All Forum Posts by: Genesis Rivera Rios

Hello Genesis

Where are you thinking of investing?

What are the numbers your thinking of working with?

How would you fund these deals?

What are your fears?

Is this your first investment?

Hello Genesis,

If you are considering Puerto Rico, a good play may be Multifamily Opportunity Zone. Practically the entire island is designated an OZone. It could prove to be a good move for you if you leave capital invested for 10 years.

Philip

 See if you can find a local Real Estate Meetup group. If you can't, start one yourself and in no time you will have others looking to you for advice.

remember if you are BRRR, then you need to invest in a place where people are working. if you fix it and nobody can pay to rent it, then you are left with all the holding costs.

Vacation rentals have been growing at a rapid pace in Puerto Rico with currently some 10,000 units being offered in sites such as Airbnb.  However, before diving in, be wary of new laws in the works in the Legislature under consideration.  Given some lawsuits that have been filed that have reached the Supreme Court in Puerto Rico regarding the use of Condominium units for short term rentals.  The Condominiums Bylaws must clearly state that short term rentals (being defined as rentals under 90 days) are permitted.   

Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.

The short term market is growing and inventory is diminishing but before diving in do your due diligence.  Make sure the Bylaws state that this use is permitted.  

Javier Rancier, Real Estate Agent and Appraiser

PMI Realty

Thanks for giving your opinion on the topic, i could not agree more.