All Forum Posts by: Michael Borger

@Nick Webb I'm not an attorney but I don't see anything wrong with either method -- I've done both assignments as well as double-closes. The main thing to remember regarding assignments is that you're assigning the contract (and all terms, responsibilities, etc. therein); you're not assigning the house. So if you assign to someone who doesn't follow through, you could potentially be stepping onto a hornet's nest. However, I don't think properly assigning a contract is in any way illegal; I'd question anyone who gives you that advice (unless they're referencing a specific law in their state).

Hi @Betty Hahn - Look up where the tax bill is going and send a letter. Put a flyer on the door/mailbox to see if anyone is checking up on the property (heirs). Ask your title officer for a copy of the recorded deed and see if there's more info on how they took title. Skip trace the names and call up relatives. Lots you can do...

Drop me a line if you'd like to work on them together....

I've done my fair share of deals on island - both wholesaling and rehabbing.

I use a typical Purchase and Sale Agreement -- I'm not aware of anything specific to Hawaii that would invalidate one you can likely find here on BP.

I've done a few deals with Conventus -- good people in that company.

I've done it many times and have another coming in this Friday with a few more in the pipeline. I really don't like rehabbing so am shifting to a somewhat more equal balance between rehabs and wholesales. I did a 6-figure deal a month ago - they don't show up too often and it was challenging, but I kept it together and didn't have to deal with a GC, pick out a paint color or worry about people not showing up to work.

I just did a 6-figure wholesale last month, so I would disagree. I have another 5-figure assignment set to close by Monday. I also bought a SFH in Maili last week and a sub-2 SFH in Ewa Beach yesterday, with two condos in contract to purchase early June - both sub-2s (love that leverage).

Who are the realtors you're speaking with? Are they doing deals themselves or just listing retail sales and running home shoppers from one open house to another? Be careful who you take advice from.

I hope it turns out well for them, of course, but shoreline setback regulations are not 'obscure'.  Not understanding or even being aware of them is a major oversight. 

I was once working on my PhD in geography at UH with a focus on coastal matters. I worked in the coastal geology lab at SOEST one summer processing data for the erosion maps (the reason for the setbacks). The info is freely available and not overly difficult to understand, even if you don't have a background in science.

Also, if the property is still listed, then the ARV is no longer just under $1M -- it's whatever it will end up selling for.

All seasoned investors have made mistakes of some sort or another over time -- failure is our biggest teacher. Again, this is not to be harsh and I hope they land on their feet. The renovation looks very nice, but it would be wrong to blame the shoreline setback rules as obscure or unreasonable. They are there for legitimate reasons and are common knowledge (at least their existence if not the depth of setback).

@Justin Vasquez I've lived in San Diego for almost 5 years, but Hawaii is still my #1 market. However, I was living there when I got started.

Lots of real estate attorneys on the island to choose from. Any of them should be competent enough to review a basic purchase and sale agreement.