All Forum Posts by: Loren Clive

Maui. Consistently rated #1 island in the world by Conde Nast. You can count on awesome weather and at least 70% occupancy year-round.

Looking at $350k for vacation rental condo, although there are opportunities as low as $70k if you can do leasehold

I don't think you get any kind of cash incentive to do deed-in-lieu. Upside with the short sale is that you could charge buyer extra for appliances. Tell your realtor you'd like to do a short sale. 

Then you're the lowest listed on market and your problem is solved. 

Fidelity will insure riskier transactions. All companies will give you a discount when flipping

I live on Maui, Hawaii and am a full-time real estate broker. Own multiple homes, my own brokerage, manage a portfolio of 10+ rental properties, spearhead remodels. Curious how other multi-property owners streamline rent collection, insurance, financing.

Also in the midst of my first 1031, although I've of course completed 1031 transactions for clients. 

Excited to participate in a community and share information!

Anyway, the short sale is the way to go if you're really underwater. Wells Fargo may even give you a cash incentive to do the short sale! 

None of my short sale clients have ever received the dreaded 1099 from the IRS on their tax returns.

which island is your property on? The market here in Maui is smoking! I don't buy that homes are losing value by the day. 

Depends on how long it takes to evict in your area. Consult with a local attorney. Who is asking for the quick close, you or the seller? A lot of sellers i work with prefer a higher offer with a longer close.

Look for things that are selling at least 30% below assessed value. this is a difficult thing to measure without on-the-ground experience. Especially here in Hawaii, homes often do not match property records so you have to see it in person to see if it's a deal. But I think your software could be useful to shorten the go see list. here to help

it will cost more money to maintain the older it gets. Hard to find 1930s era hardware