All Forum Posts by: Aaron T.

when you say family owned property, I assume its your families property. If you are a partial owner of this land, I would not invest much or any money into it. Family becomes brutal when its time to split up land or decide what to do, plus with the heirs laws you or your siblings kids have rights to the property. If you are from the island, you will be familiar with the heir laws and why most properties sit vacant....family disputes. 

Isabella is a great area indeed. 

 Earthquake damage is limited to certain parts of the island (IE Mayaguez and southern, south-west). Most structures that were not built correctly sustained damage, but I would venture to say the % is very low. 

Double check with the VA if you can assume a VA loan without a COE. If you served you can go into the VA.gov site and look for your COE and/or apply.

Section 8 is harder to do as the prices of properties have skyrocketed. You will see all over the classificados where people want section 8 housing, but not enough rentals to provide it. 

Victora, thanks for posting this. I am also looking at owner financing one of my properties and had the same questions. 

Additionally, are there companies that specialize in doing this or helping the owners through the process? also books on this topic? 

I would like to learn more before I pull the trigger in the next 6 months. 

 Are they commission based, flat fee?

 check with the local COOPS, banco popular, 1st bank, etc... you should be able to google banks in the local area. the hard part is getting them to answer the phone. if you have to show up to talk to someone, be prepared to wait in line or spend a day there. 

 We wire money on occasion from the US to PR and vice verse. no tax implications for moving money. or we also use US banks for PR income. It really all transparent to the banks. In PR when I take out large amounts they ask me what its for, I usually tell them to **** off its none of their business. my wife is more diplomatic. she tells them for "just in case for hurricanes". 

you looking for a vehicle to reinvest it or just wire from bank to bank?

 If you are going to tell them its your home of record, make sure it looks like it. i.g. your mail is delivered there, your tax filing with the county is your home of record, or homestead exemption, etc...