All Forum Posts by: Victor Chico

I don't think they do. The only US bank that I've recently seen in PR in SunTrust.

PM and I see if I can help. I recommend you also PM @Dennis Rodriguez.

@Juan Bravo

Check out the people @Dennis Rodriguez mentions.

If a bank won't be involved, make sure you do a title search ("Estudio de Titulo"), make sure property taxes are paid and I would get Title Insurance (just to be safe and it's cheap).

I don't know about any specific problems/issues/concerns with the owner financing part. It all depends on whether the owner wants a guarantee or not. This could be written as a personal loan (better for you) or as a property lien (better for the seller). You'll have to work that out with the seller.

I haven't heard of buying tax liens in PR. The agency in charge of property taxes is CRIM. I can't even find a register of the properties that they have liens on (and they are supposed to have it).

Welcome boricua!

@Felix Fuentes:

That's currently what I do. I would love to talk to you further. Send me a private message.

Born and raised in PR here. Economy is bad and the government just defaulted on its debt. Congress is trying to push law that would put our finances under the control of a board whose members are nominated by the President.

As in every crisis, there are opportunities. You can definitely get good deals on beachfront (or beach-near) property. Old San Juan, Condado and Isla Verde are the areas I would put my money in and the ones that will rent as vacation rentals. Be careful of clauses that restrict short-term rentals, most buildings have HOAs.

Make sure that your deals are cash-flow positive and don't expect values to go up (or to be able to get rid of the property) for the next 10 years (at least).

I suggest contacting a CPA. This is a link to their association: http://www.colegiocpa.com/

Also, HR Block has been doing business in PR for a few years and they also do business in the Continental US. They could also be an option since they can serve as a one stop shop. I have never dealt with them so I can't vouch for their service.