All Forum Posts by: Aaron T.

If you dont plan to use any of the tax incentives, then just get a drivers license here, no residency required. We keep our home state drivers licenses, because anything on the island is 10X more difficult. 

DSCRs will more than likely come from other investors here, as the island is 100years behind the times on traditional financing. good luck with future endeavors down here. 

Nice property. $155k, when did you buy? We are not buying much anymore in PR due to the high prices now.

There are plenty to chose from depending on your local area you are looking to invest. if you never been to PR or lived here, I would suggest coming to live here 6 months before investing here. This is not for the passive investor or the investor who thinks this is easy money. 

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.