All Forum Posts by: Kathryn Morea

@Tsedey B.  Yes, it has gotten more expensive, especially in the tourist areas like Old San Juan/Condado/Rincon.  Buying outside of those hotspots is not so expensive, but yes, prices have increased since the lows right after the hurricane.  Reach out to @Zachary Postil, he can get you the NDA and a list of available properties that have already started the muni eminent domain process.

@Dhaval Taylor - I am actively investing in and living in Puerto Rico.  95% of PR is also opportunity zone and I'm involved in a couple of OZ funds here.  I have not yet focused much on multifamily, but I am seeing demand. Can you tell me what price range/unit size you are looking for and which area(s) ?  If you pm me directly, we can chat further.

@Tsedey B. - Are you spending some time in Puerto Rico? I live in the San Juan area and agree there are a ton of abandoned properties all over the island.  The municipalities here began a new program in November 2020 to eminent domain blighted/abandoned properties and sell them.  There is a court process they go through which does take some time (6 months).  It just started, and there's a lot of properties !  I'm involved in the program restoring some of these properties once they have gone through the process.  I am still learning more about it and will have more answers over the next couple weeks/months.  The properties I am seeing have been abandoned 10 years or more, but many still have good structure.   As for other properties, you can use websites showing tax records here https://www.crimpr.net/ and perhaps use skip tracing services like TLO to find owners.  (I haven't done this personally).  Like you, I see the opportunity here. 

@Eddy Jerez - Sounds like you are watching the market in PR and see what's going on!   Act 74 is for tourism like hotels and airbnb's to get a portion of their investment back in the form of tax credits (30-40% but do your own due diligence) which is a great benefit to owning property in a market that is likely rising.  I'm not sure I understand the question of how Act 74 helps regular investors in PR?  Do you mean those who don't wish to invest in tourism projects?  Like for long term rentals? You can check 132-2010 for long term rental tax exemptions.  There are lots of other tax exemptions too, as well as like 95% of Puerto Rico being opportunity zone.  Eddy, do you live in Puerto Rico?

Hi Will,

Thank you for your interest!  I do plan to record the event (not live) but at the moment, I am not "distributing" / posting it.  I just want to have a record of it - we may offer it as archives to members so they can watch prior events. We are a new club (just 1 meeting so far) so this may be something we will be able to add soon.  Would you consider paying for and attending virtually, even if you can't attend in person?

@Janice Zayas Thomas  Oh so you already know how it works in PR!  It's a bit of a different game here because many of the listing agents don't (necessarily) cooperate with buyers agents.  Possibly because they didn't negotiate a large enough commission with their seller to be able to split it with the buyers agent.  Meaning sometimes you have to track down a bunch of listing agents and they notoriously don't answer or return calls.  That said, there are some good ones who are motivated and will work.  One workaround I have heard is to have an agreement to compensate the buyers agent.  So buyer pays their own agent and seller pays their agent.  Then the buyers agent knows for certain they will get paid and will do the legwork needed to track down properties for the buyer.  Keep in mind that it is a "hot" market in many of more desirable areas.  Meanwhile, I am working on finding agents to partner with and feel confident in referring buyers to them, so stay tuned :-)  

@Jorge Rivera  I'm currently living in Isla Verde and seeing lots of properties snapped up by investors and being repaired and cash flowing.  Tourism looks to be doing really well where I am.  The hotels are full or nearly full.  The low airfares and maybe cabin fever have contributed to lots of visitors from the mainland.  The folks here who have airbnb's that I know personally are booked solid!   There was a dip last spring, certainly a painful April 2020, but it's good now.  Are you aware of Act 74?  It applies to hotels and airbnb's and has some great tax credits.   

@Ryan Goldrick

There is a meeting this Weds 3/10/21 in Condado area at the Treehouse (formerly Tantalo) which is not real estate specific but is networking and there will be real estate folks and others there.  It's called  "Uncommon Entrepreneurs".  I think it's from about 7-9 or 10pm.

Hey @Christina Pagán

We have a meeting each month in Puerto Rico.  (I'm hoping my answer doesn't get deleted as I think it will be useful to you.) I've posted last months event in the events section of Bigger Pockets.  Unfortunately, I'm experiencing a bug and it won't let me post this months event.  While I work with support to resolve, please know that our meeting is the 4th Weds of the month and is listed in eventbrite and meetup.  And hopefully will show in BP later this week.  You can network with other investors, agents and others in the field at the meeting and hopefully get you started in the right direction.