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All Forum Posts by: Loren Clive

Loren Clive has started 1 posts and replied 449 times.

Post: Where to hang my license for a Property Investor in Hawaii?

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Me. We're all investors!

Post: Best Resources for Vacation Rental Investment

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

I'd talk with owners in the areas you want to buy so you have an idea of income, expenses, etc. Maui, for example, has been a great place to own vacation rentals historically, but we've seen a huge dip in tourism in the wake of the fires. Also there are some major zoning changes proposed.

Something you didn't mention is financing--unless you're buying cash? Here in Hawaii, condotel (vacation rental condo) financing is different from typical condo financing, so important to work with a local lender. This piece will also help you determine what you can afford and cash flow. 

Post: Inherited a house with my 2 brothers

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Definitely talk to an attorney, Michele. Not much to add to the good advice already written, except

Your mom could easily get a reverse mortgage to pay for her care, then you and your brothers could split the equity left upon sale. I agree it makes no sense to hold onto this condo once she passes.

Post: Moving personal property to LLC

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Once you have the LLC set up with the DCCA, you can just record a quitclaim deed with any escrow company, no lawyer necessary except to draft the deed.

However, you might consider the property tax implications. If your parents are currently claiming owner occupant exemption, they would not be able to do this with title vested in a LLC. They still could get the $200k long-term rental exemption and be taxed at a higher rate.

Post: Looking for thoughts, opinions, and if anyone has done this

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Sounds like a great idea to me. I have condominiumized property in Hawaii and made great money doing it, but it was more of a flipping strategy. 

You need to find an attorney to draft the condo docs, but of course you have to check zoning requirements to make sure the cpr as you envision is even possible.

Post: How to Split Utilities in a Triplex

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

split the bill, who cares about complaints? No way would I spend $10k plus on submetering

Post: Ethics Question !

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Don't listen to your girlfriend. You don't need to justify anything. This is not an ethics question--we are landlords.

Seriously, though, if you're worried about the tenants, you're in the wrong business.

Post: Smoke detector and carbon monoxide requirements in hawaii

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

In Maui County you only need smoke detectors, no carbon monoxide. 

Post: Hawaii Short Term Property Management

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

Yes you need a broker. I want to partner with you. Dm me

Post: Hawaii or Florida

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 458
  • Votes 298

@Carlos Ptriawan right on. I dunno where Henry is getting his info? Hawaii, at least Maui, is super safe. Most people don't even lock their doors.

as my brother once said, Florida is a poor man's Hawaii