All Forum Posts by: Rich Chavez

I'm local to Oahu and always have an eye on potential investments in Waikiki. Most realtors are use to providing the STR data from the unit if it is currently being rented out. The bigger problem is I cant get the numbers to work. When you factor the high rates, HOA, GET it hard not to look for investments elsewhere. I've seen better deals on the Island of Hawaii.

So that I understand, You need to sell the condo first to qualify for your new primary home? If this is the case. You could technically cancel your purchase due to the financing contingency (assuming you still have it). However, you will still need to sell your home as in most CA contracts the seller is responsible to deliver HOA docs. There are things you can do to maybe force the buyer to cancel, but if the buyer really wants the house you have no power to cancel.

The correct way to do this transaction would of been to do a purchase contingent on being able to sell or vice versa.   

If you have a good agent, this should be able to help you better. 

Technically you can. In my opinion, I would just go to the HOA board meeting and have a conversation with them first. Tell them about your expenses and what steps you are planning to take going forward if they do not act soon. Suing a homeowner that needs Adult Protective services may not go far. Just cause they own the Condo out right doesn't mean she/he has money to pay for damages. Suing the HOA/Management is almost like punishing yourself. If you sue the HOA most lenders will stay away from financing future purchases/ refis. if it gets into litigation. When this happens prices will drop because lenders/buyers will feel uneasy. Everyone in the HOA will suffer. From being in RE for over 10 years this is my opinion.

Hi Mary, 

If it is included in the contract that they will deliver HOA docs they cannot back out. You can back out if you wanted too. I'm A RE Broker in Cali

HI Isaac, 

Send me a PM and lets talk about your scenario.  I currently live in Honolulu as a loan officer and do work with a few realtors that can offer advice on condos in the area. 

Rich

Hi Jamaal, what is your email?  I have done a few deal on Big island and Kaui.

Cant 1031 a primary into an investment. 

So your paying the GE tax in Hawaii and than getting taxed in CA too?  

Incfile will help you with a registered agent.  I think I pay about 120 a year for mine.  Also, pick a state that doesn't require you to have mail delivered in that state.  I have corps in MT and WY and mail gets forwarded to my local mailing address. 

Hawaii is a tricky market, it all depends on the area and where people are vacationing.  I've done loans in the middle of no where on Big island for B&B that was generating 15k a month.  I just had a client that closed on a 3/2 condo in Waikoloa that has the potential to generate 150K a year.  Unless you know the market and the area I suggest partnering up an agents that knows the specific markets.  To answer your question, you don't need an ocean view.  You just need to acquire it for the right price.