All Forum Posts by: Bryan Vukelich

@Lance Antonio - I agree with the others that to maximize the opportunity for success and to eliminate frustration, it is best you talk to a lender and get clarity about what you will need in order to qualify for financing.  That written though, my attitude, along with many other investors, is that finding a a great investment opportunity is a lot harder than finding the money.   If you are open to taking on a partner(s), you could raise the funds that way.  Also, I've personally used hard money loans in the past to get a deal closed quickly, and I've also had clients use hard money loans and all those deals have closed and worked out well.  You could also try to get the seller to finance the deal for a bit.  Point is, there are ways to get creative in order to get a deal done - it will likely cost more, but still might be worth it.

And it is indeed tough on O'ahu to find deals, but it is possible.  Message me if you'd like contact info on some lenders that might be of value to you.  

Best, 

@Lance Antonio both Michael and Lane gave you good advice.  You are welcome to contact me any time if you'd like to chat real estate and happy to be of value to you in any way I can.  I've been a real estate investor for 20+ years and a licensed agent for over 10 years.  And for quality lenders, you might try contact Troy Switzer.  He is an investor minded lender and has help my other clients before.  Message me if you'd like Troy mobile number. 

What part of the island are you looking to acquire a property?

Best, 

Hi @Matthew Hall -  you might try contacting Adam Hiori - 808 561-8102.  He is a lender that has helped my clients before and isn't hard money, but he has more loan programs (than a conventional lender) that might work for you.  And congrats on building your first home here.  I'm curious if you want to share - how long did it take you to get all the permits?  

@Hoshang Hafizi - unfortunately neither the Waikiki Banyan or Sunset is VA approved. Here is a website - https://lgy.va.gov/lgyhub/cond -  that you can research VA approved buildings on O'ahu.  If you have any other questions or if I can be of value to you in any way, you're welcome to contact me at any time.  

@Hoshang Hafizi and @Carson McGee

Just a heads up, there is a rental coalition filing a lawsuit on the 90 day rental minimum portion of Bill 41 that recently passed on O'ahu.  

And now that Waikiki Sunset and Waikiki Banyan are now designated as legal short term vacation rental buildings, there are some decent investment opportunities there.  A well maintained unit with ocean view at either of those buildings can gross $5500-$6000k most months, but higher in the peak tourism months.  I know of one unit that often gets $7k/mo at the Banyan. 

And if any property association in Ko'olina allows nightly rentals, likely values will go boom.  

Aloha @Keaton Hill

First, regarding your question about the type of loan to purchase a property.  If you plan to live in the property and can qualify, you would get a conventional loan which offers the best terms.  If at any time you decided to vacate and rent out the property, nothing changes about your current loan.  Just know for tax purposes, if a home is your primary residence for 2 out of 5 years, you qualify for a $250k tax exemption as an individual.  But once you rent out the property, you can also do a 1031 exchange and roll the funds into a new investment property if you want to avoid paying capital gains at the time you sell the property. 

And $10k is a great start.  I am unfamiliar with the market in Oklahoma, but if you need additional funds, maybe consider partnering with a family or friend.  Or post on BP looking for investors.  My belief is that if you find a truly good investment opportunity, you can find the money to make the deal happen.  And you don't need any money to get a deal done and get equity in it.  One example: I was once contacted by a BP member who had an off-marketing multi-family opportunity where purchase price was $5M.  The deal was quite attractive and he wanted a 20-30% equity stake in the investment for being the "deal finder" and initially would not be investing any of his own money into the deal.  

Another way is to use hard money. Some just simply look at the financials of the deal and don't look at your credit score or assets. I've personally used hard money to close a deal very quickly and I've had clients also use them and it has worked out well. And also, as Alex mentioned, there is the DSCR loan that would offer better terms than hard money.

Wish you well on your real estate journey - happy to answer any other questions you have - I am here to serve you.  

@Jack B. 

I agree with Bjorn.  Recommend you ask the listing agent for the actual last year and YTD income statement as well as rent roll.  For a building that size, all that info should be easily accessible and they should be able to provide you printed docs quickly.  If you go under contract to purchase the property, I also advise reviewing the property's tax returns. 

Wish you well - happy to answer any other questions you have.  

@Chase Maglangit

I had a client who bought at Makaha Towers and in less than a year needed to move - to minimize the cost of her selling it, she decided to sell it herself through Facebook marketplace.   So you might try that - she said it was a pretty easy process.  

Happy to answer any other questions you have.  And if I can be of any value to you here on O'ahu, contact me any time - I am here to serve.  

@Kevin Burke - contact me anytime if you want to chat.  I've been investing in real estate for about 20 years.  Happy to answer any questions you have.  

Congrats on using your VA benefits for a stellar investment.