Puerto Rico

Angel9
Level 1
New York, NY

Puerto Rico

Looking to connect with hosts in Puerto Rico.

 

Please hit me up.

 

Mainly want to connect with those more experienced who have gone through high/low seasons.

 

And how they manage to stay on top of the tides.

134 Replies 134
Janice246
Level 2
Clearfield, UT

Would love to follow your journey Carlos! I’m new too, and looking to buy in PR. Keep posting! 🙂

Kelly792
Level 2
Mukwonago, WI

Can some hosts near Ceiba speak to the Airbnb laws, property tax costs and utility costs near Ceiba? 

I’ll share my personal experiece from this year which might guide you. I don’t know what’s the distance definition of “near Ceiba” - 1 mile, 20 miles, etc.

 

1) Property tax is based on nonprimary home status and the value of your home. Since I don’t know if you plan to live in that home, I can’t write more.

 

2) Utility cost is based on a lot of factors: Electric only, old appliances, new appliances, house, condo, old water heater, new water heaters, size of unit you want to cool and used water, etc.

 

3) AIRBNB law seems to be almost nonexisitance. Before I purchased my condo in P.R. for 100% AIRBNB, I wrote a letter to the municipality where the condo was located, P.R. Governor, PR commerce security, P.R. Office of Tourism. I met with the mucipality’s vice mayor. Conclusion: ZERO AIRBNB regulations. 

 

Instead look into the community you plan to buy. If it’s a condo, check the HOA rules. 

do you have any experience on getting a host to care for your property?

I love the specificity of the reply!  You are awesome. 

 

I am looking at homes versus condos to ensure that the HOA rules are not a factor. 

 

I am currently looking at properties in Ceiba and Fajardo.  So anywhere within city limits is fair game.

 

I called the municipailty and I have to admit the gal I talked to seemed to be slightly clueless but also echoed that she did not think there was anything on the books. 

 

For electric, I was hoping for broad strokes as I am just looking at properties now.  I have been mildly disappointed in the lack of information on previous utilities for the properties I have looked at. An estimation is what I am after.  $10/50/100/200 ?  Your experience is fine for my generalities. 

 

I will not be living in the house.  I saw a reference to 9% property tax.  Is that accurate? 

Sam589
Level 2
Washington, DC

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I'll give you my direct experience with variance.

1) I paid $141,000 (foreclosure). My property tax is $1,700 per year in the municipality of Vega Alta. 

 

2) I was in P.R. about 10 days per month this Jan, February, and March and my bill ONLY were about $20 per month!!! Why that cheap, I don't know. I don't run my AC much too, and I had "cutting edge," brand new Fujitsu ACs (five of them) with inverters and WiFi connection. My penthouse is 2,200 sq ft, but I do get a great ocean breeze - I'm on the top floor/5th facing north towards the ocean bordering Dorado - Ritz Carlton is 2 miles east of me. Maybe $100/month full-time AC bill for a month WITH high SEER. Mine at about 19 SEER. Don't forget to also check EER to do a comparison. Let me know if you need an AC contact. I went through Costco AC contractor.

 

3) I have ZERO interaction with the PR government of any kind for my soon-to-be AIRBNB penthouse.  I tried.

 

4) Another method is to try to get your hands on any of the HOA condo/gated house rules to be 100% sure you can't be stopped. You'll be very upset if you buy a home in a gated community, and find out the gated community MIGHT have rules against AIRBNB. 

 

5) I recommend you look "way" beyond utilities and perform a return on investment model to focus on how the paid ratio (what you pay for your unit) to AIRBNB rate first. The less you pay for your house, the quicker, and better, you can make a profit. Here's a case study:  If you buy a $200K home, and if you get $249/night - used AIRDNA to get your daily rate average -  and other research, if you rent about 50% of the year (utilization rate), you could get ALL your money back, $200K, in about 6 years and thereafter "gravy" plus IRS publication 527 "benefits"/write-offs. 

 

FYI: I used home path site for two years before I found/bought my unit. It will also retirement place in about 10 years.

 

3) 

 

This is perfect!  I am in the process of putting together my small business plan (it is only for me, but I have done one for every project I have ever put together and it is now my MO for looking at return on investment etc.) 

 

I am looking at single home investments as opposed to anything in an HOA or any condos.  I have a very low initial purchase price on the properties I have it narrowed down to.  The per night price is low but the option makes me cash forward fairly quickly.  

 

 

You might know this already, but rarely is there a sold property that doesn't need additional cash investment - new water heater, security camera, sofa, water filter, refrigerator, etc. Once I post my unit online - VERY SOON - you'll see a competitive advantage I'm trying to seek in superseding customer expectation, simulate AIRBNB Plus accommodation & eventually be AIRBNB Plus certified. In return, I SHOULD be able to get MORE business & higher rate through quality. I'm a big fan of Harvard's Michael Porter competitive advantage business model. 

Kelly that is exactly what I want. I prefer SF because they’re cozier properties and less “hotel like” yet still great service. I really really really want beach front which is harder to find. I worry about yard maintenance being out of state. But we’ll cross that bridge when we get there. Do you have a reputable agent, or wholesaler you recommend? We’re open to any area on the north west coast (San Juan, Condado, Isabela, Cabo Rojo) but  would consider Luquillo also if the right property comes along at the right price. 

 

Looking forward to following your journey. 

We’re planning on flying out end of July to look at properties. Really need someone honest and reputable, and reliable. 

Do your homework!

i have a contact who is also a federal employee in PR. I would trust him but you still have to stay on top of everything!!! Accountability!! I just went through this crap and have the “scars” prove it, but it was exciting and I got a hell of a deal. Again, I did a lot of homework...a lot! This includes writing certified letters to my closing company with a threat. Everything worked out cuz I held everyone accountable.

 

Good luck getting return calls! This was my biggest problem with almost everyone including the attorney. This is why I certified, express letters that needed to be sign and jeopardized their licenses if they deviated from my written instructions. Even the locals were impressed how much I got done in a very short period.

Yeah. I grew up on the island and I’m well aware of how hard it is to find good resources. I have your info Carlos, which I appreciate. We’re now making sure we focus on finding a property and go from there.  

Hi, I’m a Host in PR and  my experience so far had been positive with guests but today I’m a little not too happy because the guest brought 8 people to a 5 only guest accepted.
🤷‍♀️ I’m looking for advice…

beside my actual situation I couldn’t help to read that Carlos is looking to buy in PR and I have a good news I do have a  2 units with separate utilities for sale beautiful 3 beds in the historical Guayama PR let me know if need more info. 
im not a realtor 

Hey Angel! I run a real estate firm that handles ALL THINGS REAL ESTATE including buying properties to put on air bnb, registering Airbnbs, cleaning air bnbS and property managing air bnbs. Please feel free to research us on google. MAPA Realty to contact us directly 🙂