In 2021, I was 36 years old, and I had a big year. Thanks to the income streams that grew from my blog and podcast, I started making enough passive income to quit my 9-to-5.
This financial freedom made me start to think about what other goals I wanted to achieve, starting with what I wanted from my environment.
My family is from the Southern coast of Puerto Rico, about 90 minutes from the capital of San Juan. I’ve always enjoyed visiting, and the more time I spent, the more I realized that I wanted a home there.
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I currently rent a three-bedroom, two-bath house in St. Petersburg, Florida. From 2016 to 2019, I owned a duplex in New Jersey with my ex-husband. A home in Puerto Rico would be the first property I ever bought on my own.
Now that I was my own boss, I had the flexibility and the funds to purchase property in the place I loved so much — and be the first person in my immediate family to own real estate on the island.
Here is how I turned my dream into a reality.
The search began—and the realizations piled up
Puerto Rico has many different cities, each with their own perks. I set my sights on the eastern, coastal city of Luquillo. It is a half hour drive to the capital, popular with surfers and beachgoers and it is close to El Yunque, the only rainforest in the U.S. Forest System.
I knew I would be stressed by the prospect of a single-story home being affected by hurricanes and flooding, so I focused on condos and apartments instead, and stayed at several AirBnBs to get to know the area better.
Since I was conducting the search from my home in Florida, my agent arranged viewings on my behalf, and I would call her on Facetime to tour the properties.
I realized how difficult it would be to navigate the island’s unique banking, legal and regulatory environment, especially not being able to use common U.S.-based lenders. Being a cash buyer would be a better option than trying to get a loan.
So I put my search on hold in January 2022, and started looking again in November of that year, to give myself more time to save up enough cash to buy a property outright.
‘It was the fastest I’ve ever spent almost $200,000’
When I was ready, I called my realtor. As luck would have it, she had been contacted by a seller who was ready to say goodbye to an oceanfront condo they had inherited from their parents.
I saw it virtually before it went on the market, and I scheduled a trip to Puerto Rico. The moment I stepped inside, I fell in love. After that, everything moved quickly. I put in a verbal offer for $180,000 and the owners accepted.
The moment I stepped inside, I fell in love.
I filled out a formal offer letter, wired my deposit to the realty company, and worked with my agent to find a good inspector. After a successful inspection, and getting the deed and sworn documents notarized (a legal must in Puerto Rico) I worked with my bank to send the remaining funds to the realty office.
I closed on the property within nine days. It was the fastest I’ve ever spent almost $200,000.
Take a look inside my ocean-front condo in Puerto Rico
My 760-square-feet, one bedroom, one bath condo was built in the 1970s. My balcony faces the ocean, the building has 24/7 security, a private pool, laundry area and assigned parking.
The condo actually came furnished, which was one of the things I liked about it originally.
Photo: Jannese Torres
The balcony takes my breath away. I get a full unobstructed view of the ocean, and because zoning laws have changed, no properties can be built that close to the water anymore.
I wrote most of my book on the balcony. It’s the most serene place on Earth for me.
Photo: Jannese Torres
I pay $157 per month in HOA fees that cover maintenance, pool and beach access, garbage collection and security. For utilities, I pay $130 a month for cable, internet, electricity and water.
I also pay about $1,800 a year for a property insurance policy that covers general liability, flood, theft and more.
Turning my place into an income stream
Since this isn’t my primary residence, I’ve used the property as a short term rental on AirBnB and VRBO since May 2023. I never intended to use my condo as an AirBnB, but I decided to do a trial run and see how it went, and it has gone well.
The bathroom was original and in desperate need of a renovation, so I did that in the fall of 2023 with the help of local contractors. My parents designed the revamped space, and picked out all the tiles.
Photo: Jannese Torres
I have a local cleaning crew that I provide my reservation schedule with. They let themselves in using the lockbox. Then they provide time-stamped photos after each cleaning and I pay them via PayPal.
A local contractor I work with can do repairs and maintenance as needed, and sends me photos of the finished product.
The condo has become a gathering place for my family. My mom and dad even painted and decorated the place as a gift to me.
Photo: Jannese Torres
My goal was to cover my annual expenses for the condo. If I made a profit, even better.
I made over $7,500 in 2023, more than enough to cover my HOA fees, cleaning fees, maintenance, property taxes and utilities for the year. I’m on track to match or exceed those earnings in 2024.
Why this home means so much to me
Buying a property in Puerto Rico has been an incredible investment, not just financially, but emotionally. Now I have a little slice of paradise that I can call my own and share with my loved ones.
My parents regularly schedule visits to the condo. It’s become their favorite place to vacation. I’ve also welcomed friends and family as guests.
I never get tired of seeing the view from my place.
Photo: Jannese Torres
I usually don’t accompany my family, as the unit is a one bedroom, but I personally visit the island up to five times per year, usually for a week at a time.
Whenever I look around my place, I am reminded that I was able to achieve this dream — become the first person in my immediate family to own property on this beautiful island, and buy it on my own — all because I decided to bet on myself.
That has been the most rewarding part of this whole journey.
Jannese Torres is an award-winning Latina money expert. Her mission is to educate marginalized communities on topics like entrepreneurship, investing and financial independence. She is the founder and host of the podcast “Yo Quiero Dinero” and the author of “Financially Lit!” Follow her on Instagram @yoquierodineropodcast.
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