All Forum Posts by: Loren Clive

@chris price in Maui they are typically below market as we have extremely low inventory and rising rents. But who knows if this is true for all parts of the country? Local markets vary

@chris price in Maui they are typically below market as we have extremely low inventory and rising rents. But who knows if this is true for all parts of the country? Local markets vary

After getting married, I rented where I used to live furnished to a travelling nurse. $1500 for a studio. It's couple hundred dollars higher than market for the added value of furnishings. If your complex is near a hospital, this would be a great fit.

If you already have the furnishings I'd say go for it, but if not, I would not buy furnishings as you're not going to get a good return on your investment, particularly because you'll have to maintain the furnishings. Most tenants prefer unfurnished places.

What's ERI?

Aloha, Jen. I'm in Hawaii, too (Maui.) I'd just get another HELOC. American Savings Bank has the lowest rates locally, or you can try Quicken online.

I always shop a bunch of lenders when I'm buying, and there's nothing wrong with that. 

Congratulations on being debt free! Gives you tons of options.

@Devin Deswert and others. That's totally what I was getting at. Investors are not the top-dollar buyers!

Liz, why don't you just fix the home up yourself and then sell it? Pass the hat to your family members who will benefit from the sale to finance. Or keep it as a long-term rental? 

If you're looking to get into real estate investment, you're already there! No need to sell a house that you (I assume) already own free and clear. 

Once you get it fixed up, you can get a heloc on your equity and buy another house. 

@Liz Cole I would at least meet with a realtor so you can get the comps and their opinion of market value. A good realtor will more than earn their fee in getting you top dollar for the house and facilitating the sale. Moreover, if you do it yourself, you're going to end up doing a lot of unpaid work for your family members, and maybe put yourself in the middle of any potential conflicts. Just a suggestion.

No experience with All State. I like State Farm--huge discounts compared to other companies. Although the property can't be to close to the water as Jeff mentioned.

USAA is great for long-term rentals; they don't do short term or LLCs unless all members are USAA members.

I'm currently using RLI for my one bedroom vacation rental. It's around $500 annually.

I've been trying to consolidate my various policies as well but have not yet found anyone who can. Great question @Ro Maga

I also own a vacation rental on Maui. I manage it myself and I have also managed MANY vacation rentals in the past. Here to help!

Section 8 is great because it's guaranteed. Here on Maui at least they don't pay until the 15th, still send a physical check. 

Other cons include routine inspection and under market rents. 

I was going to terminate the lease on my one section 8 to raise the rent to market value. Then I called and told them this, and they agreed to up the rent! But it's not going to take effect til April (3 mos.)

For your first deal, I think it's ideal because you don't have the stress of finding tenants. If you want more return later, just give them notice and put market rate folks in there.