All Forum Posts by: Kathryn Morea

@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?

Hi @Bryan Covington,

Glad to hear you are moving to the beautiful island of Puerto Rico. I moved here last year. I am also in real estate. There is a lot of real estate opportunity in PR. We actually have a real estate investor association in the San Juan area (ReiaRico). We meet on the 4th Weds of every month - Aug 25 for the month you are here. The event is posted in the Bigger pockets event section. We also have a dealmakers breakfast club at 7:30am on Saturday mornings at Gustos Coffee in Miramar, as well as a whatsapp group with over 200 members. I look forward to seeing you at the REIA Rico meeting, I think you'll find it useful for making the connections you wish to make here. Welcome!

This month we are talking all about OPPORTUNITY ZONES!  Did you know that 98% of Puerto Rico is designated as a Qualified Opportunity Zone?  Learn about this fantastic tax saving, wealth building strategy when we have OZ Specialist, Attorney Ashley Tison take the stage and answer our questions about how to invest in, set up and run an Opportunity Zone.  6-6:30 Happy hour and open networking.  6:30-8:45 Market report & presentation.  Tickets on eventbrite $20 in advance or $25 at door.

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

Hi @George Munoz,

I live in Puerto Rico and know a few agents here.  Do you know which area your seller wants to move to (San Juan?  Rincon? Isabela) ?  That will help me refer someone in the general area for you.

-Kathryn

@Aaron T.  

Hi Aaron - you can get online info here https://www.crimpr.net/ to look up some info.  I also use landglide app on my phone for property info.  The inheritance laws have made many abandoned properties, but those are now being identified as blighted properties and can go thru the eminent domain process to be sold and rehabbed.  We have been starting the process to get these houses rehabbed but the program is not implemented in every municipality yet and it takes time to go thru the courts.    These are in local markets, not so much in tourist areas.  I find it's better to connect with the deal, then see if it works and see if you like the area, rather than find the property and try to make that particular property into a deal.   I hope that helps.

Hi Jonathan, I live in Puerto Rico - I moved from Santa Monica last November. I'm a licensed agent and longtime investor. The market here (like most places) is hot. We have an active investor community.  We can connect privately and you can fill me in on what you are looking for and maybe we can help or point you to someone who can :-)

-Kathryn

Hi Brenton, I live in Puerto Rico.  I moved from Southern California in November 2020. Housing is generally less expensive than Southern California, although there are a few areas that have gotten expensive (Condado, Dorado, Old San Juan) and in general everything has been appreciating.  To my knowledge, property taxes are actually quite low, so I'm not sure what you are referring to.  Utilities from my personal experience are similar or lower.  Although some with large homes have high electric bills from running A/C.  I run A/C all night and my electric is less than $100/mo.   Gas is cheaper than in Cali.  Health insurance is both better and cheaper.  Food is sometimes more expensive.  I suggest you watch some youtube videos (there are hundreds) and check the facebook group for Act 20/22/60 for posts about particular topics that interest you.  You will find a vibrant community of others who have left high tax states and love living in the paradise of Puerto Rico.  I hope that helps.

Hi Frank,

We have a real estate club now in Puerto Rico, REIA Rico, meeting on the 4th Weds of each month. Yes, there are wholesale deals. You can also join the Whatsapp group where people sometimes post deals. Contact @Zachary Postil about the wholesale deals and the whatsapp group, he can help you.