All Forum Posts by: Kayla Ahsing

Looking to do new construction (duplex) on a parcel of land I own in Wailuku.  Recommendations of local general contractors are appreciated.

Thank you,

Kayla

I know this is an older post and things have certainly changed since then, but looking to do new construction (duplex) on land I own in Wailuku. Looking for recommendations of general contractors in Maui.  

Thanks,

Kayla

Just wondering if the area east of Old Binghampton and west of Waynoka or Hedgemoor in the 38111 area code near the Chickasaw Country Club a good area?

Looking for a new construction loan to build a SFR on Maui. I was looking into lenders who do build-to-rent financing, they either do not lend in this state, or the minimum loan requirement is over a million dollars. Two local banks require that it be owner-occupied and FHA is out of the question. I own the land. I met with the builder (modular home) and have gotten the blueprint and the buyer worksheet with the total estimated cost. I'm to put 20% down at contract signing with the builder, however, I'm hoping to find a lender who would do 100% financing. The lot was recently appraised at 195K. For those who have experience with construction loans, would it be possible to use the land's equity instead of putting a down payment? Also, any recommendations of lenders who do non-owner occupied construction loans?

Thanks,

Kayla

Wow, I guess it depends on the person you work with.  The loan officer was pretty much on it.  If I needed to call or email her, the response time was rather quick within 24 hours and she kept me updated until the close.  

Michael Robbins, what do you think about the downtown Henderson area, specifically the areas between Boulder Hwy, Lake Mead, Basic, and Van Wagenen St.

Mike Neubauer, I'm looking to build and hold. Rent it out and if I could, do BRRR to pull out some equity to purchase other properties here on the mainland. The property is located in Wailuku and a prefab home can be built in this particular area. I will DM you to get a local's perspective. Thank You.

Emilio Ramirez, thanks for the information. I do own the land free and clear and that is what I thought I could do but I was told otherwise by the bank lender I spoke with there. But I will look into it further with other lenders.

Thanks for the heads up, I will certainly look into it.

Hello everyone! Your feedback is much appreciated. I have a few rental properties in Las Vegas and own a piece of land in Wailuku, Maui. I was in Maui in the summer of 2019 and had met with a Pre-Fab builder Fabmac. The total estimated cost for a 3/2 home was around 259K. The builder required 20% down to start the process, then I'd get financing for the balance of the loan. I met with a local bank to get information on how the financing would work on a pre-fab. I was told I'd need to apply for a new construction loan, where I think I'd pay towards interest for a bit, then I could convert this into a conventional loan once the home was complete. All this sounded great, however, my focus was on investing in properties closer to home, but I'd reconsider getting the ball rolling in the 2nd or 3rd quarter of 2020, then Covid hit. My goal now is to get this project started at least within 3 to 6 months. I'm thinking if I get this built, is it possible to do the BRRR strategy? After looking at the comps, I'm estimating the appraised value of the home could come in at 550k to 600k which is a conservative estimate. Also, I really don't want to use my own money for the down payment and I don't want to do a HELOC. Any suggestions on the best way to borrow the 20% down? And which would be better to get financing through, a local lender in Maui or a national lender?