All Forum Posts by: Kathryn Morea

@Tony Yares - We do have a meetup, the next couple meetings will be in the San Juan area, so it's a bit of a hike from Rincon, although maybe we will have a meeting out that direction at some point. You can find info under the announcements section on BP or in facebook or eventbrite & meetup under REIA Rico. The next meeting is on Weds March 24 in Old San Juan. We also have a Whatsapp group - if you dm me, we can add you to the group. We also have access to some wholesale deals - houses that need to be fixed up, if that is of interest. I hope to see you at one of the future meetings.

OK, I checked with Max and he says that currently Sunwest is not doing HELOCs, they are doing purchase money mortgages only. HELOC's might be available again at some point with Sunwest, but not at this time. Sorry. You might check with the local PR banks like First Bank and Banco Popular, if you haven't checked with them yet.

Have you looked into Sunwest?  They have offices in Puerto Rico and stateside.  I have a friend who lives in California but is licensed in many states including Puerto Rico to do mortgages with Sunwest.  Try called Max Abrams 949/689-9142.

Hi Carlos - I saw your post - just wanted to add my 2 cents. I currently live in Puerto Rico and we have a real estate club that meets tomorrow Weds at 6pm in Condado (REIA Rico). Someone is bringing some wholesale deals from various cities on the island. If you are considering fixing and flipping in Puerto Rico, this might be a good meeting to attend. I've posted in the announcements section on BP, it's also in meetup and eventbrite.

Hi Chad - welcome to the beautiful island of Puerto Rico. We have a REIA group that just started. We are meeting on Weds 2/24/21 in Condado. I have a flyer posted in the announcements section of bigger pockets. It's also in meetup and eventbrite. Please RSVP online so we can send you the address of the event. I look forward to meeting you.

@Mike Lambert  

Mike, great discussion! Yes, you make an excellent point about Puerto Rico not being as big of a vacation destination as some of the other areas nearby.  I've heard it said that only 7% of Puerto Rico's economy is tourist based.  Historically, Puerto Rico focused on pharmaceuticals and never got quite as dependent on tourism as places like Hawaii and some other parts of the Caribbean.   That could be seen as a positive or negative.    As an US based investor, I find certain comfort in investing in Puerto Rico, which is a US Territory, but obviously since you are comparing your investments to international investments, you may be looking at things that I am not.  And while I am not against investing in Mexico, DR or Columbia (I've heard some great things...) there is a sweet spot as an American investing in an area that I don't need a passport to travel to, and that uses the same currency, and feels safer because it's part of the US.  But that's not to say that higher return investments don't exist offshore.  You have much more experience than I do in international investing.   

I do think Puerto Rico should work a bit harder to build its reputation as a travel destination (which is probably why they have created incentives like act 74, which offers tax credits on tourist/hotel type of projects), and they do have other things in the works I've heard are coming.  That said, there are tons of tourists here.  Lots of folks from the east coast of US. And the cruise ships aren't even running right now.  But there are loads of tourists here, I see them all day long.  In fact, the busiest flight path in world is is between Orlando and San Juan, PR. (as reported 5 days ago  News.com.au) https://www.news.com.au/travel...  

As for tax incentives, you are absolutely right that they should not drive the decision but be a bonus if the deal works.  That's spot on.  I work with many investors like myself who have US tax liability - knowing I can create an act 74 project in PR where 30% of my investment is given back in tax credits makes it extremely desirable for someone like me, since running short term rentals is something I was doing for over 12 years in California with no tax benefit. Why not own short term rentals in beautiful Puerto Rico and get a tax advantage to boot?  So for me it's comfortable and it's close.  That might not work for everyone.  

I agree, Puerto Rico has amazing opportunities right now. We have a local REIA (REIA Rico) starting this month on the 4th Weds of each month. You can find the post in the announcements section of BP. There are tax incentives like Act 74, tax incentives for residents like Act 60, and virtually the entire island is opportunity zone. Plus much more. There are a lot of reasons I am very bullish on Puerto Rico.

@Kathryn Morea

It was great meeting the BP folks on Sunday. I want to let you know that we are in the early stages of forming a REIA for Puerto Rico, as we discussed briefly on Sunday. It will be a place to share deals, contractors, agents, attorneys, etc as well as share education and other resources and network. We are planning to meet the 4th weds of each month. Venue and first meeting to be determined. Likely Feb 24. We've already lined up a few great speakers. Stay tuned, I will post an update over next few days. -Kathryn

Hello fellow PR peeps, I'll be there!  @Andre Crabb nice meeting you last night and giving me the heads up.  I'm originally from Santa Monica, CA.  I've been a real estate investor forever. I sold my Cali properties and moved to PR 2 months ago.  I live on the sand in beautiful Isla Verde.  I look forward to meeting you!