Today's episode is a special one in many ways, it's the first episode of Get Paid For Your Pad that I recorded live with multiple guests, streaming the conversation on Instagram as well as Facebook.
Vincenzo Villamena: Founder of Online Taxman and short term rental investor in Medellin. Vincenzo has bought three properties in the city of eternal spring and he's seen very solid returns of around 10% on his investments.
Nadia C. Rodriguez: A Puerto Rico resident and Airbnb superhost. Nadia has been very successful renting out a rental property in Condado, the upscale beach front neighbourhood of San Juan. She is also a property appraiser.
Andrew Wick: Andrew moved out to Puerto Rico five years ago to take advantage of the real estate opportunities and tax advantages that the island has to offer. He's invested in multiple short term rental properties.
Topics we cover:
* General situation in Puerto Rico after the hurricane and bankruptcy
* Tax advantages in Puerto Rico for US citizens, Act 20 and 22
* Regulatory landscape for Airbnbs and short term rentals
* Investment opportunities for short term rentals
* How to find good deals in the real estate market in San Juan
* Things to do in Puerto Rico
* Possibility to get a mortgage in Puerto Rico
There are many reasons why Puerto Rico is an interesting location from an investment perspective. The appealing climate, the beautiful beaches, the culture and of course the tax advantages for US citizens.
The government is betting big on tourism growth as a way to get out of the mess that was caused by the bankruptcy and hurricane. This means that it's unlikely that there will be restrictive Airbnb regulations on the island in the future.
There currently aren't a lot of high-end Airbnb rentals on the market and considering hotel prices are quite steep, there's opportunity for new hosts to setup shop. However, to find a good real estate deal, you'll have to spend some time on the island as the best foreclosure deals are typically not shared with the public, but instead offered to the locals first.
Listen to the episode to learn more about investing in Puerto Rico, becoming a Puerto Rico resident or just pick up some inside tips on things to do during a visit.
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