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Big Island The Island of Hawaii
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Old 01-17-2015, 01:20 AM
 
Location: Moku Nui, Hawaii
11,053 posts, read 24,045,477 times
Reputation: 10911

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Would it be possible for the OP to buy a house in Hawaii as part of their investment portfolio? Have it rented by a property management firm and by the time the mortgage was paid off (hopefully by the rental income) then there would be a paid for house in Hawaii and the savings would still be intact.
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Old 01-17-2015, 02:30 AM
 
Location: Kahala
12,120 posts, read 17,920,952 times
Reputation: 6176
Quote:
Originally Posted by hotzcatz View Post
Would it be possible for the OP to buy a house in Hawaii as part of their investment portfolio? Have it rented by a property management firm and by the time the mortgage was paid off (hopefully by the rental income) then there would be a paid for house in Hawaii and the savings would still be intact.
Well - no.

Not on $80,000 savings and $26,000 annual income.
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Old 01-17-2015, 06:26 AM
 
130 posts, read 234,483 times
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Quote:
Originally Posted by whtviper1 View Post
Well - no.

Not on $80,000 savings and $26,000 annual income.
Of course it would...

This is a fantasy thread right...
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Old 01-19-2015, 07:40 AM
 
Location: Omaha, Ne
76 posts, read 135,418 times
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Actually [SIZE=5]whtviper1[/SIZE] is right. I now plan to keep my current job making the much higher pay. Save aggressively and buy a vacation home some where, worth 200-300k in the next couple of years. I decided that would be the best action to take and that way I have some where nice to go for a couple of vacations per year I can take. Then if I really like it I can move there full time with the house completely paid off. Sounds like the best plan to me. Thanks for all the advice.
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Old 01-19-2015, 11:04 AM
 
Location: Moku Nui, Hawaii
11,053 posts, read 24,045,477 times
Reputation: 10911
If you have an on island property manager, perhaps you could rent it out when you weren't using it. That might help offset the purchase price and turn it into a cash flow opportunity. Then instead of just vacation use and possible hopeful capitol gains, you'll have - one hopes - positive cash flow as well as a future possible home.
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Old 01-21-2015, 02:05 PM
 
Location: Omaha, Ne
76 posts, read 135,418 times
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Great advice Hotzcatz. I was actually going to rent it our for cheap to family and friends when not in use for some extra income, but renting it through a company when not needed would take the head ache out of all that.
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Old 01-21-2015, 03:31 PM
 
Location: Volcano
12,969 posts, read 28,451,115 times
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Quote:
Originally Posted by Bjbrown2 View Post
Great advice Hotzcatz. I was actually going to rent it our for cheap to family and friends when not in use for some extra income, but renting it through a company when not needed would take the head ache out of all that.
Keep in mind that if you rent it out, you are legally required to have a local contact... doesn't have to be a professional property management company, but it must be someone local who has the responsibility to deal with on-site issues, including acceptance of local legal service.

Second thing is to collect and pay the appropriate taxes on the rental. All rentals at all times are subject to the State General Excise Tax (GET - 4.166%) and in addition all rentals under 6 months in duration are subject to the State Transient Accommodations Tax (TAT - 9.25%), which other states simply call Hotel Tax.

Department of Taxation
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