In 2021, at the age of 36, the author experienced a major year of growth. With increased passive income from their blog and podcast, they were able to quit their 9-to-5 job and achieve financial freedom. This newfound freedom sparked a desire to consider other goals, starting with owning a home in Puerto Rico, where their family hails from. Having rented and co-owned properties in the past, purchasing a home in Puerto Rico would mark their first solo real estate investment.
The author began their search for a property in Puerto Rico by focusing on the eastern coastal city of Luquillo. Concerns about hurricane and flooding risks led them to consider condos and apartments instead of single-family homes. Conducting the search remotely from Florida, the author relied on their agent to arrange viewings and toured properties via video calls. Understanding the complexities of the island’s unique banking, legal, and regulatory environment, they decided that being a cash buyer would be more feasible than trying to secure a loan, prompting them to delay their search until they had saved up enough funds.
When the time came to make a purchase, the author found an oceanfront condo in Luquillo that captured their heart. After viewing the property virtually and submitting a verbal offer that was accepted, they moved quickly to close the deal, spending almost $200,000 within nine days. The 760-square-feet condo, built in the 1970s, boasted remarkable ocean views, and the author was particularly drawn to the balcony where they often found inspiration to write.
Transforming their oceanfront condo into an income-generating asset, the author has successfully rented it out on platforms like Airbnb and VRBO, covering their annual expenses and even turning a profit. The renovated bathroom, managed by a local cleaning crew and contractors, has made the property more appealing to renters. Additionally, the condo has become a gathering place for the author’s family, who regularly visit and enjoy the space.
The emotional significance of owning a property in Puerto Rico extends beyond financial gain for the author, as it represents a personal achievement and a connection to their cultural roots. By taking a chance on themselves and deciding to invest in their dream, they have not only secured a little slice of paradise but also created a welcoming space for loved ones to enjoy. The author’s journey of becoming the first person in their immediate family to own property on the island serves as a testament to their determination and self-belief. This achievement has been the most rewarding aspect of their real estate journey, showcasing the power of betting on oneself and realizing dreams.