All Forum Posts by: Aaron T.
Aaron T. has started 43 posts and replied 772 times.
Post: Investors and Investing in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Quote from @Dino Garcia II:
Hey @Aaron T. thanks for the insight. I have been on the island before and I realize there is a difference in culture. I know it is a great area, however, and it would be great to find a way to get it to work out. I know this probably doesn't equate since I have not lived there for the time you recommended.
What do you recommend with learning more about real estate/investing in the area? Would a real estate agent or lawyer be a good start to conversations about the area?
Also, do you find it difficult to work with property owners that are remote? What are the challenges you have found?
What I have found is if I sell my assets on the island, I could probably 10x my assets in the states, by not putting so much effort down on the island. The island will consume you. Its not easy down here, as getting anyone to answer a phone, show up when they say they will, or actually be qualified to do the job is not easy to come by. 1 in 10 know what they are doing or talking about.
I give myself two years for my area to appreciate a little more before we sell our assets and then just come down to visit without all the headache.
Post: Wholesaling deals in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Quote from @Alexander Roman:
And have you done any wholesaling deals in Puerto Rico? If so what would you recommend?
I would recommend not doing it. Most of the properties are not worth it. The Heir laws will tie up so many properties that could be wholesaled, but will never be due to familial disputes.
Post: Introduction to the family
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Welcome, also a army guy here that lives in Aguada. Welcome to BP.
Post: SC vs NC vs Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
In Puerto Rico your tax benefits are limited. your income is earned income upwards of 30%+. STRs dont qualify for some of the ACTs down here.
property tax and insurance in Puerto Rico is relatively inexpensive.
If you decide on PR, talk to a real estate lawyer first.
Post: Lender to buy a land
- Developer
- Aguada, PR
- Posts 921
- Votes 278
Be careful with buying here in PR. hire a real estate lawyer and a good realtor to make sure you are getting what is being sold. The heir laws here will incumber a lot of land you will never be able to buy. If the owner wants cash, then they are either asking too much, the loan is non-conforming, or they want a quick close. Either one of those a bank may not be able to help with.
Post: Loans for investment
- Developer
- Aguada, PR
- Posts 921
- Votes 278
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.
Post: Investors and Investing in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
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.
Post: Puerto Rico: Gold Mine or Fools Gold?
- Developer
- Aguada, PR
- Posts 921
- Votes 278
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.
Post: Heloc to buy Airbnb in PR
- Developer
- Aguada, PR
- Posts 921
- Votes 278
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.
Post: Real Estate Agent in Puerto Rico
- Developer
- Aguada, PR
- Posts 921
- Votes 278
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.