All Forum Posts by: Michael Borger

Good job, Chris. Where was this property?

If you're referring to a CPR, which is different than a subdivision, then it will depend on the # of units and overall complexity. A standard 2-unit CPR (ex. two homes on a 10,000 sqft lot zoned R-5) will cost you around 15k or so. I just got approval last week for a project in Makaha.

Hi, @Kevin Wo. I buy lots of properties in pre-foreclosure in Hawaii. The above posters are correct in saying that you generally won't be able to delay matters by going on the deed at the last minute - a judge will see right past that. Possibly slightly but it's not going to change the real trajectory, and I believe the moratorium you're referring to is for evictions. One more point - yes, there are investor groups, but they generally don't exist primarily to provide funds for others - they look for their own deals.

Drop me a PM if you'd like to talk about it in more detail - perhaps there's a way to work together. I just got CPR approval last week for a property in Makaha.

Aloha, Zaylen. I primarily do flips on island but I've done the occasional wholesale when I have too much going on.

As a rule of thumb, yes, you can work with that, but you should also treat million-dollar properties different than 300k condos. You could end up buying something you shouldn't or walking away from what might have been a good deal. If you use seller financing, which I use for a lot of my island projects, then you can factor in those savings as well and bump up your percentage.

Hi @Cassandra Williams - it's a challenging market indeed. When I was a grad student at UH, I rented out a house and subleased the other rooms. You could use a similar strategy -- find a place with maybe 4 BRs, get a lease option and then sublease - as long as you don't mind roommates! Between lease options and owner financing, there's probably a way to make it happen, but it's an expensive market so you're really going to have to dig and be creative.

Hi @Stacey Ocampo - Lane is correct about rent/mortgages. You're unlikely to find your typical cash flow properties unless you uncover an incredibly smoking (re: motivated seller) deal or put together a creative finance structure like a lease option or wrap. I do a lot of flips throughout the year, but that's a different strategy entirely.

@Sungyong Kim Hi there - like some others, I'm a bit confused as to the depreciation you're looking at, even with Covid. I'm getting multiple offers on my island flips. I did a couple condos downtown this year - Kapiolani Manor and Continental Apts - and we had lots of interest, and that was earlier in the year while rates were higher.

However, if you're correct, could you lease option and minimize your negative cash flow? Or sell with terms and do the same thing? Send me a PM if you want to dig into it further.

Btw, northern VA is great - I lived in the area for about six years in Court House and Ballston. I miss going to work in Chevy Chase and then rolling my kayak in the Potomac by the Billy Goat Trail at the end of the day.

Hello, Anne - I have not been. My other markets have kept me super busy, but I might come back to it. I'm exploring new market potential and this is one of them.

Aloha, @Travis Carvalho - welcome to the Hawaii scene. I sold off a wholetail property in Volcano a couple of months ago - made a nice little penny on it, and I did a good flip in the Keaau ag lots about 2 yrs ago. I mostly invest in Oahu but do work the occasional neighbor island deal as they come up. I have 2 or 3 sticks in the fire out in the Hilo side of things.

Get the 'getting started' guide here - that'll be the most helpful thing to get rolling.

FYI if you happen to come across any leads that are too thin for a classic wholesale or flip (ex.0-20% equity), please reach out to me. I'm doing some longer-term creative structures that can often turn these into profitable deals.

Good luck!