All Forum Posts by: Loren Clive

Not enough info to make a decision. Where is this property located?

Does the rent roll include the rent you're paying to yourself?

Calculate your monthly net then your cash on cash return based on your equity in the property. If you can sell and acquire a property with better return I would do it. But I would list in MLS probably since the buyer's activity sounds like it's a hot market where you are.

Most importantly, you want to make sure you can still qualify for a mortgage without the income from this property.

A smart businessperson once told me: never sell something that makes you money

keep the deposit. Is this even a question??

You don't need a LLC unless you have properties with a partner. I don't know why everybody recommends it. In fact, my attorney client once held a vacation rental property in his wife's name--he wasn't scared of getting sued. It does make it harder to finance and insure in a LLC. Just get a good umbrella policy and you're covered.

I do both. I have eight properties here on Maui, two vacation rentals. The long-term rentals are more hands off. Airbnb requires more attention, constant linen replacement and sometimes dealing with wacky guests. But it does typically pay more unless you find a killer deal on a house. I self-manage and live within 30 minutes of both STR.

porch

you can cancel after this. It's a newly discovered fact that should trigger new seller's disclosure contingency. At least in Hawaii that's how it works

I would be hesitant to go back to someone you just walked away from. No matter what agreement you strike, what makes you think this narcissist will change his behavior? 

There are better clients/opportunities out there.

I used to work at the Lapham Company. https://www.laphamcompany.com/

Good folks!

20 year all the way! Keep your cash for future purchases

I did this with my first house, a duplex, which I bought as an investor but ended up living there. 

It's all math in terms of the amount of cash you have vs. savings, how long you intend to hold the home for, etc., and of course you can always refinance later into better terms.

Your lender should be able to provide some insight specific to your situation.