All Forum Posts by: Aaron T.

Remember an LLC is the first place a lawyer looks for equity. its not always the right tool for the job. take a look at umbrella insurance as well.

 unfortunately many areas they have reacted usually does not solve the problem they are trying to solve. The solutions are based on feelings not facts. 

In the case of PR it could have a pretty big impact on their tourism, as their infrastructure is not set up to house travelers in hotels. 

The political figures never think of the second and third order effects. 

If you want a lender for a property on the island, they must have an established bricks and motor bank on the island. Even PENFED won't help you unless you talk to their on-island branch. 

Closings may have shortened, but my last closing took 6 months. 

How are you structuring ACT 60 around short term rentals? 

Comps are hard to come by and they are very specific to an area. The comp they use may be a couple years old or miles away. You just have to be smart about how to analyze that data. 

Additionally there are many people who either do not want to work here or they are not skilled for the job they say they can do. Again, do your due diligence on the people you work with here. 

There is new proposed legislation that may limit where you an have a STR. They are trying to ban them in residential areas, which by their statistics could put 30%+ out of business.

How are you using ACT 60 for STRs? STRs are earned income and ACT 60 is for capital gains and dividends.

PR is a difficult place to cut your teeth on real estate, but if you can do it here you can do it anywhere.

Best of luck.

On the west side we use Damarys Barbosa with tropical coast properties. 

We had a 10 unit with seller finance a week from closing and the owner backed out on the deal. 

You also have to be careful as the laws here are not what you may be used to on the mainland. You also have to watch out for heir laws that could affect your contracts and ownership.