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All Forum Posts by: Kathryn Morea

Kathryn Morea has started 34 posts and replied 166 times.

This month we welcome commercial real estate broker Emilio Fagundo. Have you ever wanted to invest in commercial real estate? Do you want tenants that pay all your taxes, insurance and maintenance? Learn about triple net leases, cap rates, land development, permits, commercial tenants (warehouse/office/retail) tenant improvement negotiations, commercial financing options and much more. Join us at 6pm for light happy hour and networking with pizza, beer & wine. Program begins at 6:30.

We will livestream the event to paid ticket holders

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

Meeting location is Base Co-working in Santurce. No parking is provided, please plan accordingly.

https://www.eventbrite.com/e/real-estate-investors-association-of-puerto-rico-reia-rico-tickets-161904539837

Post: Fourplex for Sale - owner financing!

Kathryn MoreaPosted
  • Developer
  • Posts 186
  • Votes 100

4 units remodeled building in family neighborhood of Fajardo, a desirable boating community on the east side of Puerto Rico.  Fajardo is where boats take off  for the best snorkeling!  Unit split: 2) 3 bedroom 1 bath units and 2) 2 bedroom units.  3 units currently occupied at about 850/mo rent each.  1 unit vacant.  Keep this a long term or convert to short term rentals for higher cash flow.  Owner financing, 50K down - no banks and no qualifying!  Step into positive cash flow from day 1!  Property management available.  Zachary 787/665-5923

Hi Charleen, I have relationships with several lenders on the island (and they speak English) but getting a loan for an investment property is very different that on the mainland.  I've heard it's possible.  Not sure I've seen it actually done.  If you have great documentation W-2 type income and you are not looking for the exact same thing that everyone else is looking (eg, a condo in a tourist area that won't allow airbnb's anyway) or a small multifamily in metro San Juan) then you may be in luck.  Be aware that it is a hot market in PR (still hot) and sellers shy away from offers that are not all cash.  I just want to set your expectations.  There are tons and tons of deals in PR for cash buyers and partnerships if that is something you would consider.

Post: Thoughts on investing out of state?

Kathryn MoreaPosted
  • Developer
  • Posts 186
  • Votes 100
Quote from @Jonathan Soto:

Not technically a state but Im very interested in Puerto Rico. Mainly Vieques and Rincon. If anybody has any experience or can put me in contact with someone who does, thatd be great. 


 I moved from California to Puerto Rico at end of 2020.  I am finding deals here make so much more sense than in California.  I've been to both Rincon (pretty competitive) and Vieques, which is beautiful but remote.  We have a very active real estate group on the island if you would like to connect.

Post: Creating a MLS for Puerto Rico

Kathryn MoreaPosted
  • Developer
  • Posts 186
  • Votes 100

Hi Chris, I also live in Puerto Rico and you are absolutely right about the way things work here!  I founded a very active real estate group on the island.  We meet in San Juan monthly and we also meet weekly.  See my signature for more info.  I'm sure there are many of us who would be interested in your bot and I personally know of cash investors looking for a deal.  

Hi Mark,

The bus tours, REIA Rico meetings and breakfast club meetings as well as the Whatsapp groups are great ways to connect when you are visiting and help make some of the connections you are looking for. I hope that helps.

Post: Intro/networking/STR Puerto Rico

Kathryn MoreaPosted
  • Developer
  • Posts 186
  • Votes 100

Hi Benjamin,

We have weekly and monthly meetings for RE investors, as well as a whats app chat specifically for STR hosts. If you are in town on Saturday, we meet at 7:30am every Saturday for Dealmakers Breakfast Club. Hope to see you there!

Hi Mark, 

I don't know if they are capping the over-appraisal.  That sounds like a reasonable clause, I just don't know if sellers are accepting it.  I think some sellers here have gotten used to being in a sellers market for the last few years. 

The cost for the install on the splits sounds similar.  I haven't had a 3/2 I can give you a comparison for yet.  My 3/2 has only been online for a couple weeks.  A 1-2 bedroom condo is under 100/mo in electricity in my experience.  I've heard electricity is going up (either just got raised or is about to be raised) although this is probably true in many places, not just Puerto Rico.  

Hi Mark, Welcome to Puerto Rico!  You ask many great questions, I'll try to answer a couple.  

Appraisals are common and of course required for bank loans.  As of July 1 Law 52 requires every single sale to have a plot plan and an appraisal even if its a foreclosure or cash sale.  It is being challenged but for now it's on the books.  Regardless, sellers tend to accept only offers that are not subject to appraisal, because the appraisals here tend to be notoriously low and it's simply accepted that the appraisal is not going to be the sale price. 

Window a/c units are the most common and easy to install. But they use more power, and power is not cheap.  Splits are more efficient but way more work to install.  The amount of electrical work can be very cost prohibitive.   I haven't personally used a bank to close a loan, so I can't speak to that.  If you are in the San Juan area, we meet weekly (Dealmakers Breakfast) and monthly.  You will find lots of people in our whatsapp group that you can post these types of questions to.  There is a vibrant group on investors here that network and share tips, you are welcome to join us.

Join Us! Get the inside scoop to invest—and succeed—anywhere!

If you have capital gains and are considering using Opportunity Zone strategy either in Puerto Rico or in general, we've gathered top experts (attorneys and CPA's) to get all of your OZ questions answered.  Additionally we have business and real estate experts all gathered in one room.  

Puerto Rico Is the place to create, invest, and grow! Oh, and the island is 98% OPPORTUNITY ZONE. Explore the top reasons why and how Puerto Rico enables the success of your vision. A market where the people are friendly and the vibe is tropical and laid back.

What: Puerto Rico Investing Mastermind

Where: Condado Palm Inn, 55 Condado Avenue, San Juan, PR 00908 ($149/night plus tax)

When: Monday, July 25 - Thursday, July 28

Time: 9-4 every day, Breakfast and lunch included days 1-3.

Cost: $997

https://huwa09bm.pages.infusionsoft.net

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