It's in San Juan Puerto Rico it's an unimproved land/lot 2.9 acres the property has electricity and water service and amazing views. If anyone has had experience in purchasing land in Puerto Rico or just general information regarding the RE Market in Puerto Rico, and have any advice they can share it would be much appreciated. TY!

 Do your due diligence prior to buying. PR is a pain with permits, stamps, etc… it can take months or years to get permits approved. 

San Juan wanted 12k for plans and permits to put a container on a vacant piece of land.

Remember an LLC is the first place a lawyer looks for equity. its not always the right tool for the job. take a look at umbrella insurance as well.

Quote from @Pat Marco:

Yes many local residents are fighting Airbnb and it will affect many areas because local legislators are pressured to react and create new rules 

 unfortunately many areas they have reacted usually does not solve the problem they are trying to solve. The solutions are based on feelings not facts. 

In the case of PR it could have a pretty big impact on their tourism, as their infrastructure is not set up to house travelers in hotels. 

The political figures never think of the second and third order effects. 

If you want a lender for a property on the island, they must have an established bricks and motor bank on the island. Even PENFED won't help you unless you talk to their on-island branch. 

Closings may have shortened, but my last closing took 6 months.