All Forum Posts by: Joel Bongco

Aloha Joel yep that’s me! Thx for contacting me. Let’s chat! 

I own a beachfront condo on oahu in hauula. I either want to sell it or get my equity out without dealing with my personal credit and a mountain of paperwork. currently a nightly rental as we are a historic hotel.

open to discussing my options. also there are other commercial investments on the property to include the building of another restaurant /bar/ cocktail lounge our land. major investment opportunity.

who can help me? 

Friends I am in need of some guidance. I currently own a home in Hawaii, unfortunately my family and I are moving and we want to make the correct choice. We have the means to rent our current hawaii home and purchase our next home in the mainland. The only problem is that we will be negative cashflow with our current hawaii home by about 1k every month. If we sell, we will make some profit but not much. With the Hawaii market, will it be smart to be negative for a few years and let appreciation catch up? Or will it be better to take the small profit and buy elsewhere?

we purchased the home at a 3% rate and have owned it for about 2 and a half years. The negative 1K per month includes the property management fee. Honestly we could afford to go negative monthly without a huge financial burden. This would be our first rental and we would be living out of state.

I'm a long-time BP & forum member, but this is only the second time I've started a thread here.

I’m seeking a referral to an independent insurance broker on Oahu. I’m also happy to talk with claims adjusters if they have opinions on what insurance companies we should use-- or avoid.

We’d like to thoroughly overhaul our policies on our home, our rental property, our umbrella liability, and (possibly) auto insurance. (We do not need life insurance or personal property insurance.) We have a mortgage on our home but our rental & cars are paid off, so we have some room for negotiating amounts & deductibles.

Our property & umbrella policies are with Armed Forces Insurance and our autos are with USAA... for the last 40 years.  It’s been over five years since our last policy quotes (because pandemic).  I’m agnostic about continuing with either of those companies but they’ve treated us reasonably well over the decades. We might end up just haggling over their renewals but I'd like to make an informed decision.

I realize that fire insurance is getting a lot more expensive and we're all too familiar with hurricane insurance. I know how to spend hours on worksheets and talking with call centers, but this time we’re hoping to have the underwriters tailor their policies with much higher deductibles. I don’t know whether that’s possible.

I also have no idea how local insurance brokers are paid, and I’d be happy to learn more about that too.

Kind of want to see if this is possible or absolutely not (I'm thinking not but just curious what others think). So my parents are doing a 1031 on their old property to buya new one. My brother and I would like to be co-owners to the new property but our contribution to the purchase of the new home is by way of investment loan, so let's say my parent's home sells for 500k and they want to go in on a $1M piece of property. We'll finance the other $500k. So it's 50/25/25. Whatever rent income/expense we receive/incur, is it split the same % as well? Is there a way where there is flexibility to the % allocation of income/expense? I didn't think so but I thought I'd ask. And are there any expenses that go on my itemized deductions?

Hi everyone, 

AirDNA is projecting $113k projected revenue, 84% occupancy, and a daily rate of $370. HOA $1120 a mo.

OPEX $31k, NOI $82k, CAP rate 25%.

I currently own & operate two STR‘S in SoCal USA, both fee-simple, no leasehold, so I'm new to this concept.

Any advice on if this is a good idea? I know that LH’s get a bad reputation, but with the leasehold till 2050, that’s 25 years of possible excellent cash flow, It’s attractive to me to invest in from that perspective alone. 

Any advice or horror stories welcome, thanks. 

Moving away from Hawaii and trying to make renting my primary make sense. My mortgage is $4500 but going rent for the area is $4,095 and not in need of loss of profit for tax purposes and needing more equity to make the investment worth it. 

Are these attractive terms for a housing market that appreciates on average 6%?
-Lease to buy @ $930,000 (currently appraised at $890,000)
-2 year term with option to purchase at the end of term
-Non refundable 3% option fee of $27,900
-Rent $4700/month

If purchasing at end of term: Option fee applied to purchase and 10% of all combined monthly rent

If not purchasing: Option fee is non refundable

Seller able to break contract anytime with 60 days notice if agrees to pay renter 2x amount of option fee.

Renter may break contract early with $5,000 penalty and 30 days notice

Additional context: Hawaii is a hard market for locals and first time homeowners to enter.

Thank you for the reply. What really took so long? 
If you had a no rise, then I don't think you even have to get FEMA to review it. Was that true for you?

I know that you need the survey, you need to design what is going in the flooday, You need to design how you are offsetting what are doing to get a zero rise certificate, you need to get the FEMA floodway model and then have someone do the software run and make sure that you have zero rise and mybe tell you that you need to change more, but that seems to be mostly internal design and engineering? Is that true?

What, exactly took at the time? 

Thank you for your insight!

I am looking at a constructing a single family that would extend into the floodway (not Floodzone) of a studied stream. This is in Georgia. Not near a river or lake or ocean. 

I really just want to add 2 piers tat would be the size of medium size tree trunks and elevate that section over. 

Assuming that I left the whole area open like a beach house, the impact is VERY minimal, but has to be checked. 
Does anyone have any experience with the cost ballpark and requirement to do this with a single residential (not multifamily complex)? 

Time delay is not an issue. Is there any quicker easier path when the impact is less minimal than 3 large trees growing in the area? 

Thank you for the insight. I have read many posts, but many are old and may not be looking at a single building vs complex.