All Forum Posts by: Loren Clive

Aileen you can do it! Especially if you want to build a relationship with tenants you should be self managing.why do you need a co-host? If anything goes wrong and you simply pick up the phone and call somebody to fix it.vendors will send you photos of the completed work. You can order anything you need from Amazon. Trust me you do not need to be physically there.

you can designate anyone as your on island contact from your realtor friend housekeeper Etc. I manage all my three vacation rentals plus another for a client, but unless you are crazy busy most people can self-manage.

Here!

Kihei or Lahaina. $450k entry level 1br can gross up to $50k/year. PM me for more info.

No. And there are differences in how conservative CPAs are. I would encourage you to read the laws yourself, the IRS bulletins, and find a CPA who shares your mindset.

I once changed CPAs due to a similar issue and saved $80k refiling three years' tax returns.

You can apply online for an EIN with the IRS. I think you do need one if your LLC has more than one member, but double check with your accountant. You will also need a GET number.

I buy from Kaiser. It's tax deductible as I am an employee of my LLC. This is a really state-dependent question, but basically you just shop the coverage options available and choose the best.

Anecdote: I'd been on my partner for years to get health insurance. He's self-employed also. He finally got it and out of nowhere his appendix burst. Would have cost him a chunk of change without insurance.

I have about 10 rental properties on Maui. Some long-term some short-term. You can do it and it's pretty easy as long as you buy them cash flowing. PM me for more details

I would go for the single family. You can short term rent to generate more cashflow if you want (run the numbers on this) AND if something happens and you need to sell will be much easier to sell! You know the old adage . . . location, location, location ;)

I like BoH. Great rates, and their HELOCs can't be beat! Be prepared for a 60 day escrow.

if you buy the second, your position is subject to the first mortgage, however you don't have to make the payments. Once the first forecloses you will lose title to the property.

I've made a bunch on money on these deals simply buying the second, renting out the house and waiting for the first to foreclose, which typically takes at least 5 years. 

Most homes on Maui rent for $3k/mo. If you hold this more than ten months you'll make your money back. But you have to check the public record and see how far along the foreclosure is on the first.

PM me and we can discuss further.