How much of your income should you spend on mortgage?

What do you need to pay if you rent out a unit in Hawaii? Price may vary from one caretaker or company to another but here we will show you the most common scenarios Long term rental (more than a 6-month rental) * Usually it is 10% on the gross rent * GE reporting can be done by the owner which is free online (if due to language difficulty, you can ask your manager to report and usually there is a fee associated with it) Short Term Rental: (less than 6-month including daily rental) * Hotel managing your unit it is likely 50% of the rent + some marketing cost (each hotel may be different) * 3rd party managing: usually 20-25% is charged on gross rent excluding the TAT and GET portion. * Cleaning fee is included in the gross rent and will need to pay GET * Transient Accommodation Tax and General Exercise Tax are to be paid Quarterly, Semiannually, or monthly depending on the gross income (usually self-reporting is free but if your managing agent files it will cost some service fee) If you have an accountant, he or she may also be able to help you with your reporting. * Some management agent or company can help you report those taxes but there might be service fee for it.

The difference between the TVU and BBH is as followed A Transient Vacation Unit (TVU), is a dwelling unit that is rented for less than 30 days at a time. Typically, the owner does not live there, or is not present during the guests' stay. It can be an apartment, condominium, or single family home. Units in a hotel or "condo hotel" are not considered TVUs. A bed and breakfast home is a single-family home in which a room or rooms are renter for less than 30 days at a time. The home's owner, lessee or operator lives in the home and is present during the rental period. -------------------------- In 2018, Mayor Kirk Caldwell is considering a bill to curtail the illegal use of a home as TVU. Under this proposal, there could be a find up to $25,000 a day for the 1st offense, $50000 a day for a 2nd offense, and $100,000 a day for a 3rd offense. Eventually a possible lien against one's property. For B&Bs without registration number the fine can be $10000 and up to $50000 for the 3rd offense. People running the TVU property tax will be 12.90 per $1000 assessed value and for B&B it would be 6.45 per $1000 assessed value. click here for video