All Forum Posts by: Loren Clive

Keep it simple: if you want housing, buy a house.

I've recently been outbid by cash buyers in my last three offers, but would I ever propose some sort of limit on such activity, pleading victimhood as a financed buyer? Heck no. 

Embrace the free market, folks. Don't be a hater, nor feel guilty for reaping the fruits of your own hard work.

Anytime the government gets involved and regulates stuff "for our own good," it ends up a stupid, costly, inefficient mess. 

No, your on island contact doesn't have to be licensed unless they manage property for someone else. 

As far as self-managing under your business, it depends on how your business is set up. Is your partner a member of the business that owns the property? If you are a LLC with multiple members you do need a real estate broker license, or to employ a broker, since the manager would technically be representing more than one party.

If it's a single-member LLC (just you), then you are fine to manage it yourself and have your buddy as island contact.

Here's the law itself. If it gets more complicated, consult a lawyer

https://www.capitol.hawaii.gov...

So many questions! Are you wanting to buy the home? Just go to the auction and bid on it. Or submit your offer directly to the commissioner (private sale).

Once the commissioner is appointed, the seller does lose his legal right to sell the home.

Have you pulled title report? It may be too underwater for seller to sell to you at a price that makes sense.

I serve as an expert witness for Hawaii foreclosures, so I know the process pretty well. PM me

Whenever I do property management, I send monthly statements to clients accounting for all funds. And send them checks monthly with the funds collected minus my fees and expenses. I'm a one-woman shop--it's ******** to say this guy is too busy to be bothered with accounting. 

The fact that your PM has not done this and refuses to produce statements after over a month is a red flag. I do NOT agree that he has done an excellent job since how do you know what he's done if you aren't getting statements? You just know what he's told you he's done. For all you know, he could be charging even more rent and pocketing the difference. 

Get a new PM or do it yourself. 

Didn't the PM make some sort of representation that the accounts were up-to-date at time of sale when deposits were transferred (estoppel)? 

I agree with Nathan that the owner paid the PM to collect the rent, they didn't do their job and now it's their problem. 

No way would I pay them $1200 for being incompetent, no matter what the contract says. 

great property. congrats!

good points @Colby Hanley. You know, it's funny, despite my initial negative reaction, now I'm offering my longtime tenants a one year lease to take advantage of this--hahaha! 

I guess my frustration is the ever-increasing regulation of our lives by folks who really have no real world experience in whatever they're regulating. 

 As a landlord, you're only saving $1k/year per property, so it may not be worth it to sacrifice flexibility in leasing for that amount of money, depending on the property/ tenant. And ultimately this is not going to solve the lack of housing on Maui, it's just going to create more bureaucracy, which is my general objection.

@Carlos Ptriawan nah. I only buy cash flowing properties here in Hawaii. But please keep telling people that!

@jamie lynch you must be shopping on the Big Island at that price point? I might hold out and wait for a house. I can connect you with an awesome realtor on the E side who can help.

I dunno, I'm not a fan of this. Why can't we all be taxed the same and just do what we damn well please with our very expensive Maui properties? 

This will basically create a lot more enforcement bureaucrats to split hairs and not return your calls. Great.

When did long-term become 12 months? What about the six months mentioned in all the other Maui County rules?? A lot can happen in a year, and it doesn't serve tenants or landlords to lock someone into a long contract and then someone dies, or loses a job or starts selling meth or . . .

1. I got laid off from my PM job, and that freed me to focus on real estate full-time. Game changer. Now I own 8 rentals and live off my rental income, only work when I want. What do you have to lose?

2. No idea

go get em!