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All Forum Posts by: Loren Clive

Loren Clive has started 1 posts and replied 441 times.

Post: Tenant is unhappy with the rent increase

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

if it's too expensive, he can move. there is no need for you to justify anything to this person

Post: Finding housing in Maui, Hawaii??

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

When is she wanting to start her lease? She is wasting her time if she is not ready to sign a lease within two weeks, because everything available now will get rented in that timeframe. Unless she's willing to start her lease immediately to hold a place.

Tenants always seem to forget that when you can move in does matter to landlords, and typically the sooner the better. 

If she's moving in a couple of months, what she should be doing is getting together a dynamite renter profile, including financial info, credit report, background check and past landlord references. In dealing with tenants here, it's amazing how many stall on filling out an application. Or show negative bank balances. If she shows up prepared and motivated, and also has cash in hand for deposit and rent, she should have no trouble finding a place. 

She might consider renting in central Maui (Kahului/Wailuku), where the rents are cheaper, then commuting to work in Lahaina. She will pay top dollar to live in Lahaina that has very little workforce housing.

Best places to look are The Maui News and Craigslist. August is the slowest month for rentals.

Regarding scams, always check the real property tax records at mauipropertytax.com and make sure the owner matches up.  Good luck!

Post: Real estate attorney recommendation in Maui, HI

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

Loren Tilley 

Merchant Horovitz & Tilley

2073 Wells St #101, Wailuku, HI 96793

(808) 242-5700 https://g.co/kgs/9XVedi

Post: Subleasing Cheap Rentals for Cash Flow

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

this post is confusing. You state you made sure you COULD sublease the place, then get hung up on whether the owners know. Listen, if they agreed to let you sublease, or the lease allows subleasing, it doesn't matter if they know. They granted you that right when they signed the lease. 

Don't overthink this

Post: Students Leaving Early

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

Why are you getting involved in this? Your job is to collect the rent it doesn't matter who pays it.

Post: Should Tenants Use Security Deposit Toward Rent

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

Absolutely not. Sounds like these folks can't afford to pay the rent. I would offer to let them out of their lease and find better tenants

Post: Background Checks for tenants

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

apartments.com

Post: Do I actually need a Business Loan for this particular Rental

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

it's better for just one person to be on the loan, if you can qualify that way, because otherwise the entire balance will count against each person on the loan, i.e. each person is jointly and severally liable for the debt. Therefore, it will be hard for any of you to get additional loans without a change in your income(s).

you need to find a good investor-friendly lender who can explain some things to you, not the credit union. 

Post: HELOC on a BRRRR in lieu of Cash-Out Refi?

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

yes, I did it and think it's a better option than the cash-out refi since you only pay interest (and interest-only payments at that) on the money that you use. Also has lower closing costs. No way would I refi into a higher interest rate loan in your position.

I still have the HELOC on my first investment property that I have used at various times, then paid down, now have over $200k to draw if I needed it.

I've never actually done the cash out refi part of BRRR, so hard to say on disadvantages.

Post: Do I actually need a Business Loan for this particular Rental

Loren ClivePosted
  • Residential Real Estate Broker
  • Paia, HI
  • Posts 450
  • Votes 295

talk with some other lenders, and don't tell them so much about your plans. The best way to structure this is to inhabit one room, rent out the rest, then you could get first time homebuyer preferential rates and financing. 

it would be better for just one of you to be on the loan.

lenders chime in here!