All Forum Posts by: Michael Duncan

@Cassie Chun 

No problem!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $485,000

First VA loan purchase was a condo in Ewa Beach

What made you interested in investing in this type of deal?

Historic appreciation on Oahu is between 3-4% per year. I realized I could buy a house with 0 down with the VA loan so that I can start building equity. Compounding appreciation on 485k made more sense to me than ~8% on 10k in stocks.

How did you find this deal and how did you negotiate it?

I contacted a local military friendly real estate agent. Had to increase my purchase price by 10k over asking price because of a bidding war

How did you finance this deal?

VA Loan 100% financing

How did you add value to the deal?

So far replaced the a/c system

What was the outcome?

Still holding it

Lessons learned? Challenges?

Should have bought 2!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes but they have left island.

Hello BP, it's been awhile since i've posted, but I've got a question. I have a rental property that I purchased when I was young and naive about cashflow. Here are it's characteristics:

Estimated Value: 90k

Loan amount: 62k

Interest Rate: 5.275%

Loan Term Remaining: 340 Months

Monthly Payment (Mortgage and Insurance): 893

Monthly Rent: 800

Monthly Cashflow: -93

My current tenants have mentioned an interest in purchasing the property from me. My question is, would it be worth it to pay off this mortgage and sell it with seller financing for 85-90k at 5% interest. 

I've been going back and forth about it because I can see both sides of the argument. I've read many posts against paying off your mortgage, and I think that is a good plan, but I wanted to see what you guys think when the seller financing is added into the equation.

Thanks in advance!

-Michael

Rare opportunity to purchase a large, level, 4 unit property on peaceful lane with mature fruit trees.

3 Properties are 3 BR, 4th is a 1 BR

Market rents listed are conservative and with improvements, rental income should appreciate in value. 

Possibility to CPR the 4 separate dwellings or redevelopment. Buyer to perform due diligence and market research. 

**Please do not disturb tenants. Showing requests require 48 hours notice for serious inquiries. Easy to see the one vacant unit available and showings for additional units must be scheduled with tenants with 48 hours advance notice. 

Please text Jill at (808) 218-8631.

Property Details: http://hulalikairealty.com/listing?address=1657-Al...

What time do you wake up? What do you do first? Does your morning consist of any of the following?: Meditation Exercise Breakfast Reading News Thanks!

Way to go man! Sounds like a great story, let me know if you want some advice!

Diane Sandlin is very good! She handles mine and other Oahu investors as well.

So glad I read this, it opened my eyes to how much I don’t know haha. You sir just saved my career! Thank you for the eye opener.. now it’s back to the books!

Cammeron Williams nice to see a familiar story my man! I’m active Duty Navy stationed in Hawaii investing in Buy and holds! Ironically I’m looking for multi families in the San Antonio area, so maybe we could exchange some good knowledge. Let me know man, I used my deployments to read real estate books while others played video games! Good luck bud!

My best advice is always just be honest. Don’t pretend to know more or be more experienced than you actually are. The agents will see right through that, and it’s hard to rebuild that reputation. They would rather you be genuine and ask your questions, if they are a good agent, they understand the importance of good information and will be happy to talk to you. Browse BP for some Agents in the area you want to invest, send them an email with your honest questions. And be thankful to them, if they give you good responses, rate them on Yelp, Zillow, FB etc with a summary of how helpful they were answering your questions.