All Forum Posts by: Mio Chee

I used to work for a small property management company in Honolulu and they furnish properties they manage with a small fee. If you have a PM here, maybe they can help you.

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Honolulu, Hawaii

Quote from @Christopher Jaeckel:

Licensed electrical contractor looking for new projects from rehabs to solar installations

Chris, do you do small projects like replacing light fixtures in town?

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Kailua, Hawaii

Sorry, I do not have any experience in investing in Hilo or the big island but would love to follow this thread because my husband and I want to look into investing there in the future.

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Hilo, Hawaii

Aloha Tim,

Welcome to BP! I am also from Hawaii so I can totally relate. After spending almost a year trying to look for a rental that makes sense and cash flow, I decided to use a turn key company and invest out of state. I still want to buy rentals here one day, but for someone like me who was just starting, it was really difficult to enter this market even when home prices were much lower 8 yrs ago. I love being a long distance hands off landlady. I can enjoy my life while my rentals appreciate, its loans are payed down by my tenants, etc.

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Hi Ybonne,

Welcome to BP! I am originally from Asia as well (now living in Hawaii). Since it is very difficult to invest in my own market (SF median price is now 1M here), I decided to become a long distance landlady thru a turn key company. I wanted to regionally diversify my portfolio so I am trying to buy property in each of the markets that my TK target (IN, TN, OK, FL, and etc.). Once I have a property in all the markets that they invest in, I plan to add one more to each state, but in a different city. That's my plan. I have been a hands off investor for the last 7.5 years and I enjoy having free time while I still get to enjoy all the benefits of real estate investing. Good luck with your journey!

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Quote from @Andres G. Hernandez:

Quote from @Logan McKay Zylstra:

I would definitely NOT get a personal loan. A HELOC could be a viable option. You also have to look at your DTI when taking out these loans/lines of credit. What I would do (and have done personally) I'd wait until you can save up for the next downpayment.

For me, saving my second down payment was the hardest. Once you’re able to stack a couple of properties, the cash flow will allow you to build down payments more quickly.

Speaking just from personal experience.

Thank you guys! it seem like the best option is to wait and save for the next rental. The home I currently have is my primary residence. Im renting out the rooms and wanted to leave this one rented while I jump into another primary home or buy a rental in a different state to get a stretch on my money. If. you don't mind me asking which company do you buy turn key rentals from?

I am hoping we will have enough downpayment saved toward our 4th rental within 2 years. I hope we can both reach our goals. I use Done For You Real Estate based in Utah. Ive had 3 or 4 account managers during the 7.5 yrs I worked with them and not all AMs are equal. My current one is amazing and he made all the difference. Pls feel free to PM me if you want to learn more about the TK I use.

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Mesa, Arizona

I think it depends on how much you need for your second property and how quickly you can save. If you took out HELOC, would you be able to pay down/off comfortably?

My another question is, is your first property a rental? If so, is it cash flowing and does it have enough equity to take out for you to use toward downpayment for your next house? Then you may want to consider cash out refi as an option.

I am currently saving downpayment for our 4th rental. We considered both HELOC and saving for our next property and we decided to save because we thought the cashflow from next rental would not cover HELOC payment and it would not be a wise choice in our current situation. Once any of our rentals have enough equity, we may do a cash out refi depending on rates.

As a long distance landlady (Im from Hawaii and it is very difficult to buy anything here b/c median price SFH is now 1M plus Hawaii is not a cash flow market), I would recommend looking into turn key. I purchase all of my properties thru my turn key company and my experience has been positive. I would not have been able to purchase any of these great deals without them. I know you have to pay fees but to me, it was totally worth it.

1 Vote

Mesa, Arizona

Quote from @Rick Albert:

Here are my thoughts:

1. This isn't a bad idea because it takes less pressure off of your AC units. I install ceiling fans with lights in all of my bedrooms. Just make sure it is done properly since ceiling fans are heavier than a traditional light (and therefore require different hardware).

2. What people don't realize is you shouldn't actually mount TVs above fireplaces because you are installing bolts into the fireplace. That means as smokes rises, it can enter the home. Double check with a licensed professional, but my understanding is to do this properly you need to frame out in front of the fireplace and then mount the TV. this way no bolts are entering the fireplace. I hope this makes sense but it is a health and safety item.

3. This isn't a bad thing just make sure you have the combination as the property owner.

Hi Rick, thank you so much for sharing your opinions with me. This is super helpful.

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Aloha BP Fam,

I need some pointers from experienced BP investors. I just received an email from my PM who manages one of our rentals. My new tenant who moved in recently is requesting the followings. I had never had a tenant request those kind of stuff before (because I am a long distance landlady, there is a chance they do this w/o asking the PM). PM is recommending approving them because they think they are reasonable. Before doing so, are there anything I should be aware of? Thank you so much in advance for

1) Do I have permission to install ceiling fans in the two bedrooms?

2) Based on the layout of the living room, I planned on mounting the tv above the fireplace. The issue is that the electric outlets are too far away and I’d have to run a pretty long extension cord. Can I have an electrician install an electrical outlet above the fireplace?

3) Can I install a garage pin pad on the outside for my daughter to have easy access to enter the house?

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All Forum Posts by: Mio Chee

Mio Chee has started 4 posts and replied 50 times.

Post: Aloha from Hawaii my name is lance

Post: MTR Furnishing in Honolulu

Post: Honolulu Electrical Contractor

Post: Looking for property management team in Hilo, HI

Post: Turn key or local investing

Post: New investor from Asia

Post: How can I jump into my second property?

Post: How can I jump into my second property?

Post: Requests from New Tenant

Post: Requests from New Tenant