All Forum Posts by: Varinder Kumar

I am in need of help on the laws and regulations for landlords in Hawaii. Is there a limit on how much security deposit you can request from tenants? What's the best way for me to go about fixes being done while tenants are renting, for example drains clogged? Whats the best way to go about making them responsible for these things? I was thinking of maybe utilizing an inspection on the tenants behalf to make sure everything is in working order when renting the property and then singing something stating it's in working order and if something were to go wrong they will have to pay for the fix? Please advise, I am trying to take the best route possible.

Hi Sarah, I believe seller financing is great when people do not have enough down payment. Even if I had down payment funds I would still try to do owner financing. If you do find someone willing to do owner financing then you want to offer them 1 more than their bank account will which is most like 1% also amortize it over 30 years if possible and if they can do 100% of financing no money down then that's even better. I would stick with multi family by the way.

I would do as little as possible so you can keep cash for rehab costs. I would also amortize it over 30 years interest only payments. Good luck!

Hey Adam! welcome aboard! Its nice to see a colleague of mine on here. Feel free to contact me and if I can help answer any of your questions id be happy to. Dont hesitate to stop me at work and discuss REI. @Mindy Jensen did a  good job at answering your questions. I have my own answers as well, there quite extensive though bit id be happy do discuss over phone or in person. 

An acquaintance of mine recently lost her mother and was left her home how ever her brother and her now have the house and her brother wants to live in the home so he would have to buy her out. The home is paid off. I am yet to receive the address from her to check all the number on it. My question is, I would like to structure a seller financing deal with them for 30 year interest only payments with no money down. However since there are two people involved how can I structure this if they both agree to it? 
I add both of them onto the contract and they both get 50/50 of the monthly payment from me? Or is there anything else I can do to obtain this property. Thank you

The only reason I have an llc is because it's preferred by my hard money guys to have the funds in the llc rather than my personal bank account. 

How would this affect seller financing strategies? I would imagine you only have to be cautious if the loan still has a balance, correct?  I mean if it's free and clear then it doesn't matter right? Anyone please advise. Thanks.

haha i already received this from another wholesaler except he priced it at 482k about $28k above your asking price. Man Im in the wrong business. I should be doing what yall are doing.  So who really has it under contract ??

1503 Renwick Ln, Vista, CA

@Jordyn Njoroge This is what i found. Realize that in the REO game, cash offers beat those with a mortgage, and a conventional mortgage beats an FHA or VA loan. If you have an FHA or VA loan, you're going to have a tougher time landing a bank REO, as you'll either get rejected from multiple deals by cash or conventional borrowers, or because the homes need have too many repairs to qualify for your loan.

Regardless of the type of loan you take, you must get pre-qualified before making any offers. The banks will not even consider taking your offer without a pre-qualification letter from a reputable lender.

Your taxes should have been impounded into your mortgage payment monthly. They will still send you a bill just for your records but you dont have to take any action in regards to it. If the property is recent sale then you will see a difference tax compared to the old value. Its takes time sometimes for the county to catch up on that stuff. So if you taxes went down and your mortgage was lowered then it very well may go up again. I am not aware of any programs that help with property taxes. If its a rental then you claim depreciation among est other things. good luck