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All Forum Posts by: Aaron T.

Aaron T. has started 43 posts and replied 752 times.

Post: Financing a Solar for airbnb

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272

Most Puerto Rico banks lend pretty easily for Solar loans. 

Post: Creating a MLS for Puerto Rico

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272
Quote from @Chris M.:

I moved to Puerto Rico about 8 months ago, and apparently there is no MLS here. Agents, or even fake agents, will post the same listing online, and then contact the real owner, and then take a cut. I didn't know this was a thing until literally yesterday.

Anyways the existing website where people can see listings is similar to a Craiglist-type website. https://www.clasificadosonline...

They don't have many search parameters, and no notification system, so I decided to build a bot to collect all the agent information, and all the listing information, and create alerts and notifications based on whatever someone wants. I've been listening to Brandon Turner and David Greene for awhile, along with others in the industry, and understand finding a good deal can be lucrative to other investors. I know a few investors who want to find Repo'd homes here in PR, and it's valuable for them. I'm sharing this to find some investors who might be interested in collaborating/partnering on some deals of some sort. I can also aggregate data from other listing-type websites as well. Just need to know which ones to add.

One incentive to purchasing a home in PR, is Act 60, and paying 4% of federal income tax for a business, or 0% Capital Gains tax, though you must live here 184 days out the year. There is some wiggle room, but for more details, let's discuss that. Happy to provide resources if you want to look into that. That's a whole other conversation.


 Remember rental income does not qualify for ACT 60, so you are taxed at the earned income rate. 

Post: Grants for buying Rental Property in Puerto Rico

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272

There are no grants, but you can find some tax incentives that make you a slave to the government of PR and others that do not. PR is not a sleepy island where a lot of deals will be easily found. it takes time, connections, and being creative. IF you are looking for easy PR should not be on your list. 

Post: Puerto Rico Investors. Let’s discuss PR investing Pros & Cons.

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272

lots of pros and cons, too much to type here. 

Post: Active duty navy wondering the best route to get into STR

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272

sell the home in Jax, cash out. then go use your VA loan to buy a 2-4 unit property and STR all the units but the one you live in.

Post: Looking for Puerto Rico Investment Team

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272

Welcome to PR. Enjoy your time there, such a fun place, but can also be frustrating to invest. 

Post: Puerto Rico-Merchants Registration Certificate

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272
Originally posted by @Michael Gibbons:

Does anyone have experience with short term rentals in San Juan, Puerto Rico? I’m trying to understand what permits are needed and the cost but can’t find information on the internet. Does anyone know the cost/process for the Merchants Registration Certificate?

Thanks

You will need a bond, and then sign up with PRTC for a hotelier room tax certificate. the bond is $100 and the room tax cert is free. 

Post: Property Management in western Puerto Rico

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272
Originally posted by @Luis Batista:

Hi Everyone,

I tried to do some searches on Google but came up short. Can anyone recommend property management services for Airbnb on the western side of Puerto Rico? Particularly around San Sebastian.

Thank you!

Our STR property management company is based out of Aguada and up and down the west coast, but we dont make it into San Sebastian for management.

Try and contact some realtors in that area. I have seen several realtor companies that also do PM for STRs, although I dont think you get the best service that way, its a way to at least get your foot in the door to talk to someone. 

Post: PR Real estate taxes

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272
Originally posted by @Brad Crerar:

Hi All, Is anyone able to shed some light on property taxes for a second home / vacation rental in puerto rico? I have read online it can be as high as 10-11% but 2 RE agents I have spoken to say property taxes are lower than mainland. Obviously $30k in annual taxes on a $300k house would greatly affect the investment potential. 

In addition, if anyone has a recommended lender and/or property management company they would recommend for PR, I would greatly appreciate it. Specifically looking at the Northwest part of the island. 

Happy Friday

Most property tax has not been reassessed in over 30 years, so property tax is relatively cheap. its the insurance you need to focus on.

Post: Buying in Puerto Rico

Aaron T.
Pro Member
Posted
  • Developer
  • Aguada, PR
  • Posts 899
  • Votes 272
Originally posted by @Anthony Rios:

Hello all, 

I am looking for recommendations of lenders that have been used for investment properties in Puerto Rico. I am from PR but as I live in Florida; I am interested in looking up realtors and lenders that work in PR. 

Penfed has a location on PR and may have a location close to you in FL. also look at the local Bank COOPs, they are helpful. outside of that you have the normal banks...oriental, Banco Popular, etc..