All Forum Posts by: Chris DeMello

Hey @Jon Lee.. Thank you for reaching out! My wife and I would love to join your Outback network group when we get out to Vegas. I just left you a message and i'll also reach out to Mark.

Thank you for your time!

Aloha, Chris

Aloha BP,

My family & I are moving to Henderson from Hawaii this summer. Looking to connect with an investor friendly realtor that can help me find a minor fixer upper or a MF I could possibly house hack. 3/2 Min. Open to SFR, town home or Condo, and trying to stay under $200k. Any guidance would be greatly appreciated!

Thank you, Chris 

For the past 200 yrs we've been banking the same way. Putting our money in a checking/savings account, paying the bills. There's nothing wrong with that, but, What if there is a better, more efficient way to manage/leverage your personal finances, so you can pay off debt and or build your savings in 1/4 the time than conventional banking??  See how we accomplish this!

Aloha Bigger Pockets Family! My wife 'Ihilani is a Master instructor with 101 Financial, and will be presenting this webinar. She has personally helped hundreds of individuals and families all over the country implement this 101 banking system.  

Join Us On This Free Webinar: Tuesday Jan 22 @ 8pm HST. 

Register Here To Join Free Webinar

I'd do a 1st position HELOC. You'll have access to funds for a DP and lenders don't question using HELOC money as a DP.

I'm not a Dave Ramsey fan. Cash is NOT king! Leveraging debt, in my opinion, is king.  Before 1971, when money was backed by gold, saving money was the way to go. His snow ball method is a good way to payoff debt using your own money. It's just too slow and boring for me. lol..  We now live in a credit based society, you need to use credit to build credit.  That's why I love 101 Financial!  101 Financial teaches the difference between "good money" and "bad money"; how to better leverage "good" debt to pay off "bad" debt strategically and at an accelerated pace! As a result, your credit shoots up. Win-Win for all!

Good to know tidbit, for every $400 in monthly payments you have in consumer debt, you lose $100,000 in buying power for real estate. 

@George Aston I would be happy to show you how my wife and I utilized a HELOC to pay down our home in 1/4 the time then a traditional mortgage! I’m pretty new to investing too. We just bought our 3rd home and looking to get into multi-family properties In Vegas this summer. This was all possible for us because we utilized a HELOC smartly on our first home. PM me or call if you’d like to talk story 🤙🏽

@Trey Brown They just want cash. Think they're afraid of getting burned on any partnership deal they don't understand. Honestly, I don't fully understand it, so I don't blame them for being hesitant if I can't explain it full detail. 

I'm looking forward to learning these different loan options. It can only help me on future deals!  I'll definitely check back in Jan, and I will check out the Agreement of sale. Seems like a simpler option.  

Thank you!

Did you ever look into a first position HELOC? Why not have the same emergency reserves while pounding down your mortgage a lot faster than sticking to the banks amortize schedule!? Especially in Hawaii where we have awesome promo rates.

@Tchaka Owen 100% accurate! Been racking my brain trying to make this deal work so bad. I gotta learn to not get attached to a deal. Appreciate your opinion, and thank you for the reality check! 

Thank you all for taking the time to respond! You saved me from probably making a stupid move and buying on emotion and not the numbers. I'm just anxious to get my first flip. I know it'll come, and being on BP only helps me gain more confidents as I keep learning! 

MAHALO!!!

Thank you all for the sound advice! Met with the seller & his wife yesterday. Not open to idea of the wrap option. I told them my top offer is $250k. They're staying tough at $260k even tho they expressed how bad they want to sell it, and was hoping to move  by Xmas. 

Is it possible my comps is off? It was off of 2/1 that sold in the pass 4 mo. How would I add the value of the other full bath if I had it permitted? Didn't see any 2/2 sold recently.