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All Forum Posts by: Kapu Mamiya

Kapu Mamiya has started 5 posts and replied 14 times.

Post: Form 1120

Kapu MamiyaPosted
  • Honolulu, HI
  • Posts 14
  • Votes 1

Hi Thomas,

Try contacting @Daniel Hyman.  He might be able to point you in a direction.

Km

Post: IDAHO real estate attorney or CPA

Kapu MamiyaPosted
  • Honolulu, HI
  • Posts 14
  • Votes 1

Hello,

I'm set to close in a few days and in need of a well-versed real estate attorney or CPA to advise me how to structure the business.  What forms I need to send to the IRS?  I do not live in Idaho.  

Thank you  in advance,

Km

I am in the final stages of closing, just waiting the for underwriter to fund the loan. We purchased a home out of state and wondering what are the next steps?

home owners insurance

additional insured for property manager

business license in the state which I purchased

set up an FEIN 

I hear I need a business license in the state which we purchased the house. The question is LLC vs. business license. If I purchased a property in Idaho but had assets in a trust out of Hawaii, could my ID tenants sue in for the assets in the Hawaii trust? I have homeowners insurance in ID but would we better protected by forming an LLC out of Idaho.

Post: What happens next

Kapu MamiyaPosted
  • Honolulu, HI
  • Posts 14
  • Votes 1

I am in the final stages of closing, just waiting the for underwriter to fund the loan.  We purchased a home out of state and wondering what are the next steps?

home owners insurance

additional insured for property manager

business license in the state which I purchased

I hear I need a business license in the state which we purchased the house. The question is LLC vs. business license. If I purchased a property in Idaho but had assets in a trust out of Hawaii, could my ID tenants sue in for the assets in the Hawaii trust? I have homeowners insurance in ID but would we better protected by forming an LLC out of Idaho.

Post: Buying the points

Kapu MamiyaPosted
  • Honolulu, HI
  • Posts 14
  • Votes 1
I'm comparing several different loans and hope for some savvy input. Constants: home cost 185k, credit score excellent, 30 year term. Lender A is offering two options. interest rate is 4.375, lender costs waved (1045 in savings). I can buy down the rate at a cost to 3.875 ( lender costs waived too) with a cost of 3700. Break even is 40 months and a difference of 90 month on the mortgage payment. Total to closing is 48k Lender B. Only 1 option. 4.5%. Rate. Total to close is 46,000. Question. Would you take the higher interest rate so on the backend you have a greater tax write off on the mortgage? I thought getting a home under contract was difficult but I was wrong. TIA wise BPers.

Thank you Claire. I will checked out your web page and its very informative. Another aside is you have a bunch of people good looking people as your team. I look forward to hearing more about the rental market in the ID. Just perusing your website gives me a good indication of what real rents are like for the home I was trying to purchase. The NOI is less than $100. I would have to purchase the home for potential appreciate.

Jason,

Thank you very much for the advice.  I really appreciate your time.  I'll have the realtor make sure there is some language in the contract that states, the tenant leases come with the purchase of the property.  

ALoha,

Kapu

Hello Wise BP community,

I have checked the rent comps (Rentrange, city-data, Zillow, etc) in the area and the numbers do not add up as suggested by the realtor.  The realtor says the seller has "potential" renters who will sign a 1 year lease at a price higher than what I am seeing  with the rent comps.  The question I have is:

Once the tenants sign a 1 year contract and then I purchase the home.  Are the tenants still obligated to the terms of their rental contract with the seller and I can take over the tenant lease to make my numbers work?  

Two side notes:  

A)Realtor is representing both seller and buyer.

B) I have a feasibility clause in the contract that loosely states: if the numbers do not work, I can cancel the contract.

10Q in advance for your advice,

Km

@stacyA McBain,  thank you very much for the realistic advice.  

Hi Stacy,

I am an out-of-state investor looking at the Boise market.  I eventually would like to move to Boise but my children are in school here and do not want to move.  Doing the due from afar can be tricky?  I used Zillow to back up the numbers from the wholesaler, but sometimes both are inaccurate.   Any advice?

Thanks,

Kapu Mamiya