All Forum Posts by: Joe Sillaman

@Jeremy Hunter Mine wasn't turnkey. I put about $11K into it to refresh the finishes of the unit. I wanted to be sure it's best units in the complex for more appeal to get quicker bookings. Of course I spent the required owner occupant year in it slowly updating. 

Today is a special day....That same unit I bought in 2012 appraised at $430K  and today (refi-ing now) it appraised for $520K! 

@Jeremy Hunter The 0% down VA loan limit is $721,050, anything over that amount will require a small downpayment. However, you still need to qualify for that much with a lender. I work with many military buyers who don't necessarily qualify up to that amount although at most grades above E6+ it's possible.

I've also used my VA loan to purchase and operate a vacation rental on the North Shore. I use VRBO (Vacation Rental By Owner) as guests on that platform are a bit more high end.

In Ewa Beach and Kapolei we've seen values increase dramatically over the past few years. I've seen new 4BR 2.5BA 1600sqft homes in Hoakalei start in the low 600s last year and now that same new home starts in the high 600s-low 700s at the start of this year. These homes and area are ideal for long term rentals for military. Airbnb vacation rentals would be tough unless you had one of the homes lining a golf course with views. 

Get in the market while you still can. Prices are not getting any cheaper. 

Use your MLS access to your advantage. If you see a deal run it though the calculator and if rough numbers seem to work contact a local investor with cash to close. You'll have to watch for new listings that pop up daily.

@Duke Hartman Aloha man. I'm eager like you to get things going as well. You're so lucky to be from North Shore. I'm up there often surfing at Ehukai. What a season it has been. Unfortunately, I don't have much multifamily experience but could help you on the North Shore vacation rental and long-term buy and hold arena. Biggest challenges are financing for me, getting that 25% down Hard Money guys need has been tough with the price points we have here. Tons of opportunity though. Good luck out there. 

$9K for wholesale program Fortune Builders. Did mailing campaigns and bandit signs. Received responses but no actionable leads. Program was for 3 months. 

If I could go back I would find BP sooner, get my RE license sooner, and use the chat for a down payment on a cheap flip or rental. 

Although positive cash flow is still hard to achieve here. I would still rather buy here. You'll make all your money off speculation/appreciation. Values double every 10-15 years here on Oahu. This island is only going to get busier with our population growth 4% increase by end of decade. Even if you're in the negative on cash flow you'll still make great money sitting on your home/doing value add renovations to it. I recommend getting in the market as soon as you can. Prices will only go up from here. The new housing crisis is lack of inventory. I have many buyers eager to purchase homes but there's nothing available. People are realizing RE is a better investment on Oahu than stocks. Oahu real estate is the best investment vehicle you could ask for. I recommend finding rentals in military heavy areas...Ewa Beach/Miliani/Kunia/Kaneohe/Kailua. Military members are provided additional allowances to cover rents and will pay high amounts to live in large homes with areas for pets. If there are any issues with late payments or damage to a property you can always contact their commands to get your money back. 

Transient Accommodation Tax is 9.25% 

General Excise Tax is 4.712% 

I own and manage VRs in North Shore Oahu. The Dept of Permits and Planning are currently hiring more employees to crack down on illegal rentals which is probably bat 90% of VRs on Oahu. Might be good to really research numbers and ultimately ask your self...If I were caught would I be ok long term leasing. You can't go wrong with Oahu ownership though. Values essentially double every 10-15 years on Oahu. 

Where you thinking? Hawaii or off island? Positive cash flow is tough here unless you have a good downpayment. Appreciation is where the money is made.

Aloha Cole,

I'm a Air Force O-3 Reservist and vacation rental owner/operator of 2 positive cash flowing units in the surf capitol of the world Haleiwa, HI. I also help veterans take advantage of their VA loan entitlement as full time Realtor for Hawaii Military Life (Hawaii Life Real Estate Brokers). I would certainly be happy to assist you with your property search and can definitely provide you the tips and tricks to help you with vacation rental management operations that will help achieve your investment goals. I look forward to speaking with you soon!

I literally just got one from a mortgage company, no issues. Went with Starkey Mortgage.