All Forum Posts by: Kathryn Morea

Hi Gerlyn, there's a bunch of us investing in PR.   Lots of resources we can share.  We meet on Saturdays and monthly at in San Juan.  DM me for details.

We have a real estate investors group in the San Juan area and we meet weekly and monthly.   DM me for more details.  There's a very active market here of real estate investors.

Hello Ian,

I live in PR.  We have lots of investors and investments in PR.  I'm not sure why your EIN is a problem, usually this can be done online in about 2 minutes.   Anyway, we meet weekly and monthly.   Reach out to me for more details.  

Agreed. I live in Puerto Rico. Lots of deals still available. And PR hasn't fallen in prices like some areas of the mainland have. You can buy using traditional financing for home purchases. For investment, it's a little more complex. For example, last summer you could buy using DSCR (debt service coverage ratio) for purchase or investment property for a self employed applicant. But last I heard, that product was no longer available in PR.

The best way to get deals in PR is to have cash. If you don't have cash, find people who do. There's lots of lazy money in the mainland looking for a good return. Talk to your friends, talk to your family. See who has an IRA / 401k that's invested in stupid stocks (sorry, I prefer an asset class I have some control over: forced equity real estate). Find a way to raise the capital and you can make some great deals here. Conversely, if you are in the mainland, find some PR based investors to partner with. If you are buying a property that needs rehab, it's really best to have boots on the ground to manage the project. This is not an easy place to manage a construction project and even more so if you aren't on the job site every day. On the other hand, labor is fairly cheap compared to many areas on the mainland. (Minimum wage is federal, so that's the same.)

I know many people here that are killing it in the RE market right now. 

To find deals, use facebook, clasificados, local whatsapp groups, point2homes, zillow and even stellar MLS, as well as word of mouth, signs and door knocking to find great deals.

DM me if you want to discuss further.  Good luck.

Hi William, 

I don't know a lot about that area specifically,  you can try Classificados Online, Facebook Marketplace, Point2 Homes for some local listings.

Hi Loren,

How exciting that you have a development opportunity in Puerto Rico! May I ask what part of the island?  I'd love to know if you have a team and what sort of project you are planning.  I also have 45 cuerdas that was previously approved for 200 plus homes to be built.  Currently 8 are partially build. 

Remember that PR has it's own taxing body (SURI) and the tax laws are very different from the IRS laws.  Some overlay.  You won't avoid any taxes in PR if you make any $ in PR.   You will need a PR accountant.  Many of them don't want new clients from the mainland because of the steep learning curve to explain how things work here in PR.   Start calling and asking around. 

There are lots of tax incentives as well, especially tourism real estate.  Not sure if there is anything for new build for the developer, but there are vouchers for the end buyer.  Keep me posted and feel free to DM.  I live in PR.

Do you have a question about the permitting process in Puerto Rico ? Have you considered buying an investment property in a historical area which is governed by the Cultural Institute? How do you navigate getting Act 60 Tourism tax credits?If these are questions you want to learn the answers to, be sure to come to our monthly REIA Rico meeting on Thursday Feb 26;

$20 in advance$25 at the door

https://www.eventbrite.com/.../real-estate-investors...

6pm - Networking Happy Hour

6:30-8:30 - Presentation

Hello Jose Juan Lugo Munoz - we would love to meet you - we are in the San Juan area.  DM me for details.

Hi, I thought I'd chime in here.  I have not done any of Jerry's programs, but I do watch his youtube videos which you can learn a lot just from watching those.

I must say I disagree with this statement, and perhaps I just don't understand:

"...their companies "Proof of Funds" which I now know is not a valid/legal contract unless it was written and signed off by an attorney. An individual cannot write a contract without a license to practice law!!!..."

Hogwash, individuals write contracts all the time. Real estate agents as well. These are not attorneys. There is nothing wrong with writing a legally binding contract to sell or purchase a piece of real estate using a contract written at the kitchen table. Further, you can act on your own behalf or on behalf of an LLC and use that LLC's proof of funds (providing you are the owner or authorized to do so). I have personally made HUNDREDS of offers on properties over the years and only used attorneys when required for closing or for litigation. I've used LOI (Letter of intent), I've used home drafted word documents, I've used CAR (California Association of Realtor) offer forms etc. Any one of those can work to get you into escrow or "under contract" so you can then get the closing attorney/escrow/title or what have you (depending on jurisdiction) involved. That said, if this is a particularly complex deal, get an attorney to review if you like, but don't assume you can't be a real estate investor without an attorney drafting every purchase contract.

We have STR's in Puerto Rico. There's lots of advantages to owning in PR including tax credits for hospitality projects and virtually the whole island is an opportunity zone. Keep in mind that prices here have risen over the last couple years, just like most of the mainland. And you will be searching for the same product that most other people are also looking for, so it's competitive. DM me for more info.