All Forum Posts by: Aaron T.

With more and more banks limiting on how much money you can send or move, who are you banking with that you like.

Wells Fargo and NFCU are off my list. 

We have been looking at our exit strategies if this were to go through. We dont want to stay where our capital is not welcome. 

 What are your credentials to help scale a business? 

Just ask for the VA award letter. its one page and will give you an idea of what the disability % is.

This market is like any market in the US. You will have to go to the island or make friends with people on the island to get leads. There is no full scope MLS and most realtors have pocket listings.

If you want to finance, you need to use a bank or COOP that has bricks and motor on the island, a US bank will not work. 

If you are not willing to spend time on the island, put in sweat equity, then PR is not the best place for an RE investor. 

I could scale 10X in the states if I did not have to dedicate my efforts to the properties in the island. 

Be careful how you make a team with a contract, as you dont want to give half your property to a partner under the heir laws. 

where is your property on the island?

ACT 60 makes you a slave to the government and the island. IF you dont want to be their *****, then ACT 60 may not be for you. Plus they are making it more expensive to participate. For a majority of people this would not work. 

A lot of people think they can buy rentals and claim ACT 60 only to find out that rental income is earned income. I suggest anyone wanting to invest in the island pay for a couple different lawyers time as a consult. 

 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.