All Forum Posts by: Joe Sillaman

Hi Nathan, so many people don't realize that you can only use your VA loan 1 year prior to either PCSing or separating. This is because the VA loan requires you to live in the property at least 1 year. Also, as a borrower you must show income and future income with a verification letter of future employment. If you don't have that then you won't be able to use the loan. I feel bad because so many vets separate or retire and don't realize this. Many vets think the income from their Post 9/11 GI Bill counts as useable income which it doesn't.

Bottom line, the VA loan is not a option for you unless you can qualify with income from a future employer or you're over 1 year out (or don't have separation orders yet). Keep in mind the VA loan usually takes about 45 days to close so you'll have to move fast before you get your official orders or risk having to use a different loan product in escrow. In some cases a VA loan can do 30 days to close if everything goes right which never happens.

Disclaimer - I'm not a mortgage professional. This is just my opinion based off experience working with many VA loan buyers and lenders.

Hi Roger, 

I own and operate a successful 3night minimum vacation rental on the North Shore of Oahu. If you have any questions let me know? I would say having a vacation rental on the North Shore or Windward side of Oahu could be a better option than Waikiki as there's less competition for guests due to the lower inventory. I'm able to produce positive cash flow as since I live here and able to manage myself. Larger down payments help as well. Usually vacation rentals will need about 30-50% down payment if you want to see positive returns right away.

Vacationers are looking for the real "Hawaii Life" on Oahu where the South is over populated, North Shore still has it. Check out the Blog I wrote that details some of the steps to take if you're looking to find and operate a successful rental.

http://www.hawaiilife.com/articles/2014/09/vacation-rental-ownership-tips/

Aloha Dishon, don't spend any more money on guru courses everything you need can be found on this website. It just takes time to read all of the amazing material here. Best of luck to you out there! If you have any questions I'm an Oahu Agent feel free to ask anything!  

Aloha BP nation!

Does anyone have experience using the Home Style Renovation/Purchase Loan? It's a conventional mortgage where you can tie your repair funds into the mortgage. You can get repair funds up to 50% of the appraised ARV.

That's what I though. Was thinking of refinancing it into a conventional to get my VA back.

I had a questions on this as well with a personal residence with a VA loan. If it's transferred from my name to LLC would the mortgage be called due?

How's it going Hawaii Life Realtor and small time investor here. I do a ton of buying and selling in Ewa with so much military around! Welcome

Aloha Kevin,

I look forward to seeing you around! Cheeeehooooo lol

-Joe/RE Investor & Agent at Hawaii Life Real Estate Brokers

Aloha Kanalu,

CPA would be a perfect way to break into the RE realm here on Oahu as many investors have a critical need for a CPA to be on their team. I'm a local Hawaii Life Agent Buy and hold investor, if you have any questions feel free to ask. Welcome!

Oahu, Hawaii...Perfect climate (We have the best weather on the planet" - Guy Hagi/HI weatherman), warm water, beautiful landscapes, great food, endless outdoor activities, killer surf.

Yes, it's expensive but you get what you pay for. 

Investing is tough here though, most of the property value is in the land so you could have a dump of a house and it'll still be super expensive at market price. MLS deals are nearly non-existent, if one does hit the MLS or goes to auction it'll have a ton of bids that will force a market price. There's 8,000+ Realtors on island so everyone know's a Realtor.

If you can manage to flip you'll kill it here (You'll need about $400K in cash or a good partner to loan you the funds).  

Flipping Lux homes is the dream!