All Forum Posts by: Account Closed

I don't know why you couldn't do a 1031 exchange and then sell the PR property and pay much less taxes.  The trick would be finding a quick sale opportunity in PR like Candado.

Hi Mario,

Congrats on the sale of your property.  Puerto Rico real estate is perfect for someone who wants to get in at the bottom.  I go there several times a year for the last 12 years and I always check out the RE prices.  They are at rock bottom and rising.  There is more building there than I have seen in a decade.  Old buildings are being torn down and replaced with new ones.

If you buy in PR check out the location nearest the airport specifically Isla Verde.  There are some condos that are a great value 5 minutes from the airport.  Give me a shout if you are serious I can advise you about potential mistakes.

Cheers,

Charles

Forget PR banks and Insurance companies. They both rip you off.  You are better off securing money here and buying there.  If you are planning on renting your property look at Isla Verde and Condado.  Remodeling is cheaper there because the labor is so much less.  A good carpenter in San Juan is $100 day and electrician $150 per day.

Hi Steven,

I bought a condo next to the Ritz Carlton three years ago.  There is nothing like flying into San Juan Airport and seeing your building from the airplane.  I would be happy to answer your questions. 

Best,

Charles

To anyone interested in a 2nd home or rental property in Puerto Rico and would like some advice from someone who has done it.  Feel free to give me a shout.  If you need a place to stay while you are looking we do rent our 3 bedroom 2 bath apartment in Isla Verde next to the Ritz.  There is nothing like flying into SJU airport and seeing the blue roofs of the Ritz and being 5 minutes from the beach and the apartment.  Prices are stupid cheap right now and they are not going any lower even with the hurricane.

Cheers,

Charles

LIONS AND TIGERS AND BEARS OH MY!!!!!  

Good points were made by all.  I must say that any comparison of Puerto Rico is obviously made by someone who has never been to PR.

Its not for everyone but the price is right and the time is now for the right person in the right circumstance.

Cheers,

Charles

We bought an ocean view three bedroom two bath condo in a boutique building next to the Ritz Carlton for a super cheap price.  the owner was willing to carry the contract with a balloon in  three years.  I would recommend PR to anyone wanting to get the buy of a lifetime.  PR is what Hawaii was in the 60's and what Mexico was in the 70's.  I have met so many NYers who are taking their pensions and living like kings in the beautiful carribean.

I could use some tax help because I am not a resident and I have considerable rental income from the condo

Does anyone have any experience with the income received on rental property.  I would like some help in filing the forms.  I am not a resident.

Thanks in advance,

Charles