All Forum Posts by: Chivas Miho

Thanks @Victor Mondragon!  Good luck on your first deal too, let us all know how it goes!  On a side note, if you start investing in Houston, I'm curious how the market looks after Hurricane Harvey.  Are there still a lot of homes that need major repairs from the flooding?  Houston was the first market I was looking into and came close to buying a condo in the Alief area but put the brakes on right when Harvey hit.  Thanks again!

Thanks @Andrew Syrios!  Hoping to become just like you and the rest of the great RE investors on BP!

Thanks @Andrew B. and @Elizabeth Garcia, let you all know how things work out!

@Ryan E. - one more thing I should mention on the LOCs, the one draw back is that it will affect your personal credit score a bit since lending institutions will ask later why there are so many inquiries. But the actual score shouldnt go down much and will go back up shortly. I understand the big factors into personal credit score are late payments and credit utilization (amount of money spent in relation to your max credit line). Number of inquiries is a factor, but not nearly as much as the others. So just be aware of this and read up on it. Other than that, I believe it's always better to get the most money when you DONT need it, because when you really do need it, you won't be able to get it. Terry Adams on BP Podcast #134 also talked about using this LOC strategy which just reinforced my thinking that this is a repeatable BRRRR strategy, great show highly recommend this one.

Thanks @Daniel F. Harb, glad I can finally say I'm an investor instead of just saying "I read about investing".  Haha.  Happy Holidays my friend.

Hi @Jordan Lane, I would also have to agree with @Mitch Tempo, I grew up in Waipahu for many years and my family sold their SFR back in 2013 for $655,000 fee simple. The property was a 5 bed, 4 bath at 3,033 sf living space built in 1980. I just checked the tax assessor website and the land is assessed at $447,500, building is assessed at $289,300. Of course the tax assessor and market appraisers reports will not match, but in this market they wont be far off. You can also reference the Honolulu tax assessor's website to check your own specific property "http://qpublic9.qpublic.net/hi_honolulu_search.php..."

Do you know what neighborhood in Waipahu the house is in?  The neighborhoods have big swings in the market value, for instance, Waipio Gentry, Waikele, and Kunia all fall under the city of Waipahu but I would say they all have better sales than the true Waipahu town.  So if the land is in any of these neighborhoods, you'll be able to sell for more.  Either way it sounds like a winning deal to me, go get em!  

@Ryan E. - yeah I'm still trying to fully understand the process on the business line of credit but I would recommend watching a few videos on YouTube from "Credit Suite", the president, Ty Crandall, gives away the basic information for free.  They do offer a program that costs roughly $3,000 that I've invested in to learn the system.  From what I can tell, the program goes a little more  in depth on each of the steps, but you're mainly paying for advisor support via phone in case you run into a snag in the process.  In essence, they're basically saying there's a certain sequence of steps to follow that, if done correctly, magically unlocks this pot of financing which the banking industry or creditors will not tell you about.  I'll let you know how it goes.  

@Ryan E. - I'm in the same boat here, a couple of them are at 10%, one is at 13% and one has a preliminary introductory rate for the first 12 months at 3% that increases to 8% after the initial 12 month period is over.  The lower rate PLOC was mainly because I had a priority checking account with them that gives some benefits for other programs they offer.  I recommend checking with your banks to see what discounts they can offer if you sign up for certain banking packages with them.  Recently I've been looking into business lines of credit instead of PLOCs so that I can separate the business and personal accounts.  Hoping to get this together in Q1 or Q2 of 2018, especially since they say you can get up to $150k in business lines of credit.  

Thanks @Adam Johnson!  I had initially reached out to a PM in the area that had a high profile website, but was worried that my rental would be overlooked since they were managing 200+units, so my real estate agent recommended another realtor that was trying to grow her PM business and was only managing 30 units.  So I felt more comfortable knowing that she was personally recommended and would be able to give my property attention needed.  The property does require some repair - the exterior door and trim on one of the units needs repair along with minimal siding replacement.  Other than that, the carpet in a couple of rooms needs replacement, minimal electrical repairs and adding smoke detectors.  The PM recommended we change out the older appliances in the units which I had already anticipated.  The property actually didnt have a laundry area so I'm planning to invest some extra $ to create a laundry space to bump up the rents.  Two of the four units are still occupied and I'll make repairs to those once they become vacant, so I can defer some of the repair budget til then.  

Thanks @Victor Cooke!