All Forum Posts by: Jacob G.

I am moving to Hawaii and considering purchasing a property for the time that I will be there (2-4 years/military). After doing research, and speaking with local realtors, it came to the conclusion that the property would inevitably rent at a loss. I'm wondering if this is still a smart option to generate equity even if I'm paying the difference on the loan myself or potentially sell after my time in Hawaii comes to an end. I do plan on returning at a later date to live in the property or leverage the property to buy a different property on the island. 

My other option is to rent a property at a lesser monthly cost but miss out an opportunity to own. Any and all advice is greatly appreciated. 

I currently own a property that has an estimated value at around $200k - $230K. My remaining mortgage is just around 109K so I know there is some untapped equity. What do I need to do to tap into this equity and potentially secure a second property? My ideal situation would be to purchase a second residence and allocate this current property as my rental. This property location is ideal, has rented in the past at around 1k per month, and is close to a university, downtown, highways, and retail, etc. My income is not high around 40k but my credit score is 750+. Do I have any realistic prospects at achieving this? Any insight and help is greatly appreciated.

Thanks