All Forum Posts by: Kyle Keller

@Ekamjot Singh

That is getting into an area outside of my expertise. I would recommend talking to a lender near you who can explain your questions in further detail.

@Scott Lennon

Good advice! I'm fairly new still, I currently have a couple properties with a few years in the game, but I would tell my past self to read and take notes on books about the things you're about to get into. And to stick with it, the more you get the ball rolling, the harder it is to stop.

The hardest step to take is the first one.

@Ekamjot Singh

No problem! Let me know if you need any other help!

I am not an expert with loans, but if you call a loan officer in your area, you could learn a lot about whatever you need to know too. They should be happy to help.

@Ekamjot Singh

You can refinance a mortgage on the property, it doesn't have to be free of mortgages.

Are you trying to do a cash out refinance or just a general refi?

Ok, I agree with some of the other people on here about giving notice and raising rent. In Hawaii, 45 days notice is required for non renewal of a month to month lease, I think that would also translate to any changes in the lease, the hotline would be able to tell you that. But I would say give notice and then raise rent to market rent and charge for parking.

@Bryce Stclair

Awesome story! Good questions to ask yourself, thanks for the tips.

@Craig M.

How long is his lease for? It sounds like he is probably already paying a lot less than he should be paying. If there are a limited number of stalls, I would start charging extra to park in them, that may deter people from unnecessarily getting a parking stall. Maybe you could put out a general announcement to the complex saying that you want to ensure parking is used by those who need it so you will start charging a minimal monthly fee for each stall, limit one per unit. You are allowed to make amendments to the lease.

A good source for any questions of what you can and cannot do is the tenant/landlord hotline at 808-586-2634.

Hope that helps.

@Alex Martens

Great job getting your first home, sounds like you're on the right path.

as for trying to learn more before diving in, I believe it is very important to have theory based learning as well as practice based learning. As Mike Tyson said "Everyone has a plan until they get punched in the mouth." Know what to do, but you have to do it to really learn.

@Zac Bell

I don't know for sure, but I have a strong feeling this would be considered fraud.

@Jordan Brooks

That makes sense, sounds like a good idea in theory.