All Forum Posts by: Elijah F.

@Kate J. I'm not sure if I 100% agree with that statement as I'm under the impression some servicers still use hubzu in certain states for short sales, but I do agree that most are bank owned for sure.

Text the agent, email them, leave a voice mail, call their brokerage. Once you've done that there is not much more you can do besides follow up appropriately. Or contact hubzu.

those that went underwater are all banked owned, it was explicitly stated... I did all the above that you suggest. Hubzu said to contact agent as they have no idea why they took it off. These are the properties that could potentially bring over 200k in profit each. It's kind of sad to loose the opportunity.

Haven't checked on Hubzu in some time, but in the past I have seen similar scenarios and the property was NOT REO even though the listing stated it was. Try contacting a local realtor on island and see if they can look up the addresses for you. Their listing info is sometimes bunk and I don't know if they make any warranties to their claims.

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Can I get a clarification on the start time? Post says 6PM Pacific, which is three hours ahead of HST, meaning the meeting begins at 3PM HST, is that correct? Mahalo.

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This is interesting. Gonna follow to see what others think. One question, what was the reasoning or benefit to havinvg the Wyoming llcs?

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Viewed the property and ran some numbers. Pencils out to be decent cap rate and cash-on-cash return. Property is also nice. Any indication it is just a lack of investors in this space? $3.65MM is a hefty price tag which will limit your buyer/investor pool. Have you tried to sell the units as duplexes? You could get $600M each and open you pool to residential home buyers before interest rates rise any further.

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Originally posted by @Zander Dragony:

Hey I had a few quick question about how you get taxed when flipping a house: At what point do you pay property tax and how does it get split between the buyer and seller? Do you have to have to pay capital gains tax if you hold the property for less than a year? Also, do you have to pay income tax on the profits from the flip as well, and if so at what point do you pay those taxes? If someone could clarify this for me that would be great!

short-term capital gains (taxed at ordinary income) for investments held less than one year. long-term capital gains for investments held longer than one year. tax treatment will depend on your individual circumstance and is based on your classification as a dealer or investor. best to get professional advice on this from an attorney or CPA and explain to them your situation--they should be able to guide you from there.

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sounds great. i'll be there.

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Originally posted by @Karl Marx:

If lease is about to expire in xx years, does the lessor have to follow a specific schedule of notifications, if he wants the lessee to move out?

Can the lessee force the lessor to sell the fee, or are there any other options to avoid the reversion of the property?

No schedule. If the lessee overstays, my guess is that an eviction process could begin.

The only option to prevent a lessee from losing the leasehold property is to buy the leased-fee interest. In Hawaii there is no way to compel the lessor to sell, and no max amount they can sell for.

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Originally posted by @Kailani Tom:

@Elijah F. sorry I don't know how to PM you on this anyway it's Kapolei Parkway Properties LLC

we are now colleagues. i sent you a message.

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Originally posted by @Tom Gimer:

The super lien statute just says that the HOA dues included in the lien have priority over everything other than taxes and the mortgage(s).

The bidder LLC owns the property... and has apparently not been paying the mortgage.

Sounds like you still "own" the mortgage, but not the property. That's causing your credit problem.

I would figure out what the LLC's end game is and see if there is any opportunity to slide in before the lender forecloses... because they will. The credit wounds will take years to repair as I understand it.

If that doesn't work another option is to file BK and the debt goes away along with the calls and letters. Consult with a debtor's rights attorney.

not only that, if escrow is paying the property tax, the LLC isn't paying that either.

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All Forum Posts by: Elijah F.

Elijah F. has started 1 posts and replied 84 times.

Post: Hawaii experts help needed. Hubzu purchase

Post: Heloc to pay off mortgage faster

Post: Monthly windward REI meetup

Post: LLC owning other LLC's - How many Filings?

Post: Feedback on Hawaii Investment Property Needed!

Post: Taxes When Flipping a House

Post: Starbucks + Brandon Turner + Scott Trench (Set for Life) = YAY!

Post: Leasehold: Help with some basics? Renegotiation? Fee available?

Post: HOA foreclosure situation debitor/creditor

Post: HOA foreclosure situation debitor/creditor