All Forum Posts by: Sarah Lam

Thank you @Account Closed and @Elizabeth Colegrove for sharing your experience and tips on where to list my condo! I will try both craigslist and AHRN, and keep you posted on how my first land lording experience goes! 

@Ally H. thank you for your congrats! Unfortunately, we don't close until October and I am doing some work right after, so realistically, not until November. Not ideal, but I think it's better to front load the work rather than improve in stages. What do you think? 

Hi @Elizabeth Colegrove! Thanks for the congrats :)

Sounds like you've had good experiences with renting to military tenants! Any insights or advice for a newbie like myself?

@Brandon Turner Thank you! I hope you're able to find a place soon :) Where in Oahu are you looking?

This is not a leasehold, just a regular fee simple condo. Yes, LH prices are cheaper, but I don't really want to deal with lease renegotiations, which can happen multiple times before a lease expires. More headache, less value. Not worth it to me.

@Royce Talbo oh yes, the write off is fantastic! Haha. But yes, I do actually have great friends out there, and have thought about moving there myself at some point in the future. It's nice to know that at least I'll have a place if I ever did decide to move.

Thank you for your helpful comments! I am pretty sure my agent is willing to be the point of contact, but if not, I didn't realize I could have a friend do that! That is great news. I can't wait to close and get the work started on upgrading the property and collecting some passive income! :) 

4.125% is low because it's a "second home" loan. I mentioned to my financing guy that my parents will also spend time in the unit. The arrangement with my parents is that whenever a tenant moves out, they get the option of flying out for a month to stay in the condo before I rent it out again. 

Hi @Royce Talbo! Thanks for sharing your thoughts. :) 

I chose Hawaii because I spent a summer there in college, and I still have a lot of friends that I keep up with there. I go back at least once a year, so it's nice that I can now write off my airfare! 

Yes, my condo is in a concrete building! Makes my insurance really cheap. TBH, I'm still waiting on the CCR's to see exactly what the property management entails. I expect to be able to self-manage, as it is a small property, and ask my agent to take care of finding tenants. I do intend to target military folks as tenants! I would like to change up the countertops in the kitchen and bathroom, repaint and tear down a fake, unpermitted wall.

Yes, so I put just over 20% down to make a nice round number of $50k. Financed the remaining at 4.125%. 

Thank you for the note on townhouses! My parents are actually looking to buy a place in Ewa, and there are a lot of townhomes on the market. I will tell them to expect higher maintenance costs. 

Thank you @Andrey Y.! Yes, I found it on the MLS after a few months of looking. As soon as I saw it listed, I immediately asked my agent to look into it, and within a week we had signed the contract!

I originally thought I wouldn't want to buy a condo, but so much more upkeep on properties is needed in Hawaii than on the mainland. Living in San Francisco, it just made sense to go the condo route. 

Mahalo nui @John Aranton! 

Hi everybody, I just bought my first property in Aiea, HI (on the outskirts of Honolulu) and am set to close the first week of October! 

I've been on BP for a looong time, but my real estate investing dreams were put on hold by 1) lack of funds as a new grad and 2) a now ex-boyfriend who wasn't very interested in real estate investing. But I'm back and so pumped about it!

It's a 1BR/1BA condo in Aiea; super close to a military base, which means higher rents. I lucked out, as the sellers are an older Filipino couple who preferred working with me over a cash buyer. When I walked the property with my inspector, the wife gave me a couple packages of frozen homemade lumpia to take home! 

Asking price was $218K, I put an offer in for $208K and they countered at $215K, which I accepted. However, due to some complications with the financing appraisal, the sellers agreed to give me a $3K credit, effectively making the purchase price $212K.

212K purchase price 

PITI: $873

Maintenance fees: $395 (includes property management! And nearly all utilities)

Total monthly payments: $1268

This unit should rent out for $1550 as is, but I'd like to make some upgrades to hopefully boost the income potential. 

I know a lot of people on BP do not like investing in condo's, as they are subject to condo fees that can increase at any time, which cuts into profitability. But as an out-of-state owner, I don't want the upkeep that comes with Hawaii houses. Plus, the fee just increased a couple of months ago, and there are no plans for any increases in the future. It just shows that if you're patient enough, it's still possible to find cash flow in an appreciation market! :) 

Welcome back! Wow, you make it so easy for me, John Colins is right next to my work! I guess I have no choice but to make it out :)

How cool! Would love to join, but my schedule is unpredictable right now. I don't want to RSVP and take up one of the precious spots and then not make it! I guess I'll wait to join your next one, J! (tagging isn't working right now)