First Home Purchase in Waikiki, Hawaii

[Sungyong Kim]

Investment Info:

Condo buy & hold investment in Honolulu.

Purchase price: $550,000
Cash invested: $5,782

Enjoy an amazing sunset view from your lanai every day in this 2 bedroom corner unit in beautiful Waikiki. Close to Ala Moana Shopping Center, the beach, and restaurants. Short drive to Target, Down Town Honolulu, Queens Medical Center, Straub Hospital, University of Hawaii (UH), Hawaii Pacific University (HPU), Pearl Harbor, and more. Featuring wood laminate flooring, white wood cabinets, recessed lighting, and an open floor plan. It has split AC, ceiling fans and 1 assigned parking stall. incl

What made you interested in investing in this type of deal?

I wanted to use my VA loan to purchase a home while on active duty and I didn't want to rent when I was getting a housing allowance.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Updated the flooring, new paint, and hired a PM company to manage

What was the outcome?

This investment is not generating cash flow and I am at a loss each month.

Lessons learned? Challenges?

I was very green to real estate investing and did not account for the HOA fees. Although my tenant is able to cover my mortgage, I am still at a loss due to the HOA fees.