All Forum Posts by: Jonah Molina

Thank you Travis. I'll try reaching out to Marry today.

I was notified today that I was selected for a county first time home buyer down payment assistant grant for up to $30,000. I was happy, thrilled, and excited... but... Im on Maui (born and raised) and the available market is either way too high for what I can afford or its HUD slum lord apartments.

We have 45 days to sign and submit a purchase contract and then 90day after submitting that to close escrow. Time is running.

Our entire savings is about $35,000 in stocks because we were planning on letting it grow. The sudden news of free $30k for a downpayment has that on pause tho. We save about $2,000 a month so that's basically what we can afford in terms of mortgage payments.

Im lost because while Im grateful that we were selected for this grant, the housing market on Maui is expensive. I don't want to throw everything at a property only to live on white bread and kraft cheese for 30 years while I pay it off.

I guess what Im asking for is guidance in terms of strategy for buying that first home then trading up to the next one or leveraging home equity to start the road of owning multiple properties.

stressing because of the time frame, the lack of my capital, the lack of selection on Maui, the cost, and timing...

Mahalo for all the input guys. Been reading a lot and it does seem like the numbers regarding cash flow for a single family home on Maui (right now) wouldn’t work too well.

I understand and accept that passive income is for the people who’ve built a massive net and are at the top (but even then I think they have to work and make sure their system stays functioning)

I really want to learn more about owning/operating vacation rentals, specifically in HI if possible and specifically the tax part of it (now with the shift of the 2018 tax laws).

I’m going to dive through the forums and try find more books on the topic. If you guys have a good general or specialized book on the topic you’d be willing to recommend, I’d be very appreciative.

I’m planning on using my trade skills to do self repairs where needed to help offset the cost of owning and maintaining these properties.

Aloha guys. Thank you for sharing your knowledge.

I’m an apprentice electrician with the electrical union. I have a low five figure amount saved up but not enough for a standard 20% down on a maui market home.

Besides hustling day and night between 3 jobs and waiting to become a journeyman and granted there will still be work in 3-4 years, I didn’t know what path I should start following.

Start with a small cheap apartment/condo ($200-$300k) and work with that while waiting for the market to drop, or dive into a single family home.

Hello Everyone. First post.

I’m in Hawaii, Maui, born and raised. Seen the life locals have to do just to get by - not a fan of 2 jobs plus seasonal side jobs.

Read RDPD (rich dad poor dad) and it opened my eyes to the values of real estate.

I plunged into the beginners guide offered by bigger pockets. Great starting info but I had a question that’s particular to Hawaii.

Right now on Maui the market is ridiculous. It’s poking $600k.

The numbers I’m talking about are the 2%, 50%, and 70% rules. I know it’s a general guide line but I was wondering if I could get some advice based on inflated numbers.

A house at $600k should rent at $12k/mo? (2% figure)

A house at $350k for a fixer upper @ 70%, $245k - $80k for rennovations =  $165k max offer.

I think it’s because I’m a super greenhorn at viewing prices regarding real estate, but offering $165k for a fixer upper on Maui seems like a slap in the face to the seller?

Again, I know these figures are just general. If someone who has been dealing with the Hawaii market can chime in and help out a beginner, I’d be REALLY appreciative!

Mahalo!