All Forum Posts by: Kwok Wong

Aloha guys, 

I am looking at a potential deal that has been on market for over 60 days to BRRRR out-of-state. I asked my agent to send me a CMA Summary Report. After looking at the report, there is no solid sold comps. Should I adjust (+/-) the price of the sold comps? Or let this go? What should my next step be? Thanks for any input.

Mahalo Nui Loa, 
Kwok Wong

Hi @Nicholas L., 

Thanks for your honest response. 

I am looking for on market, have been talking to an agent found on the BiggerPockets Agent Finder and decided to work with this agent. 

I also have been talking to a property manager and asking for insights/advice for the location. 

For the rest of the team, no. I thought my next most important step for me would be finding a deal with deep enough discount for me to make mistake. 

My agent/property manager will be my boot on the ground and supervise the rehab. 

My local market (Honolulu) is expensive and limited fund, I chose to BRRRR out-of-state.

No offense at all and would love to hear more about your thoughts and learn more.  

Mahalo Nui Loa, 
Kwok 

Aloha guys, 

I am a new investor with no knowledge and experience looking to BRRRR in Indianapolis and looking at a Seller's Disclosure and Lead based paint. Is there anything on the disclosure that I should pay close attention? Or any clues on the document that would allow me to spot any major problem, such as foundation, electrical, plumbing etc.?

Thank you very much for any advice. 

Mahalo Nui Loa, 
Kwok 

Hi @Jaycee Greene, thanks for your reply. I would love to heard about your thoughts and insight.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi guys, I am looking to BRRRR out-of-state. What can I do to make this deal work? Any mistake I made on this analysis?

Any input will be greatly appreciated! Thanks!

 Got it. I guess I do not have much options at this point. Thank you very much. Really appreciated. 

 Hi @Malcomb Stapel, thank you very much for your response. I thought about refinancing the primary residence to a fixed-rate mortgage to pay back the HELOC and paying down the HELOC early. I was wondering if there is another better options available.

 Hi @Jay Hurst, thanks for your response. The property assessed value is $210,800 according to Real Property Assessment Division online record. I currently owe about $187,000 in the HELOC.

Hello BP community, 

I am reaching out for advice on a financial decision I made that I am now realizing was a mistake. I used a HELOC on my primary residence to purchase a long term rental investment property. Subsequently, I took out another HELOC on the rental property itself and it has not been used.

Now, I understand that HELOC should be used for short term financing purpose and I am concerned that I may have made a misstep. 

What are my options for correcting this situation? Should I consider refinancing one or both properties? Are there any other strategies I could explore?

I am currently house hacking the primary residence with an interest rate of 3.75%. The rental property is entirely funded by the HELOC with interest rate of 3.6% (10 year withdrawal, 20 year repayment) and no mortgage on it. 

Thank you in advance for any input.