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All Forum Posts by: Jorge Lopez

Jorge Lopez has started 1 posts and replied 4 times.

Post: Networking for Short Term Rentals (AirBnB) In Puerto Rico

Jorge LopezPosted
  • Rental Property Investor
  • California
  • Posts 4
  • Votes 1

@Aaron T.

This is all great advise - thanks for taking the time to share it!

Post: Vaca Rental Market in Puerto Rico still recovering?? tax benefit?

Jorge LopezPosted
  • Rental Property Investor
  • California
  • Posts 4
  • Votes 1

Hello Rebecca Cramer,

You mentioned the tax benefits associated with Puerto Rico and this is something that I have been very interested in as well.  I found this article published by Nomad Capitalist that was very helpful:

PUERTO RICO TAX INCENTIVES: THE ULTIMATE GUIDE TO ACT 20 AND ACT 22

There are many requirements that need to be met in order to benefit from these tax incentives but it seems that the one that people have the hardest time complying with is being a "bona fide resident".  Essentially, you will need to move to the island and live there in order to qualify for this tax incentive. 

Hope this helps!

Post: Networking for Short Term Rentals (AirBnB) In Puerto Rico

Jorge LopezPosted
  • Rental Property Investor
  • California
  • Posts 4
  • Votes 1

Good question @Canesha Edwards and thanks for your input @Aaron T!

As you suggested, I looked into Act 22 and I found this great article on on the subject published by Nomad Capitalist:

PUERTO RICO TAX INCENTIVES: THE ULTIMATE GUIDE TO ACT 20 AND ACT 22

It seems pretty clear that I will not currently qualify for either of these tax incentives but it could be something to work towards some years down the road.

Your comments about investors rather than locals being the sellers also makes a lot of sense. My plan is to use the BRRRR strategy and a linchpin of that strategy is to buy properties at (or below) 70% ARV. This means that I will have to put in a lot of work networking with the local brokers while I am on the island!

Post: Networking for Short Term Rentals (AirBnB) In Puerto Rico

Jorge LopezPosted
  • Rental Property Investor
  • California
  • Posts 4
  • Votes 1

Hello BP Community! My wife and I are finally ready to pull the trigger and execute on the business plan that we have developed which is based on applying the BRRRR strategy to short term vacation rentals (AirBnB) in Puerto Rico! However, we are also very much aware that this will be our first real estate deal as investors. That is why we are reaching out to the BP community to try and connect with real estate investors who have operated in Puerto Rico. Our goal is to prove to these investors that we can provide value for them as we learn as much as possible about doing business on the island.

Why short term rentals in Puerto Rico?  I'm Puerto Rican and I still have a lot of family that lives on the island.  My wife and I both speak Spanish and we love enjoying everything that PR has to offer and sharing those experiences with friends and family.  Additionally, vacation rentals offer a unique opportunity to help heal our beloved island as it is still recovering from the effects of Hurricane Maria (I go into more detail on this in my business plan).  Investing in Puerto Rico fits perfectly within our plans of "lifestyle investing" 

A little about us - I am an engineer in the aerospace industry (mostly working on rocket engines) but my wife is the one with the hard job of staying at home with our two boys.  I have a tendency to be overly analytical and get stuck in "analysis paralysis" but my wife a woman of action so we make a good team.  We live in California but we will be visiting Puerto Rico later this month (late July to early August 2019) and we are looking forward taking the actions necessary to get started in our real estate investment career.

We openly welcome any information that the members of the BP community would like to share with us and we would love to connect and share our business plan with anyone who is interested.  Thanks for taking the time to join this discussion!

P.S. One of our goals is to be successful enough to be invited on the BP podcast :)