All Forum Posts by: Kathryn Morea

I know there was a DSCR loan product about 8 months ago in PR. One of the lenders underwriting those loans pulled that product after the last hurricane (Fiona), but it may be back in play now. Some of these loan products change from week to week. I personally know a couple of loan brokers on the island, you can DM me for their contact. Alternatively, you can contact one of the 3 main banks:

• FirstBank.
• Banco Popular.
• Oriental Financial Group

Or contact several of the local co-ops (credit unions) which seem to be a better option.  Good luck!

Hi Kiara, 

So you are asking if you can do a refi on a property in PR? Or you are planning to use cash from a HELOC on a property in the mainland to do a cash purchase of a property in PR? The 2nd is easier.

To my knowledge there are no HELOC type products in PR that allow you to draw down / pay back the loan over time. However I have heard of people doing cash out REIF's if the income is easily verified and equity is there. Longer and harder than mainland but theoretically possible. If no bank will do this (lending products change all the time) I know several private lenders that may do it (expensive, but if it pencils, that's an option) DM me for contacts.

-Kathryn

Our next meeting is May 25, then June 22.  We have monthly meetings on the 4th Thursday.  We also have our informal Saturday morning dealmakers breakfast club basically every Saturday, so June 17, if you're in San Juan, come on over at 7:30 and join us !

Hi Lorraine, I don't know of any realtors specifically in Vieques, but I would suggest you check clasificados, point2 homes, facebook marketplace, and zillow.  You can also reach out to some of the larger brokerages like eXp realty, Keller Williams & Remax for referrals.

Good luck!

Puerto Rico uses the lease to base the eviction, so make sure your lease has specific terms.  That said, Puerto Rico is nothing like California when it comes to evictions.  From being on both sides of this, I've seen it move fairly quickly, maybe 3 weeks.

Hi Alan, we meet every 4th Thursday - so April 27, 6-9pm.  Also we have Dealmakers Breakfast Club - generally every Saturday, although we will miss this week.  You can DM for details, I also try to post in the bigger pockets community and events section.

Alan,

I'm not sure if we connected previously. Congrats on creating a successful STR mgmt business. We have a real estate group on the island, you might want to network with some others who are doing business and doing Airbnb's in PR.

Hi Steve,

I'm not sure about interest only.  If you are a homeowner and intend to live in the house, your options are more broad that if you are an investor.  And if you have W-2 income, better still.  The loan products in PR are much more limited than in mainland.

Hi Jecelyn,

We post the meetings on eventbrite and on our REIA Rico facebook and Instagram pages.

https://www.eventbrite.com/e/real-estate-investors-association-of-puerto-rico-reia-rico-tickets-161904539837

https://www.eventbrite.com/e/dealmakers-breakfast-club-tickets-241172903647

Hi Arthur, we have a pretty active group here on the island!  Join us on Saturdays or at the monthly meetings if you want to connect with other investors in Puerto Rico.