All Forum Posts by: Michael Borger

Aloha, @Trevor Yasunaga - welcome to BP and the island scene. Wholesaling is a great way to get started. Lots of info here as noted above - pick up the guide and start plugging away. Piece by piece, brick by brick.

That's a great question for a CPA, of course, but you could put some of those funds into a new tax vehicle for your 2016 returns. So even though those funds aren't part of an IRA now, you could put them into a new IRA, but the yearly maximums aren't sizable enough to make a big dent IMO. // If you have a business, then be sure to start keeping track of expenses that could be written off.

I also suggest grabbing the BP tax book - there's probably some good info in there for you.

Aloha, @Howard Soon - welcome to the island scene! It's great that you're digging into those books. Reading seems to be a lost hobby these days, but it'll get you places. Feel free to ask questions here - lots of smart people around. I do a lot of buy-fix-sells myself.

Mike

Condominium Property Regime -- that's what it's called in Hawaii when you officially make each house its own parcel; it can then be sold off individually. Each area has its own minimum land unit per property, i.e. 5000 sqft, so the zoning will largely determine what will be eligible.

Hi, @Jay Hinrichs - I also have yet to do a deal in Kahala, though I've kicked the tires on a couple. I used to live not too far from there, so those areas like Kaimuki, Palolo and the like still fall into the wheelhouse though they're significantly different neighborhoods then Kahala, from a price point perspective (usually). For the right numbers, though, I'd always be game. CPR opportunities aren't so unusual, either, and not just there. I just finished a CPR flip out on the west side -- nice tidy profit on that one.

For funding, I'll reach out to you individually to see if my deals might be a good fit. I've got deals going on now from Kailua to Waianae and in between.

Be careful of doing deals just for practice. Every deal should stand on its own merit no matter your level of experience. I see this often.

Agreed with my friend Michael above. Those are not numbers I would move forward on. It's not a loss, but it's rather thin for that ARV. I'd want it for about 25k less or so.

I just bought a leasehold condo in the Marco Polo building a couple weeks ago -- it's all about the comps and making sure there's enough time remaining on the lease to still make it a marketable product.

Wouldn't do it. Bad connotation from the start. Plus, I just opened escrow on a house in Kaneohe that's anything but ugly.

Yes, you can do so. You would also need to approach the HOA's attorney to present your offer and figure out the total payoff w/their fees. Until the foreclosure actually takes place, the owner is still the one who calls the shots.