How to Buy Puerto Rico Real Estate in 2024 (plus market predictions)
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- Опубликовано: 18 июн 2024
- In the first half of the video I talk about what the real estate market in Puerto Rico will look like in 2024. And in the second have of the video I tell you how to buy real estate. And at the end of the video I'll tell you my top tips for buying real estate in Puerto Rico. If you don't know where to start, but you want to move to Puerto Rico or buy an investment property in Puerto Rico, then this is the video for you.
Red Atlas article ~ / puerto-ricos-housing-m...
Christies Real Estate article ~ christiesrealestatepr.com/blo...
www.clasificadosonline.com
www.point2homes.com
Intro 0:00 -:044
who am I :45 -1:24
Negative outlook on real estate 1:25-4:25
Positive outlook on real estate 4:26 - 5:55
My market predictions 5:56 - 7:48
Puerto Rico ain't cheap 7:49- 8:39
Truth about buying in PR 8:40 -10:44
How to buy property in PR 10:45 -11:19
Where to start looking 11:20 - 12:39
What's your budget 12:40- 13:29
How to find the perfect property 13:30- 14:22
Top Tip #1 14:23 - 15:38
Tip Tip #2 15:39 16:49
Top Tip #3 16:50 - 17:59
Top Tip #4 18:00 - 20:21
Top Tip #5 20:22 - 21:11
Final Thoughts 21:11 -
There are no ex-pats in Puerto Rico since ALL Puerto Ricans are American Citizens. Moving to Puerto Rico is the same as moving within the continental U.S.
Technically this is true. But that is not how it really works in real life. The terminology used in Puerto Rico doesn't reflect this. If it was true you wouldn't call them Puerto Ricans you'd just call them Americans. In mainland America you don't refer to people by the state they are from as well.
Puerto Rico is still it's own country but also a territory of the United States.
The people of Puerto Rico have dual citizenship. They are Puerto Rican and an "American" citizen. As an American born in any state you're simply "American" citizen.
@@xmarine73territory or a colony is a watered version of colonialism which is slavery. Colonialism has trashed the Island, drugs guns and daily murders, political corruption is your norm on this beautiful Island, it’s a shame.
@@masterdeeable1 First, let me just say... I'm not even sure why you're responding to me in particular nor with the content of your response. It has nothing to do with my comment. However...
You believe that the people of Puerto Rico are enslaved? Really? Who is enslaving them?
Political corruption is the norm in PR but it's the norm similar to that of Central American countries. After all, PR elects their own Governor. He's part of the New Progressive Party, which isn't even one of the party "norms" for the US. He's a Puerto Rican through and through. The politics of the US and PR don't intermingle.
The drugs and guns are a byproduct of that corruption. The people of PR need to deal with it. Even with that being the case the crime rate in Texas, for example, is statistically worse.
So I'm not sure what you're going on about other than just spouting BS.
@@xmarine73 sir or Ma’am you are correct my comment was not intended towards you, it was and error on my behalf however, I will respond to your comment with truth and facts that cannot be denied, guns, drugs are not manufactured in Rich Port ( named Porto Rico by the European devils). Again Colonialism is slavery, read the Jones act to name a few. Commonwealth does not allow so called Puerto Ricans to vote for the presidency on the Island, only outside the Island. Political corruption has been in effect for over 100 years, and technically 400 years in all by 2 Caucasian nations in Spain 🇪🇸 and Amerikkka 🇺🇸 the most corrupt super power in the world. Btw in the 100 years of governors, most in all were hand picked by America. Drugs and guns are a by product placed on the Island, the same way they are brought in to Black and Brown neighborhoods in the US, as well as the bad food and poisoned water (city of Flint Michigan and NJ). It is not by coincidence, it’s all by design. No BS look up the facts, besides the US government intentionally tries to keep Americans deaf dumb and blind with its lies and policies by controlling the press and media.
Thanks for all this info!🏘 very interesting
You're welcome
great info thank you
Thank YOU for watching.
Your videos on PR have been very helpful, more content would be great, thanks!
Thank you! I will try to do better. I want to make more than just PR content, but I know a lot of my subscribers are here for the PR stuff. So I try to keep it balanced.
@TheRetirementality Love the content! 💯👍🏼Yes, please create tutorial video (s) on the workings of CRIM, Inheritance Law issues, Land Trusts, and tips that would help us avoid pitfalls while investing in PR real estate.
Yes l please do the video with the Crim information!
I am interested in all of the real estate insights! the more information you can provide, the better. Thank you in advance.
Hey Nathan, thanks for watching. There will be more coming for sure.
I'm interested in learning more about CRIM and checking the property's legal status.
Yea, this is an important topic. So I think I will make another video about this topic.
The only thing you will learn on CRIM website are the sellers name, the owners name, if they are exempt from land taxes, o and the dates when purchased.
@@tachon12345 You can if the property has been parceled off too. Sometimes they haven't been separated and someone is trying to sell a piece of a larger property.
Around 9:30 U asked if it's worth it to pay a buyers agent? and U said it depends how skilled you are at buying real estate and finding "coms, or comps ??" (whatever those are), and that you could make an entire video on that.... YES, THAT WOULD BE A GREAT VIDEO !!!!
Your videos are super helpful and appreciated 😊
Can you give me the top 10 expat communities?
He literally mentioned them a few times in the video.
I would love to see you post more frequently. You mentioned leaving Florida, are you back in Puerto Rico now?
I'm trying to get back into posting more. Thanks for sticking around Darrell. No I'm in FL now. For some reason I felt like I needed to be in PR to post about PR and I get a lot of requests for more info on PR. So I decided I needed to just post info no matter where I am.
@theretirementality - I have a question, are there any good sites for real estate or properties that have been foreclosed or back taxes. I feel like Classificados is kind of a last resort, and that its really hard to look around without being there. Any advice or suggestions??
Not that I know of. Most properties in PR that are empty are because of the complicated inheritance rules. And that is a mess you don't even want to bother with. I'm not sure how you'd find foreclosed properties.
Great information…. Need a little more of a breakdown in terms of purchasing a house or condo
Biggest difference is HOA. You need to make sure it is fully funded and doesn't have a lot of people who aren't paying in the building.
Video on CRIM search would be most helpful.
Hi wondering if you know how long does it take to separate the property in Puerto Rico I been waiting for 2 years and still not yet receive approval from town.
Ugg. I have no idea. I know it over a year for me to show up as the owner of my house after I bought it. I started to get scared that maybe I did something wrong or someone scammed me and I didn't actually own it. But then I got a bill to pay the taxes... even though I STILL didn't show up on the website as the owner.
Can you talk about how loans are different in Puerto Rico, CRIM, inheritance laws, etc. Prices are outrageous on land, houses and most wont even qualify for a loan.
Yea, I was thinking about doing an interview with a lender to cover loans in depth. And I do talk more about the CRIM for sure.
That’s a great idea.
Inheritance forget about it. Speak with three attorneys get three different answers. Parents died with CD in Puerto Rico yeah its gone. Lawyers say one thing bank personal another. One a certain time has passed it goes to some other gov't agency. OCIF is the one. Land another can of worm.
You will need deep pockets someone you can trust and someone with connections..
PR is an overall good/affordable alternative to Florida and insurance is optional
And insurance is much more affordable. My house in FL is $6200 and my house in PR is $1800
Could the decrease in transaction price be due to more lower priced properties being sold compared to fewer high priced properties?
It really depends on the area. There aren't a lot of high priced homes around me. But if you drive 15 min over to Palmas del Mar they are all high priced.
@@TheRetirementality I love data and the questions it generates. I wonder if PR publishes data on the number of units sold in price bands, how long on the market, with or without a realtor, etc…. I know there is one channel that constantly complains of abandoned properties being sold and resold, rents going up etc…. But there is a shitton of abandoned, unoccupied or unused housing there.
How much did the pool cost ? if you don’t mind me asking
The short answer is $50K for the whole backyard. But, I did a whole video on the cost of everything if you look at my home page I have a section of videos on this house.
looking to buy in San Juan for rental / income , not sure if PR is the best spot or mexico or simply the USA, but i was told Puerto rico is great
rental income was down everywhere in 2023 I also have rentals in FL and they were all down about the same. But, still made money. I have one for sale in Panama City Beach, FL if you're interested.
Why are you selling ?
@@omara7118 I'm selling 2 of my 6 properties to buy something in Spain.
Where did you buy in PR ?
In Humacao
This is interesting to me because I live in Florida and for the last 10 years people have been leaving PR for Florida by the thousands.
Wages are low in PR and high in FL but if you want to retire in PR with money you made in FL it may be an option. I had a video I working on about the costs to retire in PR but it got deleted after I spent a ton of time on it. I will have to start over because it was a really good video.
@@TheRetirementalityok, that makes sense. As retirees don’t need jobs. How is healthcare there?
@@davidwelty9763 I don't know a lot about it. But, I know a little. The price of health care seems lower. but the quality seems to depend on what care you need. I've heard some mixed reports. For major stuff I think a lot of people go to the mainland. For normal stuff I think its fine.
@@davidwelty9763 something that needs to be mentioned as well is that people who come from outside and invest in real estate in PR save thousands of dollars in taxes because the tax percentage for these individuals is way lower than what it would be for locals. Crazy huh? One of the reasons us Puertoricans HAVE to leave the island is because outsiders come to invest and therefore, rents and housing in general is almost impossible to attain because wages are too low. There’s much more than just coming to PR to invest. But again, investors like this guy won’t tell you that cause it doesn’t affect them.
And after Maria in 2017 the migration to FL was exacerbated. PR had no power for months!
The default audio volume is a little low might want to try to raise it up some had laptop and youtube on max volume and was having issues but then again I may just be old too :) .. Good content thanks! Tell your lawyer they need to start charging for advice/inquiries :D
I'll check the volume on the next one. Thanks. And thanks for watching. 😁
Love your video energy❤ and entrepreneurial insights I would love to contact you to see how we can both profit from this entrepreneurship. Thanks, Dan Belsky.
Hey Dan, I just subscribed to your channel. We should connect next time I'm in PR. I just subscribed to your channel.
how do we find a buyer agents or do I hire a lawyer to help???
Perfect question I always see ppl say to get one but never how
can you get a lawyer & financing state side or have to do everything in PR
No. You need to everything in PR.
And you want to see the property so you know what exactly you are purchasing... you ha e to be careful of scams just like anywhere else. Pictures of places are a dime a dozen.
Aguadilla it's very good are
The cost of living is high in Puerto Rico.
Yea, the cost of groceries and gas and every day things is high.
Any study that shows prices are going higher because of low inventory is completely useless.. inventory goes up and down but mostly after the pandemic, INVENTORY is going up EVERYWHERE.. and as people who bought a home when the economy was getting that Pandemic money, is now losing thier job or having to move.. guess what.. Inventory is going to EXPLODE.. how that will effect prices is typical.. people have more choices and more leverage in negotiating a price, also, if you want as a seller to get traffic to view your property.. be prepared to take a HAIR CUT on the price.. and I see that trend going for many years to come. The Pandemic FREE MONEY DAYS ARE OVER.. BANKS ARE RELUCTANT TO MAKE LOANS.. CASH IS KING.
I'd say it really depends on the location. But, I don't see prices coming down. I saw really interesting video today about inventory levels in the US. And you can use one graph to that inventory is up 57% in Florida versus last year. But if you look at the inventory levels the year before covid hit then todays inventory level is 17% lower than pre covid levels. We shall see. But, I've been saying prices wont come down for 4 years and people have been telling me I was wrong. I have also been saying for 3 years that normal interest rate levels are around 6.5%. But, no one wants to hear these things.
I have looked at various properties in Puerto Rico over the last few months none of them show an increase in value all of them show a decrease of the asking price Soma few thousand some 10,000 this makes me hesitant on buying anything in Puerto Rico right now
Tha's interesting. I haven't been looking at prices lately. I always say, "all real estate is local". What are are you looking at?
And all the abandoned properties....
Yea, but because the messed up inheritance laws, most them won't ever hit the market.
@@TheRetirementality People should be careful about "scriptures" and see the place in person because of parking. I javw lived here 7 years and house hunting 3 years. It's a mess. I wish they would do something about the laws... I heard they were toying with a 5 years squatters rights on abandoned properties but nothing more lately.
My husband gor burned in work accident here last April... we been trying to buy something but even solars are outrageous. 🥺
@@virginiasmith1336 Prices are going up for sure. I've been doing videos for the past three years saying prices are going up and people have been telling me I'm stupid because a crash is coming. But, so far I've been right.
@@virginiasmith1336 Yea, I'm not sure if squatting is too big of a problem. I'm looking at property in Spain right now and it is a HUGE problem over there.
Ah... I thoughtyour wife had a spanish speaking sound about her, but she isn't latina, she's spaniard...
That is correct.
Where did you buy in PR ?
In Humacao