In 2021, at the age of 36, the author had a significant year as the passive income from her blog and podcast allowed her to quit her 9-to-5 job. This financial freedom prompted her to consider other goals, starting with owning a home in her family’s native Puerto Rico, a place she had always enjoyed visiting. After renting in Florida and owning a property in New Jersey, she decided to purchase a home in Puerto Rico, becoming the first person in her immediate family to own real estate on the island.
Her search for a property in Puerto Rico led her to the coastal city of Luquillo, where she focused on condos and apartments due to concerns about hurricane and flood risks. Navigating the unique banking, legal, and regulatory environment of the island proved to be a challenge, and she decided to become a cash buyer to simplify the process. After taking a break to save up enough cash, she resumed her search in November 2022 and eventually found a oceanfront condo that she fell in love with. After a quick process, she closed on the property within nine days, spending almost $200,000.
The author’s ocean-front condo in Puerto Rico is a 760-square-feet, one bedroom, one bath unit with a balcony facing the ocean. The building offers amenities such as 24/7 security, a private pool, laundry area, and assigned parking. The condo came furnished, adding to its appeal. She pays monthly HOA fees that cover maintenance, pool and beach access, and other utilities, along with yearly property insurance to cover various risks. The property serves as a short-term rental on platforms like Airbnb and VRBO, generating income to cover annual expenses and make a profit.
Owning a property in Puerto Rico has been not only a lucrative investment but also an emotional milestone for the author. The condo has become a gathering place for her family, with her parents and friends regularly visiting and enjoying the space. Despite not staying at the condo often due to its size, the author visits the island frequently and finds solace in the fact that she was able to achieve her dream of owning property in her family’s homeland. The purchase was a testament to her belief in herself and has been a rewarding journey both financially and emotionally.
Jannese Torres, an award-winning Latina money expert, shares her experience of purchasing a property in Puerto Rico as a way to educate marginalized communities on topics like entrepreneurship, investing, and financial independence. Through her podcast and book, she aims to empower others to achieve their financial goals and dreams. The author’s success story serves as inspiration for others to take control of their finances and make their dreams a reality. In the end, it was her determination and belief in herself that allowed her to fulfill her goal of owning a piece of paradise in Puerto Rico.
