I'm retired with a paid off house in Southern California. Should I rent out my house ($1700.00 a month) and

Asked by Irmasma, 96744 Fri Aug 7, 2009

get a lease hold with an ocean view and a little yard for my dog? I have read the quarantine rules and have some money saved up. I like sailing and Scuba Diving so being near a Marina would be nice.

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4
Annette Law…, Agent, Palm Harbor, FL
Sun Oct 19, 2014
To benefit the most from a decision to transition from home owner to real estate investor takes a bit more planning. At this moment you can take action to shelter the 'investment' property and realize no less than a 30% tax savings and cash flow and continued value appreciation.

Consult with your financial advisory or attorney. The conversation should include topics such as LLC and self directed Roth IRA.

It is possible your situation can not accommodate this. Unfortunately, you only get one grab at the ring.
0 votes
robert.prest…, Home Owner, Waianae, HI
Sun Oct 19, 2014
Sell your house so you can take your capital gains tax free with you and stick the money in the bank. If you convert your property to a rental, you'll never get the money our unless you do a 1031 exchange, and you don't need that complication when you're retired. Get the heck out of California before they tax you into your grave. Put your junk in storage and rent for a while in Hawaii to get the lay of the land. When you find a place you like, go for a big long mortgage and preserve your cash. Don't be in a rush to buy -- there are many choices here so you must do some homework.
0 votes
Roxy Van Boc…, Agent, Kailua Kona, HI
Sat Aug 8, 2009
Don't forget to check out the Big Island of Hawaii which offers very competitive prices. You would find ample homes to rent here that allow a small dog (condominiums or residential) for under $1700 per month while you are checking out the market. Live in Kailua Kona or South Kona and be near some of the best diving and snorkeling opportunities in the Islands. Also there are quite a few places to lauch a small boat besides the 3 larger harbors on the island.
Aloha and have a beautiful day!
0 votes
Frank Diaz, Agent, Honolulu, HI
Fri Aug 7, 2009
Hi Irmasma,

What do you mean by a leasehold? Many people think that property in Hawaii can't owned unless you are Hawaiian. That's not true. The majority of homes in Hawaii are owned by non-Hawaiiains. You can buy a property that is fee simple (you own the land) instead of leasehold (you rent the land).

There are several good areas here near marinas, including Hawaii Kai, Kailua, Kaneohe and Ko Olina. I know two boat owners that offer scuba diving in Hawaii Kai. I can send you the info.

Please call me at 808.723.0900 to discuss this further. Pet quarantine rules may be found on my website:
http://www.hawaiihome.biz/2009/02/hawaii-animal-quarantine-m…

Aloha,
Frank Diaz, MBA (RA). e-PRO
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