All Forum Posts by: Kiley N.
Kiley N. has started 8 posts and replied 222 times.
Post: Looks like the "No Money Down" narration got updated
- Honolulu, HI
- Posts 231
- Votes 192
The gig is up BT!
Post: Newbie from Honolulu looking to invest OOS
- Honolulu, HI
- Posts 231
- Votes 192
Welcome to the forums @Debbie Wilcox ! We have a lunch meeting in downtown Honolulu if it is ever convenient for you:
https://www.biggerpockets.com/forums/521/topics/740532-rei-professionals-lunch-downtown-honolulu
There are also several meetups on island where you can connect and network with other local investors.
Congrats on taking the next step along your journey!
Aloha,
Kiley
Post: Huntsville, AL Investing
- Honolulu, HI
- Posts 231
- Votes 192
@Brian Boyd
My partners and I are active in Huntsville MFH. Happy to connect and share my experience in the area.
Huntsville is booming and it is an exciting time.
Post: Would you liquidate your 401k to purchase your first property?
- Honolulu, HI
- Posts 231
- Votes 192
Speak with your 401k administrator and see if your plan allows for loans as @Mike Dymski mentioned above. This would give you access to 50% of your balance and would avoid the stiff penalties that others have cautioned against.
Post: How to Claim CAM Reimbursement - e.g. Dollar General
- Honolulu, HI
- Posts 231
- Votes 192
Originally posted by @Joel Owens:
Most newer Dollar Generals are absolute triple net leases. The lease would typically specify if they pay property taxes directly or if you get reimbursed after payment and how long it takes. Most NN Dollar Generals are older vintage properties.
Was this a recent transaction in the last 3 years or so? The listing broker or the developer who sold the new DG or old owner might still have a copy of the lease. What attorney did your family use to originally buy? They might have a copy as well.
Did they have a buyers broker when purchasing? They might have a copy.
If the purchase was financed, the lender may have a copy as well.
Post: To Raise the Rent or not to Raise the Rent
- Honolulu, HI
- Posts 231
- Votes 192
Originally posted by @Michael Dorey:
Thanks for all the input. I know that ultimately it's my decision.
I went up 50.00 last year. My feeling is I'll prolly raise it 25.00 next year.
New roof last year. Redid steps and outside paint just this past summer.
Property taxes and insurance have barely increased in the 10 years so that's not a big deal
That sounds reasonable.
Post: Can you still get a good deal on a property with an HOA?
- Honolulu, HI
- Posts 231
- Votes 192
@D.J. M. has some good points for due diligence. An HOA property could be thought of as a separate asset class from your typical rental property due to the different risks associated with it. As with any asset class, there are good deals to be had but they should be measured against the added risks and uncertainty.
One basic way to sum up HOA investing is:
Positive: Other people are handling the budgeting, capex, maintenance, and rules for you.
Negative: Other people are handling the budgeting, capex, maintenance, and rules for you.
A lot of variables can go into who those other people are and how experienced/qualified they are to do the above for you.
Post: To Raise the Rent or not to Raise the Rent
- Honolulu, HI
- Posts 231
- Votes 192
Question: How much did you raise the rent a year ago? i.e. from what to what? And what was their reaction at the time?
Unfortunately I am not on the ground there but I do know of several meetups in Huntsville. Let's give @Tim White a ring and see if he can chime in.
Hi @Kelli Standekar , my partners and I are active in MFH in Huntsville and I'd be happy to connect on what we're seeing in the area. I've taken a cursory look at Cullman as well and I'd love to get your thoughts on the local scene. Welcome to BP!