All Forum Posts by: Genesis Rivera Rios

My daughter and son in law looking into an owner financed duplex to house hack in Puerto Rico - wondering if anyone had tips on this markets - differences or similarities with mainland

everything in PR is behind at least 60 years.  everything in PR takes longer. It takes longer to get a phone answered, takes longer to get your realtor to respond, takes longer to walk into a bank and get served, takes longer to open accounts, takes longer to apply for loans, takes longer for the municipalities to stamp docs, takes longer to close, takes longer to do just about anything. 

I think the above kind of spells out that you need to have time and patience when purchasing down there. closings will take 60 days plus for finance and just a little shorter for cash. Additionally, be prepared to pay for EVERYTHING, so keep extra in the budget for things you would not normally think of. BTW, if you are financing, then you need to use a bank or credit union on the island. 

besides everything taking longer, being tickled and died to death, not getting responses until days later, everything else is pretty straight forward. 

With all that said, its still a beautiful place.

@Genesis Rivera Rios

Ok great. Sounds like soon you’ll be on your way to accomplishing your goals.

Would like to know how was the process from start to finish when you complete your transaction.

I will be in puerto next weekend on the 13th for an Invester meeting and a JV partnership in San Juan. There's a good real estate network meeting on the 18th that will explore section 8 rentals that you would enjoy, might give you options on renting.

PM me if you would like to get Coffe I’ll be in el Condado.

Congrats on your purchase

@Genesis Rivera Rios

Hello Rios

Hope all is well. Since this post that I wanted to ask you if you’ve invested in Puerto Rico? Or invested in any asset class?

I will. Please send me your email address through sparksconsultingservices.com so we can talk directly. I have some business relationships in PR.

Philip

Genesis,

Here are a couple of good places to start research on O Zones.

https://eig.org/opportunityzones/resources

https://www.novoco.com/resource-centers/opportunity-zone-resource-center/about-opportunity-zones

I do not know this company, however here is one in PR.

Puerto Rico Opportunity Zone Fund, LP
Monllor Capital Partners LLC
Jose A Torres

Enjoy,

Philip

I meant where are you planing on investing and what made you want to invest there??

Puerto Rico is a volatile market right now. I use to live in Cabo Rojo and had been on the look out to buy a Condo down there. You best bet is to find a foreclosure property in the metro area where employments rate still decent. Be really carefull with tenants and triple check employment status.