All Forum Posts by: Ivan Reyes

I'm not an act 60 expert but I know that there are chapters of the ACT relating to tourism where your SSR could fall into. These are essentially incentives for people developing properties for the tourist industry and people traveling here for tourism.

You just have to make sure you're setting up your biz around the Act requirements. US based firm developing for STR hiring local employees.

And of course you have to get your approval from the PR Govt to operate under the Act.

Much of what happens here is local. There's no formal MLS so you have to scour FB groups and classifieds to find deals. I'm looking in communities not necessary right on the beach but say 5-10 min from. There's also beautiful mountain towns for short-term rentals. Arbitrage as well.

You can buy here using traditional mortgage financing.

Hi All,

Buying investment property in Puerto Rico whether long-term or short-term rentals, is a great move. The island has some amazing tax breaks for real estate investors via their Act 60 formerly Act 20/22 tax laws.

That said, purchasing in PR is complicated. Working with agents in PR is complicated. The mortgage process can be very different then what you may be used to if this is not your first rodeo.

Most of the areas near the beaches are where people are focusing on, but not entirely. There are other areas of the island that are really conducive to investing. Take a look or reach out.

Thank you.

Ivan R

Hi All,

I'm a Mortgage Banker with Metro Island Mortgage in San Juan, Puerto Rico. Buying investment property in Puerto Rico whether long-term or short-term rentals, is a great move. The island has some amazing tax breaks for real estate investors.

That said, purchasing in PR is complicated. Working with agents in PR is complicated. The mortgage process can be very different then what you may be used to if this is not your first rodeo. You need someone on your side to make the process above board.

If you want a cracker-jack mortgage professional with 16 years in the bag, do give a call. I answer my phone, and respond to all my emails and texts. I'll never give you any BS. I'm also fluent in Spanish.

Thank you.

Ivan R

MY FB Page

The bain of my existence here in PR is the lack of an MLS. It's very haphazard. Agents positing "listings" of 1000 words and 7 photos of crap on 10 different websites including 10 different facebook groups. The images don't really help and rarely is there a link to a video.

I'm a mortgage lender in PR, but I'm from NYC. Anything I can do to help.

Hi Charleen,

I'm a Mortgage Banker with Metro Island Mortgage in San Juan. I recently moved to Puerto Rico from the U S.

If you need a cracker-jack mortgage professional with 16 years in the bag, do give a call. I answer my phone, and respond to all my emails and texts. I'll never give you any BS.

Purchasing in PR can be complicated so I strive in making the process above board. I'm also fluent in Spanish.

MY FB Page

Hi Tyler. I live in PR now, but I was born and raised in NYC. I'm a mortgage banker/investor and have been for 16 years. PR is a hot market. I'd say short-term rentals is the hottest market ie AirBnb. That said, PR has some amazing business tax incentives for Xpats (recently moved to PR). Many incentives are under the Act 60 laws that are very real estate friendly. Its def worth a trip to look.

Connect with me and I can give you at least my insider take on it. Thanks.

Ivan R

Hi Matt. I live in PR now, but I was born and raised in NYC. I'm a mortgage banker/investor and have been for 16 years. PR is a hot market. I'd say short-term rentals is the hottest market ie AirBnb. That said, PR has some amazing business tax incentives for Xpats (recently moved to PR). Many incentives are under the Act 60 laws that are very real estate friendly. Its def worth a trip to look.

Connect with me and I can give you at least y insider take on it. Thanks.

Ivan R

Anyone on the mortgage side run into a situation where you were able to close an FHA loan as existing construction one week after the one-year mark? I have a SFR in a rural area that doesn't have permitting requirements. I want to close this thing as existing construction but it's only like 5 days after the one-year mark.