If you combine the top 5 hotel brands in the world, you’ll find that Airbnb has done better than them all. There are more rooms available on Airbnb than these companies have been able to put together, meaning that an Airbnb investment property is a pretty good idea. If you’re considering an investment property in Puerto Rico, this could be the way to go. Here are four tips for putting together your investment. 1. Find the Right Neighborhood Short-term rentals on Airbnb typically serve a very specific purpose. Most hotel properties are located by airports and transit hubs. If not, they’re located in downtown commercial sectors for servicing working people and tourists. If you’re looking to buy a property in an up and coming city, think about tourism and where people are looking to enjoy their time off the beaten path. The places to seek out an Airbnb property are near the hip bars, cafes, and restaurants that are starting to get written up in national magazines. Think about where the natural or cultural draws are. To get a really strong idea of where to invest, look at the Airbnb site itself. You’ll notice that there will be certain areas with a high concentration of high priced short-term rentals. If you’re able to get an inexpensive place and price your space competitively, that’s the right neighborhood. Do some research, ask around, and, if you’re from out of town, visit the place yourself. You’ll get a lot more from just walking around than doing research online or listening to word of mouth. 2. Beware of Obstacles After you’ve found your location, getting it up and running takes some effort. You’ll have to do more than just front the money for a property and list it on Airbnb. You need to learn about local regulations and for how long you can rent your property each time. In some cases, you can only rent the property out for a few days at a time without being present in the space. Every city has its own regulations and standards for short-term rentals so do your research in advance. Puerto Rico is no different than anywhere else when it comes to regulations. There are often homeowner’s associations to contend with as well. They might have rules dictating what you can do. For yet another hurdle, look at your mortgage company’s rules and regulations about short-term rentals because you might not be allowed to sublet. Rules are changing in cities around the country. As some people decry the practice for gentrification, your renters might feel unwelcome or be driven out quickly. You need to find a place that is friendly and welcoming to the plan that you have rather than operating at the margins of legality. There is a new law that is expected to pass soon that will make it illegal for HOA to not allow short term rentals. 3. Be Prepared for Expenses The listed price for a home isn’t the only expense that you need to […]
When a fisherman who has experienced countless islands decides Puerto Rico is the place he wants to live, you know he has a good story. See how #TouristTalk turns local this week. Posted by Discover Puerto Rico on Thursday, July 19, 2018
I have gone to Home Depots in the states for over 20 years. Good to know that there are nine Home Depots in Puerto Rico that have everything you need to remodel a home. This will be the first Depot run of many to follow. The great thing about this store is there is a great coffee shop next door.
Next great deal We just purchased this tri plex in Farjardo for under $50,000 We plan on rehabbing the project for $35,000 and then renting out the units.
Puerto Rico is a paradise-like island with rainforest mountains, dazzling beaches, and clear blue ocean. Like so many tropical islands, hurricanes and their devastating consequences are part of the Caribbean reality. For centuries, Puerto Rican’s have joined efforts to rebuilt and redevelop their island – better and more beautiful every time. Hurricane Maria is no exception. The economy is recovering fast. Since my first visit in December 2017 – two month after hurricane Maria – water and power sources are stabilized, hotels and restaurants are back up and running, and small businesses take advantage of tax opportunities. There is no doubt that the tourist industry is an important factor driving the redevelopment. Over 2 million visitors – mostly cruise ship tourists from the North American mainland – are expected to set foot on the island in 2018 alone. That is more than 5000 people per day. With an average stay of 2-5 days, tourists usually stay in local hotels or Airbnb apartments, to enjoy the culture of old San Juan, the Vatican-worthy coffee, the juicy pork dishes, and live salsa music. Other than the U.S. mainland, where government regulations restrict Airbnb businesses and development through private investors, Puerto Rico’s government has massively changed tax and business laws in 2012 to promote the tourism industry and real estate development. And it’s working! The Act 20 and Act 22 guarantee a 20-year 4% tax rate for businesses and investors. All it takes is a local residence, a driver’s license, a bank account, and 183 days on the island per year, which accumulate rather quickly. I’m not the only one who thinks that Puerto Rico is a true paradise. Whether it is Green Energy engineers, cryptocurrency enthusiasts or medical marijuana start-ups, people who move their businesses to the island are pioneers and freedom-seekers. People who share the vision of a better future, who believe that everyday groundwork is necessary to make a difference, who appreciate an opportunity, and who know that freedom is fun. A great example is Pete, who is more than 70 years old and recently moved his business from California to Puerto Rico. He builds and develops wind turbines for homes and small hotels. For him, coming to the island was the next logical step in his career and a much better alternative to retirement. The tropical winds work perfectly for his turbines, which generate lots of green energy for the community. He is making a huge difference for the local community and people love him for that. Green Energy in Puerto Rico Pete is over 70 years old and has moved his business from California to Puerto Rico. The wind turbines are truly amazing and generate lots of green energy for homes and small hotels.