Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Michael Borger

Michael Borger has started 24 posts and replied 467 times.

Post: Newbie from Honolulu HI

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Welcome to BP, @Viliamu Amitoelau. There's a ton of information here. That's great that you already own two properties. Hawaii is a harder market than most for buy & holds, but it can be done. I mostly flip right now with projects from Ewa Beach to Hawaii Kai, but I always keep my eyes open for cash flow if the chance presents itself.

Post: I have 500K in cash to invest from the sale of an investment property

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

@Harrison Gomes - That's a big question. Who knows on future appreciation? People have been calling for a ceiling on the Oahu market for a while now, but it keeps going up and up. However for cash purposes, being near universities is always a major bonus because you can practically eliminate vacancies.

Post: I have 500K in cash to invest from the sale of an investment property

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Cash flow isn't easy to come by in Hawaii, as you likely well know. Right now I'm midway through renovation of a duplex flip near Chaminade and UH Manoa that will hit the market mid-month. It will be super easy to rent out given the proximity to those schools as well as KCC down the road, but the price point of that area itself means it won't cash flow. You'll have to be really selective in your location.

Post: New to BP from Hawaii!

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Welcome to BP, @Christina Dwight. I love the Hawaii market. Right now I just flip residential property there and here in CA (moved here to San Diego in the fall but keep my Honolulu-based business running), but I entertain a commercial property from time to time. I don't do too much multi-family, though I am midway through renovations on a duplex flip near Chaminade that will hit the market mid-April. 

Post: Newbie in Hawaii

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Aloha Daryl - investing in real estate is definitely a worthwhile venture, especially in Hawaii where the price points can make one deal the equivalent of multiple deals on some mainland markets.

I want to give you some friendly and constructive advice. The community can indeed help you get started, but you must be the initiator. You must line up your financing; you must market to find the deals; you must determine when to pull the trigger; you must make the call on your due diligence. Don't expect the community to walk you every step of the way.

As far as a local investor 'teaching you the ropes' and meeting to 'let you pick their brain', what do they get out of it? You need to see it from the other side. Mentoring is a two-way street -- it takes resources on both ends. If you want someone to mentor you, you have to bring something yourself to the table. Maybe it's money, maybe it's a steady deal stream, maybe it's grunt work. Whatever it is, you have to respect the blood, sweat and tears (literally, sometimes) that it takes for someone else to finally become a 'successful' investor. Don't expect this person to go through all of that, only to turn around and hand a newbie their business plan.

Most of us who are successful investors (define that as you wish) value our time above all else. Forget about building up potential competitors, you're requesting that someone take time out of their day -- maybe their investing activities or personal time -- without a return on that time. If I met everyone for coffee or lunch who asked me to do so, I'd never do any deals.

You also said that you will 'even' come to investor meetings to listen and learn. That's the bare minimum -- not a significant showing of intent on your part. Even investors scared of their own shadow will attend REIA meetings. Set higher aspirations.

Lastly, you talk about "a joint partnership or helping me buy a fix and flip or acquiring rental properties". You don't sound like you have clarity on what you want. That's fine in the beginning - you need to spend time learning how real estate investing can help you reach your goals -- and what those goals are. Only then can you work on a plan to put into action. That's on your shoulders to get the education, not for a mentor to decide for you.

Again, this is meant to be constructive, so I truly hope you take it that way. I would suggest 1) Commit to attending the next 6 months of REIA meetings, 2) read the Bigger Pockets getting started guide, 3) stay active in these forums without necessarily asking for mentorship -- just ask questions and engage in threads.

Once you've done that, you should at least feel comfortable enough putting out some form of marketing to find a deal that fits your plan. 

Post: aloha

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Welcome, @Sergio Diaz. I'm wrapping up a quick flip in Ewa that will pull over 6 figures and have a few others in the pipeline. I really like the market out there - inventory is tight. Want a 'do' and a 'don't?

"Do" -- just start marketing. Now. Yesterday. Just get started. Build up a buyers list if you're wholesaling (and put me on it :) )

"Don't?" -- Think you need to learn everything before taking action.

Post: New member from Honolulu

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Welcome to the community, @Kevin Murakami. Yes, Hawaii is an expensive market, but that also means bigger profits per transaction if you can get your funding together. Right now I'm flipping in Ewa, a few in town and Hawaii Kai. If the numbers work, then it's one deal compared to multiple deals in most mainland markets to reap the same profit. I'm all for more money with less work!

Good luck!

Post: Real Estate Attorney Wanted in Honolulu, Oahu, Hawaii

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

Try James Lewis at http://www.jlewislawoffices.com/ . He's based in Honolulu and very knowledgeable about real estate.

Post: In-state vs out-of-state marketing

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

It does matter because it's an extra potential factor of motivation -- tired landlord, vacation renal that's not performing, vacation rental that the owners have decided they won't be using again, property that's too expensive to repair, etc.

A list of 800 should be find for a decent marketing campaign, especially if you plan to use multiple touches.

As far as "what chance do you think they will be motivated to sell given an appreciating market and relative ease of managing a rental".... stop that thought process. You never know until you put the letters in the mail. You don't have to get it perfect -- you just have to get it going. Remember -- if you're not marketing, you're not in business.

If I were you, I would stop myself from posting again until after I've sent out the letters. You need to focus on the most important aspect of all - finding motivated sellers (and getting your buyers list together if you're planning to wholesale). Stop seeking perfection -- implement action.

Post: Investing in hawaii has become unrealistic and a waste of time

Michael Borger
Posted
  • Rehabber
  • San Diego, CA
  • Posts 493
  • Votes 202

@Jay Hinrichs Sure thing - just visit http://www.fortunebuilders.com/deals/michael-borger-5/

I actually hoped to pull out more, but there was a dip in buyer activity right around when I hit the market -- that's why we always buy low so that no matter what, we're still making a good profit.

@Andy Gross There are strategic ways to raise private money capital, albeit as silent 'lenders', not silent 'partners' (I do not partner with my lenders). Create a presentation, build your education, demonstrate market and construction knowledge, and get in front of the right people. It'm not saying it's easy, but there are ways to make it easier.