All Forum Posts by: Aaron T.

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. 

How are you structuring ACT 60 around short term rentals? 

Comps are hard to come by and they are very specific to an area. The comp they use may be a couple years old or miles away. You just have to be smart about how to analyze that data. 

Additionally there are many people who either do not want to work here or they are not skilled for the job they say they can do. Again, do your due diligence on the people you work with here. 

There is new proposed legislation that may limit where you an have a STR. They are trying to ban them in residential areas, which by their statistics could put 30%+ out of business.

How are you using ACT 60 for STRs? STRs are earned income and ACT 60 is for capital gains and dividends.

PR is a difficult place to cut your teeth on real estate, but if you can do it here you can do it anywhere.

Best of luck.