All Forum Posts by: Jeffrey Hamilton

A little aggressive in some of the analysis. I purchased the home in 2014 for 500,000 (va loan) zero down. I lived in the condo for two years before moving due to work. The valuation now is about 630 I threw out 600 as a conservative estimate for HELOC purposes. So on average about a 30000 a year appreciation rate. With the VA loan my rate is 3.25 that makes for a mortgage of 2250 while I rent the property for 2400 now -10 percent to property management. This year I will increase rent for the first time to 2600 and will probably refinance in the near future as well. So very little cash flow right now but nevertheless there is tremendous potential and as a beginning investor I'm content to take it slow and see where this investment can go. Bottom line for a minimal initial investment I've already built a bit of wealth in a relatively short time.

Thanks for the info Jon.  Not bad advice, I do think that Hawaii has some unique aspects that protect its value but obviously nothing is certain.  I also think that taking cash out of the Hawaii property for reinvestment in other parts of the nation is a solid long term plan but at this point my Honolulu property has the potential to be my golden goose which I’m not ready to kill.

At this point I haven’t seriously thought of selling the Hawaii place because my renter is paying down the mortgage and I anticipate that the property will continue to appreciate in the coming years however I may end up refinancing vice using the HELOc to pull out some of the equity for other investments.

Thanks for the info. Navy Fed and some of the national lenders require 70 percent for rentals so I don't yet qualify but I'm sure I will in a few years. Life has actually brought me to Syracuse NY and I'm very interested in investing in a local rental but I would probably need some more cash hence my interest in the Hawaii HELOC that would offer the most now as opposed to just being a bit more patient.

I own a property in Hawaii worth about 600000 with a loan balance of 456. I have an excellent credit score and I bought this place originally as a primary residence but I have since moved and I am renting it out. Any HELOC recommendations?