All Forum Posts by: Kathryn Morea

Hi @Adam Lorenz,

I don't have anyone that I am specifically working with or know well in those areas (at this moment).  Try looking in Clasificados online.  Best of luck.  

Hi Wilfredo,

Yes, I am in Puerto Rico.  I live in Isla Verde.  Where are you living?  I have an appointment Friday to view a duplex in Rio Grande with the owner/seller.  I'm a licensed agent in California and will soon be licensed as well in PR.  DM me and I can provide more information.  I look forward to meeting you in August.

@Ricardo Morales - One more thing, if you are not paying cash, be sure you are prequalified with a Puerto Rican based lender or bank.  Mainland banks will not issue mortgages in PR, unless they have a PR presence and license (like Sunwest).

@Ricardo Morales - There are many condos that do allow STR, but you have to search hard to find them, and they are (IMO) pricier because the desirability from outside investors. Puerto Rico Condominium Act 129-2020 passed in Aug 2020 prohibited HOA / Condo associations from banning STR unless the master lease/bylaws expressly prohibit STR. So there's that, but still a bit of a search. Another option is to buy a single family or duplex/triplex and then you usually avoid the HOA issue. Market is on fire right now. And there are not enough hotel room or STR units to meet demand. Please budget for 200K and up. If you are serious about purchasing, and you have the cash or are pre approved, please contact me directly and I can help you or put you in touch with agents who can help you.

https://www.eventbrite.com/e/r...

Hi Brady,

We have a very active investor community in the San Juan area in Puerto Rico. We have a monthly meeting REIA Rico in Miramar - check the events section of Bigger Pockets. We also meet Saturday mornings at 7:30am in Gustos Miramar for our deal makers breakfast club. I'm an agent and know at least 5 agents who can help you. Investing in Puerto Rico is very different than in the mainland. DM me for me details on the meetings and how I can help.

We have chartered a bus to drive from San Juan to the west side of the island. We will tour 3 opportunity zone projects, additionally, we will stop at several view points. Lunch & dinner included. We are also doing a boat tour of the bioluminescent bay in La Parguera. (space is extremely limited on the boat portion of this tour). Investors from OZ Works and WREN (Womens Real Estate Network) as well as members or REIA Rico have already signed up. Only a few spots left on the bus. Please email [email protected] if you are interested in joining the tour.

@Jacob D. Lange - For Act 74 (touristic projects) I believe there have to be multiple units, but I don't know the minimum. Sounds like you have a good plan. Sort of a BRRR method? Keep in mind that financing is a little more challenging. Last time I checked, there were no cash out refi's possible, and there are some bigger costs when doing a refi like 1% for the notary / attorney to redraft the deed and record it. So that part is a bit different than where I came from in the states.

@Jacob D. Lange - Congrats on your property in Luquillo. I have a friend who bought a small inn in Luquillo, renovated, applied for act 74, (30% back in the form of tax credits) and now has it occupied almost 100%. Luquillo is a great area with good surfing as well as lots of restaurants nearby. I bet you do very well on that. We have a great group on investors here in Puerto Rico (REIA Rico) and we meet monthly (see the events listing in Bigger Pockets) - we also meet Saturday mornings in Gustos in Miramar for our dealmakers breakfast club. Are you looking to acquire additional properties?