All Forum Posts by: Sungyong Kim

@Andrey Y. At the time i used Zillow estimation

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*This link comes directly from our calculators, based on information input by the member who posted.

Investment Info:

Condo buy & hold investment in Honolulu.

Purchase price: $550,000
Cash invested: $5,782

Enjoy an amazing sunset view from your lanai every day in this 2 bedroom corner unit in beautiful Waikiki. Close to Ala Moana Shopping Center, the beach, and restaurants. Short drive to Target, Down Town Honolulu, Queens Medical Center, Straub Hospital, University of Hawaii (UH), Hawaii Pacific University (HPU), Pearl Harbor, and more. Featuring wood laminate flooring, white wood cabinets, recessed lighting, and an open floor plan. It has split AC, ceiling fans and 1 assigned parking stall. incl

What made you interested in investing in this type of deal?

I wanted to use my VA loan to purchase a home while on active duty and I didn't want to rent when I was getting a housing allowance.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Updated the flooring, new paint, and hired a PM company to manage

What was the outcome?

This investment is not generating cash flow and I am at a loss each month.

Lessons learned? Challenges?

I was very green to real estate investing and did not account for the HOA fees. Although my tenant is able to cover my mortgage, I am still at a loss due to the HOA fees.

@Adrienne Green@David Pere@Kevin Hunter@Colleen F.@Dave Foster thank you all for your advice! I originally based the depreciation based on the Zillow estimate for my property a few months ago. I originally purchased it at 550k and an agent I recently spoke to said I would be able to sell at best around 480k based on the comps and the average prices of similar units being sold. He did also say prices are recovering and I do have a tenant occupied that is able to cover the mortgage but I am still out of pocket due to the hoa fees. I also did live in the property for two years before moving to VA. I bought this home thinking I would hold long term and it is in a prime location next to Ala Moana Mall in Waikiki.

Hello BP!

During my time on active duty in the military, I purchased a condo in Oahu, Hawaii using my VA loan. I have now left military service and my new work landed me in Northern Virginia. My condo is currently occupied by a tenant but my condo has depreciated almost 10% this year due to COVID and I was also new to real estate investing when I first purchased the condo and did not consider how the HOA fees would impact my finances. Unfortunately, even though I have a tenant that is covering my mortgage, I am losing several hundred a month due to HOA fees. I am now considering selling the place and would like to use my VA loan to purchase a home in Virginia. I am torn about selling the place because I absolutely love my condo and I always imagined it to be a long-term hold and have plans on returning to Hawaii as soon as an opportunity arises. On the other hand, I do think that selling the place may be the right decision so that I can minimize the loss and be better about investing in real estate in Virginia. Any advice would be greatly appreciated!

Hello BP! 

I am new to commercial real estate investing and I would like to ask the BP community if they can point me in the right direction to make the most of my commercial investment. My family purchased a three-story commercial office building and it is about 8500 sq ft with a large parking lot. It is a class C commercial building space and my family operates a home health agency on the top floor. The second and lower level has been unoccupied for several years and it is in need of remodeling. My vision is to convert the unused office spaces into a medical "Wework" concept. I'm not sure how to start building this vision and would like to seek the advice of this community! I am also open to finding a commercial broker in the area who can help find suitable tenants to fill the vacancies. Thank you again and looking forward to learning more!

@Ila Flannigan

What kind of space are you looking for?