All Forum Posts by: Samer S.

Thanks everyone for the feedback. 
Our main goal for this property is for us to use it ourselves 3-4 months of the year. We were initially looking at long term rental condo's but decided to not go that route because of lack of flexibility. Given that we will be occupying the unit for at-least a yea, we applied for second home. So the 3.75% rate is for second home & not investment property. 

The unit we are looking at is around 410k and did 44k in rental income in 2019. I did run the numbers and with the Hawaii taxes and other expenses we are looking at 0 cash flow (i.e. property will just pay for itself)

We are also worried about Maui govt revoking STR licenses.

We were thinking of putting an offer for a short term vacation condo in Maui Hawaii (~400k) but decided to not go forward with it because of high 3.75% interest rate for 30 yr Fixed, 20% down. We knew that STR's fall under non-warrantable loans but didn't expect the rate to be that high.

i have excellent credit score and can easily afford the unit. Does anyone have any suggestions? Are the non-warrantable rates this high only in Hawaii?

At these interest rate, STR's seem to be bad investment :(

We were thinking of putting an offer for a short term vacation condo in Maui Hawaii (~400k) but decided to not go forward with it because of high 3.75% interest rate for 30 yr Fixed, 20% down. We knew that STR's fall under non-warrantable loans but didn't expect the rate to be that high.

i have excellent credit score and can easily afford the unit. Does anyone have any suggestions? Are the non-warrantable rates this high only in Hawaii?

At these interest rate, STR's seem to be bad investment :(