All Forum Posts by: Benigno Cunanan

@Colton Fairchild not sure, I guess I have to ask the agent

Just saw some properties in Honolulu 96815, condos that are around $50k to $90k, 1 bed condos, that typically rent for $1400 to $1600. That's awesome cash flow! Even with HOA fees as $600 you can potentially cash flow $500 a month! What's the catch?? Why is it so cheap? My only properties are in Memphis, TN so I'm used to that price point, but not in Hawaii! Is this a good market to enter? Any Honolulu investors please enlighten me. What's typical vacancy rates, cash flows, Cap rates? Thanks!!

@Hilario Ruiz seems like a tight spread. You want to account for property management, vacancies and repairs at least, even just at 5% each. Are they going to manage it for you for free?

@Hilario Ruiz I am about to close on my first rental as well in Memphis with the exact purchase price too! At the 38118 area. Would you mind sharing your numbers too? Mines rent for $920, long term tenant in place, $500 PITI with 25% down and 4.6% 30 year fixed. I do have property management so when all is said and done, it will be cash flowing around $175 a month, hopefully.

Any recommendations for good General contractors for residential properties in Memphis close to 38118 area? Thanks!!

@Pamela Villa Kundu I can recommend my agent and property manager.

@Dean Letfus could you give some recommended cities to start other than Memphis? Thanks

@Alex Craig how so? Did you mean the rent seems too high at $850 or the purchase price? It is rented at $850 right now on a one year lease.

I have a property under contract in Memphis, TN, 38111. It's a 3/2 with over 1600sq. Currently rented for $800. I offered $52k and seller accepted, multiple contracts fell through already, I was told. My realtor gave me comps that value the property around $60k. The county assessment is $65k. Instead of doing a conventional loan, My plan is to pay cash for it, then do delayed financing to get my money back, 80% of LTV of hopefully at least $60k which would allow me to pull out $48k of my money. Is this a possible and realistic plan? How do I ensure that appraisal will be close to $60k before I pull the trigger? Should I pay for an appraisal first before I purchase in cash? I still have inspection and financing contingencies in place so I can easily back out if needed. Any help would be greatly appreciated especially from lenders or anyone who's done this before. Thanks so much!

Anyone familiar with the Memphis area 38111 close to University of Memphis south campus? Put in an offer on a SFR around the area that has a good potential cash flow. Any advise or recommendation would be greatly appreciated. It's a 3/2 listed for $65k rented for $850. Thanks