All Forum Posts by: Aaron Wisch

@Paul Winchell do you know what trade work is mandated by law that has to be done by a licensed contractor? I've heard it's a thing over there. Is it just plumbing & electrical or other trades as well?

@Chris Piel It's definitely something I'm considering. Keeping my options open right now & gathering information. There's so many bad houses in Hilo that are begging for a cash buy & rehab, which is why it's so much more interesting than Kona. I've heard that contractors can be very challenging to get ahold of there though.

@Michael Borger are you anticipating a lot of opportunities later this year whenever the foreclosure moratorium is finally ended? I'm debating holding a chunk of cash so when that bubble pops I can jump on as many deals as possible.

@Paul Winchell Thanks, I'm definitely looking at Hilo side for ease of entry initially. Planning on buying 1 long term multi-unit rental & living at a 2nd property with an STR on site. Working with Patti Kam right now & she's been very helpful. I don't think she's on BP though.

@Michael Borger I get that, my only flip was hard money but I was able to keep it down to only 2 payments before paying it off completely. It sounds like it goes back to finding those motivated sellers which seems to be half the battle. I got lucky & found a couple but haven't figured out how to do it semi-consistently while maintaining my regular job.

@Michael Borger How do you swing the seller financing? I've seen a few of them but mostly on questionably permitted addons etc. 

@Dillan Stoor I'm moving back to the Hawaii later this year & aiming for big island Hilo area. Also looking to do some flips or more likely brrr multi-family rentals so I'll need good contractors. My understanding is that contractors/trades are in even shorter supply on the big island than on Oahu & can almost name their own price within reason. So it sounds like you will be well positioned. 

Always keep this in mind when buying on the big island:

@Paul Winchell Hi Paul. Looking to move to the big island & invest in a few rental properties. If we are living on the property as a primary residence, can I STR the other units on the property? Are there additional permits required etc? Looking initially at buying in the Hilo area since the demand for rentals seems like it should be high there based on availability. Our goal is to eventually get into a dream home on the Kona side, but baby steps.

@Andrew Postell wow thank you for that info. Getting ready to but my first rental (3rd property overall), & I just learned a lot about lenders from your post in just a few mins. Now I'm off to the forums & meetup to find a lender in my market. I do have a question based on your follow ups. You mentioned Freddie/Fannie has a hard cap of 10 loans, I'm assuming that's to an individual? Would "portfolio" lenders (or of course private investors) allow me to get around this cap when I hit it? What about an LLC, assuming that I can find a bank that will lend to an LLC eventually? Basically is the cap based on whose name is on the loan?