All Forum Posts by: Aaron T.

 Bingo. Every islander only comes back to visit family. There is a reason they don't come back, because life is hard and day-to-day life is a struggle in some aspects. 

The only way to get a loan in PR is to use a bank in PR or has bricks and mortar in PR (PENFED being one of them). You can try the different COOPs on the island, as they seem to be decent. 

You will only find a conventional loan, unless its someone private, but that's not likely due to the heir laws. loans have gotten quicker and you can close in 90-180 days. 

STRs are not looked at favorably on the island and they receive not tax breaks. Its earned income. 

 remember that Porsche may belong to a kid who inherited his family land and does not pay a mortgage. This is not uncommon down here. 

Good luck, we are already on our 4th CPA on the island. 

Not many tax breaks for STR on the island. All the breaks go to LTR and ACT 60 (Cap gains, interest income).

Its been reported in the news for the past year, although its hard to find any PR government document that states the details. If this passes, there could create a BNB crash on PR, or move it into the black market cash business. However, it may not be able to be booked through booking platforms. only time will tell. 

You do not qualify for ACT 60 in the STR market. Rincon is saturated with STRs and we are seeing more and more moving from STR to MTR or LTR. I will not buy anymore in PR. we are currently looking at other places where the ROI could be better or quality help may be better.

 Depending where you buy on the island, the short term rental market is saturated. Additionally, I am seeing a lot of STRs now being advertised as MTR or LTR. There are several reasons for this. If the government passes the new bill advertised early last year it will potentially shut down 30% of STRs. 

 What I have found is if I sell my assets on the island, I could probably 10x my assets in the states, by not putting so much effort down on the island. The island will consume you. Its not easy down here, as getting anyone to answer a phone, show up when they say they will, or actually be qualified to do the job is not easy to come by. 1 in 10 know what they are doing or talking about. 

I give myself two years for my area to appreciate a little more before we sell our assets and then just come down to visit without all the headache. 

 I would recommend not doing it. Most of the properties are not worth it. The Heir laws will tie up so many properties that could be wholesaled, but will never be due to familial disputes.