Living Off Rentals: #74 - Successfully Transitioning From Investing in the Continental US to Puerto Rico

#74 - Successfully Transitioning From Investing in the Continental US to Puerto Rico - Pedro Cardona

Jul 14, 2021

Our guest for today started doing real estate in 2013. Two years later, he and his wife moved back to Puerto Rico, and he has been investing there ever since.

Joining me on the show is Pedro Cardona. When he lived in Illinois, he took my coaching program, and we partnered in several deals. This chemical engineer-turned-full-time real estate investor is an example that you can make money in any market as long as you’re willing to put in the work and you have a good support system.

In this episode, Pedro tells us stories about some of his rentals and flips, sharing the lessons that he picked up from every one of them. He also breaks down some of the steps he and his wife have taken during their transition to short-term rentals.

Tune in to this exciting yet informative episode to know more about the Puerto Rico market from the perspective of a local investor.

Key Takeaways

[02:58] On some of Pedro’s deals in the Chicago suburbs and in Puerto Rico

[08:54] Why he and his wife moved back to Puerto Rico

[10:32] On weathering a literal hurricane and turning the aftermath into an opportunity

[16:54] A comparison of rehabs in the US and Puerto Rico

[22:50] Go out and get your hands dirty to really know what you’re doing

[30:54] Other differences between the US and Puerto Rico when it comes to acquiring, rehabbing, and selling properties

[35:08] On hiring and working with contractors

[40:08] Give your short-term renters a pleasant experience

[52:58] Learn from other people who are already in the game

Links

Pedro’s Facebook