All Forum Posts by: Lisa DeAquino

Aloha @Alicia Marks,

Thank you so much for reaching out. From what I’m learning since my original post is that I’m able to take out equity only on what I’ve paid on the loan so far. Which isn’t much, compared to the amount of equity I already have, but it is something. It also limits me from taking out a second mortgage until 10 years is up. This workforce housing thing is very complicated here on Maui.

Thank you for the tips! Much appreciated. I have been connected to a Maui Meetup happening soon. 

 I’m making it happen, just registered! I’m bringing my friend/neighbor who is also a homeowner in my neighborhood and wants to learn about investing as well! Can’t wait!

What do you guys think about starting a Fundrise account for us newbies wanting to get our feet wet in REI?

Has anyone ever gone through a “Workforce Housing” contract?

Workforce housing is offered on Maui as "affordable housing". My husband and I purchased our first townhouse home back in 2019 under a workforce housing contract. Because we payed workforce, and not market value, we must live here for 10 years, we are not allowed to take out equity (only on what we have paid so far) and are not allowed to have a second mortgage. I was considering a HELOC to start my investing journey bc we have so much equity already but I learned we can't until 10 years is up.

Anyone else experienced something like this? 

I meant to say that the Value of our home is over 2x now, not the equity. Our same unit has sold for over 1M at market value.

Aloha!

My name is Lisa and I just want to introduce myself here.

I apologize for sad sappy story but I want to explain how I got here.

I recently lost my mother to a prion brain disease that took her life in 2 weeks. She just retired last December. She would talk about retirement all the time for the past 10 years and She finally got there. 5 months later she had passed. Since then, I have been motivated & determined to not go this route, to retire early and be able to travel and set up my kids to be set and stable on their home island. I’ve learned that Real Estate Investing can get me there! And I’ve been obsessing about it for months now. I came across Bigger Pockets, I’m on my second book from their bookstore now, it’s all I think about.

I currently own a townhome on the island of Maui that we purchased early in 2019 for 460K under a “workforce housing” contract. Our equity is already over 2x worth that amount, however, bc we are “workforce” I can’t tap into that potential for another 6 years (this has to be our primary home for 10 years, we have 6 more to go). So I feel a bit stuck in a way. I know there’s other creative investing strategies out there other than using equity but my plan is to pay off our car loan in the next year or 2, save as much as I can, and learn as much as I can during this time period. 

Here’s another kicker, I’m 32 weeks pregnant! But I’ve never felt so motivated about my future self than I do now.

If anyone can relate to this story and the “workforce” housing situation, I would love to hear how you got out of this “stuck” feeling. Any tips and advice?

If you’ve read this much thank you and I look forward to learning with you all! 

-Mahalo nui

~ Lisa