All Forum Posts by: Andrew Flora

@Jay Hinrichs just south of Hilo. It is cheap to buy which makes me more comfortable to take the risk, I'm also young so it wouldn't break me if the worst case scenario happened. It would pay for itself in 3 to 4 years as long as the lava didn't take it. But the reason it rents so high is there is visible lava flow at night, about 3 miles away. I dont know much about volcanoes and lava flow so idk how common it is for the flows to change direction. Would the lava flow in this area once every 5 years or once every 50 years? I'm torn, maybe I should just stick to what I know

I have several long term rental properties on the mainland, but I am considering diving into short term rentals. I would like a decent return but would love to just have a place to stay when I vacation. I have found some properties in Hawaii for sale but are in a lava zone 2, this seems to be a risky investment. They already make an extremely high ROI via VRBO. I can buy with cash but is it possible to get lava insurance? Is it dumb to take a risk? The plan would be to hold for 5-6 years then sell. Any input or advice?

This is why I am always armed when making house visits, especially when there's eviction notice involved. I do at some point tell them to their face, if they get violent then I have a right to defend myself. If they won't leave then the court/police remove them for me. Use it as a lesson and start over fresh with your next tenants. What we learn from our mistakes becomes very valuable lessons

PenFed is your answer if you own 3 properties or less. Huntington will do one but its prime +1.9 Otherwise, if you have a primary residence do a cash out refinance on your investment property, use that to pay off your primary residence mortgage. Almost any bank will do a HELOC on your primary. Basically just transferring the equity from your investment to your primary.

Get HELOCs and only buy REALLY good deals.  Safe and profitable.

If you’re only buying REALLY good deals you will be fine in any market, but you have to be smart and buy right.

Welcome! Lots of money to be made in the city. I invest in rural markets about an hour south of Indy. Feel free to reach out with any REI questions! This is a great place to start.

call loan depot they will likely be able to do a cash out refi for you.  

If that fails call Huntington bank, they will also cash out an income property but kind of high interest.  

If both of those fail make a list of 20-30 banks that come to mind in your local market and take a day off work to sit down and call every one of them to explain what you need, you will find someone to cash you out of at least 70% of appraised value for 5.5-8% over 15-30 years.

Don’t give up.  It’s tedious and annoying to deal with banks but your time will be paid at rates of $1,000’s/hour when you get the deal closed.  Keep grinding and you will find the right lender.

*I have no affiliation with either of the businesses listed above*

Start selling things that aren't necessary. I had a nice new truck, a vintage collector car, a motorcycle, and numerous other recreational toys. I sold everything and bought a $1,000 beat up car for transportation and used all the money for a down payment to get into my first deal. If you are serious about it you will find a way. Dont say you can't afford it, say how can I afford it - Robert Kiyosaki Rich Dad Poor Dad

I would definitely lower the rent to keep them. But you must counter offer so they dont think they can get whatever they want from you. Ask for a 3 year lease at $2600 or do the 2 year lease but $2700 year 1 and $2600 year 2. Work the deal back to your side slightly while still giving them what they want and letting them know you appreciate how well they care for the home.

@Lana Aks PenFed will if you own 3 or less properties. And I think Huntington Bank will as well but at a much higher rate, I think index plus 1.9